Abstract:
This thesis aims at providing a comprehensive understanding of the economic integration process that took place in the second half of the XX century till the present day. It attempts to explain the reasons why this route was adopted by different regions at different points in time, how it was assimilated, as well as why it resulted in rather diverging outcomes. Despite being an economic analysis, the research does not neglect the political and social implication of globalization.
An important emphasis is given to the international institutions that were the key architects of the integrated global market environment and are accountable for the economic growth and progress achieved in the last decades. However, these entities don’t escape criticism due promoting policies and actions that often caused market inefficiencies and inequality rather than sustainable development.
Throughout the research there is a recognition that liberalization is not a process that exclusively leads to growth, and in most instances it creates losers and winners, expansion as well as inequality and market inefficiencies. There is a broad analysis of different approaches to liberalization implemented in the past, in order to better understand how market oriented policies ought to be executed, and which would ensure convergence between emerging and developed nations.
In the last part the focus is on the current level of globalization. Specifically, it tries to find the reasons behind the rising opposition towards further integration. Presently there is a reassessment of economic trade relations between states which causes a deceleration in the globalization process. Moreover there is a trend on the part of international organisations to backsource their business operation, while automatization and technological progress further puts pressure on integration.
