Globalization Essay Example | Topics and Well Written Essays - 1750 words

Globalization - Essay ExampleThe problem at present is not that there is too much globalization, but that there is far too little (Wolf 2005, p 17). The citation was taken from Wolfs book, which I downloaded from rapidshare. I cant find the assort now. But it is very famous and can be found in many words. Check, for instance http//www.up.ac.za/dspace/bitstream/2263/5186/1/Bedford-Strohm_Public(2007).pdf Briefly, in this paper globalization is considered as a process fuelled by, and resulting in, growing cross-border flows of goods, services, money, people, information, and culture (Taylor 2004, p 24). The article was taken from www.questia.com Here is full text of it The truth about globalization. by Timothy Taylor To keep my economist union card, I am required every morning when I arise to place my drop dead on the leather-bound family heirloom copy of Adam Smiths The Wealth of Nations and swear a mighty oath of allegiance to globalization. I hereby do asseverate my solemn bel ief that globalization, taken as a whole, is a compulsory economic force and well worth defending. I also believe that the economic and social set up of globalization are exaggerated by both its detractors and supporters. In media coverage of anti-globalization protests, globalization often becomes a catch-all term for capitalism and injustice. (Indeed, for some protestors, referring to capitalism and injustice would be redundant.) But economic globalization in fact describes a specific phenomenon the growth in flows of trade and financial capital across home(a) borders. The trend has consequences in many areas, including sovereignty, prosperity, jobs, wages, and social legislation. Globalization is too important to be consigned to buzzword status. unrivaled world? The degree to which national economies are integrated is not at all obvious. It depends on your plectron of perspective. During the dwell few decades, international flows of goods and financial capital have certainl y increased dramatically. One bourgeon measure of globalization is the share of economic production destined for sale in other countries. In the U.S. economy, exports of goods and services were 4.9 percentage of the gross domestic product (GDP) in 1965, but 10.8 percent of GDP in 2000. From a global perspective, exports rose from 12 percent of world GDP in 1965 to 22 percent of world GDP in 2000. In round numbers, international trade of goods and services has doubled in about four decades. International financial markets are not tracked as easily as cross-border flows of goods and services. But by a variety of measures, they have also expanded considerably, especially in the last decade. Total assets held by U.S. investors in other nations nearly tripled from $2.3 zillion in 1991 to $6.2 trillion in 2000. Conversely, integrality foreign-owned assets in the U.S. economy quadrupled from $2 trillion in 1991 to $8 trillion in 2000. Annual global flows of foreign direct investment--t hat is, investment that creates a lasting management interest, often defined as more than 10 percent of voting stock in a company--rose from $200 billion in 1990 to nearly $900 billion in 1999. A 1998 survey by the Bank of International Settlements found that $1.5 trillion per day was traded on foreign-exchange markets. Since foreign-exchange trading has been growing at double-digit rates, its volume now must exceed $2 trillion per day. For many countries, international finan