March 28th, 2015
from the Dallas Fed
The cross-border flow of people, or international migration, is by far the most politically charged aspect of globalization and the one with seemingly the least progress in recent decades. Aggregate data suggest that, scaled by world population, international migration today is as important as it was during the great migrations of the late 19th and early 20th centuries.
Host countries gain through larger markets; home (or sending) countries gain through migrant remittances. This movement of people is one of four dimensions of globalization. Crossborder flows of goods are the most tangible manifestation of globalization - the ubiquitous "Made in China" label is a constant reminder. Others are crossborder flows of capital, allowing savers to invest where returns are highest, and the flow of ideas through which lowerincome countries adopt technologies and practices developed elsewhere and catch up with living standards in more advanced economies.