What does the notion “globalization” imply? Why do some people see globalization as a key to higher living standards across the world and others see it as a malign force that increases inequality and threatens living standards?
We are members of one global public. We buy and sell in one global economy. We work and compete in one global workforce. We exchange thoughts through one global communication network. We travel through one global transportation network. We share global resources like food, fuel, and so on. We have become a global public. And what is Globalization???
Globalization is the process by which the economies of countries around the world become increasingly integrated over time. This integration occurs as technological advances expedite the trade of goods and services, the flow of capital, and the migration of people across international borders. Without a doubt, globalization has had a number of positive effects on nations and businesses around the world. Globalization gives companies access to wider markets and consumers access to a greater variety of goods and services. But the benefits of globalization are not always shared by all of the parties involved in trade.
Unfortunately, developing countries—which need the potential benefits of globalization the most—are often the losers.
Some people view globalization in positive terms, as a key force in promoting worldwide economic development. But others believe that unrestricted global trade will only serve to increase the inequality between developed and developing countries. In reality, globalization offers both opportunities and risks for developing countries, and there is a great deal of variation in their experiences with it. Some regions, like Asia, have integrated into the glo ...