How Economic Globalization Has Fostered Globalization of Critics and Criticism?
The concept of globalization is one of the most talked about terms over the past decades. In fact, it is a highly popular buzzword that admittedly lacks a standard or commonly agreed upon definition. (Trebilcock, 2000). The concept of economic globalization stemmed from the root concept of “globalization” and by definition, pertains to that specific attribute of globalization that refers to the process of integration between the economic front and the ‘developed’, ‘under-developed’ and ‘developing’ economies (Naik, 2011). Economic globalization essentially comes together through international trade, FDIs (foreign direct investments) and the like (Naik, 2011).
As stated by Naik (2011), economic globalization is a process …show more content…
While globalization as a sole context is focused on the rapid developments in the areas of science and technology and economic division of labor, the concept of economic globalization is centered on the growth of information as well as the advancement of science and technology. Thus, economic globalization may be viewed in two different aspects: either as a positive or as a negative process or phenomenon (Naik, 2011; Trebilcock, 2000).
The economic globalization phenomenon is comprised of a globalization process of various markets, corporations, technologies, industries, production and even competition. Interestingly, the economic globalization process is not at all a new phenomenon as for the past centuries or hundreds of years, this process has continuously and consistently occurred (Naik, 2011; Trebilcock, 2000). Nevertheless, it was only about two or three decades ago that the concept of economic globalization has been recognized and given importance by economic analysts and experts. It initially appeared as an important part of the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO) frameworks; because of these new economic policies, many
7 |B u s i n e s s a n d S o c i e t y countries have managed to cut down their trade barriers as well as open up new capital and current accounts (Naik, 2011;