Economic Globalization And The Global Economy

“Globalization is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology. This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world” (The State University of New York, 2014, para 1).

• Describe the concepts of capital and globalization presented in the introductory essay. Karl Marx is describing capital as a social order based on the class of people (Longhofer).

Globalization in one of the main driving forces within today 's modern world. It is the historical process and transformational development in the global arena, where growth and establishment of global connections in the international community continues to evolve. It is a widely used phrase, that in different contexts can be used as both the cause and effect of many different things. It is commonly used, since the fall of communism, to refer to a single world economy, where international trade and commerce is borderless. Additionally it can be employed to define the growing integration of the international capitalist system in the post-war period. Economic globalization specifically is defined as the transnational increase in trade and capital transfers across national boundaries. Economic globalisation today, is a complex beast. The intricate system relies upon the interconnected expansion of cooperation between; Transnational Corporations (TNCs), Nation States, Non-Governmental Organizations (NGO) and more. The theory of globalism, that there is a growing collective awareness of the world as a shared social space, and the advancement of the global political arena where; the politics of international social relations are used in the pursuit of power, national

In today’s world, economies are getting more integrated with each other every day. Different agreements are made with countries to help with trade and investment between the two. By doing so, it has the ability to help both economies by increasing the flow of money and culture between them. For example, we signed the North America Free Trade Agreement to help with trade in our region and also occurred when China joined the World Trade organization. The movement of different products and ideas is referred to as globalization. Globalization is the international trade, investments, information technology that weave individual countries’ economies together. It is known as economic integration of global markets, and helps third world countries

As George Soros, the Chairman of Soros Fund Management said: "I think there 's a lot of merit in an international economy and global markets, but they 're not sufficient because markets don 't look after social needs" (2000). Globalization allows businesses to grow due to the elimination of stringent trade restrictions and tariffs. Globalization also allows undeveloped nations the opportunity to flourish by creating jobs that were previously unavailable. As Lechner states in his Globalization Debates - Good vs. Bad, those in opposition believe that globalization is dangerous due to the “...inequities of oppressive global capitalism” (2000-2001). So, what are the upsides and downsides to globalization?

Globalization is changing the economic landscape in ways humans have never experienced before. Now more than ever corporations are moving their means of production overseas seeking the cheapest possible wages to produce their goods. This not only is affecting the labor market here in the United States, but it is seriously affecting the lives of workers worldwide, mainly impoverished nations. Low pay, long hours and almost no regulations regarding working conditions are contributing to the horrible working and living environments these workers must endure so that corporations can make the largest possible profits. Union have also felt the repercussions of globalism. Membership continues to plummet, and employers are benefiting from lack of government regulations that are opening the spillway for global capitalistic domination. Unions are losing ground on every front. It is essential that labor unions make some drastic changes in their structure, their policies and their organizing strategies so they can face the new challenges posed by a global economy ran by global capitalists who currently hold all the chips.

Globalization is multifaceted, affecting all features of life—cultural, economic, social, political and environmental—as well as the association between governments and countries of the five global continents. Globalization is described, in particular, by strengthen of cross-border trade and increased flow of foreign direct investment, promoted by massive rise of liberalization and advances in information technologies. Globalization can be seen as an evolution which is systematically rebuilding of interactive phases among countries by breaking down barriers in the areas of culture, commerce,

Capitalism provides and sustain an endless circle of production of commodities, promoting both mass and niche consumptions, fueling the never-ending economic cycle, generating over accumulation, and finally a new crisis that reorganizes capitalism, starting everything over and over again (Baran & Sweezy, 1966; Harvey, 2003). The complexities entangled in the corporate culture of investment banking, work-place models, and organizational values of financial capitalism, as well as its cultural and economic dimensions, obscure the blue-collar, manufacturing, work underneath. Jobs performing very physical and material duties are not only basic to a financial economy, but are at the foundations of capitalism itself. However, this material work is blurred by the fancier discourses and images about “creative work”, “innovation”, and “economy of knowledge” in a global scale.

Globalization is utilized as the shorthand method for explaining the connectedness and spread of communication, technologies, and production across the globe. That involves the entwining of cultural and economic activity. People also use globalization in the evaluation of the IMF (International Monetary Fund), the World Bank, and the WTO (World Trade Organization) notwithstanding others in the making of an all-inclusive free market for services and products. Furthermore, this is conceivably and fundamentally harming to the dominant parts of poorer nations, often a way of exploiting the larger process. Then again, the wealthier countries might be profiting. About the network sense in social and financial life internationally, globalization has been expanding for quite a long time. The size and unpredictability of the included systems, the speed of trade and correspondence, and in addition the sheer level of connection, exchange, and hazard give what is by and by alluded to as globalization the exceptional force. Likewise, this prompts worries about the roles the World Bank, IMF, and WTO might be playing in this.

Economic globalization, or the continuous increase of worldwide interconnectedness, has a vast impact on many countries, and among these impacts are economic changes, such as an increased Gross Domestic Product. An increased Gross Domestic Product is often beneficial for states, as it is an indicator of overall income. If overall income is increased due to economic globalization, there will be an increased budget for states to spend on a variety of public services, such as education and healthcare, which would therefore increase the standard of living in that state. Economic globalization has become more evident in an industrialized and technologically advanced international sphere, and this can be exemplified by Poland’s accession into the European Union in 2004, which has resulted in an increased economic welfare. Poland’s surge in economic welfare can be see seen through an increase in Gross Domestic Product, which acts as a reflection of an increase in exported goods, and a lower unemployment rate.

The modern globalized world has been greatly affected by the increased economic exchange between nations. The present construct of politics and social stature is in essence the product of this globalization. Globalization is the international integration or interaction of resources which comes from the exchange of products and ideas between nations (Globalization n.d.). The process of globalization is mainly caused by economic exchange. This exchange can range from the trade of materials, to investment of money in foreign banks, and to the technology which has given rise to a more interconnected world. Consequently globalization can be seen have a great influence on not only the political powers which govern the economic exchange but also on the social inequality that exists due to globalizations vast effects on both physical and biological factors of our current environment such as culture, environment, economic development, and the human condition (Globalization n.d.). Therefore although there has been much improvement and change in modern society due to increased economic exchange its primary goal is not to lend happiness or protect human rights but to benefit both private investors and high government official which control political power by increasing their own wealth. By solely aiding those already in power and those that possess wealth, economic exchange due to globalization keeps poverty levels high and generates social inequality.

With the development of science and technology as well as transportation, economic and trade globalization in gradually, most companies are not satisfied with the domestic market, and began to open up markets in other countries, which is the origin of multinational enterprises. However, since the environment of the market is different from the host country, such as natural conditions, socio-cultural, or customer needs, which is particularly difficult to deal with the situation when to enter the market of a country, it will need to face the corresponding political risk. Political risk is a type of foreign exchange risk, thence, a prerequisite of political risk and foreign exchange risk of the occurrence of a prerequisite is the same, namely businesses or investors must hold foreign direct investment (Foreign Direct Investment), otherwise, there would not be political risks (Jensen, 2003). Therefore, for multinational enterprises, the economic benefit was on the most important position, and even beyond the political relations such as social system, human ideology, or challenge the traditional, however, for the country to say that in terms of national security goals happen with the economic interests if they have conflicting objective, the state will first meet the security objective, it would be more stressful for multinational enterprises in political risk.

Globalization one of the most controversial and widely recognized term, and is biggest threat to liberty in the 21st century. The consolidation of power and wealth into the hands of a few has absolutely no benefit, except of course to the power hungry CEO 's of transnational’s looking to suck the life out of every nation they can exploit. Despite the propaganda from the global elite it 's done nothing but destroy the middle class in United States and any other industrialized nation. It will eliminate more cultures and enslave more people than even the most ambitious tyrant from history. Globalization is uneven and incomplete because the pace of globalization varies over time, and not all societies are fully integrated into the global

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 (Bożyk, Misala & Puławski, 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

In today’s world, with a few notable exceptions, nearly everyone in every region of the world has access to the same products, information and services. A long-distance relationship is no longer so distant, since each party involved in the relationship can communicate through Skype, Facebook or through any of the vast amount of social media available. A person in Easter Island, one of the most remote inhabited islands in the world, can go to the other side of the world and travel to Canada. An economic crisis in Argentina could affect the economic landscape in Brazil. A person in Chile or Peru can buy an Abercrombie and Fitch t-shirt because this transnational corporation decided to expand its market to developing countries, or as you might prefer, to emerging economies in South America. Although many of these examples might be trivial, these are the consequences of globalization.