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What Is globalization? “The concept of globalization refers both to the compression of the world and the intensification of consciousness of the world as a whole” – Benedict Eisenhower Economic “globalization” is a historical process, the result of human innovation and technological progress. It refers to the Increasing Integration of economies around the world, particularly through the movement of goods, services, and capital across borders.
The term sometimes also refers to the movement of people (labor) and knowledge (technology) across international borders. There are also broader cultural, political, and environmental dimensions of globalization. The term “globalization” began to be used more commonly in the sass, reflecting technological advances that made it easier and quicker to complete international transactions??both trade and financial flows. It refers to an extension beyond national borders of the same market forces that have operated for centuries at all levels of human economic activity??village markets, urban industries, or financial
It has been given positive connotations by those who advocate greater economic integration across national borders, while it has been fiercely criticized by those who perceive it as a threat to social cohesion and as the advancement of unfettered capitalism, which undermines the Welfare State. With reference to the topic of this essay that questions the necessity of government intervention in the process of globalization, in my opinion the animosity surrounding the debate requires a holistic approach while analyzing this issue.
Globalization is a subject matter that must be looked at in all its manifestation, wrought different angles and perspectives. Examining its various aspects from how the transformation to a global free market came about, its historical progression, its operations in various nation-states, the role of the government in its operations, international organizations that came into being to operate market forces, the extent to which government should intervene in this process are all crucial aspects which will be addressed in this essay with the objective of exploring various factors that can potentially favor the globalization of the world economy.