Economic Globalization

Paper Summary:

This paper discusses how, since its inception in the mid to late 1980s, globalization has unquestionably increased the economic well-being and growth of many countries. It also looks at how, at the same time, it is viewed as a negative entity, due to its ability to destroy old systems and drastically change the face of old economic structures, such as those found in Europe. The paper contends that whether or not economic globalization is a positive trend can only be determined by exploring specific traits related to the science of economics within the present world order and concludes that whether it is a positive or negative trend has yet to be discerned.

From the Paper:

"For example, in many Third-World countries which now occupy a sort of middle ground in economic globalization, the ability to expand production is not sufficient, due to many important factors, such as demographics, geographical limitations and the existence/non-existence of abundant natural resources. Yet within this paradigm, technology plays a huge role for it enables a nation to create and export its various products to other countries, thereby expanding its economic growth while providing its citizens with a higher standard of living in the form of higher wages and better living conditions. However, in some instances, economic growth can play havoc with the economies of other nations in the form of very stiff competition for certain goods and commodities which can result in slower economic growth for some nations and greater growth in others. All in all, one nation may economically win out over another which forces its competition to lower prices, thus affecting the standard of living for its citizens."

Sample of Sources Used:

• Bergsten, C. Fred. "The United States and the World Economy." The Internationalization of the American Economy. Beverly Hills, CA: Sage Publications, 1982.
• Haynes, Jeffrey. Globalization and the Third World. London: Routledge, 1998.
• Herman, Edward S. "The Threat of Globalization." Global Policy Forum. Internet. Winter 1999. Accessed September 7, 2007. http://www.globalpolicy.org/globaliz/define/Miller, Berna, Ed., et al. Developing Nations. Farmington Hills, MI: Greenhaven Press, 2003.
• Sjursen, Katie, Ed. Globalization. The Reference Shelf. Vol. 72 no. 5. New York: H.W. Wilson, 2000.
• Thorup, Mikkel, et al. "Inescapably Side by Side: An Interview with David Held." Global Policy Forum. Internet, February 2004. Accessed September 7, 2007. http://www.globalpolicy.org/globaliz/define/2004/04heldinterview.htm.

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