1- From Free Trade to Globalization: Initial Conditions for World Business Expansion and Perspectives for 21st Century in Colombia

Abstract

Colombia as many other emerging economies in the world, is facing new challenges and opportunities for growth, as a worldwide process of globalization that affects political and economic foundations is taking place. A historical comparative study is considered an important approach to framing the nineteenth-century environment for political and economic development. Also to relate in this picture possible emerging scenarios, where new political and economic rules will in the future determine development opportunities for productive sectors. Its future development will depend on technical change and direct investment, where bloc trading rules like the Free Trade Area of the Americas-FTAA, of local markets may or may not favor convergent economic growth. The role of the economic policy may help enlarging foreign investment and acquisition of technological capability widely regarded as elements to successfully face globalization opportunities. Future research exercises should attempt associating possible scenarios where the global industrial countries may funnel investment capital resources needed for development in emerging countries and for encouraging new growth paths. In this emerging context, growth may be stimulated by liberal rules and by attracting investment currents so changing the business community attitudes. In this new environment the FTAA developments and the expansion of city-regions are considered as two valuable circumstances where globalization and technical change may determine new initial conditions to transform investment patterns allowing for Colombia's 21st century development.