‘A truly global economy is said to have emerged, in which distinct national economies and therefore domestic strategies for economic management are irrelevant’ (Hirst,P and Thompson D Globalisation in Question Blackwell 1998).
Critically discuss this notion of globalisation and evaluate the benefits or otherwise of globalisation to economies across the globe.
Introduction
The economy values have been converted to the new knowledge-based economy which has revolutionized the global economy. However, "The globalization of economic affairs evokes both hopes and fears. Some insist that it will divide humankind even further between rich and poor. Others claim that it will assist the spread of economic development". Edward J. O’Boyle (2003:95)
No doubt that Globalization has increased the international flow of trade, capital, information, and people. Businesses are now only a mouse-click away from their customers and competitors throughout the world and it has delivered undeniable wealth and opportunity and created millions of jobs. However, it has some costly drawbacks as well.
This document investigates concepts of economic globalization and the knowledge economy. It also explores some of the benefits and drawbacks of the globalization.
Economic globalization
"Globalization is the generalised expansion of international economic activity. It includes increased international trade, growth of international investment (foreign investment) and international migration, and increased creation of technology among countries. Globalization is the increasing world-wide integration of markets for goods, services, labor and capital".
minneapolisfed.org/econed/essay/topics/glossary05.cfm
However ...