unprecedented.[11] The volume of capital flows far exceeds that of the past. The developing world, too, have increasingly become a part of global trade and capital flows.[12] Contemporary patterns of economic globalization suggest the emergence of a new international division of labor.[13] In short, the world has reached a stage in which one can meaningfully refer to one global economy.[14]
Others present a more limited view. Current trends suggest economic and financial integration has proceeded only in…
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