Globalization
Globalization: from an economist’s point of view, at its simplest, a decline in costs of doing business across space. The term describes the increasing integration of national economic systems through growth in international trade, investment and capital flows. Definitions of globalization, both benevolent and malevolent, are too numerous to list here. Many analysts distinguish globalization from internationalization which they tend to see as much more benign. In reality, globalization and internationalization exist side by side. Globalization is promoted by rapid improvements in international transport and communications. But many do not see globalization simply as an economic matter. This is because one of its effects is the relocation and integration of production processes among countries, reflecting the most appropriate technology and the best production cost. Globalization implies therefore a degree of reciprocal action and interdependence and a greater exposure to global economic developments, described by some as a loss of independence by national governments. Greater participation in the international economy has social and political implications. Inflows of foreign investment into developing countries cause changes in employment and national income. Opponents of globalization claim that it increases the gap not only between rich and poor countries, but also among the peoples especially of developing countries. Some claim that globalization simply means corporations chasing ever cheaper labour and raw materials, and governments willing to ignore consumer, labour and environmental laws. To them, globalization is an insidious result of market forces, the economic power of multinational corporations and the growth of world trade. Their preferred remedy would be to restrict trade and
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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