{"id":1576,"date":"2011-04-29T16:55:07","date_gmt":"2011-04-29T21:55:07","guid":{"rendered":"http:\/\/www.fabricegrinda.com\/?p=1576"},"modified":"2023-07-18T12:30:46","modified_gmt":"2023-07-18T12:30:46","slug":"globalization-is-more-fragile-and-less-entrenched-than-you-think","status":"publish","type":"post","link":"https:\/\/grinda.org\/uk\/globalization-is-more-fragile-and-less-entrenched-than-you-think\/","title":{"rendered":"Globalization is more fragile and less entrenched than you think!"},"content":{"rendered":"<p>I was shocked that the statistics I came across in a recent article in The Economist which presented Pankaj Ghemawat\u2019s research on globalization.<\/p>\n<p>We seem to take it as a given that we live in a globalized world, but on many indicators global integration is far from complete:<\/p>\n<ul>\n<li>Only 2% of students are at universities outside of their home countries<\/li>\n<li>Only 3% of people live outside their country of birth<\/li>\n<li>Only 7% of rice is traded across borders<\/li>\n<li>Only 7% of directors at S&amp;P 500 companies  are foreigners<\/li>\n<li>A few years ago less than 1% of all American companies had any foreign operations<\/li>\n<li>Exports only represent 20% of global GDP<\/li>\n<li>Air travel is restricted by bilateral treaties and ocean shipping is dominated by cartels<\/li>\n<li>Foreign direct investment (FDI) accounts for only 9% of all fixed investment<\/li>\n<li>Less than 20% of venture capital is deployed outside a fund\u2019s home country<\/li>\n<li>Only 20% of shares traded on stock markets are owned by foreign companies<\/li>\n<li>Less than 20% of Internet traffic crosses national borders<\/li>\n<\/ul>\n<p>More worryingly globalization seems reversible. Emigration levels today pale with those 100 years ago when 14% of Irish-born people and 10% of native Norwegians had emigrated. Back then you did not need visas. Today the world spends $88 billion a year on processing travel documents and in a tenth of the world\u2019s countries a passport costs more than a tenth of the average annual income. Nearly a quarter of North American companies shortened their supply chains in 2008. It takes three times as long to process a lorry-load of goods crossing the Canadian-American border as it did before September 11th 2001. Even the internet is succumbing to this pattern of regionalization, as governments impose a patchwork of local restrictions on content.<\/p>\n<p>Read the full article at: <a href=\"http:\/\/www.economist.com\/node\/18584204?story_id=18584204\" target=\"_blank\" rel=\"noopener\">http:\/\/www.economist.com\/node\/18584204?story_id=18584204<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>I was shocked that the statistics I came across in a recent article in The Economist which presented Pankaj Ghemawat\u2019s research on globalization. We seem to take it as a &hellip; <a href=\"\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":20261,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[9,4],"tags":[],"class_list":["post-1576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-political-economy","category-interesting-articles"],"acf":[],"contentUpdated":"Globalization is more fragile and less entrenched than you think!. Categories - The Economy, Interesting Articles. Date-Posted - 2011-04-29T16:55:07 . I was shocked that the statistics I came across in a recent article in The Economist which presented Pankaj Ghemawat\u2019s research on globalization.\n We seem to take it as a given that we live in a globalized world, but on many indicators global integration is far from complete:\n Only 2% of students are at universities outside of their home countries\n Only 3% of people live outside their country of birth\n Only 7% of rice is traded across borders\n Only 7% of directors at S&amp;P 500 companies  are foreigners\n A few years ago less than 1% of all American companies had any foreign operations\n Exports only represent 20% of global GDP\n Air travel is restricted by bilateral treaties and ocean shipping is dominated by cartels\n Foreign direct investment (FDI) accounts for only 9% of all fixed investment\n Less than 20% of venture capital is deployed outside a fund\u2019s home country\n Only 20% of shares traded on stock markets are owned by foreign companies\n Less than 20% of Internet traffic crosses national borders\n More worryingly globalization seems reversible. Emigration levels today pale with those 100 years ago when 14% of Irish-born people and 10% of native Norwegians had emigrated. Back then you did not need visas. Today the world spends $88 billion a year on processing travel documents and in a tenth of the world\u2019s countries a passport costs more than a tenth of the average annual income. Nearly a quarter of North American companies shortened their supply chains in 2008. It takes three times as long to process a lorry-load of goods crossing the Canadian-American border as it did before September 11th 2001. Even the internet is succumbing to this pattern of regionalization, as governments impose a patchwork of local restrictions on content.\n Read the full article at: http:\/\/www.economist.com\/node\/18584204?story_id=18584204\n ","Category":["The Economy","Interesting Articles"],"_links":{"self":[{"href":"https:\/\/grinda.org\/uk\/wp-json\/wp\/v2\/posts\/1576","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/grinda.org\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/grinda.org\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/grinda.org\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/grinda.org\/uk\/wp-json\/wp\/v2\/comments?post=1576"}],"version-history":[{"count":1,"href":"https:\/\/grinda.org\/uk\/wp-json\/wp\/v2\/posts\/1576\/revisions"}],"predecessor-version":[{"id":16997,"href":"https:\/\/grinda.org\/uk\/wp-json\/wp\/v2\/posts\/1576\/revisions\/16997"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/grinda.org\/uk\/wp-json\/wp\/v2\/media\/20261"}],"wp:attachment":[{"href":"https:\/\/grinda.org\/uk\/wp-json\/wp\/v2\/media?parent=1576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/grinda.org\/uk\/wp-json\/wp\/v2\/categories?post=1576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/grinda.org\/uk\/wp-json\/wp\/v2\/tags?post=1576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}