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How can we characterize the present state of the world economy? These are the questions considered in this paper. The paper attempts to define exactly what the term 'globalization of economic relations'means and then examines how far the present tendencies in the international economy meet this definition. The conclution is thatsuch a globalized economy does not yet exist. Incontrast we highlight the formation of trading blocs,and the coninued salience of 'national economic management' as structuring the international economy. As the most pertinent example of the formation of a trading bloc the paper considers the attempts to integrate the european Community into a cohesive economic management and regulatory entity. Thepolitical problems and obstacles to this are highlighted. Finally the paper looks at the impact of the present tendencies in the international economy for a range of secondry Parties in that economy, like the LDCs, the 'Cairns Group' economies, the ex-Soviet type economies, and China.
Hirst et al. (Sun,) studied this question.