Autori: Cristina Pensa, Livio Romano, Fabrizio Traù
The paper analyses the role played by external and internal demand in the process of development of both industrial and emerging countries. It is argued that the logic of the industrialisation process in the course of the Globalisation Age – linking together the North and the South of the world on productive grounds – has been hinging upon quite exceptional conditions, and that the gradual vanishing of such conditions asks for a rethinking of that logic. In particular, the point is raised that an overall shift towards a wider role of internal demand is required for both groups of countries, which gives rising importance to the size of individual economic systems and to their capability to implement active economic (industrial) policies.
JEL Classification: F02, F13, F15, O14, O19
Keywords: Globalisation Age; Multilateralism; Regionalism; Internal Demand; Industrial Development; International Trade; Trade Networks.