An Essay on the Globalization and Its Influence in the Economic World

An Essay on the Globalization and Its Influence in the Economic World

Document details
Category: Economics Essay
Subcategory: International Economics
Words: 2633
Pages: 4

Introduction Globalization has become one of the biggest issues in the economic world today. In the past few years, the gradual processes that gave companies time to adjust have gone. The pace of globalization has increased dramatically, meaning that in probably less than twenty years our economy will be virtually completely global. What exactly is "the common good"? More recently, Velasquez et al (2005) cited the contemporary ethicist, john Rawls who defined the common good as "certain general conditions that are... equally to everyone's advantage". While the Catholic religious tradition, defines the common good as "the sum of those conditions of social life which allow social groups and their individual members relatively thorough and ready access to their own fulfillment" (Velasquez et al, 2005). The concept of Globalization is frequently utilized but rarely defined. According to United Nations Development Programme (UNDP), "Globalization broadly refers to the explosion of global linkages, the organization of social life on a global scale, and the growth of global consciousness, hence the consolidation of world markets". Also, according to the International Chamber of Commerce (ICC) "Globalization is about worldwide economic activity - about open markets, competition and the free flow of goods, services, capital and knowledge" (UNDP official website, httpwww.google.comuundpsearch?domainsundp.orgsitesearchundp.orgqglobalization). Multinational Corporation (MNC) is playing a significant role in the globalization context, which can be defined as a company that is headquartered in one country but has operations in other countries. MNCs are the leading force behind worldwide of goods, service, financial capital and intellectual capital (Eweje, 2005, lecture notes). The common good, consists primarily of the social systems, institutions, and environments on which MNCs operate, MNCs thereafter have liabilities to make commitment to develop the common good. Background information of economic globalization and Corporations will be discussed, followed by the context of the common good and its implications under the circumstance of globalization and MNCs' activities. Then the discussion will remain the present existence of...

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