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50 B.C.E. and 250 C.E.: The Silk Road Trade

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50 B.C.E. and 250 C.E.: The Silk Road Trade

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The Silk Road was an ancient trade route that linked the Western world with the Middle East and Asia. It was a major conduit for trade between the Roman Empire and China and later between medieval European kingdoms and China.

The Silk Road starts at Xi’an (Sian), the 4,000-mile (6,400-km) road, followed the Great Wall of China to the northwest, bypassed the Takla Makan Desert, climbed the Pamirs (mountains), crossed Afghanistan, and went on to the Levant; from there the merchandise was shipped across the Mediterranean Seas. Goods were handled in a staggered progression by middlemen. This Silk Road Trade is known as the most well-known early example of Globalization.

Reference:
https://www.britannica.com/topic/Silk-Road-trade-route

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On 1492, Europeans wanted to find sea routes to the Far East. Christopher Columbus wanted to find a new route to India, China, Japan and the Spice Islands. If he could reach these lands, he would be able to bring back rich cargoes of silks and spices.

Columbus knew that the world was round and realized that by sailing west - instead of east around the coast of Africa, as other explorers at the time were doing - he would still reach his destination.

In 1492 Columbus set sail from Palos in Spain with three ships. Two, the Nina and the Pinta were caravels – small ships with triangular sails. The third, the Santa Maria, was a nao – a larger square-rigged ship. The ships were small, between 15 and 36 metres long. Between them they carried about 90 men.

Inside the ships are hundreds of animals that cannot be found in that region. As time passed by, Europeans travel to Americas to take seeds and plant cuttings such as coffee and wheat. These plants eventually flourished in Europe and the Old world.

Reference:
https://www.rmg.co.uk/stories/topics/christopher-columbus

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Boats and boating--Equipment and supplies

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Portuguese started enslaving Africans to Europe. European traders exchanged metals, cloth, beads, guns, and ammunition for captive Africans brought to the coast from the African interior, primarily by African traders forcing them into ships for the Middle Passage across the Atlantic Ocean.

Whatever the effect of slavery on Africa, there can be no doubt that the use of black slaves played a crucial part in the economic development of the New World, above all by making up for shortages of labour.

References:
https://ldhi.library.cofc.edu/exhibits/show/africanpassageslowcountryadapt/introductionatlanticworld/trans_atlantic_slave_trade
https://www.open.edu/openlearn/history-the-arts/history/riches-misery-the-consequences-the-atlantic-slave-trade

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Richard Trevithick built the first steam locomotive in 1802. Steam locomotives were first developed in the United Kingdom during the early 19th century and used for railway transport until the middle of the 20th century.

The locomotive was capable of hauling ten tons of iron, 70 passengers, and five wagons from the ironworks at Penydarren to the Merthyr-Cardiff Canal. The locomotive reached speeds of nearly five miles an hour over the nine mile journey, which was completed in 4 hours and 5 minutes. This invention caused more trades across different places.

References:
https://www.asme.org/topics-resources/content/richard-trevithick
https://www.britannica.com/technology/history-of-technology/Steam-locomotive

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In 1914, the outbreak of World War I brought an end to just about everything the burgeoning high society of the West had gotten so used to, including globalization. The ravage was complete. Millions of soldiers died in battle, millions of civilians died as collateral damage, war replaced trade, destruction replaced construction, and countries closed their borders yet again.

The war ended the first significant era of increasing economic ties among nations and thereby shaped the economic history of the twentieth century. The war set off both a search for ways to re-create the prewar liberal world economy and attempts to create statist alternatives to it. The collapse of interbank cooperation and expansion of controls on trade, migration, and agriculture meant that economic globalization re-emerged only very slowly over the rest of the twentieth century.

References:
https://www.berghahnjournals.com/view/journals/historical-reflections/42/3/hrrh420307.xml
https://www.weforum.org/agenda/2019/01/how-globalization-4-0-fits-into-the-history-of-globalization/

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With the world in a depression, the war demanded the manufacturing of arms, airplanes, and ships. This caused many  people, including women and unemployed civilians to join the workforce. There were less people who are unemployed, thus lead to the economy rebuilding itself.

Reference:
https://prospect.org/health/way-won-america-s-economic-breakthrough-world-war-ii/

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The Bretton Woods Conference, officially known as the United Nations Monetary and Financial Conference, was a gathering of delegates from 44 nations that met to agree upon a series of new rules for the post-WWII international monetary system.

In this conference they discussed ways on how to successfully sustain a stable economy. The United Nations supported the International Monetary Fund and The World Bank which directly helped the global economy and encouraged international trade.

Reference:
https://2001-2009.state.gov/r/pa/ho/time/wwii/98681.htm#:~:text=The%20Bretton%20Woods%20Conference%2C%20officially,post%2DWWII%20international%20monetary%20system.

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The United Nations (UN) is an international institution that was established on October 24, 1945. The United Nations (UN) was the second multipurpose international organization created in the 20th century, with only a worldwide impact and membership. The League of Nations was established by the Treaty of Versailles in 1919 and abolished in 1946. The United Nations, which itself is headquartered in New York City, also comprises regional offices in Geneva, Vienna, and Nairobi. Arabic, Chinese, English, French, Russian, and Spanish are its official languages.

Other primary tasks include developing friendly relations among countries based on equal rights and peoples' self-determination; achieving worldwide cooperation to solve international economic, social, cultural, and humanitarian problems; respecting and promoting human rights; and serving as a centre point where countries can coordinate their actions and activities toward these various ends.

Reference:
https://www.britannica.com/topic/United-Nations

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When we offer computers (software and hardware) human-like skills, this is referred to as artificial intelligence (AI). Machines are taught to see, hear, communicate, move, and make decisions. The difference between AI and conventional technologies is that AI can make predictions and learn on its own. AI is created by humans to accomplish a certain aim. Then we train it on data to learn how to attain that objective as efficiently as possible. Once AI has learned sufficiently, we let it loose on new data, which it may then utilize to achieve goals on its own without direct human direction. AI does all of this by making predictions. It evaluates data before making (hopefully) correct predictions.

It then learns from each forecast it makes and improves its strategy for the following time. As a result, AI improves with time. The term "artificial intelligence" is a catch-all. It basically refers to a wide range of technologies that can learn and develop on their own. Machine learning, computer vision, image recognition, natural language generation (NLG), natural language processing (NLP), and deep learning are examples of these technologies.

The benefits of artificial intelligence applications are vast, and they have the potential to change any professional field:

1. Reduction in Human Error:
Because people make mistakes from time to time, the term "human error" was coined. Computers, on the other hand, do not make these errors if they are correctly programmed. Artificial intelligence makes choices based on previously obtained data using a certain set of algorithms. As a result, mistakes are decreased, and the prospect of achieving better accuracy with greater precision exists.

2. Takes risks instead of Humans:
This is one of the most significant benefits of artificial intelligence. We can overcome many of humanity's risky restrictions by constructing an AI robot that can perform the risky activities for us. It can be utilized efficiently in every type of natural or man-made disaster, whether it is travelling to Mars, defusing a bomb, exploring the deepest regions of the oceans, mining for coal and oil.

3. Available 24x7:
A typical human will labor for 4–6 hours each day, excluding breaks. Humans are designed in such a manner that they may take some time off to renew themselves and prepare for a new day of work, and they even have weekly offfed to keep up with their work-life and personal life. But, unlike humans, we can use AI to make robots operate 24 hours a day, seven days a week, with no pauses.

As with every bright side, there is a negative side. Artificial intelligence has various drawbacks.

1. High Costs of Creation:
Because AI is evolving on a daily basis, hardware and software must be updated in order to satisfy the most recent needs. Machines require repair and maintenance, which incurs significant expenditures. Because they are extremely complicated machinery, their construction necessitates exorbitant prices.

2. Making Humans Lazy:
With its applications automating the majority of the job, AI is making people lazy. Humans are prone to get hooked to these advancements, which may pose a concern for future generations.

3. Unemployment:
As AI replaces the bulk of repetitive activities and other duties with robots, human intervention is decreasing, which will present a significant challenge in employment standards. Every firm is aiming to replace the least skilled employees with AI robots that can do comparable job more efficiently.

References:
https://towardsdatascience.com/advantages-and-disadvantages-of-artificial-intelligence-182a5ef6588c
https://www.marketingaiinstitute.com/blog/pros-and-cons-of-artificial-intelligence

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In the 70's, after Keynes theory of government involvement was failing, Hayek's became popular and eight percent of the world's economy were capitalistic. The free market began to expand when the Cold War ended and twenty-eight percent of the world's economies were capitalistic. The value of foreign trade reached 664 billion dollars. With more countries with similar mindsets, the free market allowed more money to flow between countries.

Reference:
https://www.pbs.org/wgbh/commandingheights/shared/minitext/prof_friedrichvonhayek.html

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Ecommerce is the practice of purchasing and selling actual goods and services through the internet. It entails more than one party as well as the exchange of data or cash to complete a transaction. It is a subset of the larger sector known as electronic business (ebusiness), which encompasses all of the operations necessary to run a business online.

The social effect of e-commerce may be assessed by satisfaction and trust, which can be quantified using the following factors:

1. Increased Internet use Students and youth are the fastest increasing population sector. This market is the most advanced in terms of advanced applications and internet technology.

2. According to a poll done by the Internet and Mobile Association of India, the country had 190 million Internet users by the end of June 2013.

3. With more and more people accessing the internet via telephone, the country was predicted to reach 243 million in June 2014, indicating a 28 percent increase over the previous year.

4. Students from urban and rural locations were sensitized by providing personal computers, laptops, tablets, or laptops with Internet access and its benefits for improving lifestyle, as well as electronic literature and e-books.

5. Advanced computer technologies and their utility in internet commerce are also appealing to entrepreneurs.

6. The advancement of educational standards at all levels has resulted in a high market demand for electronic commerce and m-commerce.

7. Changes in online purchasing habits The online shopping process is always being improved in order to make it easier, more clear, and more convenient to use.

8. Reductions and appealing rates provided by internet offerings.

References:
https://www.investopedia.com/terms/e/ecommerce.asp
https://acowebs.com/impact-ecommerce-society/

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The Berlin Wall collapsed thirty years ago. People dancing on walls are powerful pictures that come to mind from those heady days of 1989. People expected that freedom would now prevail across the planet. Global capitalism had triumphed over the state-run socialist model, and people spoke of the "end of history." Today, this exuberance has given way to a more sombre atmosphere, not least because Francis Fukuyama's prediction proved incorrect on many levels.
When the fight between communism and capitalism ended, the face of the social market economy began to alter as well. The system that people had desired for and for which they had smashed through barriers enjoyed a remarkable resurrection of neoliberalism.

The crisis problem: The rise of global financial capitalism, or, alternately, the gradual (and yet imperfect) building of a global financial market, has been a distinguishing aspect of the worldwide economic environment. This, in turn, has been linked to a succession of financial disasters, including the Mexican crisis, the Asian financial crisis, the Russian default, the Dot-com catastrophe, and, of course, the Great Financial Crisis.

The adjustment problem: The integration of major areas of what used to be known as the Second and Third Worlds into the world economy has been one of the great accomplishments of modern economic history. The integration of – in certain cases – highly populous nations with very low levels of per capita income and very varied national economic and political systems has unavoidably put substantial stresses on some of the leading industrialized economies.

The challenge of sustainability: The developed world's already substantial resource and environmental footprint is now being greatly increased by the growing industrialization and urbanisation of some of the world's most populated countries. The consequences have manifested themselves in commodity prices, concerns about resource security (particularly energy and food), and concerns about environmental sustainability (climate change, water shortages).

After weeks of protests in East Germany, Gunter Schabowski, a senior official in the East German politburo, presented a stumbling performance during a live television press conference on November 9, 1989. Schabowski seemed to imply that East Berliners would suddenly be granted rapid unfettered passage to the West. Thousands of his people rushed to the Wall to put this theory to the test, only to be met by perplexed border guards. The latter ultimately caved in to the demonstrators' chants and opened the checkpoints to West Berlin.

References:
https://www.lowyinstitute.org/publications/fall-wall-fall-banks-and-beyond-three-persistent-problems-global-economy
https://www.brookings.edu/blog/future-development/2019/11/08/how-german-reunification-could-change-global-capitalism-today/

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The End of Cold War allowed many previous planned economy countries to adopt the free market system. During the Cold War, the world was divided between communist and capitalist communities. But at the end of the Cold War, barriers in trades and economics are removed.

The end of Cold War opened the world in global economic involvement. I contributed to the capital increase and wealth of different economies. It also largely allowed for trade and global interdependence.

Reference:
https://www.theglobalist.com/cold-war-roots-of-u-s-economic-problems/

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Sir Tim Berners-Lee created the World Wide Web in 1989, with the goal of creating a new mechanism for scientists to quickly exchange data from their studies. The internet and hypertext (text shown on a computer screen that connects to other text that the viewer may immediately access) already existed, but no one had thought of using the internet to link one document directly to another. The advancements in information technology have altered the way we live and work.have altered the way individuals, corporations, and governments engage with one another. Over the last few decades, information technology innovation has played a significant part in the advancement of globalization. This growth has had a significant influence on organizations all over the world, and the only way for businesses to adapt to this new environment is to make a concentrated commitment to globalization via the establishment of procedures, infrastructure, and strategies. To effectively achieve this aim, businesses should include information technology into their overall business plan.

It is possible to infer that globalization is a notion that is interpreted differently in different civilizations. However, the Internet and the World Wide Web have had a similar impact on globalization. Management systems have evolved as a result of the Internet and WWW. In reality, many leaders are now adopting a participatory-based paradigm.

In other words, unlike in former years, when managers devised policies and expected their subordinates to execute them without modification, each person is now permitted to realize his or her potential in the firm. Social networking services such as Twitter, Facebook, Yahoo, and many more, which are used to communicate with inhabitants of other nations, have fundamentally transformed the behavior of people throughout the world.

Because of the Internet and the World Wide Web, trade is now performed on a worldwide scale, as distances have been substantially decreased. Finally, it is worth emphasizing that the Internet and WWW collaborate with other globalizing forces to better people's lives throughout the world.

References:
https://digitalcommons.bryant.edu/cgi/viewcontent.cgi?article=1000&context=honors_cis
https://artsandculture.google.com/theme/the-world-wide-web-the-invention-that-connected-the-world/eAJS4WcKh7UBIQ?hl=en

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Technology has always been a driver of economic progress across the world, but it is only recently that mobile technology – particularly smartphones – has become a key economic force. One reason for this is that much of the phone's manufacture is done in China.

Numerous business papers argue that cellphones have aided economic globalization and growth by being accepted at previously unheard-of rates. The following are a few examples of how cellphones have aided economic development throughout the world.

1. Dramatically Increase in the Ability to Communicate and Collaborate - There is little doubt that the capacity to speak with others from anywhere in the world has aided economic progress substantially. However, it has also assisted businesses in saving money on costs that are no longer required. Mobile-compatible conferencing software, such as Citrix's GoToMeeting, for example, enables smartphone users to share both voice and data from work locations or any other mobile location. This lowers delays and the need for executives to physically go to sites all around the world.

2. Creation of a Brand-New “App Economy” - The development of the "app economy" has also resulted in a significant boost to the overall economy. Indeed, even as early as 2012, it was anticipated that the app economy will produce roughly 500,000 employment. It should be noted that the estimate excludes the design, manufacturing, and marketing of smartphones and other mobile devices.

3. Lower Barriers to Entry - Another advantage of the so-called app economy is the significantly reduced barrier to entry that this new sector provides. Instead of requiring a vast manufacturing capacity or labor pool, entrepreneurs may take a fantastic concept, learn how to code or pay someone to write, and distribute their software solution to a genuinely global market using platforms established by Apple, Google, or Microsoft.

4. Ability to Better Utilize Excess Capacity - That one of the significant breakthroughs made possible by smartphones through the app economy is the proliferation of applications that make use of "excess capacity," which is an economic phrase that refers to capital or other assets that are underused.

Another great benefit of smartphones is their capacity to cross the technical and infrastructural gaps that exist in poor countries. In many underdeveloped countries, cellular signals are significantly more feasible than hardwiring telephone and data cables. Access to mobile technology, particularly increasingly inexpensive smartphones, holds enormous potential and economic prospects for businesses all around the world.

References:
https://elearning.scranton.edu/resources/article/how-the-smartphone-has-impacted-economic-development/

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1995: Creation of World Trade Organization

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1995: Creation of World Trade Organization

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The World Trade Organization is founded on agreements signed by the vast majority of the world's trading nations. The organization's primary role is to assist producers of goods and services, as well as exporters and importers, in protecting and managing their enterprises. As of 2021, the WTO has 164 member nations, with Liberia and Afghanistan joining in July 2016, and 25 "observer" countries and governments.

The history of international commerce has been a struggle between protectionism and free trade, and the World Trade Organization has spurred globalization, with both beneficial and negative consequences. Although the organization's initiatives have encouraged global trade expansion, a negative impact on local communities and human rights has resulted.

Proponents of the World Trade Organization (WTO), notably multinational companies (MNCs), think that the organization is advantageous to business, citing the encouragement of free trade and the reduction of trade disputes as benefits to the global economy. Skeptics say that the WTO undermines organic democratic principles and deepens the worldwide wealth disparity. They see a reduction in indigenous sectors and an increase in foreign influence as having a detrimental impact on the global economy.

When he was in office, then-President Donald Trump threatened to withdraw from the WTO, calling it a "disaster," as part of his larger efforts to renegotiate US foreign trade treaties. A US exit from the WTO might have disrupted trillions of dollars in global commerce. During his presidency, however, he did not withdraw the United States from the World Trade Organization.

References:
https://www.investopedia.com/terms/w/wto.asp

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The oldest techniques of communication across long distances used hand-delivered written writing from one person to another. To put it another way, letters. The first postal service goes back to 550 B.C., and this basic transportation system would grow more ubiquitous and streamlined in subsequent decades.

The telegraph was created in 1792. This enabled communications to be carried across great distances far faster than a horse and rider could. Although telegraph messages were brief, they were a revolutionary method of communicating news and information.

Although it is no longer widely used outside of drive-through banking, the pneumatic post, invented in 1865, provided another method for speedily delivering mail between recipients. A pneumatic post transports capsules from one location to another by using subterranean pressurized air tubes.

Important discoveries happened in the last decade of the 1800s: The telephone in 1890 and the radio in 1891.

Companies discovered the advantages of having an active, engaged social media presence in addition to advertising. While social media advertising must be paid for, businesses may build an organic following by creating and distributing interesting content on Facebook, Instagram, Twitter, and other platforms.

Reference:
https://smallbiztrends.com/2013/05/the-complete-history-of-social-media-infographic.html

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Facebook is a website that allows users to create free accounts and communicate with friends, coworkers, and strangers online. It enables users to share images, music, movies, and articles, as well as their own views and opinions, with as many people as they choose.
Profiles include information on the people who have them. Whether it's what they work at, where they study, their ages, or other personal information, many users share a lot of information that their friends and others can easily see. Users can also "like" other pages that interest them.

The report, “Facebook’s Global Economic Impact,” examined how the social network stimulates global economic impact by:

Providing tools for marketers.

Providing a platform for application developers.

Creating demand for connectivity to the Internet.

When examining Facebook’s impact by region, Deloitte found that:

The U.S., at $100 billion, is expected to capture the largest share of economic impact.

High rates of engagement enabled $21 billion of economic impact in Central America and South America.

The thriving app economy in Europe, the Middle East and Africa has generated $13 billion in economic -impact for the region.

Facebook contributed $13 billion in economic impact in the Asia-Pacific region due to demand for -Facebook-motivated data usage and device purchases.

And in a more detailed look at how Facebook facilitates economic activity. Deloitte said the social network:

Allows new and traditional businesses worldwide to reach potential customers locally, nationally and globally.

Reduces barriers to marketing by allowing businesses of all sizes to raise awareness of their brands and find the most likely people to be interested in their products and services.

Supports entrepreneurship by giving business a way to promote their activities.

Enables new ecosystems that stimulate the economy and generate jobs, such as the app economy.

Increases demand for mobile devices and Internet services that carry positive spill-overs to other parts of the economy.

References:
https://www.adweek.com/performance-marketing/infographic-deloitte-facebooks-global-economic-impact/
https://www.webwise.ie/parents/explained-what-is-facebook-2/

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2009: Bitcoin: the First Decentralized Cryptocurrency

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2009: Bitcoin: the First Decentralized Cryptocurrency

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Cryptocurrency is a distinct type of digital money that is mostly used to purchase services or items online. Crypto transactions are protected by an online ledger that employs powerful cryptography. Since of the speculations around it, most businesses employ bitcoin for investing because it has a high profit margin. Cryptocurrency is built on a technology known as blockchain, which is a platform that records and handles transactions using computers. The addition of security to these transactions enhances the idea's appeal.

Since Bitcoin's creation in 2009, the economic effect of cryptocurrencies has been both obvious and hidden. Now in its eleventh year, digital or virtual money in the form of tokens or coins has established itself as a legitimate currency and form of investment, with the economic influence of cryptocurrencies seen in a variety of areas in national and global societies.

Blockchain, the underlying technology behind cryptocurrency, has slowly moved into the mainstream. Many experts predict that the use of this technology in other markets can potentially unlock billions of dollars for those markets.

So far, Blockchain technology has proved to have impacted the following business practices in several industries:

Blockchain has improved financial institutions’ cross-border transactions.

Messaging apps have used the technology in favor of deals with private investors.

Car leasing and sales can use Blockchain to streamline car leasing.

Cloud computing can use Blockchain to execute smart contracts and resist hacking.

Government and public records can use Blockchain to reduce paperwork and fraud while increasing accountability.

Companies like Kodak intend to launch their own cryptocurrency to make sure photographers are paid properly

The emergence of cryptocurrencies has resulted in an entire industry dedicated to overseeing bitcoin trades that take place all over the world. While some early adopters became wealthy immediately, others built businesses that rely on trade for a living.

References:
https://www.pelicoin.com/blog/what-is-the-economic-impact-of-cryptocurrency
https://www.europeanbusinessreview.com/the-inclusion-of-cryptocurrency-in-the-global-economic-structure/

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On March 11, 2020, the World Health Organization (WHO) characterized COVID-19 as a pandemic, pointing to over 3 million cases and 207,973 deaths in 213 countries and territories. The infection has not only become a public health crisis but has also affected the global economy. Significant economic impact has already occurred across the globe due to reduced productivity, loss of life, business closures, trade disruption, and decimation of the tourism industry.

As leaders wrestle to guide their community through the Covid-19 pandemic, the decisions of how to manage the supply chains rest on expectations about the future of globalization. The pandemic gave rise to a new wave of globalization, but this implies that the government should plan for a world where both globalization and anti-globalization pressures remain enduring features of the business environment.

Reference:
https://hbr.org/2020/05/will-covid-19-have-a-lasting-impact-on-globalization

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Refers to a set of national and international policies that advocate for corporate dominance in all social matters with minimum opposing influence. Governments should stay large in order to better serve corporate interests, while limiting any activity that may threaten the reign of business and the affluent. Neoliberalism is nearly often associated with a strong trust in the potential of markets to employ new technology to solve social issues significantly more effectively than any other course of action. The core of neoliberal policy is typically a push for deregulation of commercial media and communication markets. In reality, this implies that they are "re-regulated" to serve corporate interests.

Reference:
https://www.globalissues.org/article/39/a-primer-on-neoliberalism

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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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The economic neoliberalism paradigm creates promises for more wealth, but it also raises concerns about environmental preservation. The desire for a lean state allows for and promotes a liberal economy, which dominated national and international discussions in the 1990s and has been supported by economic globalization. Because free markets do not price negative environmental impacts, economic neoliberalism will need to be supplemented with governmental or intergovernmental entities that are prepared and empowered to acquire enough knowledge and wield enough authority to safeguard the environment as a public good.

Neoliberalism may be viewed of simply as a broad word that refers to the increasing value placed on markets as alternatives to old systems of governmental control, and it is therefore inextricably linked to the phenomena of economic globalization.

References:
https://www.sciencedirect.com/topics/psychology/neoliberalism
https://monthlyreview.org/2001/03/01/global-media-neoliberalism-and-imperialism/

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Access to New Markets - globalization comes with the increase of business opportunities. Business gain a great deal from globalization. Because of this, companies that are interested in these benefits find a way to expand their business internationally, leading to a greater access of different new markets.

Opportunities for Lower Cost Products - as new markets are coming from another countries, it increases global competition, and a large variety of brands to buy from. This helps lower the price of products. This helps both the developing and already leading countries to live better on lower cost products.

Access to New Cultures - access to new markets from other countries means access to communication with other culture. This also leads to access to foreign foods, movies, music and art.

Reference:
https://velocityglobal.com/blog/globalization-benefits-and-challenges/#section-2

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Lack of Local Businesses - while globalization gives opportunities to foreign investors or businesses, it deprives local businesses of attention. They tend to give more advantages to companies that have more resources and infrastructure to operate. This can cut off local businesses.

Unequal Opportunities and Growth - while globalization gives more opportunity to every country, richer countries often benefit more than the developing countries.

Exploits Cheaper Labor - globalization allows the increase in jobs and economic opportunities in developing countries where the cost of labor is cheaper than usual. But, overall growth in these countries may be stagnant.

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Economic Globalization is a Failure according to Joseph Stiglitz.

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Economic Globalization is a Failure according to Joseph Stiglitz.

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Globalization is a phenomenon that can benefit all parties involved according to Joseph Stiglitz. According to him, globalization has not been pushed carefully, or fairly. Liberalization process has been implemented too fast, or in the wrong order. He also says that there is a wrong economic analysis. As a consequence, we now face terrible results such as generalized frustrations and increase in social conflicts. Stiglitz explains that globalization could be either success or failure, depending on its management. There is a success when it is managed by national government by embracing their characteristics of each individual country; however, there is a failure when it is managed by international institutions such as IMF.