Globalization Economics
The notion of globalization has become a highly debated topic as its implications and consequences are becoming harder to ignore. Individuals, institutions and whole communities, local, national or transnational, are finding it more difficult to thrive without taking part in the global market system. Petras states, “The concept of globalization argues for the inter-dependence of nations, the shared nature of their economies, the mutuality of their interests, the shared benefits of their exchanges” (1). Reinicke notes a distinction between global interdependence and globalization, “Often confused as one and the same, interdependence is actually an important precursor of globalization” (1). This precursor has evolved into what can be considered a global interdependence between nation states, whereby economies and markets are becoming increasingly integrated. Further explained, “The fact is that the world 's people and nations are more interdependent than ever before and becoming more so. The evidence of interdependence is global flows of such things as trade, investment, and capital” (Lodge xi). The results of this integration do not just have mutual financial consequences but can extend to political, cultural, and social levels touching institutions and individuals in all countries and on all levels of society. An emerging global economy opens a new global market to any and all players within the international stage, creating interdependent relationships linking businesses, countries, even individuals. Evidence of this global interdependence is seen in the evolving markets and the relationships between its actors. Evolution of a new type of global market, current trends in international trade, international flow of capital, erosion of international borders, roles of Multi National Corporations, the increased role of international organizations, and the role of information technology, illustrate how global interdependence has been increasing and will continue to
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