Benefits Of Economic Globalization

1376 Words3 Pages
bulb-icon

Recommended: Introduction to globalisation

Economic globalization and its impacts have generated widespread debate across and within countries worldwide. Analyze the ways in which critics and defenders of today’s global political economy differ in their assessments. What is your position in this regard?

Economic globalization is defined as the increase in the interdependence of economies worldwide that resulted from the opening of foreign markets and easier flow of commerce from one country to another. The creation of the global economy is made possible by the globalization of new ideas and technology, allowing information and wealth to spread at a faster rate than in the past. Economic globalization has created noticeable change in the global sphere, both positive and negative. One thing that economic globalization has created is a political economic theory, known as neoliberalism, characterized by free markets and trade, and privatization, …show more content…

Neoliberalism implements its policies through international organizations, such as the International Monetary Fund and the World Bank (Hagenlogh). This phenomenon has stirred a wide range of opinions, those in favor of its outcomes, and those who oppose it.
The benefits of economic globalization are most obvious in the global south. There has been a significant increase in the gross domestic product, or GDP, in developing countries since the development of the free market, an economic system where prices are determined by private businesses (Hagenlogh). The free market allows for global trade to become prosperous, which in turn, allows

Show More
Related

  • How Globalization Saved Peru

    1730 Words  | 4 Pages

    Globalization is a series of social, economic, technological, cultural, and political changes that promote interdependence and growth. Globalization raises the standard of living in developing countries, spreads technological knowledge, and increases political liberation. Harris 5-23. The main cause of globalization is influence from other, more developed, countries. Globalization is a historical process that results from human innovation and technological progress.

    Read More

  • The Devastating Effects of Neoliberal Policies

    1391 Words  | 3 Pages

    Makwana, R. (2006). Globalization: neoliberalism and economic globalization. Retrieved April 05, 2014, from Share The World’s Resources website: http://www.stwr.org/globalization/neoliberalism-and-economic-globalization.html

    Read More

  • The Impact of Globalization in Belgium

    1162 Words  | 3 Pages

    Globalization becomes important today because increasing in depending to the world. Globalization can be determined as increasing in trade and exchange in open economy, integrated and borderless international economy (Intriligator, 2003). Globalization is often used to refer to economic globalization. The integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and the spread of technology. Besides that, globalization also can be defined as process of greater interdependence among countries and their citizens. It consists of increased integration of product and resource markets across nations via trade, immigration and foreign investment-that is via international flows of goods and services, of people and of investment such as equipment, factories, stocks and bonds. It also includes non-economic elements such as culture and the environment.

    Read More

  • A Benefit Of Globalization To The US Economy

    392 Words  | 1 Pages

    A benefit to the globalization to the US economy would be global free trade, enhanced by a skills-based immigration policy which would create jobs, make companies more competitve, and lower prices for consumers. Through infusion of foreign capital, and technology innovation, immigrants to the US provide development of new and better products, and global contacts. They add to our productive capacity, as well as keep our country demographically young and enrich our culture by providing diverse products and services. Today they also bring enhanced entreprenuerial business spirit and competition to American markets as well as providing a hungry consumer market. They offer business contacts to other global markets, enhancing America’s

    Read More

  • The Pros and Cons of Globalization

    2091 Words  | 5 Pages

    Globalization is a broad concept and the angle taken to define it can lead us to interpret the idea in many different ways. There is much controversy about what globalization actually means and many definitions fail to encompass social, cultural and technological exchanges between world systems. John Pilger suggests that "it is a jargon term which journalists and politicians have made fashionable which is often used in a positive sense to denote a 'Global village' of free trade, hi-tech marvels and all kinds of possibilities that transcend class, historical experience and ideology." (J.Pilger 1998:63). Taking a broader point of view, Bilton et al defines globalization as "The process whereby political, social, economic and cultural relations increasingly take on a global scale, and which has profound consequences for individuals, local experiences and everyday lives."

    Read More

  • On Globalization And Its Discontent By Joseph Stiglitz

    2126 Words  | 5 Pages

    Joseph Stiglit’s focused on criticizing the International Monetary Fund (IMF) and how globalization makes the rich countries richer and the poor countries poorer. At first, I thought that the book was too technical for a beginner on the subject to understand, but he was able explain well the contents of this book. This book is very informational for people, who are into globalization and economic development. His sharp critiques on globalizations, particularly on the International Monetary Fund (IMF), that was based on his own experiences. In this book, he emphasized the effect of globalization on the Least Developed Countries as well as on the Developed Countries. I chose On Globalization and its Discontent because aside from the striking title of the book, it also the sincere opinions of Joseph Stiglitz. Also, I chose this book aside from it being required, I figured out that this book will be of good help for me in the near future – if I want to pursue this track – with all the information that were given by Stiglitz.

    Read More

  • Technology And World Commerce

    1554 Words  | 4 Pages

    When referring to global commerce, the word globalization is often used. The word globalization is used to "describe the changes in societies and the world economy that are the result of dramatically increased trade and cultural exchange" (Wikipedia, 2005). In economic contexts, it refers almost exclusively to the effects of trade and particularly to "free trade". Since the travels of Marco Polo seven centuries ago, global economic integration, through trade, factor movements, and communication of economically useful knowledge and technology, has been on a generally rising trend (Mussa, 2000). During the past half century, the pace of economic globalization has been particularly rapid. This includes the reversal of the interwar decline. Globalization is not new, it has only changed.

    Read More

  • The Pros and Cons of Globalization

    458 Words  | 1 Pages

    Globalization is an overwhelming trend. It is no doubt that there are many positives rise out of globalization, but equally some serious negatives brought from this trend, such as gradual disappearance of ethnic identity (Buckley, 1998). This essay is going to address some positive effects of globalization generally, and then it will focus on impacts of this trend on developing countries.

    Read More

  • Impact of Globalization on Indian Economy

    1556 Words  | 4 Pages

    Globalization is the new notion that has come to rule the world since the nineties of the last century with the end of the cold war. The frontlines of the state with increased reliance on the market economy and renewed belief in the private capital and assets, a process of structural alteration encouraged by the studies and influences of the World Bank and other International organisations have started in many of countries. Also Globalisation has brought in new avenues to developing countries. Greater access to developed country markets and technology transfer hold out promise improved productivity and higher living standard.

    Read More

  • Globalization Essay

    761 Words  | 2 Pages

    Although we all enjoy the advantages that globalization has made way for, we cannot disregard the negative effects it has had on the world. It’s easy to understand how businesses may benefit from a global market in some ways, but to me it is far more important that jobs not be loss as a result of globalization. Many different factors contribute to the exploitation of developing countries and has caused many issues for them economically. In spite of the fact that free trade increases opportunities for trade internationally, it also increases the risk of failing for small companies in undeveloped countries that cannot compete on an international level. I cannot definitively say that globalization itself is completely good or completely bad, however I do believe it has caused great losses for the poor and middle class.

    Read More

  • The Disadvantages of Globalization

    1583 Words  | 4 Pages

    Globalization is a term that is difficult to define, as it covers many broad topics in the global arena. However, it can typically be attributed to the advancement of economic, social, and cultural interactions among the companies, citizens, organizations, and governments of nations; globalization also focuses on the interactions and integration of countries (The Levin Institute 2012). Many in the Western world promote globalization as a positive concept that allows growth and participation in a global community. Conversely, the negative aspects rarely receive the same level of attention. Globalization appears to be advantageous for the privileged few, but the benefits are unevenly distributed. For example, the three richest people in the world possess assets that exceed the Gross National Product of all of the least developed countries and their 600 million citizens combined (Shawki and D’Amato 2000). Although globalization can provide positive results to some, it can also be a high price to pay for others. Furthermore, for all of those who profit or advance from the actions related to globalization, there are countless others who endure severe adverse effects.

    Read More

  • Globalization Essay

    2027 Words  | 5 Pages

    Globalization is the connection of different parts of the world. Globalization results in the expansion of international, cultural, economic, and political activities. As people, ideas, knowledge, and goods move easily around the globe, the experiences of people around the world become more similar. (“Definition of Globalization“, n.d., ¶ 1)

    Read More

  • Proponent and Opponents of Globalization

    1294 Words  | 3 Pages

    Proponents have a strong belief in free markets and limited governments intervention. According to Preble (2010), globalization has led to the creation of jobs, higher living standards and a higher variety of goods available to consumers. International trade is one of the driving forces behind globalization. Countries specialize in specific goods wherein it has a comparative advantage. This results in a higher efficiency and productivity and ultimately leading to an improvement of the living standards. As a consequence, export increases. Hereto, more jobs are created, a higher variety of goods are available and international competition has increased. This results in lower prices, keeping the inflation in check (Preble, 2010). Furthermore, Preble (2010) states that the increase of trade in goods and services, foreign direct investment and cross-border investment have been important for the success of globalization. Other important benefits, mentioned by the proponents of globalization, are the promotion of information exchange and high understanding of a variety of cultures. Globalization has led to a world where “democracy has triumph over autocracy” (BBC News, 2000, as stated in Preble, 2010, p. 334).

    Read More

  • The History of Globalization

    1807 Words  | 4 Pages

    Globalization is the increasing interconnectedness of people, places, and cultures throughout the world today. The effects of this homogenizing process that we call globalization can be seen in all aspects of life. From McDonalds being in almost every country, to the majority of North American clothes being made in periphery countries, to the technological ability that allows us to instantly communicate with people anywhere in the world, the effects are everywhere. Economically today, globalization has had both positive and negative effects around the world, with many similarities to colonization. Globalization has also led to increased poverty amongst the global periphery, and a specific group of winners and losers within this process of globalization.

    Read More

  • The Positive Effects of Globalization on My Life

    1774 Words  | 4 Pages

    Not only is there a sense of globalisation in the things we watch but also in the way we watch them. For example, digital television has become such a part of everyday life for the majority of UK viewers that many don’t even know they have it. The total number of households in the UK with digital television now stands at 15,715,178. We are now able to watch the same channels as people at the other side of the world, thanks to digital television. We have so much choice that we, at times, don’t know what to do with all of it. It has the availability to hold around 999 channels ranging from BBC channels to children’s cartoon channels, from DIY shows to adult content channels; it is all available to us.

    Read More

More about Benefits Of Economic Globalization

Open Document