Economic of Globalization

3767 Words16 Pages

Name: Saurabh Singh MBA(Batch 1) 12SOB102234


Globalization has brought new challenges
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It can be argued that economic globalization may or may not be an irreversible trend. There are several significant effects of economic globalization. There is statistical evidence for positive financial effects as well as proposals that there is a power imbalance between developing and developed countries in the global economy. Furthermore, economic globalization has an impact on world cultures.

1.2 History International commodity markets, labor markets, and capital markets make up the economy and define economic globalization. Beginning as early as 4000 BC, people were trading livestock, tools, and other items as a means of money. People residing in Sumer, an early civilization in Mesopotamia, came up with a token system that was seen as one of the first forms of commodity money. Labor markets consist of workers, employers, wages, income, supply, and demand. Labor markets have been around as long as commodity markets. Labor markets grew out of commodity markets because labor was needed to grow the crops and tend to the livestock. The growth of commodity and labor markets grew into a capital market where companies and governments handle
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