Globalization (aggregation of markets)

In general, the increasing interdependence of economic activity and the associated exchange of goods throughout the world. The aim is for everyone – as is already the case today within a national economy on the whole – to produce the good which they can produce comparatively at the lowest cost (law of comparative advantage). In this way, the prosperity of the world population as a whole increases. – See foreign enterprise units, Balassa index, internationalization, economic patriotism. – Cf. ECB Annual Report 2006, pp. 81 ff. (effects on the euro area, many overviews), ECB Monthly Bulletin of January 2008, pp. 81 ff. (textbook presentation with many overviews and references), Monthly Report of the Deutsche Bundesbank of January 2009, pp. 46 ff. (reflection of international integration in balance sheets; overviews), Monthly Report of the ECB of November 2009, pp. 105 ff. (business cycles historically and in relation to globalization).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
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