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ECN353 International Economy Has global integration of factor and product markets since the 1970's had a significant impact on wages in either developed or developing countries? The integration of goods, technology, labour and capital has been an on going process over the past century. This has led to the phenomenon now known as globalisation. For several developed economies the most imperative decade for globalisation since World War II was the 1970s, when the proportion of trade to output increased in both developed and developing economies in the wake of the two oil shocks. Technological evolution has improved transport and communications, enhanced information awareness and information processing, and has set the stage for novel products and innovations. These developments make it much easier for national markets to be globally integrated. Conversely, Feenstra (1998), states that 'the rising integration of world markets has brought with it a disintegration of the production process, in which manufacturing...

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