Globalization

Paper Summary:

This paper offers an overview of some aspects of globalization and aims to identify ways in which countries can optimize the gains of this process while remaining realistic about its potential and its risks. The writer states that the international community should join together by strengthening the international financial system, through trade and through aid, to help the poorest countries integrate into the world economy, grow faster, and reduce poverty.

From the Paper:

"Economic "globalization" is the increasing integration of economies around the world, especially through trade and financial flows (IMF, 2000). This term also describes the movement of people (labor) and knowledge (technology) across international borders.
In general, globalization is a standard process. The term has been commonly used since the 1980s, reflecting technological advances that have made it faster and simpler to complete global transactions both trade and financial flows. Today, the term describes an extension beyond national borders of the same market forces that have operated for hundreds of years at all levels of human economic activity, including village markets, urban industries, and financial centers."

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