Essay on Globalization Perpetuates Economic Interdependence between Countries

Essay on Globalization Perpetuates Economic Interdependence between Countries

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Globalization perpetuates economic interdependence between countries. Through the increasing volume of goods and services transferred across borders, globalization has created international capital flow and boosted the rapid diffusion of technology. According to Dr. Ismail Shariff, “globalization is the worldwide process of homogenizing prices, products, wages, rates of interest and profit.” Three forces control the manner by which globalization furthers developments. These factors include the role of human migration, international trade, and integration of financial markets. By discussing the pros and cons of globalization, a correlation between these factors reveal the intertwined web known as world trade.
Thomas Friedman once said, “In Globalization 1.0, which began around 1492, the world went from size large to size medium. In Globalization 2.0, the era that introduced us to multinational companies, it went from size medium to size small. And then, around 2000 came Globalization 3.0, in which the world went from being small to tiny.” By this, Friedman was saying that the expansion of globalization has made the world “smaller”. Within the last fifty years, globalization has completely altered the manner by which nations communicate with one another; making communication between nations instant. Today, foreign economies depend heavily on each other to advance, predict and control capital flow. The benefit of globalization has been far reaching. Economic trends reveal that growth in productivity is more readily evident when countries are producing at their comparative advantage. A nation has a comparative advantage at producing a good or service if they can produce it at lower costs than other nations. In Adam Smith’s book,...

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Works Cited
"Globalization." N.p., n.d. Web. 10 Apr. 2014. .
"North American Free Trade Agreement (NAFTA)." Office of the United States Trade Representative. N.p., n.d. Web. 09 Apr. 2014. .
Skinner, Andrew. Adam Smith the Wealth of Nations. New York: Pelican Classics, 1979. Print.
Smith, Adam, Edwin Cannan, and Max Lerner. An Inquiry into the Nature and Causes of the Wealth of Nations. New York: Modern Library, 1937. Print.
Sowell, Thomas. Basic Economics: A Citizen's Guide to the Economy. New York, NY: Basic, 2000. Print.
"Thomas Friedman." Thoughtjoy. N.p., n.d. Web. 10 Apr. 2014. .

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