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The concept was defined by Szentes as “nothing but a process making the world economy an “organic system” by extending transnational economic processes and economic relations to more and more countries and by deepening the economic interdependencies among them.” (Benczes 2014, 134)

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Each aspects are important because some aspects cannot exist without the other or the operation of one dimension requires the other.

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Internationalization aims to connect with nations outside one’s own and expand one’s business while economic globalization aims to abolish the bounds that separate the nations and create a single global market.

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Organizations such as the International Monetary Fund (IMF), World Bank, and the World Trade Organization (WTO) were made to ensure that economic globalization progress is made.

IMF and World Bank are organizations funded by member countries. They basically lend money with interests to fellow members.

WTO is comprised of countries expediting trade between countries and settles trade disputes.

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According to Benczes, this is the start of long distance trade.

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The annual compound growth rate of world trade increased by 4.2%.

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The amount of international trade was 16-17% of the world income.

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Thomas Friedman metaphorically stated that the world is flat, by which he meant that global competition is evened out since bounds are removed and people now have equal access to resources around the world.

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There are a lot of events that intensified the globalization of goods and services, capitals, and production. It then lead people to have equal access to technology, information, and resources of the world.

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When the Berlin Wall that was built to separate West and East Germany collapsed, it signified the fall of communism and promoted free market, thus Friedman considering the fall of Berlin Wall as a world flattener.

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new technologies improved transportation and communication.

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many countries loosened or did away with protectionist policies, especially high tariffs.

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Western industrialization created an increased demand for raw materials, as well as for luxury items to satisfy the tastes of the increasingly wealthy elite.

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GLOBAL ECONOMIC STABILITY (The Gold Standard)

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GLOBAL ECONOMIC STABILITY (The Gold Standard)

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many countries adopted the gold standard for currency, allowing for more stable exchange rates; this encouraged capital flow between countries.

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attitudes of the governing elite were challenged by thinkers like (Adam Smith) - argued against the prevailing mercantilist ideology which focused on acquiring wealth and resources and often resulted in protectionism. Also (David Ricardo) the idea of comparative advantage.

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It contributed a lot in the globalization by giving the people the ability to gain access to technology and being convenient in producing a lot of information than looking it up traditionally.

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Globalization broadens access to different kinds of goods and services. It also has the capability to lift people out of poverty by providing job opportunities. Lastly, Information and technology can spread more easily.

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Globalization has not protected labor, environmental or human rights, this gave companies to take advantage of countries with the weakest labor, environmental protections, and the lowest wages. It can also impede small local businesses because a small business might struggle to compete with the prices of a multinational corporation. Globalization can also cause unequal economic growth because richer countries may benefit more than developing countries.

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Question 1 - In your own words, describe the concept of neoliberalism.

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Question 1 - In your own words, describe the concept of neoliberalism.

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It is the system of ideas that advocates the prevailing form of Economic Globalization, it is what keeping the Economic Globalization alive.

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Question 2 - Explain how neoliberalism justifies the prevailing form of economic globalization. 

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Question 2 - Explain how neoliberalism justifies the prevailing form of economic globalization. 

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Neoliberalism justifies the prevailing form of economic globalization by its fundamental view of embracing the freedom of the individual and state influence.

“Accordingly, as an economic doctrine that has grown worldwide since the 1970s, neoliberalism embraces free and open (laissez-faire) markets.”

Reference: https://www.intergroupresources.com/neoliberal-globalization/.

The term laissez-faire refers to the policy of minimal governmental interference in the economic affairs of the individual and society at large, under the claim of free trade between nations. Neoliberalism also justifies the current form of economic globalization as it supports the privatisation of public services which leads to the reduction of social and public expense.

According to critics, the neoliberalism approach has led to a strained society increasingly dominated and penetrated by economic logic, which is mainly the logic of commodities and accumulating finance capital. This logic is now far away from being pure theory, pointing to its equally counterproductive liabilities as its ejection can also be catastrophic.

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Question 3 - Explain why economic globalization according to Joseph Stiglitz is a failure.

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Question 3 - Explain why economic globalization according to Joseph Stiglitz is a failure.

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According to Stiglitz, economic globalization is a failure as it only benefitted the rich countries and even worsened the status of the developing countries. Economic globalization also may have had prioritized the values of profit more than others such as the value of life and the environment.

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https://www.masterclass.com/articles/how-globalization-works-pros-and-cons-of-globalization#what-are-the-benefits-of-globalization

https://smartasset.com/mortgage/the-pros-and-cons-of-globalization

Globalization and its New Discontents by Joseph E. Stiglitz - Project Syndicate (project-syndicate.org)

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https://study.sagepub.com/baker/student-resources

https://www.uua.org/action/statements/economic-globalization

https://www.nationalgeographic.org/article/effects-economic-globalization

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Globalization has led to increases in standards of living around the world, but not all of its effects are positive for everyone.