Economic globalization

“ Our exports and our economic strength depend upon our access to an open, stable, and growing world market. The nations of the world are becoming increasingly intertwined in a global economy. We must continue our efforts to remove foreign barriers to American goods and services, to open new markets, and to keep them open. ”

“ In fact, after China joined the WTO, it has provided international capital and technologies with low-cost labor and land resources, generating immense production capacity that has promoted the development of global industrial chain and value chain, and world economic growth. ”

“ Trade policies can help developing countries strengthen property rights, competition, the rule of law, investment, the spread of knowledge, open societies, the efficient allocation of resources, and regional integration—all leading to growth, opportunity, and confidence in developing countries. ”

“ With international division of labour it will happen that some countries—the old industrial countries—can only slowly expand their production for personal consumption, while making large strides in their production of producer [Pg 320] goods which is much more decisive for the heartbeat of economic life than the production of consumer goods. ”

“ A very few great empires and nations today control the whole available supplies of many of the foods, fabrics, and metals, the shipping and finance, that are essential to the livelihood and progress of every civilized people. Are Britain, America, France, and Japan—and especially the two greatest of these powers—going to absorb or monopolize for their exclusive purposes of trade or consumption these supplies which every country needs, or are they going to let the rest of the world have fair access to them? ”

“ Developing countries have sought, for many years, fundamental changes in international economic arrangements so as to make them more equitable, particularly with regard to financial flows, trade, transnational investment, and technology transfer. ”

“ The first modernization is that of the economy -- to make it more productive; to make it competitive in the world; and to make room for the small and middle-sized industries which are the building blocks of economic democracy. Export orientation is the only way to self-sustaining growth in our time -- whose controlling element is an emergent global economy. In the first five months of this year, our exports reached $5 billion at a growth rate of 16.1%. This growth rate is expected to further increase in the years ahead. ”

“ On the other hand, there are imports so entirely of foreign origin, and so free from considerations of competition with domestic industry, that a large revenue may be raised upon them in the custom-house, without disturbing the freedom or equity of international trade. ”

“ A highly unnatural condition has gradually developed in regard to the international relations of nations to one another. These relations increase with the growing production of commodities, with the increased exchange of commodities that is constantly made easier by improved methods of distribution, and by the fact that economic and scientific achievements are becoming the common property of all nations. Trade and customs treaties are made, and, with the aid of international means, expensive thoroughfares are constructed. ”

“ Putting the issue roughly, but with substantial truth, the generally accepted image of international trade is one in which a number of trading communities, as, for instance, the United States, Britain, Germany, France, Japan, etc., are engaged in striving, each to win for itself, and at the expense of the others, the largest possible share of a strictly limited objective—the world market. ”

“ The amount of internal trade was small, even in proportion to the scanty population. The people were forced into foreign commerce by the necessities of their condition. They were as yet unable to supply the needs of civilization by wares of their own production. They had as yet developed no resources which assured their economic position in commerce with European powers, and in their political and military position they were so weak that they must beg as favors rather than demand as rights the opening of markets which were essential to their commercial growth. ”

“ With the emergence of modern industry, and its production of large amounts of surplus commodities, important industrial groups like Britain and Germany which depended for their prosperity on their ability to find foreign markets for their surplus commodities, have been driven to a fierce struggle for these markets. ”

“ It affects the whole world, and it draws you into new relationships with other parts of the world. Increasingly, your economy depends on exchanges with other countries – both imports and exports, of both goods and capital. ”

“ And they have brought to light the fact that this inevitable internationalizing of economic production must be accompanied by a co-operative internationalizing of economic distribution, if murderous chaotic conflict is to be avoided. ”

“ It is of equal consequence that the nations whom Europe has usually supplied with innumerable articles of manufacture and commerce of which they are in constant need and without which their economic development halts and stands still can now get only a small part of what they formerly imported and eagerly look to us to supply their all but empty markets. This is particularly true of our own neighbors, the States, great and small, of Central and South America. ”

“ Our exports will increase. Our balance of payments position will improve. And we will have forged across the Atlantic a trading partnership with vast resources for freedom.
If, on the other hand, we hang back in deference to local economic pressures, we will find ourselves cut off from our major allies. Industries--and I believe this is most vital--industries will move their plants and jobs and capital inside the walls of the Common Market, and jobs, therefore, will be lost here in the United States if they cannot otherwise compete for its consumers. ”

“ The abandonment of barriers to transnational trade reduces still further the cost of goods to consumers. It is not difficult to appreciate, from a Bahá’í perspective, the potentiality of such transformations for laying the foundations of the global society envisioned in Bahá’u’lláh’s Writings.
Far from inspiring optimism about the future, however, globalization is seen by large and growing numbers of people around the world as the principal threat to that future. ”

“ Indeed, resources are limited and localized to such a point that the economic survival of many parts of the industrial world depends upon the continued importation of raw materials from other countries or from other continents. ”

“ Globalization has improved the allocation of production factors worldwide, including capital, information, technology, labor and management. As if connecting scattered lakes and creeks into an uninterrupted expanse of water, it draws nations out of isolation and away from the obsolete model of self-reliance, merging their individual markets into a global one and combining their respective experiences into world history. ”

“ To reduce the cost of production, facilitate the shipping of goods, and meet the local needs of foreign markets, or in other words to conduct foreign trading on an intelligent and scientific basis, is the one hope of the people of the United States in the world expansion of their industries and the profitable employment of labor. ”

“ So far as the economic principle is concerned, there is likewise a gain when different countries specialize in those forms of production at which their citizens are most effective, and are content to secure through international trade the products of specialization in other countries. ”

“ A danger to foreign trade is that our exports might conceivably be limited to certain quarters, and might thus rest upon a frail and shifting foundation. Fortunately, however, this is not so, for our commerce is being built upon the prosperity of the whole world. ”

“ In what measure the need of individual countries to obtain materials of production from other lands and to find new markets for their own products is responsible for the growth of international dependence. ”

“ Our development program requires, in addition to heavy invest­ment, large imports of capital goods and some raw materials; and recent world developments indicate that we may shortly have either to give up some of our protected markets or share them with other developing countries. Furthermore, the improvement of our export earnings requires that we first improve our relations with other countries; so that external trade becomes a question of in­ternational prestige as well as of national development. ”

“ Indeed, the only possible way in which all nations can share in the thrift and enterprise and improvements of each other, is through mutual international exchanges; and when each nation sees to it that it have a few commodities at least for which there is a strong demand among foreigners, and in the production of which themselves have a strong superiority, it may rest assured that it buys all it buys from abroad, gold included, at the cheapest rate to itself, and shares a part of the prosperity of every nation with which it trades. ”

“ As we observe World Trade Week, 1996, let us strive to give our Nation's exporters every opportunity to sell products freely and fairly and help our companies to meet the challenge of exploring markets abroad. Their efforts to maintain efficient, high-quality production and to promote American goods and services to an international clientele will lead to a stronger economy and a brighter future for us all. ”

“ The direct benefits of commerce consist in increased Efficiency of the productive powers of the World. From this exposition we perceive in what consists the benefit of international exchange, or, in other words, foreign commerce. Setting aside its enabling countries to obtain commodities which they could not themselves produce at all, its advantage consists in a more efficient employment of the productive forces of the world. ”

“ Any cause which alters the exports or imports from one country into another, alters the division of the advantage of interchange between those two countries. Suppose the discovery of a new process, by which some article of export, or some article not previously exported, can be produced so cheap as to occasion a great demand for it in other countries. This of course produces a great influx of money from other countries, and lowers the prices of all articles imported from them, until the increase of importation produced by this cause has restored the equilibrium. ”

“ From the aspect both of realising the surplus value and of procuring the material elements of constant capital, international trade is a prime necessity for the historical existence of capitalism—an international trade which under actual conditions is essentially an exchange between capitalistic and non-capitalistic modes of production. ”

“ According to the doctrine now stated, the only direct advantage of foreign commerce consists in the imports. A country obtains things which it either could not have produced at all, or which it must have produced at a greater expense of capital and labour than the cost of the things which it exports to pay for them. It thus obtains a more ample supply of the commodities it wants, for the same labour and capital; or the same supply, for less labour and capital, leaving the surplus disposable to produce other things. ”

“ When the harmonious adjustment of international trade shall ultimately be established by "the Parliament of man" in "the Federation of the world," the power of production and the power of consumption will properly balance each other; but in traversing the long road and enduring the painful process by which that end shall be reached, the protectionist claims that his theory of revenue preserves the newer nations from being devoured by the older, and offers to human labor a shield against the exactions of capital. ”

“ The vulgar theory disregards this benefit, and deems the advantage of commerce to reside in the exports: as if not what a country obtains, but what it parts with, by its foreign trade, was supposed to constitute the gain to it. An extended market for its produce—an abundant consumption for its goods—a vent for its surplus—are the phrases by which it has been customary to designate the uses and recommendations of commerce with foreign countries. ”

“ If the fact be, that by allowing to foreigners a participation in our machinery, we enable them to produce any of our leading articles of export, at a lower money price than we can sell those articles, it is certain that unless we possess as great an advantage in the production of the machinery itself as we have in the production of other articles by means of machinery, the permitting of its exportation would alter to our disadvantage the division of the benefit of trade. Our exports being diminished, we should have to pay a balance in money. ”

“ We must try to get the optimum advantage out of our limited foreign exchange resources by funnelling them to these industries that can contribute most to our national income. Overcrowding in many industries needing imported capital equipment, investing in many lines of production not basic to our development, and importation of non-essential consumption goods are unnecessary drains on our foreign exchange. We should bring existing industries to their efficient productive capacity before going ahead with any but the most necessary new ventures. ”

“ Many lean and hungry peoples are being integrated into the global economy. Competition is particularly fierce for trade and investments. And the countries most likely to capture these investments are those that set out the appropriate policies. ”