Summary
It is undisputed that the American corporation is the essential element in providing us with the world's greatest economy, and over the past year this column has dealt with a number of issues related to globalization's impact on our local business environment. The majority of the issues have dealt with how local firms and businesses might compete more effectively in an increasingly global economy. This global competitiveness is reflected in the phrase, "Think Globally, Act Locally." While this is an essential component in our region's future economic vitality, it is also important that we recognize the economic transformation that is required globally for our goods and services to find buyers overseas.
This month's column updates and summarizes an adapted essay that appeared in my book, Africa's Emerging Securities Markets: Developments in Financial Infrastructure (Quorum Books). The essential message is the importance of enfranchising millions of individuals in emerging economies and ensuring that they possess an economic future that encourages them to participate in the "system."See the full content of this document
Extract
Globalization and Economic Transformation
The increasing globalization of financial markets has resulted in a substantial increase in net private capital flows to developing economies of Asia, Eastern Europe and Latin America. The role of financial markets in t...
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