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Globalisation and Transformation: Illusions and Reality

59, 03-301 Warsaw, Poland. E-mail: kolodko{at}tiger.edu.pl.

The globalisation of economic relationships and the systemic transformation in postsocialist countries are two interlacing processes and a phenomenon of the turn of the century. Globalisation, that is the institutional and real integration of national and regional markets into a single worldwide organ ism, is neither restricted to the last few decades, nor is it, as yet, an irrever sible, let alone complete process. Even in its most advanced form it does not prevent nations from conducting an economic policy, whose quality remains essential for economic efficiency and growth. In contrast, the market trans formation of postsocialist economies and their integration with the world economy along capitalist lines is irreversible, precisely because of globalisa tion. The transformation will soon be complete unlike globalisation because the latter, being a dynamic, open-ended process has no end, just as there is no end to socio-economic development. For this reason and also bearing in mind the ongoing fourth industrial revolution spurred by the development of the Internet, the future is bound to bring even greater changes.

Journal of Emerging Market Finance, Vol. 2, No. 2, 207-252 (2003)
DOI: 10.1177/097265270300200204


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