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Globalization, Financial Development and Income Inequality

Globalization, Financial Development and Income Inequality

Görkem Bahtiyar
Copyright: © 2015 |Pages: 26
ISBN13: 9781466672888|ISBN10: 1466672889|EISBN13: 9781466672895
DOI: 10.4018/978-1-4666-7288-8.ch022
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MLA

Bahtiyar, Görkem. "Globalization, Financial Development and Income Inequality." Handbook of Research on Strategic Developments and Regulatory Practice in Global Finance, edited by Özlem Olgu, et al., IGI Global, 2015, pp. 349-374. https://doi.org/10.4018/978-1-4666-7288-8.ch022

APA

Bahtiyar, G. (2015). Globalization, Financial Development and Income Inequality. In Ö. Olgu, H. Dinçer, & Ü. Hacıoğlu (Eds.), Handbook of Research on Strategic Developments and Regulatory Practice in Global Finance (pp. 349-374). IGI Global. https://doi.org/10.4018/978-1-4666-7288-8.ch022

Chicago

Bahtiyar, Görkem. "Globalization, Financial Development and Income Inequality." In Handbook of Research on Strategic Developments and Regulatory Practice in Global Finance, edited by Özlem Olgu, Hasan Dinçer, and Ümit Hacıoğlu, 349-374. Hershey, PA: IGI Global, 2015. https://doi.org/10.4018/978-1-4666-7288-8.ch022

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Abstract

Globalization, as a concept has three main aspects: economic, political and social. Economic globalization in general, refers to the liberalization of trade between countries and increasing mobility of factors. In the case of factor mobility, capital flows come to the fore. Increasing capital mobility in the form of foreign direct investment and more importantly, portfolio investments, apart from causing a new international division of labour among regions of the world, also have important effects on the financialization phenomenon, changes in income distribution and changing institutional structures. Developments in information-telecommunication technologies, changing patterns in intellectual sphere, as well as in political and economic institutions especially after the mid-1970s play a role in the rise of financial globalization. Financial liberalization has been celebrated since McKinnon (1973)-Shaw (1973), but the Great Recession sparked doubts on the ability of unchecked financial development on providing a solid and fair foundation of economic development.

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