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Understanding Economic Globalization
Finance & Accounting
Pages 7 (1757 words)
Economic journals define globalisation as a process by which national economies and cultures are integrated into an international economy so as to enhance international trade, direct foreign investment, migration, and technology sharing…
Understanding the Globalisation
On the contrary, Deepak Nayyar strongly claims that globalisation has not led to a rapid growth and economic convergence in the world. He adds that this process greatly slowed down economic growth, caused the divergence of income levels, and widened the gap between industrialised nations and developing countries. Nayyar’s framework mainly compares the globalisation process of late nineteenth century with that of the twentieth century. Nayyar’s framework Nayyar tells that the term globalisation is used both in a positive and a normative sense, and hence it is a cause for confusion. According to Nayyar (2006), the word globalisation is used in a positive sense to express a process of integration into the global economy whereas it is used in a normative sense to describe a developmental strategy in the context of a rapid integration with the world economy. In the opinion of Nayyar, globalisation can be simply referred to a spread of economic activities across national boundaries. He clearly explains that the phenomenon of globalisation has three economic manifestations including “international trade, international investment, and international finance”.
More precisely, this process increases economic openness, promotes economic interdependence, and strengthens economic integration in the world; and in order to get more clear ideas about the globalisation process, Nayyar describes the terms economic openness, economic interdependence, and economic integration. ...
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