Marriam Javed Pakistan-China is progressing fast, in the coming years, Pakistan could be seen as an economically stable and more secure state. Basically, CPEC, also known as the project of multiple roads of one corridor, has its major alignments with Pakistan through western, eastern and central fronts that are connected through highways and railways. However, the western alignment is believed to be the most important one because it has opened the doors of prosperity and development in Baluchistan and KPK. This will be the route on which Chinese investors will establish their manufacturing units, increasing the employment opportunities in these remote areas.
Quantitative studies have shown that trade fosters peace both directly, by reducing the risk of military conflict, and indirectly, by promoting prosperity and democracy. Globalization can be understood as a process of market expansion and market integration, as the universalization of capitalism.
After a short discussion of the political economy of globalization, I turn to the frequently overlooked security benefits of globalization.
The diffusion of prosperity, free trade, and democratization is part of the story. Quantitative studies provide a great deal of evidence for a causal chain running from free trade via prosperity and democracy to the avoidance of military conflict, as well as for another causal relationship between trade or economic openness and conflict avoidance.
After a review of the quantitative literature and a discussion of some methodological issues, I illustrate the capitalist peace by historical examples and contemporary applications.
The Political Economy of Globalization The process of globalization had already begun in the late nineteenth century.
Before World War I, trade and foreign investment were fairly globalized. Because of low political obstacles to international migration, labor markets actually were more globalized at the beginning of the twentieth century than at its end.
The two world wars and the Great Depression between them interrupted the process of global market integration for about half a century. Thereafter, the process regained force and speed.
Now, inexpensive, fast, and reliable communication and transportation enable producers of goods and some service providers in low-wage countries to challenge high-cost producers in rich countries on their home turf, but technological innovation resulting in falling prices and rising speed of intercontinental communication and transportation is not the only determinant of globalization.
Political decisions in rich and poor countries alike contribute strongly to globalization, too. Tariffs and, to a lesser degree, nontariff barriers to trade have been reduced. Many countries try to find and exploit their comparative advantage, to realize economies of scale and gains from trade by looking for buyers and sellers everywhere.
If trade between countries is truly free, then it promises to enrich all nations. In principle, globalization is the logical endpoint of the economic evolution that began when families switched from subsistence farming and household production to production for the market.
As long as globalization is not yet completed-and it certainly is not yet-gains from trade remain to be realized by further market expansion.
Because globalization adds to competitive pressure, however, it causes resentment, and because globalization springs from technological innovation and political decisions that promote free trade, these innovations and decisions attract resentment, too.
The world is already globalized enough that national resistance does limited damage. Free trade is vulnerable. If foreigners are perceived as a cause of the need to adjust, then attacking free trade becomes politically attractive.
After all, no politician benefits from the affection of foreigners who cannot vote. Of course, economists who insist on the benefits of free trade even if your trading partner does not practice free trade are right.
Benefits include serving customers better at lower prices, but also faster growth of total factor productivity Edwards ; OECDAn essay on the way to restore and perpetuate peace, good order, and prosperity, to the nations.. [Bryce Johnston] Home.
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Voice The World Can Have Peace and Prosperity, If It Wants There's nothing inevitable about the rise of violence and rancor, in the United States and abroad.
Sixty years ago Mao Zedong stood before a sea of people atop Tiananmen Gate proclaiming, in his high-pitched Hunan dialect, the founding of the People’s Republic of China and that the “Chinese.
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