The internationalization of the world economy and its implications for national welfare

That the internationalization of the world economy has steadily increased since the end of World War II is generally accepted. Indeed it has become a clicheÂ. However, there is no generally accepted de®nition of internationalization; consequently, there are no generally accepted propositions concerning the implications of internationalization. In the present essay we offer three alternative de®nitions of internationalization and then consider some of the welfare implications of internationalization as de®ned.