Economic Globalization - 2238 Words

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 (BoÃ… ¼yk, Misala PuÅ‚awski, 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†¦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 relativelyShow MoreRelatedEconomic of Globalization3767 Words   |  16 PagesECONOMICS OF GLOBALIZATION SAURABH SINGH SCHOOL OF BUSINESS (2012) (GALGOTIAS UNIVERSITY) Name: Saurabh Singh MBA(Batch 1) 12SOB102234 Read MoreCultural and Economic Globalization1072 Words   |  5 PagesHowever Copola uses dialogue to show that protagonist Bob is lost as he states he is â€Å"completely lost†. 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As stated before, technological progression has been the tool of globalizationRead MoreThe Effects Of Globalization On The Economic And Cultural Borders994 Words   |  4 PagesGlobalization 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 worldRead MoreThe Economic And Social Effects Of Globalization On Jamaica1140 Words   |  5 Pagesdocumentary 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. 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