Globalization and Its Impact on Malaysia

13672 Words Mar 28th, 2011 55 Pages
If you're totally illiterate and living on one dollar a day, the benefits of globalization never come to you.
Jimmy Carter

In the US, most progressives start to see the differences between internationalism and economic globalization.
David Korten

It has been said that arguing against globalization is like arguing against the laws of gravity.
Kofi Annan

People have accused me of being in favor of globalization. This is equivalent to accusing me of being in favor of the sun rising in the morning.
Clare Short

This is a basic requirement the meaning of globalization is that we should admit that the economy of each country is dependent on the economy of all the others.
Richard Grasso

Read
…show more content…
Likewise, for centuries, people and corporations have invested in enterprises in other countries. In fact, many of the features of the current wave of globalization are similar to those prevailing before the outbreak of the First World War in 1914. But policy and technological developments of the past few decades have spurred increases in cross-border trade, investment, and migration so large that many observers believe the world has entered a qualitatively new phase in its economic development. Since 1950, for example, the volume of world trade has increased by 20 times, and from just 1997 to 1999 flows of foreign investment nearly doubled, from $468 billion to $827 billion. Distinguishing this current wave of globalization from earlier ones, author Thomas Friedman has said that today globalization is “farther, faster, cheaper, and deeper.”But policy and technological developments of the past few decades have spurred increases in cross-border trade, investment, and migration so large that many observers believe the world has entered a qualitatively new phase in its economic development. Since 1950, for example, the volume of world trade has increased by 20 times, and from just 1997 to 1999 flows of foreign investment nearly doubled, from $468 billion to $827 billion.
Open Document