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1、FactorsDrivingGlobalEconomicIntegrationMichaelMussaGlobaleconomicintegrationisnotanewphenomenon.Somecommunicationandtradetookplacebetweendistantcivilizationseveninancienttimes.SincethetravelsofMarcoPolosevencentu-riesago,globaleconomicintegrationthroughtrade,factormove-me
2、nts,andcommunicationofeconomicallyusefulknowledgeandtechnologyhasbeenonagenerallyrisingtrend.Thisprocessofglobalizationintheeconomicdomainhasnotalwaysproceededsmoothly.Norhasitalwaysbenefitedallwhomithasaffected.But,despiteoccasionalinterruptions,suchasfollowingthecollaps
3、eoftheRomanEmpireorduringtheinterwarperiodinthiscentury,thedegreeofeconomicintegrationamongdifferentsocietiesaroundtheworldhasgenerallybeenrising.Indeed,duringthepasthalfcentury,thepaceofeconomicglobalization(includingthereversaloftheinterwardecline)hasbeenparticularlyrap
4、id.And,withtheexcep-tionofhumanmigration,globaleconomicintegrationtodayis1greaterthaniteverhasbeenandislikelytodeepengoingforward.Threefundamentalfactorshaveaffectedtheprocessofeconomicglobalizationandarelikelytocontinuedrivingitinthefuture.First,improvementsinthetechnolo
5、gyoftransportationandcommunica-tionhavereducedthecostsoftransportinggoods,services,andfac-torsofproductionandofcommunicatingeconomicallyusefulknowledgeandtechnology.Second,thetastesofindividualsandsocietieshavegenerally,butnotuniversally,favoredtakingadvan-910MichaelMussa
6、tageoftheopportunitiesprovidedbydecliningcostsoftransporta-tionandcommunicationthroughincreasingeconomicintegration.Third,publicpolicieshavesignificantlyinfluencedthecharacterandpaceofeconomicintegration,althoughnotalwaysinthedirectionofincreasingeconomicintegration.These
7、threefundamentalfactorshaveinfluencedthepatternandpaceofeconomicintegrationinallofitsimportantdimensions.Inparticular,thispaperdiscussesthreeimportantdimensionsofeco-nomicintegration:(1)throughhumanmigration;(2)throughtradeingoodsandservices;and(3)throughmovementsofcapita
8、landinte-grationoffinancialmarkets.Afterexamininghowfundamentalforceshaveinfluencedeconomicinteg
