No doubt that Globalization has increased the international flow of trade, capital, information, and people. Businesses are now only a mouse-click away from their customers and competitors throughout the world and it has delivered undeniable wealth and opportunity and created millions of jobs. However, it has some drawbacks as well.
This document investigates the concepts of economic globalization and the knowledge economy. It also explores some of the benefits and drawbacks of the globalization.
"Globalization is the generalized expansion of international economic activity. It includes increased international trade, growth of international investment (foreign investment) and international migration, and increased creation of technology among countries. Globalization is the increasing world-wide integration of markets for goods, services, labor and capital".
However in the context of economic globalization, "The problem is to understand the relative importance in the world economy of the economic areas enclosed within national boundaries, the international relationships between these and the global areas where economic agents and markets take on world-wide dimensions" Edward J. O’Boyle (2003). In the 21st century, the new phase of globalization has been consoled through factors such as international politics, science and technology, and economics and finance. For instance, the practice of buying an...
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...loped and developing countries. However, the economic globalization should be controlled within a boundary defined by the international community in order to reduce and avoid its disadvantages mainly in terms of human rights.
Referencing and Bibliography
Edward J. O’Boyle, 2003, 'Norms for evaluating economic globalization', International Journal of Social Economics, 30(1/2), pp. 95-115.
Clarke, T, 2001, 'The knowledge economy', Education + Training, 43(4/5), pp. 189 -196
Castells, M 2000, The rise of the network society, 2nd ed., Blackwell Publishing, UK.‘
A truly global economy is said to have emerged, in which distinct national economies and therefore domestic strategies for economic management are irrelevant’ (Hirst,P and Thompson D Globalisation in Question Blackwell 1998).
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