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History Globalisation Essay

1668 words - 7 pages

The world is integrated and interconnected as never before. Cheaper communication technologies, declining cost of transport and deregulation are all examples of developments facilitated by the trend known as Globalisation. Globalisation has transformed the world economy into one great economy, and most countries that use the democratic system as regime type and accept this new economy have been operating on an international scale. Thus one can say that globalisation is the shift towards a more interacted world economy. This internationalisation of the world economy has benefited industrialised countries that dominate world trade and finance, as well as poorer less-developed countries. Even ...view middle of the document...

Without these interrelations we would not have the productive advancements of different countries. In the world of 1000 A.D great inventions such as the mechanical clock, paper money and the spinning wheel had been developed and used in China and the West had nothing to do with those nor was it involved. Globalisation was the source for spreading them throughout the world- specifically to Europe. Had Europe resisted the innovations including new ideas about science and mathematics, it may have not been able to become so prominent and wealthy. Thus one can say that at present time the same principal of spreading ideas applies- but in reversal i.e. from the West to the East. Hong Kong, South Korea and Taiwan for example have had successful industrialization through globalisation and this has influenced other Asian countries like China and India to consider globalisation and become a part of the world economy. The former countries mentioned have had fortunate high rates of economic growth, permitted their governments to upsurge the social spending and thus have had positive results in terms of life expectancy. Thus not only industrialised western countries have benefited from this world globalism, but eastern developing countries have too.

With regards to beneficial globalisation, the East Asian countries committed themselves to reduce the evident poverty within their countries and based their economic growth on exports- to utilise the advantages which are made possible by globalisation and thereby close the technology gap. Developments as such demonstrate the gains countries can have from trade and that the more rapid growth is, the faster the world wide income divide is decreased. Foreign investment brings new ideas and technologies to host countries which significantly affect the economic performance and improve living standards according to Sajid Anward. However, this stance also raises the debate on the increased competition and that in order to improve ones country one has to follow the world rules, because as Friedman states “only the competitive survive”. The rise in international competition causes business firms to lessen their cost of production which resultantly creates restructuring and downsizing and could be a threat to employment in developed countries. But then, as Friedman states: “the free market is the only ideological alternative left” and if a country identifies that fact as well as the rules of the market in present days economy – it will put on the “Golden Straitjacket”.

That is where critical views of globalisation arise:

One has to ‘fit’ into or adopt ‘golden rules’ to become part of the political-economic garment of this era. Rules to which countries have to adhere to include removing restrictions on foreign investment, increasing exports, making the private sector the primary engine of economic growth, abolishing and lowering tariffs on imported goods- the list is drastically long. This may raise...

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