As awareness of the process of globalization grows and the study of its effects becomes increasingly important to governments and businesses (as well as to a sizable opposition), the need for historical understanding also increases. Despite the importance of the topic, few attempts have been made to present a long-term economic analysis of the phenomenon, one that frames the issue by examining its place in the long history of international integration.

This volume collects eleven papers doing exactly that and more. The first group of essays explores how the process of globalization can be measured in terms of the long-term integration of different markets-from the markets for goods and commodities to those for labor and capital, and from the sixteenth century to the present. The second set of contributions places this knowledge in a wider context, examining some of the trends and questions that have emerged as markets converge and diverge: the roles of technology and geography are both considered, along with the controversial issues of globalization's effects on inequality and social justice and the roles of political institutions in responding to them. The final group of essays addresses the international financial systems that play such a large part in guiding the process of globalization, considering the influence of exchange rate regimes, financial development, financial crises, and the architecture of the international financial system itself.

This volume reveals a much larger picture of the process of globalization, one that stretches from the establishment of a global economic system during the nineteenth century through the disruptions of two world wars and the Great Depression into the present day. The keen analysis, insight, and wisdom in this volume will have something to offer a wide range of readers interested in this important issue.

With the end of the Cold War, the search for a new international and economic order has begun. In this comprehensive account, Sylvia Ostry provides a critical analysis of an international trade system in the throes of rapid and far-reaching change.

With keen historical awareness, Ostry examines the role of key economic power brokers, particularly the United States, in the reconstruction and reconfiguration of an international economy after World War II. She argues that U.S. policy efforts were so successful that they led to an unprecedented renewal of economic growth, living standards, and education levels in postwar Europe and Japan. Ironically, those same policy successes unintentionally fostered the relative decline of U.S. dominance on the world trade scene as the reduction of trade and investment barriers prompted friction and conflict between different kinds of capitalist systems.

Identifying the historical and legal issues key to postwar trade policy, Ostry has commandingly charted our economic course through the last half of this century and, perhaps, into the next.

"Sylvia Ostry knows this subject as few others do, both as a scholar of international trade issues and a major player in the ongoing negotiations that have created the rules of the trade game. The Post-Cold War Trading System is a fine summary of where we've been and where we ought to be going."—Peter Passell, economic scene columnist for The New York Times

In addition to the explicit goal of advancing mutual economic interests, regional economic organizations (REOs) are intended to foster regional cohesion and peace. Drawing on a data set detailing the institutional features of 25 REOs established during the 1980s and 1990s, complemented by a case study of ASEAN, Yoram Z. Haftel investigates the factors that affect REOs' ability to mitigate interstate military conflict. He finds fewer interstate conflicts among REO members who have developed high levels of economic integration and who cultivate regular interaction among member-states' representatives. Haftel concludes that, with an appropriate institutional design and fully implemented agreements, an REO can indeed play a role in mitigating interstate conflict and make a meaningful contribution to regional peace.

There is no doubt that the open multilateral trading system after World War II was a key ingredient in the rapid economic development of the entire world. Especially in Hong Kong, Korea, Singapore, and Taiwan, exports increased dramatically both in absolute terms and as a percentage of GNP. In the 1980s, however, preferential trading arrangements (PTAs) began to emerge as significant factors affecting world trade. This volume contains thirteen papers that analyze the tensions between multilateral trading systems and preferential trade arrangements and the impact of these tensions on East Asia. The first four chapters introduce PTAs conceptually and focus on the unique political issues that these agreements involve. The next five essays present more direct empirical analyses of existing PTAs and their economic effects, primarily in East Asia. The last four papers concentrate on the outcomes of individual East Asian nations' trading policies in specific instances of preferential agreements.

Regional economic arrangements such as free trade areas (FTAs), customs unions, and currency blocs, have become increasingly prevalent in the world economy. Both pervasive and controversial, regionalization has some economists optimistic about the opportunities it creates and others fearful that it may corrupt fragile efforts to encourage global free trade.
Including both empirical and theoretical studies, this volume addresses several important questions: Why do countries adopt FTAs and other regional trading arrangements? To what extent have existing regional arrangements actually affected patterns of trade? What are the welfare effects of such arrangements? Several chapters explore the economic effects of regional arrangements on patterns of trade, either on price differentials or via the gravity model on bilateral trade flows. In addition, this book examines the theoretical foundation of the gravity model. Making extensive use of the gravity model of bilateral trade, several chapters explore the economic effects of regional arrangements. In addition, this book examines the theoretical foundation of the gravity model.

Workers in India program software applications, transcribe medical dictation online, chase credit card debtors, and sell mobile phones, diet pills, and mortgages for companies based in other countries around the world. While their skills and labor migrate abroad, these workers remain Indian citizens, living and working in India. A. Aneesh calls this phenomenon “virtual migration,” and in this groundbreaking study he examines the emerging “transnational virtual space” where labor and vast quantities of code and data cross national boundaries, but the workers themselves do not. Through an analysis of the work of computer programmers in India working for the American software industry, Aneesh argues that the programming code connecting globally dispersed workers through data servers and computer screens is the key organizing structure behind the growing phenomenon of virtual migration. This “rule of code,” he contends, is a crucial and underexplored aspect of globalization.

Aneesh draws on the sociology of science, social theory, and research on migration to illuminate the practical and theoretical ramifications of virtual migration. He combines these insights with his extensive ethnographic research in offices in three locations in India—in Delhi, Gurgaon, and Noida—and one in New Jersey. Aneesh contrasts virtual migration with “body shopping,” the more familiar practice of physically bringing programmers from other countries to work on site, in this case, bringing them from India to New Jersey. A significant contribution to the social theory of globalization, Virtual Migration maps the expanding transnational space where globalization is enacted via computer programming code.