ABSTRACT
The globalization process, since the last decades of the 20th century, is one of the most striking phenomena in recent economic history. The widening, deepening, and speeding up of global interconnectedness, measured in terms of, say, FDI or numbers and size of multinationals were more widespread and intensive after 1980 as compared to the earlier decades of the 20th century. The global diffusion and acceleration of international business competition were accompanied by major shifts in economic activities and markets around the globe. It led to changes in the composition of industries and the division of labor and production across different regions of the world.
