Globalization: The Merging Into Independent Global Economic System - Research Paper Example

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This paper "Globalization: The Merging Into Independent Global Economic System" shall first discuss the concept of a globalized economy. Then it shall establish the causes and the manifestations of such a globalized economy. It shall assess the impact of globalization on the general global setting…
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Globalization: The Merging Into Independent Global Economic System
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Download file to see previous pages Migration to other countries have also ensured that the workplace and the social community is not made up of one or two ethnic communities, but it has made sure that the cultural exchanges are alive. And the economic system has now been influenced by globalization as well. Through the supply chain system, end products are actually an amalgam of various products from different states. Economic interactions, including trading, are also no longer confined to one or two countries, they now encompass trading blocs which include as much as 10 to 50 countries. We are now moving towards a world in which national economies are merging into an independent global economic system, commonly referred to as globalization. This thesis shall be discussed based on its specific applications, assessing its merits and pertinent details in the economic context. This paper shall first discuss the concept of a globalized economy. Then it shall establish the causes and the manifestations of such a globalized economy. Finally, it shall assess the impact of globalization on the general global setting Body After the Second World War, the US started to slowly emerge as a strong and powerful country. In its desire to implement liberal policies in the economic trading activities, it actively encouraged other countries to open up their markets. With the Allied powers’ victory after WWII, the stage was set for the implementation of globalization. Globalization refers to the “intensification of worldwide social relations which link distal localities in such a way that local happenings are shaped by events occurring miles away and vice versa” (Giddens, 1987, as cited by Suryadinata, 2000, p. 216). In terms of the economy, globalization means significant changes in the global economic trade and activity in a more open and integrated economic setting. In recent years, there has been a noticeable increase in worldwide trading, in terms of goods and services, as well as currencies, technologies, information, and even people (Crafts, 2000, 5). The impact of globalization can be seen in the amount of global financial exchanges which represent more than $1.2 trillion pouring through the New York markets on a daily basis; it can also be seen in the number of stock market exchanges which represent more than the amount represented above (Intriligator, 2003, p. 1). Globalization represents more involved relations in the global economy whereby the markets are globally interconnected – leading to a higher flow of trade and resources (Hirst and Thompson, 2002, p. 249). There are various sources of globalization which have emerged in recent years. These sources have mostly been ushered in by the variety of technological advancements which have been introduced into the market. These advancements have managed to decrease the costs of transport and communication, mostly because of the widespread use of computers and the internet (Giddens, 2000, p. 12). The cheaper cost of these technologies has also ensured that the technologies are available to as many people as possible. What used to cost businessmen and customers thousands of dollars now represents a more affordable price. ...Download file to see next pagesRead More
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