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It refers to the increasing integration of economies around the world, particularly through the movement of goods, services, and capital across borders.

Continuing integration of the economies of the world into one global economy through the worldwide movement of goods, services, capitals, labors, and technologies.

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Early examples of Economic Globalization

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Early examples of Economic Globalization

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The Silk Road, an ancient network of trade routes across China, Central Asia, and the Mediterranean used between 50 B.C.E. and 250 C.E. is perhaps the most well-known early example.

Advances in metallurgy led to the creation of coins; advances in transportation led to the building of roads connecting the major empires of the day; and increased agricultural production.

The web of globalization continued to spin out through the Age of Exploration, Age of Revolution, and Information Age.

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The drivers are the forces that lead towards closer economic integration.

Political decisions and social forces behind globalization  have led to the reduction of trade barriers and economic reforms, paving the way for economic integration.

Moreover, Stiglitz claimed that politics shaped globalization.

Multinational corporations (MNCs) are also the drivers of economic globalization. These corporations are globally organizing the production and allocation of resources according to the principle of profit maximization.

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Fast globalization of the world’s economies in recent years is largely based on the rapid development of science and technologies, has resulted from the environment in which market economic system has been fast spreading throughout the world, and has developed on the basis of increasing cross-border division of labor that has been penetrating down to the level of production chains within enterprises of different countries.

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A core element of globalization is the expansion of world trade through the elimination or reduction of trade barriers, such as import tariffs.

Trade flows and capital investments are the key to augmenting the economic system’s capacity to produce and accumulate.

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Globalization of the financial sector has become the most rapidly developing and most influential aspect of economic globalization.

International finance came into being to serve the needs of international trade and investment activities.

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World Trade Organization - deals with the rules of trade between nations at a near-global level; responsible for negotiating and implementing new trade agreements and is in charge of policing member countries’ adherence to all the WTO agreements, and bulk of the world’s trading notions and ratified in their parliaments

International Monetary Fund - promotes international monetary cooperation; working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

World Bank - one of the world’s largest sources of funding and knowledge for developing countries. Its five institutions share a commitment to reducing poverty, increasing shared prosperity, and promoting sustainable development; provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects.

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Economies associated with Economic Globalization

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Economies associated with Economic Globalization

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Protectionism, where "a policy of systematic government intervention in foreign trade with the objective of encouraging domestic production. This encouragement involves giving preferential treatment to domestic producers and discriminating against foreign competitors" (McAleese, 2007 as cited in Ritzer, 2015, p. 1169)

Trade Liberalization - trade protectionism usually comes in the form of quotas and tariffs

Fair Trade, wherein "the concern for the social, economic, and environmental well-being of marginalized small producers" (Downie, 2007, pp. C1-C5)

concerned with protection of workers and producers, establishment of more just prices, engagement in environmentally sound practices and sustainable production.

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Developed Countries in Economic Globalization

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Developed Countries in Economic Globalization

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Developed countries have been playing a dominant role in the process of economic globalization. For an instance, in 1996, the total volume of exports of developed countries was US$ 4,057 billion, accounting for 81.7% of the world’s total value of international trade.

The dominant role of developed countries in the process of economic globalization is also reflected in the fact that it is they that determine the rules for international economic exchanges.

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Developing Countries in Economic Globalization

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Developing Countries in Economic Globalization

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Developed countries can take advantage of underdeveloped countries’ weak regulatory laws in terms of environmental protection.

Various multinational companies have been accused of social injustice by exploiting labor in
underdeveloped nations in order to cut costs. Many large companies have been accused of using
child labor in their factories in underdeveloped nations.

In the face of economic globalization, developing countries are bogged in a dilemma: On one hand, if they keep themselves away from this process, they will surely be left far behind the development of other economies.

On the other hand, if they participant actively in the process, it is most probable that they will be reduced to annexes of developed countries due the latter’s dominance in the process.

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Allows producers and companies to export their goods to more areas and in higher volume, leading to their increased prosperity which creates a more competitive business environment and in theory, pushes producers towards making better goods.

Globalized countries tend to have people who are more exposed to other cultures as well as values of other people in other countries.

Larger scope of worldwide trade.

Collaboration of different countries on the same project and also friendship to neighboring countries.

Having more or additional access to resources from various countries.

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Less than 20% of developing countries have benefited from economic globalization because of the rapid innovation and expansion of financial instruments and assets.

Exploitation becomes common for lower costs of production.

Having a high unemployment rate due to outsourcing.

Colonial mentality being present in other poorer countries.

Can contribute to cultural homogeneity. As preferences of people from other countries converge, adding the fact that cheaper imported products compete better in the market, some may say that cultures may be overthrown. This may lead to homogeneity of cultures from nations to nations.

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According to the Pew Research Center:

In two ways, American views on trade stand out. First, of the 47 countries polled, the United States had the lowest percentage of people who believe trade is beneficial. Second, of the 35 nations with trend data from 2002, the United States experienced the greatest drop in support for trade. In 2002, 78 percent of Americans believed that trade was beneficial to their country; five years later, that number had dropped to 59 percent. The reduction has been particularly pronounced among Democrats, who have fallen from 77 percent to 53 percent.

In many ways, public opinion on trade is mirrored in popular perceptions toward multinational firms, which are significant players in the global economy. In a 2007 Pew poll, respondents were asked whether foreign corporations have a positive or negative impact on their country, and in 41 of the 46 countries where this issue was asked, the majority or plurality answered they do. Multinational corporations, on the other hand, have been much less popular in the West since 2002, particularly in Italy, the United Kingdom, and Germany.

The capitalist approach to economics is also popular: majorities in 39 of 47 countries agree that a free market economy benefits most people, even if some are wealthy and others are poor. Furthermore, support for free markets is increasing: free markets were more popular in 17 of the 35 nations where trends are known in 2007 than in 2002. They were less popular in only five countries, and public opinion in 13 countries stayed largely unchanged.

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The concept of neoliberalism is about the implementation of a free-market wherein taxes, quotas, and quality controls are minimal to none. It focuses on expanding the free-market and supports a laissez-faire capitalism wherein, it encourages an end to the government’s interference in the economic market allowing people free reign of the market’s order.

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The term “free market” is sometimes used as a synonym for laissez-faire capitalism.

A supply-and-demand economic system with little or no government intervention. It is a summary of all voluntary interactions that occur in a certain economic setting.

Individuals make economic decisions in free markets, which are characterized by a spontaneous and decentralized order of arrangements.

The absence of compelled (forced) transactions or transaction conditions is a major feature of free markets.

Without government involvement, a free market is one in which voluntary exchange and the principles of supply and demand provide the sole basis for the economic system.

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Regulation can be designed to protect the public against monopolies, high prices, poor service or some danger.

Deregulation is the removal of restrictions and legal policies policies in a market, industry or sector.

Countries around the world including advanced countries have been making proactive efforts to expand growth potential through deregulation since the 1990s

The easing of regulations subject to strong government intervention and of crucial regulations on industries whose share of value added is high has been found out to cause improvement in total factor productivity.

Both Regulation and deregulation have its pros and cons

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The free market is favored by neoliberalism as the most effective form of global resource distribution. As a result, it favors large-scale corporate commerce and resource privatization.

Following WWII, business firms aided in the formation of a wealthy class in society that wielded undue political clout over governments in the United States and Europe. Neoliberalism arose from these wealthy elites' reaction to postwar policies that favored the working class and strengthened the welfare state.

This philosophy drives the process of economic globalization, which involves reducing national borders and impediments so that market forces can drive the global economy.

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How does Neoliberalism justify the prevailing form of Economic Globalization?

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How does Neoliberalism justify the prevailing form of Economic Globalization?

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Economic globalization, by its definition, is the rise of “unhampered” flow of goods and services. As this advocates the development of freedom in trade and other industries, it is backed up by neoliberalism’s idea of free market asserting that economic exchange will improve welfare and freedom.

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He is an American economist and a professor at Columbia University.

He is the Co-Chair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the OECD, and the Chief Economist of the Roosevelt Institute.

He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979).

He is a former Senior Vice President and Chief Economist of the World Bank and a former member and Chairman of the (US president's) Council of Economic Advisers.

In 2000, he founded the Initiative for Policy Dialogue, a think tank on international development based at Columbia University.

In 2011, he was named as one of the 100 most influential people in the world by Time Magazine.

His work focuses on income distribution, risk, corporate governance, public policy, macroeconomics and globalization.

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Why is Economic Globalization a FAILURE according to Joseph Stiglitz?

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Why is Economic Globalization a FAILURE according to Joseph Stiglitz?

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According to Sir Joseph Stiglitz economic globalization has been a failure because some policies have been pushed too far that the developing countries or poorer countries are forced to comply with these policies, only for the richer ones not to give the same return. It has outpaced political globalization. He said, “the promise was greater stability, the consequences have been greater instability.”. It was said to improve the welfare of all, but as he said, it ended up only improving the well-off ones. Economic globalization was said to include everyone, everywhere in the world, but the effects have only been better for those developed countries that are already doing good in the first place, leaving poorer countries in the dust.

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Share The World's Resources. (2006, November 23). Neoliberalism and Economic Globalization. Share The World's Resources. Retrieved October 24, 2021, from https://sharing.org/information-centre/articles/neoliberalism-and-economic-globalization.

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What are the Drivers Behind Economic Globalization? - GED-Project

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During the last decades the world saw a rapid increase of economic globalization. We look at the role of politics and institutions behind this phenomenon.