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Economic Globalization Assignment Analysis

   

Added on  2022-09-02

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Economic globalization
• is one of the three main dimensions of globalization commonly found in
countries, academic literature, with the two others being political globalization
and cultural globalization, as well as the general term of globalization.
• Economic globalization refers to the widespread international movement of
goods, capital, services, technology and information. It is the increasing
economic integration and interdependence of national, regional, and local
economies across the world through an intensification of cross-border
movement of goods, services, technologies and capital.
• Economic globalization primarily comprises the globalization of production,
finance, markets, technology, organizational regimes, institutions, corporations,
and labour. While economic globalization has been expanding since the
emergence of trans-national trade, it has grown at an increased rate due to
improvements in the efficiency of long distance transportation, advances in
telecommunication, the importance of information rather than physical capital in
the modern economy, and by developments in science and technology.
• The rate of globalization has also increased under the framework of the General
Agreement on Tariffs and Trade and the World Trade Organization, in which
countries gradually cut down trade barriers and opened up their current
accounts and capital accounts.
• This recent boom has been largely supported by developed economies
integrating with developing countries through foreign direct investment, lowering
costs of doing business, the reduction of trade barriers, and in many cases
cross-border migration. While globalization has radically increased incomes and
economic growth in developing countries and lowered consumer prices in
developed countries, it also changes the power balance between developing
and developed countries and affects the culture of each affected country. And
Economic Globalization Assignment Analysis_1

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