The Impact Of Economic Globalization

The Impact Of Economic Globalization
Globalization occurs in three forms: political globalization, cultural globalization, and economic
globalization. All forms work together to expand relationships and create a single place. On its own
Economic globalization is a way for economic relations to extend and integrate across the world.
Economic globalization and its policies as well as, the ideology of neoliberalism have a way of
creating an inequality between countries and creates an endless debt cycle. International economic
organizations have caused long–term effects due to the harsh conditions these organizations impose.
A prime example of this effect can be seen in countries such as Jamaica. It is important to
understand neoliberal policies and economic organizations in order to understand how debt still
plays a role in today's globalized economy.
In 1944 the Bretton Woods Conference took place; the main goal of this meeting as defined in Amy
Malek's lecture was to, "find ways to stabilize global economy; break down trade barriers (expand
and encourage international trade post–war)" (Malek, 2017). Due to this conference, three
international economic organizations were created, the International Monetary Fund, World Trade
Organization, and the World Bank. It should be noted, that the International Monetary Fund and
World Bank were created for different reasons, but they soon began to work together. Esteemed
authors Smallman and Brown provide insight into this topic by stating that, "the original distinction
... Get more on HelpWriting.net ...

Impact Of Economic Globalization
Introduction:
Economic globalization refers to the global process of organic economy formed by the world's
economic activities beyond national boundaries and through foreign trade, capital flow, technology
transfer, service delivery, interdependence, and interconnection. It is a cross–border transregional
flow of production factors such as commodities, technologies, information, services, currencies, and
people in other words, the world economy is increasingly becoming a tightly integrated whole.
Economic globalization is one of the critical characteristics of the contemporary world economy and
a significant trend in the world economic development.
Globalization of production and multinationals increasingly becoming the dominant force in ...
Show more content on Helpwriting.net ...
It not only posed fundamental requirements for producing beyond national boundaries but also for
globalization The preparation of conditions for production is the primary driving force for economic
globalization.
3. Financial globalization, a worldwide network of financial institutions, a large number of financial
services carried out across borders, cross–border loans, multinational securities issuance and cross–
border mergers and acquisitions system formed. The world's major financial markets are
interconnected in time and linked to price, enabling multi–trillion dollar transactions in seconds,
especially as the foreign exchange market has become the most liquid and all–weather market in the
world.
4. Science and technology globalization. It refers to the optimal allocation of science and technology
resources in various countries around the world. This is the latest area where economic globalization
has rapidly expanded and progressed. The performance characterized by the large–scale cross–
border transfer of advanced technologies and research and development capabilities, and extensive
transnational joint research and development. With the information technology industry as the
typical representative, the technical standards of all countries tend to be more and more consistent.
The use of monopoly professional standards by multinational giants has controlled the development
of the industry and obtained a lot of excessive

Economic Globalization
Introduction
Economic globalization has become the most important feature and a general trend of present world
economic development. Globalization is a phenomenon and also a process of development of
mankind and human society (Hamilton, 2008). It is the essential feature of the modern age.
Globalization is the cross–border flows of capital and goods, including capital, labour, technology
and natural resources (Bożyk, Misala & Puławski, 2002). Economic globalization is a historical
process, and the germination of it could date back to the 16th century. After the industrial revolution,
capitalist commodity economy, modern industry and transportation have been developing rapidly.
The world market was fast expanded and the foreign trade was ... Show more content on
Helpwriting.net ...
The negative impact on globalization can be clearly illustrated from the financial sphere. One
collapse in the financial sector would lead to the domino–style economic collapse.
Global Stratification
Global stratification can be defined that globe countries and areas are not on an equal footing in the
process of economic, political and cultural globalization (Andersen & Taylor, 2006). The economic
globalization has exacerbated the imbalance of world economy and has widened the wealth gap.
Globalization has brought unfair relationships between developing countries and developed
countries. Gao (2000) noted that economic globalization has expanded the gap between South and
North. And it has brought huge shocks to national economy of developing countries. The
international economic organizations like the Word Bank, IMF and WTO are in the hand of
developed countries (El–Ojeili, C. & Hayden, P., 2006.). All the principles, institutions and
sequences for the world economic operation are made by them. (Sklair, 2002)What's more, the
economic, technical and management advantages that is owned by Western countries cannot be
easily and fully surpassed by developing countries.
It is fair to say that the ones who benefit the most in economic globalization are developed countries
whose social productive forces are highly developed ((El–Ojeili, C. & Hayden, P., 2006.). However,
it is difficult for developing countries that are relatively

Globalization : A Unified Legal, Economic And...
The most common definition of globalization is the process of global economic integration, creation
of a unified legal, economic and informational space. However, this simplified definition does not
address how boundaries and borders are reshaped, the shift of power from states to corporations,
capital mobility and the impact it has on certain sectors of population. With globalization, there is a
"market without borders." Economic integration privileges the right of corporations. Corporations
have the right to expand beyond borders, and exploit greater economies at scale; capital can be
shifted to whatever countries which offer the most productive investment opportunities. It is
important to note that while globalization ... Show more content on Helpwriting.net ...
A particular regard must be given to the imperialist regime, this form of regime emphasizes
hierarchy in world politics, but with networked reach over space increasingly supplementing or
replacing direct territorial control. With this regime, central state authority is diminished, and power
is shifted to outside actors. These outside actors can range from distant, but powerful states or
organizations such as the IMF and the WTO. The U.S. governing class, in alliance with the financial
elites of its trading partners applied NAFTA's principles to the policies of the World Bank and IMF.
Precisely, IMF and World Bank structural adjustment plan is usually comprised of two parts – the
loan and the acceptance of the conditionalities in return for the loan. The acceptance of the
conditionalities of an IMF loan is a pledge to adhere to the neoliberal economic policies of the IMF
which focus on privatization, reduced protection of domestic industries, cutting subsidies to
domestic industries, liberalization of the economy and resource extraction/export–oriented open
markets. They push countries, particularly developing countries, to open up their markets with as
little restrictions as possible. Once this is implemented, the state loses its control what happens
within its borders. The state 's ability to act in opposition to market forces is devastated by the fact
that the state must reduce regulatory standards in order to attract capital. With

Economic Globalization
As international business cannot make profit in a new market if remained unchanged in this wave of
fast–changing globalization, localization helps them adapt to their new international markets and
effectively gain the most out of this process. If localizing in the era of globalization is so helpful,
why can't countries as a whole also learn from it to better adapt to the macro–environment of
economic globalization? Glocalization, as stated by sociologist Roland Robertson, "the simultaneity
– the co–presence – of both universalizing and particularizing tendencies," can be applied beyond
business to reduce existing income inequalities in the world caused by disparity among countries'
development. To promote glocalization, local government should understand its country's internal
factors so that it can enact changes to its infrastructure to adapt to economic globalization and solve
accompanying challenges such as increased income inequality within the country.
To gauge an overall performance of economic globalization in the world, poverty reduction and
income level together provide a quantitative evaluation. Using data across 114 countries from 1983
to 2007, Andreas Bergh and Therese Nilsson from Research Institute of Industrial Economics found
a significant negative relationship between globalization and poverty, robust to several econometric
specifications (Bergh and Nilsson, 42–61). In general, as supported by many statistics, economic
globalization has successfully

The Economic Globalization Of The United States
The economic globalization of any given county is the increase of economic integration of the
nation in the world's economy and is the result of cross–border movement of goods, services,
technologies and capital. Economic globalization has been seen to help developing countries arrive
at a more stable and stronger economic because of its positive effects on crucial issues such as GDP,
and their trade as well as their special interactions with different countries, such as the joining of the
European Union. France was no exception to this. France in the post–war era after World War II saw
significant change with their economy, becoming a more open country in the world markets and a
stronger, financially stable country.
Before this period, ... Show more content on Helpwriting.net ...
Gross National Growth (GNP) is the measure of how an economy is performing and what a country
has produced. While Gross domestic product (GDP) is the size of a states' total annual economic
activity. France's GNP fluctuated in the early 20th century because of the events posed upon the
country. In the table below we are able to get a sense of how the economy of France does in the
20ths century and it is clear that their post–World War II interval is the most successful. It is that
specific time frame in which France's economy starts to flourish. This could essentially be because
after the world wars mostly everything needed to be reconstructed. Many factors help contribute to a
nation's GDP and GNP rates. Agriculture, construction, manufacturing, services, transport and
utilities are all included when calculating GDP. GNP is greatly affected by the population that is
within a country. Higher GDP's tend to be associated with EU members such as France in
comparison to the rest of the world. There have been sudden drops in the French GDP growth rates
but that doesn't essentially effect the welfare of the people. Many argue that GDP rates do show how
a country is doing economically but they do not accurately show the welfare of the citizens. William
Ray from Psychology Today states that GDP draws "attention away from the real measurement of a
country's and people's progress–our overall well–being." This

Globalization And The Global Economic System
When we think of globalization historically, should we apply it within the frame works of archaic,
proto and modern? A. G. Hopkins who wrote Globalization in World History tends to think we
should. He defines archaic globalization as before to the industrious revolution and the creation of
the modern state prior to 1500. For Hopkins, this time period planted the seeds of what would
become the proto period. In proto–globalization, from 1500–1800, arose the beginnings of the state
and the dilation of the global economic system by increased efficiency in revenue exploitation and
the revolution of military fiscalism. Lastly, modern–globalization began to emerge in the mid 1800s
to the mid 1900s. What defined this period separately from proto global periods was the ascent of
the nation state and the aggrandizement of industrialization. Based on the categories of globalization
above, it is useful to look at the historical progression of globalization in the context provided by
Hopkins. In order to do make this argument however, it will be important to examine how
globalization started as the archaic then matured to the proto, and finally transformed in to the
modern by looking at how the state evolved its method of legitimizing itself, and the refinement of
consumption relationships and patterns. In the archaic period of globalization, there were ancient
forms of the state known as the warrior system and different types of consumption known as cosmic
king ship, universal

Economic Globalization Is The Growing Integration Of World...
Economic globalization is the growing integration of world markets and the intensifying
interdependence of global economies. The process has social and economic costs as well as benefits.
The process is both critiqued and lauded by scholars. On one hand it provides opportunities and
growth while on the other hand it creates an unequal distribution of wealth also while hurting
workers rights. At the conclusion of World War II, Harry White and John Maynard Keynes aimed to
create a financial strategy to liberate the world economy from the extensive restrictions and controls
levied during the war. At the Bretton Woods conference, they provided proposals which
strengthened American economic hegemony (Rodrik). This happened because both White and
Keynes recognized that domestic economic needs outranked global economics (Rodrik). The goal of
the Bretton Woods conference was to stimulate moderate economic globalization.
Dani Rodrik praises the unification of global markets and trade liberalization after the Bretton
Woods conference. He especially lauds Keynesian globalization, which gives states discretion in
trade policy and regulation. According to Rodrik, the Bretton Woods conference was successful in
fostering economic trade after years of war and rivalry. However, he does critique trade
liberalization and multilateral international institutions that emerged out of Bretton Woods, such as
the International Monetary Fund (IMF), General Agreements on Tariffs and Trade

The Economic Impacts Of Globalization
Throughout the global economy, many countries and nations continued to share their investment to
promote their economic growth to modernize their industries, but some nations viewed the idea of
globalization negatively due to employment disparity and cultural deterioration. The term,
globalization has defined a process that businesses or other organizations developing international
influence or start operating on an international scale. Many Eastern Asian countries like China,
Japan, South Korea, Thailand, and Taiwan have been greatly impacted by globalization from the
worldwide investment like technologies to increase their economic growth and the free trade
impacted many Eastern Asian countries, but most Asian countries viewed also globalization
negatively due to creating their own economic system, the shift of power in the economy, and the
emergence of Western–dominated culture in Asian traditional culture.
Globalization has a huge impacted too many Asian countries to advance their investment in order to
grow their economic growth. In the Brookings article, "Globalization: What the West Can Learn
from Asia", the author Ijaz Nabi stated that "...the heavy investment made by Asian governments in
human capital (education and health) to prepare the workforce to take advantage of the high wage
manufacturing jobs created by the globalized investment. This was complemented by public
investment in infrastructure to continue to attract foreign investment (Nabi)." From Nabi's

Economic Globalization- Life and Debt
Economic Globalization– Life and Debt
The world is constantly becoming smaller and smaller as time progresses. A process of globalization
is rapidly turning the world as we know it into economic opportunity waiting to be exploited. A
large factor in this process is due to the advent of technology which is becoming more and more
readily available to lesser developed countries. Countries such as Jamaica and other LDC's are
primary targets of economic globalization. In the film Life and Debt by Stephanie Black, we see the
effects globalization has on Jamaican culture, industry, and agriculture.
In order to discuss the effects of globalization, it is important to assess what economic globalization
is defined as. Economic globalization is the ... Show more content on Helpwriting.net ...
The powered milk became such a commodity that the local produce dairy farms couldn't sell their
milk. A memorable scene in the film was when the dairy farmers had to spill out all their surplus
milk that was only a days worth to make room for new milk since it wasn't being consumed. A dairy
farm used to produce 3,000 quarts per day and after America subsidized the milk industry, dairy
farms were producing only about 600 liters. Dairy farmers were run out of their businesses and it's
sad to say but some dairy farmers were forced to convert to butchering their cows in order to make
profit (Black).
The Jamaican economy in 1970 was 800 million dollars in debt and by the time of the year 2000 the
debt had reached an alarming 7 billion dollars. In order to service its accumulated debts Jamaica set
up Exporting Processing Zones or EPZ's. The free zones created lots of employment to jump–start
the economy. The free zones themselves were separate entities to Jamaica, similar to the US–owned
cemetery for the WW2 soldiers in Normandy. In this way, the supplies needed for manufacturing
never really enter Jamaica, thus allowing for cheap imports. The factories had their downsides
though. Workers were only paid in Jamaican dollars about 30USD per week while some were paid
that for two weeks. Every two weeks, money was taken out as taxes which angered the Jamaicans

Economic Benefits Of Globalization
Globalized cities act as connections between nations around the world, thereby creating the
international economy and fostering the development of impoverished nations by increasing the
mobility of capital and jobs. The mobility of capital and labor can be beneficial to international
corporations that are capable of taking advantage of international business opportunities. This aspect
of globalization can encourage the movement of the operations of large corporations to developing
areas that are in need of investment. While the movement of those corporations into developing
countries can be beneficial to the region as a whole, globalization does not always affect all
members of a population equally. Certain populations still struggle to find adequate housing,
employment opportunities, and healthcare despite the overall economic development in their city. To
maximize the benefits of globalization, it is also essential that city officials understand the
importance of creating a cohesive vision to guide the growth of an aspiring global city. The Meta–
Theme labor and capital describes how globalization has increased the mobility of funds and jobs
due to the ease of transporting goods and exchanging information internationally. Capital
investments are essential to the development of cities. Even with an effective plan in place, the
development of a city is not possible without investment in infrastructure. Additionally, the mobility
of jobs made possible by globalization has

Disadvantages Of Economic Globalization
Globalization is not a unique phenomenon in the 21st century. What is unique about our experience
of globalization, though, is the accelerated speed in which globalization has propagated. At a
dizzying speed, globalization has left parts of the world more affluent than ever whereas other parts
of the world are still swept in vertigo, unable to fully garner the benefits it offers. Despite current
polarized experiences and the tradeoff between domestic politics and globalization, the overall
results have been sweepingly positive as globalization increases equality and catalyzes the economic
development when combined with the active roles of the states in creating the institutional practices
conducive for growth. Globalization in this context will largely rely upon economic globalization.
Bhagwati's definition is especially useful in determining the premise of economic globalization that
he defines as an "integration of national economies into the international economy through trade,
direct foreign investment (by corporations and multinationals), short–term capital flows,
international flows of workers and humanity generally, and flows of technology" (3). Given the wide
dimensions under economic globalization, quantifying the success or failure may be a challenging
feat but econometric such as GDP growth rate will be a good indicator for the scope of this paper.
Nevertheless, globalization needs not be confined in economic realm but also extends to the spread
of ideas.

Impact Of Globalization On The Changing Process Of...
Introduction
Although the organisational aspects and spatial aspects must also be looked at, the flows of
globalisation including economic, environmental, political and cultural change must be looked at in
terms of reconstructing places and specific communities (Knox and Marston, 2016). Global
networks allow the flows of globalisation to be reconstructed rather than effaced. I will focus on the
economic impact of globalisation on the changing process of economic character and development
in London and Sydney.
Economic globalisation has been defined by (Cloke, Crang and Goodwin, 2013 p.414)," As the
growing integration and interconnectedness of a range of different dimensions of the world
economy". (Cloke, Crang and Goodwin, 2013) talk ... Show more content on Helpwriting.net ...
A large portion of the establishments of todays apparently new "global" wonders go back in any
event to the time of imperialism, at times prior. Besides, numerous "global" issues are exceedingly
perplexing and show incredible spatial fluctuation, in this manner significance there are no simple
arrangements. In understanding these global changes in London and Sydney.
Globalisation of the capitalist world has vastly increased since World War Two with the growing
innovation of technology and communication, this has created a " broadening global connectivity"
(Knox and Marston, 2016 pg 86). Which with theses new innovations brings a quicker and more
compelling method for transportation and correspondence in places like London, helping to increase
economic global connectivity.
Globalisation has created a number of serious issues concerning "environmental ,health, core–
periphery disparity and security issues" (Knox and Marston, 2016 pg. 88).These issues are reflected
in London urban development as this place has been resisted and subverted by the structures of
globalisation in terms of economic issues.
The capitalist and colonial flows of globalisation have allowed but the creation of world cities like
London, New York, Paris and Tokyo. These cities London in particular are dominant economic and
urban centres through business,

The Importance Of Economic Globalization
Globalization, which is the process of nations, group, and organizations spreading their influence
internationally, affects every citizen of the modern world daily. Without realizing it consumers
contribute to economic globalization by purchasing products from transnational corporations, every
single day. The source takes an opinion against globalization, specifically economic globalization.
Which is the interdependence that economies across the world rely on each other to continue and
prosper. These economies rely on each other, because countries buy, and trade products that they can
not produce, with those that can. The sources main point against economic globalization is that it is
not sustainable. This means that economic ... Show more content on Helpwriting.net ...
A specific group that promotes the cessation of fossil fuels is Greenpeace. They are known for
saying "When the last tree is cut, the last river poisoned, and the last fish dead, we will discover that
we can't eat money...". This quote shows how they agree with the source because they show how
that the pursuit of wealth will still lead to poverty and is unsustainable if the environment is not
respected and maintained. Alternatively, some groups may disagree with the source. An example
would be transnational corporations. They depend on economic globalization and the fact that
countries depend on each other for goods. Because of this dependence, they capitalize on the
opportunity to provide products that are in demand and profit off of it. These corporations would
argue that they create jobs in developing countries. They would also argue that this process keeps
economic globalization sustainable since they are creating jobs worldwide. We should embrace the
source's view completely, to ensure that developing countries are treated fairly, and our world
economy stays sustainable.
A key argument against modern economic globalization is the impact that it has on the environment.
Today's modern factories release large amounts of greenhouse gasses into the atmosphere. These
gasses which include carbon dioxide, nitrous oxide, and methane collect in the atmosphere and

ECONOMIC CONSEQUENCES OF GLOBALIZATION ON...
ECONOMIC CONSEQUENCES OF GLOBALIZATION ON TELECOMMUNICATION
INDUSTRY
Case of Vodafone
Contents
Contents 2
SUMMARY 3
ECONOMIC ANALYSIS OF GLOBALIZATION 3
GLOBALIZATION OF TELECOMMUNICATION INDUSTRY– CASE OF VODAFONE 4
CONSEQUENCES OF GLOBALIZATION ON TELECOMMUNICATION INDUSTRY– CASE
OF VODAFONE 4
EVALUATION AND CONCLUSION 6
REFERENCES 7
SUMMARY
While discussing the topics of trade, development and political economy, globalization is often
discussed. In general, globalization means a process in which world economies become highly
integrated, leading to a global economy and highly global economic policymaking, through
international agencies such as the World Trade Organization (Todaro & Smith, 2006).
Since late ... Show more content on Helpwriting.net ...
Ibbott (2007) explained what really globalization means as "A global company is one that permits its
local operations to act in the image of the market locally and yet can act in a truly homogeneous
way with respect to the supply and provision of its core products and services"
Vodafone is a global company as its sourcing and supply chain activities are transferred to be
entirely global for the major part of its investment, while services remain local (Ibbott, 2007).
Globalization does not mean to open operations and branches in other countries but to make its
operations global, not directed by the head office located in the parent country.
CONSEQUENCES OF GLOBALIZATION ON TELECOMMUNICATION INDUSTRY– CASE
OF VODAFONE
Globalization has become a vital aspect of the global economy and strongly influences the
comparative advantage of economies. (Salvatore, 2004) examined the effect of globalization on the
comparative advantage of Europe for several goods and concluded that Europe has a comparative
disadvantage in telecommunication with respect to Japan, United States and Dynamic Asian

countries. The degree of globalization is a significant element in examining the international
competitiveness of economies.
Large multinational corporations are enjoying the benefits of globalization, the most. Almost 50

The Economic And Political Openness Of Globalization
The economic and political openness that globalization brings to developing nations has no only an
effect on the economy, but the culture of its people. Therefore, "... people in more open countries are
less dependent on the authorities for their livelihoods. [Also in] a more open economy and society,
the "CNN effect" of global media and consumer attention [of today] exposes and discourages the
abuse of workers" (Griswald). As stated before, technological progression has been the tool of
globalization that made sure that ideas regarding human and political equality has made its way into
autocratic and developing nations. With the aid of technology, more profoundly social media,
western non–governmental organizations can expose severe human rights violations in developing
nations and call use it call for political and social reforms. To that extend, technology has widely
facilitated the "infusion of democratic norms, and the principles of human rights that support them,
into many international and regional institutions" (Dalpino). Developing and autocratic nations (
most notably China) have come to the realization that in order to foster capital and become accepted
into the worldwide trade market, they must concentrate on bettering the social lives of its people by
adapting and protecting their entitled human rights. Perhaps the most profound example of the
influence globalization lies in the Asian continent where a number of nations like South Korea and
Taiwan have opened up

Impact Of Globalization On Economic And Political Growth
Global Business Environment
Introduction
This paper investigates the impact of globalisation on the economic and political growth. For several
years the economic instability and high levels of income inequalities and poverty have hurt Brazil.
Domestic market had positives impact on Brazil in order to stable the economy.
How Has Politics Impacted Global Business in Brazil
2. Globalisation
2.1 Definition of globalisation
Globalisation is the process of communication and mixing between governments, people and
companies of different nations in term of increasing international of financial market also various
market of goods and services. They focus on mainly forces that are backing the method of
globalisation which they are the liberation of capital movements such as opening global market to
trade, investment. Therefor this process has effect on environment, culture, and political systems
OECD Handbook on Economy Globalisation Indicators, 2005).
The design and level of internationalisation has changed over centuries, which the old authorities
have declined and the new ones has arise with different equity and policy (Petrella, 1996: 63).
Petrella did list some fundamental personalities of globalisation that he states that in globalisation
through financial markets that there's a revolution of consumption that shape cultural products with
world consumer markets.
Political: these measure the state of a country political incorporation for example the

How Economic Globalization Has Fostered Globalization of...
I. INTRODUCTION
The concept of globalization is one of the most talked about terms over the past decades. In fact, it is
a highly popular buzzword that admittedly lacks a standard or commonly agreed upon definition.
(Trebilcock, 2000). The concept of economic globalization stemmed from the root concept of
"globalization" and by definition, pertains to that specific attribute of globalization that refers to the
process of integration between the economic front and the 'developed', 'under–developed' and
'developing' economies (Naik, 2011). Economic globalization essentially comes together through
international trade, FDIs (foreign direct investments) and the like (Naik, 2011).
As stated by Naik (2011), economic globalization is a process ... Show more content on
Helpwriting.net ...
This is precisely the reason why the critics could not help but compare the unequal effects of
economic globalization among the developing and developed countries.
In this research paper, we will explore the process as to how the so–called "economic globalization"
phenomenon has fostered a globalization of critics and criticism. In this research paper, we will
tackle the definition of economic globalization and its implications and how it has allegedly brought
about and triggered the rise of a number of critics. This research paper will also identify the specific
criticisms that critics have previously cited and identified with regard to the economic globalization
phenomenon. The main objective of this research paper is to provide evidence as to how the
emergence of globalization of critics and criticism was a direct by–product of economic
globalization. Hence, in line with this main objective, this research paper will directly answer the
research question: "How did economic globalization foster globalization of critics and criticism?"
6 |B u s i n e s s a n d S o c i e t y
II. LITERATURE REVIEW
A. Economic Globalization Defined.
Economic globalization, by strict definition, refers to the phenomenon characterized with an
increased interdependence of the different national economies in

The Advantages And Disadvantages Of Social And Economic...
Globalization is an issue that has impacted the world for centuries. In a globalized world, nations
and its peoples are connected in a multitude of ways, including by political relations, social impacts
and cultural diffusion, and economic trade between countries. Those global connections produce
both benefits and conflict that can affect the course of history. Throughout history, it has become
evident there can be great advantages to social and economic globalization, but that the
disadvantages of political globalization can be costly.
Living in a globalized world can have great social effects. Over centuries of time, people have come
to form their own belief systems and social classes and standards as individuals and as peoples.
Whether it is religion, gender roles, social class, general belief systems, or ethnic cultures, each
country or empire has over time come to form its own system. As a result of this, successful social
structures are able to arise. One example of this is that of the Middle East. Throughout the history of
the Middle East, there have been a number of societies that have respected minorities. One example
of this is the Ottoman empire. The main classes in this empire consisted of "men of the pen", which
were educated men like lawyers, judges, and mathematicians, and "men of the sword", which were
soldiers ("Ottoman Empire Social Hierarchy"). For each of these classes, an Arab–born man has just
as much of a chance of becoming one of these high classes as a Muslim convert. Unlike most
previous empires, the social standard for the Ottomans was that if a person was Muslim, whether
they were born into it or had converted, they were allowed to rise up to power in society. In addition,
the Ottomans became known to be generally tolerant of different cultures and religions. One
example of this is the millet system in which minority groups were allowed to form their own
communities and have their own limited power ("Religions – Islam: Ottoman Empire"). This was
done in order to attract minority groups, like Jews, who had been previously discriminated in other
empires. Because of this concept, the Ottoman empire was able to grow on a global scale and attract
more people to its reign. This idea

Benefits Of Economic Globalization On South Africa Essay
GVPT200–Essay II
South Africa has reaped the benefits of economic globalization first hand as it has emerged to
become a major economic power in Africa, especially in recent years. This country has been
infamously plagued by apartheid, an inhumane policy of segregation based on grounds of race,
which also had economic consequences as trade sanctions were established in 1986 by the United
States in response to South Africa's policy of apartheid. However, apartheid ended in the 1990s and
the South African Development Community was created in 1992 in order to promote economic
development through free trade zones in other regions in Africa. South Africa also signed free trade
agreements with other regions, including Europe. I am interested in analyzing South Africa from
1991 when severe trade sanctions imposed against South Africa were repealed by the United States
to 2010 when South Africa became part of the esteemed BRICS countries, a major indication of
global economic success. The independent variable is therefore economic globalization, stimulated
by the rescinding of the punitive trade sanctions by the United States in 1991, while the dependent
variable is whether South Africa has done better or worse since 1991 when it became more
connected to the global economy. The indicators for the independent variable are the number of
level of trade barriers, the repeal of Comprehensive Anti–Apartheid Act, openness to free trade and
free trade agreements, exports, and

The Economic And Trade Globalization
With the development of science and technology as well as transportation, economic and trade
globalization in gradually, most companies are not satisfied with the domestic market, and began to
open up markets in other countries, which is the origin of multinational enterprises. However, since
the environment of the market is different from the host country, such as natural conditions, socio–
cultural, or customer needs, which is particularly difficult to deal with the situation when to enter the
market of a country, it will need to face the corresponding political risk. Political risk is a type of
foreign exchange risk, thence, a prerequisite of political risk and foreign exchange risk of the
occurrence of a prerequisite is the same, namely businesses or investors must hold foreign direct
investment (Foreign Direct Investment), otherwise, there would not be political risks (Jensen, 2003).
Therefore, for multinational enterprises, the economic benefit was on the most important position,
and even beyond the political relations such as social system, human ideology, or challenge the
traditional, however, for the country to say that in terms of national security goals happen with the
economic interests if they have conflicting objective, the state will first meet the security objective,
it would be more stressful for multinational enterprises in political risk.
Weston and Sorge (1972) defined that the uncertainty about full or partial power is exercised the
power by the

Social, Economic, Political And Environmental Factors Of...
Table of Contents
Contents
Introduction 2
Background 2
Social Impacts 3
Positives 3
Figure 1. 3
Negatives 3
Economic Impacts 4
Positives 4
Negatives 4
Political Impacts 5
Positive 5 5
Figure 3. 5 5
Figure 2. 5
Negative 5
Environmental Impacts 6
Positives 6
Figure 5. 6 6
Figure 4. 6
Negatives 6
Figure 6. 6
Figure 7. 6
Conclusion 7
Introduction
This report will discuss the phenomenon of Globalisation in Australia. The report will analyse the
social, economic, political and environmental factors of globalisation in Australia. In these factors
will discuss the positives and negatives of each impact. Then an overall conclusion will be made
about whether Globalisation is a negative or positive in Australia.
Background ... Show more content on Helpwriting.net ...
The process of globalisation has been the catalyst for increased global interconnections. (Costello,
2004). Global interconnections are linked to developments in transport, communications
technologies along with the increased influence of large regions of the globe. These changes are also

responsible for the breaking down of national borders and the creations of a virtual business globe.
The enhancement of business opportunities in social globalisation in Australia has benefited the
creation of jobs and employment.
Negatives
Particular drawbacks of social globalisation are our reliance on technology, loss of cultural
identities, and fear of job loss in developed countries, increased risk of epidemics as people are more
mobile and the increased threat of terrorism.
Our reliance on technology can be a negative effect on social globalisation as we miss social
exchange with countries that do not have the technology to communicate in this matter. Another
disadvantage is the potential dominance of other countries on Australian society. Australia is
influenced by more established regions such as; USA, Britain and Europe. This can be a negative as
other cultures begin to flourish through our country and Indigenous people and smaller cultures lose
value and meaning.
Fear of job loss is another negative impact of social globalisation. As new technology begins to
rapidly grow through the world,

Economic Globalization And Its Impact On Society
Economic globalization has progressed significantly around the globe. First world republics have
evolved due to economics, while possessing economical supremacy over the poor. Developing
technologies, social interactions and the exchange of ideas & knowledge promote the expansion of
economical impacts on societies. With growing competition between nations, the world of
economics is seen at every corner. Sources of economic globalization, such as market economies,
control every aspect of a consumer's life, including their wants and needs. Production occurring in
industrialized factories determine the needs and survival of consumers. The growing impact
westernization has on demand, heavily influences the day to day consumer and their investments.
Historically, industrial revolution was one of the major factors which drove economic globalization.
From Britain being the first nation to industrialize, countries around the globe began to discern the
economic benefits and opportunities it brought. So, began the era of industrialization and a new
chapter of economies. In roughly early 1900s, Canada began to encounter economic evolution.
Changes in technology and agriculture enabled the productizing of large scale farming and mass
manufacturing, which resulted in new means of transportation like the railway and canals. One of
the most important invention was the steam engine which was used to power transportation such as
railways, ships, and factory machinery. As industrialization

The Economic Aspects Associated With Globalization
Quoted by the Financial Times as the "integration of economies, industries, markets, cultures and
policy–making around the world", globalisation has thrived in recent years owing to developments
in communication, transportation and trade, accompanied by the enhancement and increased use of
information technology. Whilst at first glance this could be regarded as beneficial, it has nonetheless
provoked a number of high profile and often violent protests of late. Notably the biggest anti–
globalisation demonstration ever experienced was in Seattle in 1999 involving 40,000 activists
(BBC News). Globalisation has a multitude of different facets, ranging from the worlds of research
and health, to media and technology. This essay however, will look at the economic aspects
associated with globalization and will seek to explore some of the reasons behind these protests.
Contrastingly, it will also look at the benefits of this increase in interconnectivity examining how a
rise in business wealth will allow others to share the benefits. One of the obvious benefits of
globalisation is the increase in free trade throughout the world and the affect this has on consumers.
Temin (1999) recognised that when the General Agreement on Tariffs and Trade (GATT) was
initiated, it proved to be the initial trigger in the reduction and removal of barriers to trade. With
increasing market access as a result of globalisation, Countries have taken advantage of
specialization and traded in particular

Economic Globalization and China Essay
Globalization has, for better or worse, altered the economic arena for every country in the world.
For many less developed countries, globalization has leveled the playing field so that their
economies can compete with the larger, more developed ones such as the United States and other
large western economies. For instance, technical engineers in India and China are now just as
qualified as engineers in America, but at half the cost. The once large and prosperous service sector
in the United States as well as telemarketing services have largely been sourced to India as a large
exodus of American multinational corporations find cheaper workers who deliver comparable
quality. This then seems to be the essence of globalization – businesses ... Show more content on
Helpwriting.net ...
That this was also the decade in which globalization came into full swing is more than a minor
inconvenience for its advocates" (Rodrick). If globalization is supposed to present an advantage to
developing countries, why have there been so many setbacks? Indeed, both sides will have its
winners and losers regardless of which side of the development coin they live on, but for the most
part globalization has lifted millions out of poverty, improved the standard of living, and increased
life expectancy rates all while keeping developed nations relatively competitive to their developing
counterparts. Globalization's value is that it seeks to create an economic equilibrium in the world,
where parties are free from barriers and can benefit from one another through a more efficient
allocation of resources. This allows all participating nations to contribute to an integrated economy
and where all nations willing to embrace globalization have the potential to benefit. Regardless, the
path to successful integration to the global economy has not always been easy. There is contention
towards globalization as some argue that it is detrimental to developed nations, while many
developing countries that were forced to hastily open up their markets and integrate failed.
However, if implemented properly, globalization has proven that it can benefit all parties involved
and that the potential gains outweigh the losses.
The principle of globalization as it refers

The Economic Globalization Of India
Economic Globalization has been sweeping across the nation since the end of WWII. Slowly but
surely all the nations across the world have been impacted by Economic Globalization. India for
example has been one of the countries that has been recently hit by the storm and India's economy
can be seen to still be shooting up. In my paper I will be discussing the Economic Globalization of
India, the roots of the globalization to occur, the effects it had and the negative effects it had. Effects
such as foreign trade, economic growth and GDP. From the mid 90's to current times India is seeing
the effects of globalization, bringing India into one of the top countries in the world in terms of GDP
being ranked at 10th in the world.
The economic globalization in India began in the 90's with the economic growth being due too
advances in IT and business. "One of the major forces of globalization in India has been in the
growth of outsourced IT and business process outsourcing (BPO) services" (1). The past few years
have seen more and more educated people due to India's low cost of labor but educated and English
speaking workforce. With economic globalization hitting India in the IT and BPO field it has
allowed companies to expand their operations to India to take advantage of their massive growth
opportunity. The ability for corporations to expand to India has enabled huge corporations to open
up markets in India allowing for great success. "Notable examples of international companies

Implications Of Economic Globalization
Economic globalisation is a multi–dimensional process based on the continuous integration between
domestic economies along with the increased impacts of international influences on all aspects of
economic activity and general life. The process of globalisation is extensively characterised by:
An acceptance of a set of economic agreements by the entire consolidated world economy, designed
to maximise profits and productivity by universalising markets and production, and to obtain the
support of a nation with a view to its economy becoming more productive and competitive (R.
Urzua, 2000).
"technological innovation and organisational change centred on flexibilisation and adaptability; the
expansion of a specific form of social organisation based on information as the main source of
productivity and power." (R. Urzua, 2000)
And primarily comprises the globalization of production, finance, markets, technology,
organizational regimes, institutions, corporations, and labour (James et al., vols. 1–4 2007).
While economic globalization has been expanding since the emergence of transnational trade, it has
grown at an increased rate due to an increase in communication and technological advances under
the framework of the General Agreement on Tariffs and Trade (GATT) and World Trade
Organization (WTO), establishing the gradual decline in trade barriers. (Gao 2000) This recent
boom in economic integration has been largely supported by developed economies integrating with

The Effects Of Globalization On The Economic And Cultural...
Globalization is when interactions are made from trade and financial relationships amongst people,
government, and companies. This is what allows the people around the globe to buy and sell the
same items, even if the products weren't from that country originally. That may seem alright,
however, there are arguments between individuals who believe it has negative effects and those that
see it as a positive force. Although, I believe it is positive for the United States and for the rest of the
world, just take a look at the economic and cultural borders. To start with there are a few negative
effects of globalization for the economic and cultural borders. Even though, trade can become
successful with countless industries, it also creates losers since they can't compete with foreign
competition. For example, from Crossing Borders, in the slums in Mumbai, India people are still
living in horrible conditions, while across the gulf there is the better side with individuals that have
actual jobs and live well off. The rich continue to get richer while the poor continue being poor, and
nothing is going to change in the near future. Then, since companies have to compete with one
another, they'll find workers to pay less. Which leads to sweat shops, cheap labor, and loss of jobs in
the country the company used to be stationed in. For the people of the U.S. that have less than a
college degree, they are more at risk for losing their jobs, because why pay people more for a job

The Economic Globalization Of India
Economic Globalization has swept across the world since the end of WWII. Slowly but surely all the
nations across the world have been impacted by Economic Globalization. India for example, has
been one of the countries that has been recently hit by the storm, and India's economy can be seen to
still be shooting up. In my paper I will be discussing the Economic Globalization of India, the roots
of the globalization to occur, the effects it had and the negative effects it had. Effects such as foreign
trade, economic growth and GDP (Gross Domestic Product). From the mid 90's to current times
India sees the effects of globalization, bringing India into one of the top countries in the world in
terms of GDP being ranked at 10th in the world.
The economic globalization in India began in the 90's with the economic growth being credited to
advances in IT (Information Technology) business. "One of the major forces of globalization in
India has been in the growth of outsourced IT and business process outsourcing (BPO) services" (1).
The past few years have seen more and more educated people due to India's low cost of labor but
educated and English speaking workforce. With economic globalization hitting India in the IT and
BPO fields, it has allowed companies to expand their operations to India to take advantage of their
massive growth opportunity. The ability for corporations to expand to India has enabled huge
corporations to open up markets in India allowing for great
success.

Cultural and Economic Globalization
The important texts in every different time period arose from different composer's ways of thinking
and pose a lasting significance on society. These themes arise uniquely in an array of texts including
Shamus Heaney's poems Digging, Punishment and Funeral Rites , Sofia Coppola's film Lost in
translation, Eat Pray love written by Elizabeth Gilbert and in the 2011 Television series Off The
Map directed by Jenna Bans. The values explored in these texts are fundamentally linked to the
religious, philosophical, scientific and cultural paradigms of the twenty and twenty first century , are
a reflection of society and literature in that time period. These texts have formed new ideologies and
different ways of thinking in society and have ... Show more content on Helpwriting.net ...
Different ways of thinking from composers has led to a greater understanding of the meaning of
wealth. Similarly in Digging composed in 1966 Heaney exemplifies a localised definition of wealth.
Heaney values family, heritage and expertise and ignores the global paradigms. Heaney uses
personal language to depict his family is hardworking but not wealthy, symbolised by the paper
cork. Despite this however the tone of the poem remains positive and admiration is depicted in the
line "by God that man could handle a spade." Imagery and onomatopoeia contribute also to
Heaney's admiration for his families work "a clean rasping sound." Although throughout the poem
there is a change from parochial to a potential more global influence moving from the local to
global. Refusing to limit himself to his families career. Contrastingly in funeral Rites written in 1975
Heaney addresses the global issue of violence, offering local solutions. Heaney alters his definition
of worth in response to global violence by valuing peace and unity. (textual detail ,add closing
sentence) Religious globalisation is the spread and increased interrelations of various religious
groups, ideas, and practices and their ideas of the meanings and values of particular spaces. Religion
has not changed majorly throughout time; rather society's perspective of religion has changed, as
have their moral and

Economic Disadvantages Of Globalization
Oxford Dictionary defines globalization as the process enabling financial and investment markets to
operate internationally and largely, as a result of deregulation and improved communications. Many
countries export their own products and import products that they cannot produce in their countries.
According to a 2010 Federal Reserve Bank of San Francisco report, approximately 35.6% of all
clothing and shoes sold in the United States were actually manufactured in China, compared to just
3.4% made domestically (Kuepper, 2017). Many countries rely on the globalization of the economy
for not only domestic economic growth, but also international economic growth. Some people think
globalization tends to contribute to an unstabilized economy among people and nations. However, it
creates several advantages for individuals and nations. First of all, even though globalization has
made the wealthy richer while making the non–wealthy poorer, the globalization of the economy
can influence many people positively. Through international trade, people can acquire cheaper
goods and services than in the past. Because raw materials and labour are cheaper in developing
countries, businesses are able to manufacture products cheaper than if they were made domestically.
As a result, we as a consumer pay less for the product. Companies which produce cell phones,
televisions, and other electronic devices built factories in China and Vietnam to manufacture their
products. In addition to obtaining cheap goods and services, globalization can contribute to more job
opportunities overseas. Increased globalization influences the labor market and creates new jobs.
Then, many people can get new jobs which were not popular in the past. Since 2012, many countries
have created specific jobs, such as market research analysts, Interpreter translators, and
cartographers for approximately 1 million people because globalization contributes to make new
jobs (Sentz, 2016). Also, it allows people to have the opportunity to acquire goods from other
countries that we don't have in own country because of world trade. Some countries do not have the
ability to create certain goods domestically, such as mangoes, avocados, bananas, papayas, etc.

Economic Globalization Research Paper
ECONOMICS OF GLOBALIZATION SAURABH SINGH SCHOOL OF BUSINESS (2012)
(GALGOTIAS UNIVERSITY)
Name: Saurabh Singh MBA(Batch 1) 12SOB102234 E–mail:saurabhsingh.200866@gmail.com
ABSTRACT
Globalization has brought new challenges ... Show more content on Helpwriting.net ...
It can be argued that economic globalization may or may not be an irreversible trend. There are
several significant effects of economic globalization. There is statistical evidence for positive
financial effects as well as proposals that there is a power imbalance between developing and
developed countries in the global economy. Furthermore, economic globalization has an impact on
world cultures.
1.2 History International commodity markets, labor markets, and capital markets make up the
economy and define economic globalization. Beginning as early as 4000 BC, people were trading
livestock, tools, and other items as a means of money. People residing in Sumer, an early civilization
in Mesopotamia, came up with a token system that was seen as one of the first forms of commodity
money. Labor markets consist of workers, employers, wages, income, supply, and demand. Labor
markets have been around as long as commodity markets. Labor markets grew out of commodity
markets because labor was needed to grow the crops and tend to the livestock. The growth of
commodity and labor markets grew into a capital market where companies and governments handle

The Economic And Social Effects Of Globalization On Jamaica
"Life and Debt" is a documentary that examines the economic and social effects of globalization on
Jamaica. The movie mainly describes the affects of the International Monetary Fund and the World
Bank's structural adjustment programs. While these funds are created to help developing countries
become more developed, the documentary shows how the reforms were not successful in Jamaica
and put the country in debt. This paper will discuss the portrayal of globalization in the
documentary, and how globalization can affect people through different scale–both locally and
globally. The documentary depicts globalization as way in which countries are interconnected
around the world and affect each other through various economic, social, and political processes.
The documentary particularly focuses on the economic affects of globalization, by examining the
affects of economic liberalization and the internationalization of finance through organizations such
as the International Monetary Fund and structural adjustment programs. Loans given by the IMF to
developing countries such as Jamaica do not help them develop, but instead prevent them from
advancing economically and socially. The advancements that these loans have guaranteed have not
occurred, and the policies that have been imposed with the loans have negatively impacted the
majority of the Jamaican population. Many local workers, especially farmers, have lost their jobs as
goods are imported from other countries. The country is

The Economic Impact of Globalization on Turkey
Introduction Globalization has affected the world in many different ways, including cultural
exchange, language development, and information diffusion, along with worldwide economic and
financial growth. Here we wish to analyse the costs and benefits of globalisation to the Republic of
Turkey. More specifically, we will look at the economic and business impacts globalisation has
made on Turkey and its current position with regard to the world economy. Current Economic
Situation Today's economic outlook for Turkey is deteriorating. GDP growth has been revised to
3.6% for 2008 (against 4.3% previously) and to 3.0% for 2009 (previously 4.0%). Turkey's
unemployment rate rose to 9.4%. The slowdown in growth in 2007 (GDP growth of 4.5%) ... Show
more content on Helpwriting.net ...
Therefore, there was not comparable increase in their exports. On the contrary, the rise of montage
industries which used imported components to assemble the products primarily (i.e. electronic
goods, motor vehicles, consumer durables, etc) meant that industrial growth required ever more
imports. Paradoxically, the attempts at import substitution to decrease its trade balance deficit
tended to aggravate it. This strategy also caused other problems: the capital–intensive nature of
many industrial investments, especially those in the intermediate goods sector, caused employment
in industry to grow relatively more slowly, which lead to structural unemployment. Moreover,
dependence on imported petroleum to develop its industry made the country highly vulnerable to
increases in oil prices. These are the threats for the country to achieve sustainable economic growth.
Late 1970s and early 1980s: Economic Reform In the late 1970s, the industrial sector of Turkey had
reached a turning point. In the short run, it needed to decrease the trade balance deficit. It was facing
shortages of energy, imported machinery parts, and processing materials. These had caused a decline
in industrial output during the last few years of the decade. In the longer run, to become more
efficient and to be able to have more exports, the industrial structure had to be adjusted in
accordance with the country's comparative advantages. In effect, industry would have to transfer
resources out of

Economic Globalization And The Global Economy
Since the development of the Internet and other communication sharing technology, the push for
free trade agreements, and the sustaining of a prolonged period of international peace, globalization
has rapidly taken over political discourse and dealings. The emphasis, in recent decades, has been
towards economic globalization with the push for international stock exchanges, and the
development of the International Monetary Fund (IMF), the World Bank, and the World Trade
Organization (WTO). Economic globalization is the development of an interdependent and
integrated global economy of independent nation's economies. It occurs through the development of
cross–border movement of technology, capital, labour, services, and products. Economic
globalization is a product of neo–liberal capitalist market values. The capitalist global economy has
lead to an apparent improved global market however the burden of the economic nature of
globalization has developed into a dilemma of environmental and ecological destruction. Economic
globalization has increased consumption and consumerism, continued the domination of neo–
colonialism through eco–imperialism, and dictated the discourse surrounding international
environmental protocol and treaties.
Economic globalization has rapidly increased world consumption and consumer patterns. With these
increases comes the development of more landfills to sustain increased waste, increased
transportation of goods and services, and the increased

Effects of Economic Globalization and Integration
Economic globalization and economic integration have long been thought to reduce the probability
of conflict and war based on neoliberal institutionalist theory, complex interdependence theory, and
World Systems theory. At first thought, it is plausible why one might agree with the claim. Yet the
claim itself cannot procure such black–and–white answers when it combines conflict and war; two
separate terms. Political scientists have long been in conversation with one another on the topic,
from the writings of Peter Evans in 1989 to Nancy Bermeo in 2009. For this essay, conflict will be
examined as a socio–economic conflict internal and external to a nation, and war will be examined
as a military–backed conflict at an international level. When viewed this way, it will be made clear
why the response lies in "50 shades of grey and more".
The socio–economic inequality that arises from nations desiring to become economically globalized
and economic integrated is huge source of conflict both internally and externally. To put substance
to this claim, one must examine the historical context of major world economies between 1918 and
1971. During the interwar years (1918–1945) in which global economies experienced "The Great
Depression," policies of protectionism created isolation, and the competitive devaluation of currency
in the global markets continued to drive market prices down. Although competitive devaluation
increased net exports, producers felt the effects of stagflation

Advantages And Disadvantages Of Economic Globalization
Economic globalization alludes to the expanding reliance of world economies because of the
developing size of cross–outskirt exchange of items and administrations, the stream of universal
capital and wide and quick spread of advancements". (" http://www.un.org/en/development/desa ").
The quick developing importance of data in a wide range of beneficial exercises and marketization
are the two noteworthy main thrusts of financial globalization. Economic Globalization is the
expansion in exchange and capital exchanges crosswise over national limits. There are the two
upsides and downsides of globalization. The advantages incorporate more prominent rivalry, bring
down costs, economies of scale. While globalization can likewise abandon a ton because of the pace
of the advance, this gives more influence for wealthier and more effective multinationals. They can
dodge and sidestep charges while expanding costs on products. A benefit of globalization is about
the efficiencies and openings, open markets make. Business can impart productively and
successfully with their accomplices, providers, and clients and oversee better their provisions,
inventories, and appropriation organize. Neighborhood dealers can pitch products to remove
spots/areas at an indistinguishable speed from if they somehow happened to offer in their unique
nation. Economic Globalization isn't something that ought to be overlooked, it is possible that it is
critical to the achievement of the business. Being able to

The Global Distribution of Economic Activity Cuased by...
Globalization is currently a very hot topic and many people have an awful lot to say about the
matter, creating different theories and points of view. A definition of globalization could be, 'The
straightforward exchange between core and peripheral areas based upon a broad division of labour,
is being transformed into a highly complex, kaleidoscopic structure involving the fragmentation of
many production processes and their geographical relocation on a global scale in ways which slice
through national boundaries.' (Dicken '98). When ... Show more content on Helpwriting.net ...
Whilst the top 10% of GDP earners receive approximately 100 times more than the bottom 10%, at
that lower end of the spectrum '2.8bn people live on less than $2 per day, and 1.1bn live in poverty
at less than $1 per day.' This figure living in poverty has fallen by around 400mn over the past 20
years which isn't a huge number in the grand scheme of things, however when this is looked at in
terms of proportion of the population the amount of people living in poverty has more than halved.
This decline in people living on less than a dollar a day doesn't necessarily mean that we now live in
a more globalized economy. The main reason for this decline is due to the meteoric rise of China
into the world trade network, along with Mexico and India, this kind of measure of poverty as a
marker for economic activity can be hazed by the integration of these three economies alone. It can
not be overlooked however and is definitely seen as a positive effect on the distribution of world
economic activity. In terms of income per capita, 'the average income in the richest 20 countries is
37 times that in the poorest 20 – a ratio that has doubled in the past 40 years.' This would insinuate
that the extremes of the distribution have increased, whilst the rich have been getting

Economic Globalization And Its Impact On The World
Economic globalization is one of the most powerful forces to have shaped the postwar world.
(Frieden, Lake and Broz 63) Free trade is the hallmark of a globalized system; reduced costs in
transport and the elimination of trade barriers have led to a surge of international trade between
developed countries and lesser–developed countries. The benefits of free trade extend
internationally. Free trade promotes economic development in lesser–developed countries and
increases imports to developed nations. But does this system of global trade benefit only
manufactures and businesses or does it open up the market to everyone by creating new global
business opportunities for the developing world. Free trade occurs when there are no artificial
blockades put in place by governments to restrict the flow of goods and services between trading
countries. When trade barriers, such as tariffs and subsidies are put in place, they protect domestic
producers from international competition and redirect, rather than create trade flows. (Edge, n.d.)
The problem with trade barriers and protectionism in general are the fact that the current world
monetary system encourages financial market integration. The delegates who met at Bretton Woods
in 1944 had a design for the world monetary system that explicitly did not accord financial markets
the presumption that was accorded trade in goods, the presumption was that international integration
was good and that barriers should be liberalized as rapidly

The Impact Of Economic Globalization

More Related Content

Similar to The Impact Of Economic Globalization

More from Jamie Boyd

Recently uploaded

The Impact Of Economic Globalization