57511. Critiquing the Critics of Economic Globalization
- Author:
- Michael J. Trebilcock
- Publication Date:
- 12-2005
- Content Type:
- Journal Article
- Journal:
- The Journal of International Law and International Relations
- Institution:
- Munk School of Global Affairs at the University of Toronto
- Abstract:
- Globalization is the great buzz-word of our times, although it lacks any common or agreed definition. It could mean as many different things as globalization of human rights values through United Nations Declarations and Covenants, the creation of War Crimes Tribunals, the International Criminal Court and the Land Mines Treaty, or the globalization of core labour standards through the International Labour Organization (ILO), or the globalization of environmental values through the Kyoto Protocol, but typically this is not what the so-called anti-globalists have in mind. Rather, they fundamentally object to the process of international trade and investment liberalization (economic globalization) that has occurred in the post-war years as reflected in the following summary numbers: from 1950 to 1999 the average annual growth rate of world real Gross Domestic Product (GDP) was 3.8 per cent; the average annual growth rate in the trade of goods over this period was 6.2 per cent; from 1980 to 1999 the average annual growth rate in the trade of services was 7.0 per cent; from 1982 to 1999 the average annual growth rate in the stock of foreign direct investment (FDI) was 13 per cent.