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Economic Globalization: Myth or Reality - Article Example

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This article “Economic Globalization: Myth or Reality?” will focus on the extent to which the international economy is truly global. It will analyze how the financial crisis of 2008 hinder or assist the global economy. Affect on few individual countries will also be discussed…
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Economic Globalization: Myth or Reality
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Download file to see previous pages The theory of globalization is most closely associated with Roland Robertson, who believes that the contemporary world’s compression and the increasing awareness of the world as the singular entity is globalization. Compression, or a global village in McLuhan’s words, makes this world a singular global market for entrepreneurs of various cultures, traditions, and ethnicity. Hence, these theories suggest that the present international economy is global, but not truly. I say that because even though the economic crisis had an effect on all individual countries, however, neither was it on the same scale nor always direct. Many countries had an indirect effect of globalization, much of which was too late. Such as Canada of one those countries which were affected the last. According to the IMF survey, the economic growth of 2008 remains flat due to worsening financial conditions. While developing China and India’s growth did compress, they did, however, remain positive. Furthermore, it is true that any event which takes place on this globe can be seen on television screens or through internet in other parts too. However, the fact remains that even today countries do not have an internet connection, such as North Korea. Additionally, very small amount of people on this globe can afford luxuries of television and computer. Education too is the factor as people are not aware of the world beyond. A truly global economy is the one in which every individual is involved in globalization. The economy today does not seem like that. People who are uneducated, or those at very low levels of poverty, do not know and are not even involved in international economy or global events.
Despite the financial crisis in USA, UK and other parts of the world, the present global economy remains strong during 2008. For 6 continuous years, according to IMF, all economies around the globe have had remarkable growth, mostly because of the consistent growth of emerging economies at 8-12%. In 2007, IMF had expected world economic growth to reach 4.8%. China, Russia, and India represent half of this global growth. ...Download file to see next pagesRead More
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