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Additional resources for After Liberalisation: A Vision of Europe in the Global Economy of the Twenty-First Century
1 Gains from GAIT. 9 24 After Liberalisation THE GLOBAL ECONOMY: EXIT THE OLD, ENTER THE NEW The major force that has driven liberalisation in Europe has come from the growing competitive threat from the world economy. Over the last 30 years there has been a growing dynamism within the world economy. As economic activity has become more international, so too has the rate at which changes have taken place. Three features have characterised this development. First, the triumph of market capitalism over communism.
7 per cent in Europe, Japan and the USA respectively. 9 per cent for each of the major economic areas. Indeed, many of the world's largest corporations are now economically more powerful than sovereign states. For instance in the fiscal year to June 1994 Toyota - aJapanese-owned car manufacturer - had net sales of over $94 billion, while in the same fiscal year Du Pont - a US chemicals and plastics producer - sales totalled nearly $37 billion. By contrast, in 1993 Ireland had a GDP of just $23 billion.
57-69. OECD (1994) OECD Economic Outlook. Dec. Organisation for Economic Co-ordination and Development. Paris. Paul Krugman, a US economist has developed this idea in several publications. See, for instance, P. Krugman (1994) Does third world growth hurt first world prosperity? Harvard Business Review. JulyAugust, pp. 113-121. M. Porter (1990) The Competitive Advantage Nations. Macmillan. London. European Commission (1994) Employment in Europe. CEC. Brussels. John Wiley. Chichester. N. Negroponte (1995) Being digital.
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