Economic Globalization Definition
Posted by Stephen Cline on May 31st, 2009Globalization is affective everything from the way we communicate to the way we handle money. So today I want to take a quick at the definition of economic globalization, from a few different sources.
Economic Globalization Definition:
Economic globalization can be defined as the process of increasing economic integration between two countries, leading to the emergence of a global marketplace or a single world market. Depending on the paradigm, globalization can be viewed as both a positive and a negative phenomenon.
Whilst economic globalization has been occurring for the last several thousand years (since the emergence of trans-national trade), it has begun to occur at an increased rate over the last 20-30 years. This recent boom has been largely accounted by developed economies integrating with less developed economies, by means of foreign direct investment, the reduction of trade barriers, and the modernization of these developing cultures.
Wikipedia’s Economic Globalization Definition
Economic globalization “pertains to deeper integration and more rapid interaction of economies through production, trade, and (unregulated) financial transactions by banks and multinational corporations, with an increased role for the World Bank and the International Monetary Fund, as well as the more recent World Trade Organization” (p.35).
Moghadam, V.M. (2005). Globalizing women: Transnational feminist networks. Baltimore, MD: The Johns Hopkins University Press.
The thing I noted that both definitions seem to focus on is integration., it is the merging of economies that is seeing the creation of economic globalization. Definition of economic globalization.