The Three Advancements of Globalization

1058 WordsJun 23, 20185 Pages
Globalization and its Impact Globalization by definition means the tendency of business, technologies or philosophies to spread around the world, or the process of making this happened. Globalization depends on three keys of advancement, the role of human migration, international trade and rapid movements of capital. Globalization has many pros but yet also many cons that can have a deciding factor in an economy. Many people think globalization still favors the rich and it’s a detriment to countries who emerging in the world and does not have a stable or great economy. According to Bloomberg Business Week Globalization has said to have hit its peak in the year 2007, which ties into the unfolding of the Global crisis. Some Critics and…show more content…
An article written in the Bloomberg business week talks about Globalization hit its peak in 2007. The article is states that globalization is done and emerging economies are catching up to the developed economies. The Article reports that financial flows went into a steep decline when the global financial crisis hit in 2008 and still haven’t recovered, according to the new report by the McKinsey Global Institute. (Globalization's Peak Year Was 2007). The emerged markets are finding However an Article on the website Bloomberg view talks about how Globalization still favors the rich rather than the poor or an equal spread. In a Study McKinsey & Co. management consultancy which studies global flows between countries in 2012 global flows hit 26 trillion which is 36 percent of global domestic product (Globalization Still Favors the Rich). The article also states that only the top ten developed countries received most of the benefits. However the article does say that since the 1990’s that emerging economies account for more of the global shares than ever. Nevertheless the quality and trend of these flows, matters more than their size and these are, for now, in favor of the developed world. (Globalization Still Favors the Rich). The developing countries are having trouble with financing because most of their money is going to the richer countries. Some number would be that in finance, the emerging economies account for 37 percent of global inflows but 38 percent of
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