This paper examines globalization as the process of increasing worldwide market connectivity and interdependence, accelerated by advances in telecommunications and the internet. It presents the major arguments and organizations on both sides of the globalization debate: pro-globalization entities like the World Trade Organization and World Economic Forum, which emphasize efficiency gains and opportunity; and anti-globalization groups including environmental and labor organizations concerned about competitive pressures on vulnerable populations. The paper also traces globalization's historical roots through ancient trade practices and introduces the concept of the global village as shaped by modern media.
Globalization is known as the process of increasing the connectivity and interdependence of the world's markets and businesses. This process has accelerated dramatically in the last two decades as technological advances make it easier for people to travel, communicate, and do business internationally. Two major recent driving forces are advances in telecommunications infrastructure and the rise of the internet. In general, as economies become more connected to other economies, they experience increased opportunity but also increased competition.
As globalization becomes an increasingly common feature of world economics, powerful pro-globalization and anti-globalization movements have arisen. The pro-globalization lobby argues that globalization brings about much increased opportunities for almost everyone, and that increased competition is beneficial since it makes agents of production more efficient. Conversely, the anti-globalization movement contends that certain groups of people, deprived in terms of resources, are not currently capable of functioning within the increased competitive pressure that globalization creates.
The two most prominent pro-globalization organizations are the World Trade Organization and the World Economic Forum. The World Trade Organization is a pan-governmental entity that currently has 144 member states. It was established to formulate a set of rules governing global trade and capital flows through the process of member consensus and to supervise member countries to ensure compliance with these rules.
The World Economic Forum is a private foundation that, while lacking formal decision-making power, enjoys considerable influence as a powerful networking forum for many of the world's business, government, and nonprofit leaders. Together, these organizations represent the institutional backbone of the pro-globalization movement.
Important anti-globalization organizations include environmental groups like Friends of the Earth and Greenpeace; international aid organizations like Oxfam; third-world government organizations like the G77; business organizations and trade unions whose competitiveness is threatened by globalization, such as the U.S. textiles and European farm lobbies as well as the Australian and U.S. trade union movements. These diverse constituencies share concern about the uneven distribution of globalization's costs and benefits.
"Ancient trade practices and mixed economies"
"Media and technology shrinking global distance"
You’re 63% through this paper. Sign up to read the remaining 2 sections.
Sign Up Now — Instant Access Already a member? Log inAlways verify citation format against your institution’s current style guide requirements.