Economic globalization

Student: Zhang Hua Supervisor:Yinxiaoyu

Major:law

Course: College English 4

Abstract

Nowadays, with the society developing rapidly, there are many new notions coming into being. Such as the global village, WTO, global warming and so on. In my article, I focus on economic globalization, for I think it plays a very important role in modern society. Economy is foundation of many other things. In my article, I first introduce its definition, then I search for its history and its effects, including positive effects and negative effects. At the end of thesis, I give my own opinions about economic globalization.

Introduction

Hello everyone, in this thesis, I will introduce economic globalization to you. You will get known its definition first, then you will get a good knowledge of its history. In my thesis, I also show its positive and negative effects. At the end of the thesis, I show my positive attitude and give my support to

economic globalization.

Key words

Economic globalization, connection, cooperation, phenomenon, effects, positive, negative，in terms of me，reliable，best wishes.

Economic globalization

Today，many aspects of our daily life seem to have close connection with other people of different countries. How the outside is going has deep influence on our everyday activities. In terms of me, the globalization is also important for me as how it is for others. And that is the reason why I choose this topic.

First, let’s have a good knowledge of its definition. Economic

globalization refers to increasing economic interdependence of national economies across the world through a rapid increase in cross-border movement of goods, service, technology and capital.（ Joshi, Rakesh Mohan, 2009) It is the process of increasing economic integration between countries, leading to the emergence of a global marketplace or a single world market.（ Tim Riley Publications, 2005）

Depending on the paradigm, globalization can be viewed as either a positive or a negative phenomenon.

Economic globalization comprises the globalization of production, markets, competition, technology, and corporations and industries. Whilst economic globalization has been occurring for the last several hundred years (since the emergence of trans-national trade), it has begun to occur at an increased rate over the last 20–30 years.（ Tim Riley Publications,

2005）

This recent boom has been largely accounted by developed economies integrating with less developed economies, by means of foreign direct investment, the reduction of trade barriers, and in many cases cross border immigration.( From Wikipedia, the free encyclopedia)

Second, we will look back at its history together.

International Commodity markets, labor markets, and capital markets(经融资产) make up the economy and define economic globalization.（ Tim Riley Publications, 2005）

Beginning as early as 4000 BC, people were trading goats and livestock as a means of money. People residing in（居住） an early civilization in Mesopotamia（美索不达米亚） (Sumer) came up with a token （symbol）system that was seen as one of the first forms of commodity money.

（Bordo, Michael 2005) Labor markets consist of workers, employers, wages,

income, supply, and demand. Labor markets have been around as long as commodity markets. Labor markets grew out of commodity markets because labor was needed to grow the crops and tend to the livestock. The growth of commodity and labor markets grew into a capital market where companies and governments handle longstanding funds.（ Lo, Lawrence） The process of this cooperation of markets in the economy took thousands of years to become what it is today.

By the early 1900s, it was rare to come across a town that was not influenced by foreign markets—whether it be in labor, prices,

or any other policy of business. With advances in boat technology and the inventions of the railroad and telephone, communication with other parts of the country and world was readily available. Towns were no longer limited to what they alone could produce and what the next two towns over would trade with them. People everywhere had the accessibility and resources to obtain goods from the other side of the world. However, these great advances in economic globalization were disrupted by World War I and the Great Depression in the late 1920s.（ O'Rourke, Kevin 2001) This caused a slowing of world-wide trade and even led to other countries introducing immigration caps.（ Trueman,

Chris ）Globalization of the economy didn’t fully resume until the

1970’s.（ Trueman, Chris）

Third, since we have referred that economic globalization is either a positive or a negative phenomenon, we first look at its

positive effects. Well, Despite many analysts concern about the

inequality gap between developed and developing nations, there is no evidence to suggest that inequality increases as international trade increases. Rather, growth benefits of economic globalization are widely shared. While several globalizers have seen an increase in

inequality, most notably China, this increase in inequality is a result of domestic liberalization, restrictions on internal migration, and agricultural policies, rather than a result of international trade. （Shangquan, Gao） Economic globalization also has helped to decrease poverty around the world. For example, poverty has been reduced as evidenced by a 5.4 percent annual growth in income for the poorest fifth of the population of Malaysia. Even in China, where inequality

continues to be a problem, the poorest fifth of the population saw a 3.8 percent annual growth in income. In several countries, those living below the dollar per day poverty threshold declined. In China, the rate decline from 20 to 15 percent, and in Bangladesh the rate dropped from 43 to 36 percent.

（http://www.imf.org/external/pubs/ft/fandd/2001/09/dollar.htm） Well,

the third positive effect to be mentioned is the narrowing gap between the rich and the poor. While many feel that economic globalization increases the gap between rich and poor nations, evidence suggests otherwise. For instance, the growth of globalizers

in relation to rich countries suggests that globalizers are narrowing the per capita income gap. China, India, and Bangladesh, who were among the poorest countries in the world twenty years ago, have greatly influenced the narrowing of worldwide inequality due to their economic expansion.

（http://www.imf.org/external/pubs/ft/fandd/2001/09/dollar.htm）Next,

let’s talk about the negative effects of economic globalization. For example, Because of unbalanced development, these developing countries are lack of high technology. And in this case, these developing countries can’t make efficient use of resources during producing. As a result of wasting, resources are being used up and the environment gets worse. Also, with the emergence and development of economic globalization, it will bring a series of bad impacts on many aspects of a nation. Such as shocks to a nation’s fine tradition and foreign resources and economic measures may impact

different native cultures and may cause assimilation of a native people . （http://www.imf.org/external/pubs/ft/fandd/2001/09/dollar.htm）

As we can see from current situation, economic globalization is an irreversible trend. There is big demand of high-tech and cooperation to develop.

Conclusion

In terms of me, every country including everyone needs cooperation with others only if it and he or she would not want to have development. Sure, nothing is perfect. But when its advantages are much more than its disadvantages, there is no reason we don’t accept it. The Internet makes life convenient，so I accept it without any hesitation. The foreign movies are good, I will just like them. The quality of shoes of Nike is reliable, so people would like to spend much money to buy them. So my opinion is that economic globalization is a great phenomenon for the whole world and mankind, also I give its future my best wishes.

Works cited

1. ^ a b Joshi, Rakesh Mohan, (2009) International Business, Oxford

University Press, New Delhi and New York ISBN 0195689097[page needed] 2. ^ Riley, T: \"Year 12 Economics\Publications, 2005

3. ^ Riley, T: \"Year 12 Economics\Publications, 2005

4. ^ Bordo, Michael (2005). Globalization in historical perspective. University of Chicago Press.[page needed]

5. ^ Lo, Lawrence. [www.ancientscripts.com/cuneiform.htm \"Cuneiform\"].[dead link]

6. ^ \"Capital Markets\". Investopedia.

7. ^ O'Rourke, Kevin (2001). Globalization and history: the evolution of a nineteenth-century Atlantic economy. MIT Press.

[page needed]

8. ^ Trueman, Chris. \"American and World War One\"..[unreliable source] 9. ^ Trueman, Chris. \"American and World War One\".[unreliable source] 10. ^ Shangquan, Gao. \"Economic Globalization: Trends, Risks and Risk Prevention\". 11. ^

http://www.imf.org/external/pubs/ft/fandd/2001/09/dollar.htm 12. ^

http://www.imf.org/external/pubs/ft/fandd/2001/09/dollar.htm 13. ^

http://www.imf.org/external/pubs/ft/fandd/2001/09/dollar.htm 14. http://en.wikipedia.org/wiki/Economic_globalization).