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1.0. INTRODUCTION
Looking back, the next generation’s economists may be puzzled by the structure of the world economy in 1995. Today, developing countries (DCs) and the former Soviet bloc account for about one half of world output and the rich industrialized countries for the other. But this picture is likely to change rapidly over the next 25 years: At current growth rates, the rich world’s share of global output could shrink to less than two fifths by 2020. Although the absolute magnitudes are uncertain, it is safe to assume that there will be an enormous shift of economic power from today’s rich countries to what are still labeled DCs, and especially to Asian DCs This shift is the likely result of the ongoing globalization of economic activities, i.e. the increasing worldwide integration of markets for goods, capital and, last not least, labour.

Globalization refers to an evolving pattern of cross-border activities of firms involving international investment, trade and......

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Approximate Word Count: 8860
Approximate Pages: 36 (250 words per double-spaced page)

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