10 pages/≈2750 words
Mathematics & Economics
Globalization is one of the most significant economic phenomena (Essay Sample)
You are to write two 1500 word essay. I have left the topic as many as you have a choice from 10 titles as to what you would like to write about. Course Text J Stiglitz Freefall: Free Markets and the Sinking of the Global Economy Penguin 2010 J Stiglitz Making Globalization Work Penguin 2006 Core Text(s) Elliott L, Dan Atkinson, The Gods That Failed: How the Financial Elite Have Gambled Away Our Futures Vintage 2009 J Stiglitz Globalisation and its Discontents Allen Lane 2002 P Dicken Global Shift Sage 2003 F J Lechner & J Boli The Globalisation Reader Blackwell 2003 I L O A Fair Globalization ILO 2004 Recommended Reading: Robert Gilpin, The Challenge of Global Capitalism The World Economy in the 21st Century PUP 2002 Douglass C. North, “Economic Performance Through Time,” American Economic Review, 84, no. 3 (1994). M Moore A World Without Walls Cambridge U P 2003 N Bisley Rethinking Globalization Palgrave 2007 *Bernard K. Gordon, “A High-Risk Trade Policy,” Foreign Affairs, (July/August, 2003), pp. 105-118. *Jagdish Bhagwati, “Don't Cry for Cancun,” Foreign Affairs, (January-February 2004), pp. 52-63. ASSESSMENT Assessment: Essays of approximately 1500 words discussing TWO of the following: 1. What is the relevance of technology to the shaping of \\\"globalization\\\"? 2. Discuss the argument that “there is mounting evidence that inequalities in global income and poverty are decreasing and that globalisation has contributed to this turnaround.” 3. Either: a) How far do you agree that “The World Trade Organisation agreements on free trade have functioned principally to prise open markets for the benefit of transnational corporations at the expense of national economies, workers, farmers, other people and the environment”? Or: b) The growth in trade between nations has contributed to lifting 3 billion people out of poverty over the past 50 years. Reducing tariff barriers, which makes it easier for nations to trade with each other, lifts the wealth of all nations by allowing them to concentrate on those areas where they have greatest expertise. 4. Discuss the argument that “the freeing of financial markets has brought global instability, as evidenced in financial crises in Asia and Latin America and the continuing marginalisation of sub-Saharan Africa”. 5. “International trade and investment have been the engines of world growth over the past 50 years. The benefits of that growth have been shared. The countries that are getting poorer are those that are not open to world trade, notably many nations in Africa”. Discuss. 6. Either: a) Discuss the argument that “integration in the world economy contributes to environmental improvements by promoting growth, increasing incomes, improving property rights and the allowing the efficient use of resources”. Or: b) Consider the view that “one of the drivers of globalisation is that transnational companies want to place environmentally degrading industries in countries that do not have adequate environmental controls”. 7. It is pointless for economists to debate whether globalisation is a positive or negative force – it promotes growth and growth is good for everyone, especially the poor. 8. Using any chapter in “Making Globalization Work” or “Freefall”: a) Outline the argument Stiglitz is making and show how he justifies his view. b) Critically analyse what he is saying, find counter-arguments and compare and contrast the different positions. 9. Tom Clougherty, policy director at the Adam Smith Institute, states: \\\"At best, Fairtrade is a marketing device that does the poor little good. At worst, it may inadvertently be harming some of the planet\\\'s most vulnerable people”. What is your opinion? 10. How far do you agree with the view that “when politicians say they will restrict outsourcing, they are promising to make their countries poorer”? source..
Globalization is one of the most significant economic phenomena that have been witnessed in the recent past. International economies are not isolated anymore and the effect on any one of the economies also has a prominent impact on another economy and this relationship between economies has been established due to the recent increase in globalization. Organizations have been expanding their operations all around the globe and the international economy has also benefitted from this increasing wave of globalization. It can be easily observed that this increase in globalization has been triggered with the development of communication technology.
GLOBALIZATION AND TECHNOLOGY
The term â€˜globalization` as a whole refers to the increasing relationships between people, culture and economic activity all around the globe. However, in the ongoing context, it refers to the distribution of services and goods internationally. This phenomenon initiated when the barriers to international trade were reduced and the tariffs that were applied on exports and the quotas that were applied on imports were relaxed. Globalization is considered to be a positive phenomenon because due to globalization, the economy of a number of developing countries has flourished. Globalization is responsible for the increase in economic activity in the developing countries due to comparative advantage held by the developing countries (Dicken 2003). Multinational organizations utilize the labor in developing countries and as a result, the level of employment in the developing countries increases. Apart from the economic globalization, there are phenomena like political globalization and cultural globalization which have also increased with the development of technology.
History of Globalization
Some economists are of the view that globalization existed long before the advent of technology but it is also true that the extent of globalization was very restricted before technology. Initially, the trade between two countries depended solely upon the relationships between those countries and the infrastructure that made it possible for the countries to execute any trade activities. The political factors were the sole determinants of the extent of globalization before the advent of technology (Stiglitz 2002). End users did not have any role to play in international trade and the market factors like demand and supply did not have any significant impact on globalization. Whether any products would be exported or imported was for the government of the country to decide. The phenomenon of globalization is much wider than the trade relationships between a few countries and the actual increase in globalization started from 1970s which is also the era when the technology was being developed at a very rapid pace (Lechner & Boli 2003).
Impact of Technology on Globalization
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