Trade liberalization, economic transformation and integration
The last three chapters have emphasized the contrasting nature of capitalism in three major regions of the semi-periphery. Countries within these regions face the question of how to relate to a world of global capitalism. For example, countries can interact with the world economy as individual entities or in some form of regional grouping. As argued in Chapters 4 to 6, there has recently been a certain convergence of economic policies between and within countries in these regions. In this chapter we not only examine tendencies towards regional economic integration but also the increasing commonalities of economic liberalization, most notably in relation to trade and capital flows.