Globalization

Paper Summary:

The term globalization has attracted much controversial concern. This paper examines how some regard it as crucial to the global economic development while others view it as causing inequalities within nations. It defines the term globalization as the growing integration of economies around the globe, specifically by means of trade and financial flows. It also explains that free trade entails significant gains although many focus on the intra-country inequalities that exist as a result in many developing nations. The paper concludes that a majority of economists reveal the fact that trade generates net benefits. Nevertheless, most Americans perceive the contrary views and prefer to emphasize the costs instead of the benefits.

From the Paper:

"The globalization in its broader sense also includes cultural, political and environmental integration. The concept of globalization came into general usage ever since the 1980s, representing the technological progress that has facilitated the international transactions. It normally indicates the expansion of market drives beyond the national borders that have been in operation, at all levels of economic functioning like village markets, urban industries, or financial centers. Markets foster efficiency through competition and division of labor-the specialization that permits people and economies to concentrate on what they perform the best."

Sample of Sources Used:

• Economic Globalization, trade, liberalization, governance and health. October, 2000. Retrieved from http://www.csih.org/who/Tradehealth_e.html Accessed 18 April, 2006
• Globalization: Threat or Opportunity? 12 April, 2000. Retrieved from http://www.imf.org/external/np/exr/ib/2000/041200.htm#I Accessed 18 April, 2006
• Held, David; McGrew, Anthony. Globalization: The Global Economy. Retrieved from http://www.polity.co.uk/global/executiv.htm#intro Accessed 18 April, 2006
• Intriligator, Michael D. Globalization of the world economy: Potential benefits and costs and a net assessment. Retrieved from http://www.ciaonet.org/wps/inm01/inm01.pdf Accessed 18 April, 2006
• Ikerd, John. The Real Costs of Globalization to Farmers, Consumers, and Our Food System. Retrieved from http://www.ssu.missouri.edu/faculty/JIkerd/papers/Globalization.html Accessed 18 April, 2006

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