Relationship between Globalization and Economy

Relationship between Globalization and Economy

Document details
Category: Economics Essay
Subcategory: International Economics
Words: 1353
Pages: 2

Globalisation, according to Albrow (1990), refers "to all those processes by which the people of the world are incorporated into a single society, a global society." The underlying processes of globalisation have been evident for some time, although they haven't made much impact on the world's economy until recently. Apart from the international trade in goods and services, which was relatively small, national economies have mainly stayed local. Now, however, it is a different story. 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. Globalization has become one of the biggest issues in the economic world today. In one form or another, it is discussed in news programmes and debates constantly. The increasing availability of global capital, alongside new advances in computing and communications technology (there are technological advances every day), is increasing the rate of the globalization process. The Internet connects the modern world. Previously sheltered countries are now able to see what is going on in the rest of the world. And the rest of the world can see what is going on in those countries. Ideas are bounced around as if in a pin ball machine. People all around the world know what movie stars and fashions are popular in places they have never been to or ever will visit. However, they get more than just movies and fashions. They hear about issue debates, political struggle, agricultural problems, national budget deficits, and changes of power in government. Almost every aspect of life in almost every country is an open book. People in South Africa and other places where government is challenged have heard of, or seen the way democracy works in other countries. Third world countries get aid from super power nations. But they also end up getting a large dose of someone...

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