The Price of InformationIssue: Fall 1995
Many economists, business analysts and especially people in the communications industries are in a state of euphoria about globalization. While this is obviously a feature of the times, parts of the business press give the impression that a single world market is a foregone conclusion, indeed virtually exists already. Analysts are urging that competition for capital will steer governments to provide the conditions that international business wants, like some giant, spontaneous traffic-calming device. The certain near-term victory of this process is too readily assumed, reflecting the fact that economists and business commentators tend to fix their attention on the more mobile factors. Political commentators, on the other hand--particularly those of a "realist" disposition--are more likely to emphasize the less mobile ones.