Globalization, Terrorism And War Essay

1190 words - 5 pages

Globalisation, the integration of world economies in terms of trade,
finance, investment, labour and technology, is indeed an important
force at work in the world today, and there is indeed much evidence to
support such a statement: the integration of national labour markets,
the increase in cross boarder trade and investment, and the
development of a ‘world economy’ with measured GDP growth all suggest
that globalism has become the dominant force in the world today.
However, this blind acceptance of globalism that has become all to
apparent in modern times is sometimes unjustified; in the past century
there have been many contentious issue that dominate the global
agenda, most recently terrorism and the growing conflicts between
Islamic fundamentalism and Western Culture, and dating further back
this century warfare and international conflicts, that have
essentially proved themselves to be as, if not more dominant that
globalisation as a dominant force on the global agenda.

The first, and inherently most obvious indicator to suggest the
globalism is the dominant force that it is commonly perceived as, is
the massive growth in world trade that the world has experienced in
the past fifty years. In 1950, the volume of world trade to world
Gross Domestic Product ration was around 8%, and yet in 2001, that
same ratio was at 31%, a massive increase in the volume of goods and
services traded between countries with respect to world GDP output.
These figures indicate that, through the means of trade, national
economies have integrated – a process that still continues today.
However, these figures still indicate that world output is still 70%
larger than annual world trade, indicating that although globalism has
developed into a significant force, domestic produce and output still
dominate levels of trade vastly in terms of amounts produce and

Furthermore, in the past twenty years the world has experienced vast
growth in international finance growth; that is cross boarder
financial flows. The main driver behind this growth is financial
deregulation that has occurred within individual countries – the
floating of currencies, removal of capital controls and the removal of
interest rate controls mean that there has been a great increase in
investment in overseas sharemarkets. Trans national corporations
(TNCs) such as Merryl Lynch have facilitated the growth of interest in
foreign investment, and with technology taken into account, since 1987
the volume of foreign, exchange traded derivatives has increase by a
factor of twenty. This is not to say, however, that this is a telling
figure on its own – even though this cross boarder finance has grown
at such astounding rates, the amount invested in foreign derivatives
is still dwarfed by that invested domestically – in fact international
finance still represents only about one fiftieth of its domestic
counterpart, which suggests that although there has...

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