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Understanding economic globalization - Essay Example
Macro & Microeconomics
Pages 7 (1757 words)
Economic journals define globalization 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…
Economic journals define globalization 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. It is generally argued that the concept of globalization greatly contributes to effective and rapid circulation of ideas, languages, and cultural ideologies since nations have liberalized cross-border trade regulations with intent to enhance foreign investment and cross-border trade for international business expansion.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 ...
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