Globalisation and Restructuring of the Economy: Are They New?

By Peter Bernholz Nearly everywhere today there are discussions about the Globalization of the Economy and the restructuring of industries which seems to be required to face it and to maintain the competitivness of the domestic economy. Others, especially in Continental Europe, complain about the results of globalization and demand a defence of society against a threatening reduction of the welfare state, against deregulation, privatization, more flesible labour markets and a reduced share of government expenditures in Gross Domestic Product. The former view assumes that only an adaptation to the forces of globalization could maintain or increase the existing level of economic prosperity, whereas the latter believes that only resistance against global competition can save it.

We will return to these questions later. Before, however, we want to show, that "restructuring" of the economy and "globalization" are in no way new or even recent phenomena. Moreover, it seems to be advisable, ... more.

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