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Globalization of the economy: what does it mean?
| Content Provider | Semantic Scholar |
|---|---|
| Author | Gittell, Ross J. |
| Copyright Year | 2005 |
| Abstract | Globalization is a powerful force that will have significant influence on all of us throughout our lives. It has many aspects including economic, political, social, health and environmental. The focus here is on the concept of globalization as related to the world economy. The term applied to the economy was popularized in the 1980s; however, the concept is an old one that has contrasting interpretations. As a result of the different interpretations, there are polarized reactions to globalization , with some viewing it as a positive force for advancing the world economy while others view it as a threat and negative force. There are three main purposes to this paper. First, it describes globalization as applied to the world economy. Second, it considers both the potential benefits and the potential costs stemming from globalization. And lastly, it considers the future implications for individuals and the world economy of globalization. The view taken is that there are both positive and negative economic aspects of globalization and that the future consequences of globalization depend on the actions of individuals and institutions around the world. While globalization can cause economic dislocation, inequities and conflicts, it can also contribute to benefits such as the expansion of economic opportunities for individuals and nations and lower prices for consumers. What is globalization? Almost every economic decision , even of students in a college town in New Hamp-shire, has consequences globally. Approximately one-half of the clothing worn, cars driven, and computers and electronic products used by students in the United States (US) are products of foreign companies and produced by workers in foreign nations. Whether or not, or more relevantly how fast, this proportion increases to three-quarters and higher will affect the employment and economic prospects of all students and all workers in the US. All of today's US college students will benefit throughout their lifetime as consumers from the variety of products and services available globally and from the competition among international businesses for consumer expenditures. And all of today's US college students will also compete for jobs and economic opportunities with foreign workers in foreign countries. The worldwide economy increasingly operates without national borders. Trade barriers are falling with trade agreements such as the North America Free Trade Agreement (NAFTA) and the formation of the European Union (EU). Social and political reforms have opened nations once closed to international trade, such as China, Vietnam and … |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | http://www.unh.edu/sites/www.unh.edu/files/departments/discovery_program/PDF/gittell.pdf |
| Alternate Webpage(s) | https://scholars.unh.edu/cgi/viewcontent.cgi?article=1002&context=discovery_ud |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
