The beginning of a period, be it a week or a month, can spur people to reflect on the past and contemplate the future, leading them to reconsider matters long taken for granted. Thus, at the beginning of a new century, we may be justified in re-examining some of the accepted wisdom, common sense and principles of our age.
I have been tempted at this time to challenge two dominant and seemingly established principles of economic theory.
One of these principles relates to what we call the "globalization" of the economy. Nowadays, we are overwhelmed by the phenomenon of globalization, where enormous amounts of money, goods, services, and information cross national borders. Globalization of the economy has advanced so rapidly that the once everyday expression "borderless economy" is now obsolete.