Economics and Globalization

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Globalization is the widening, deepening and speeding up of worldwide interconnectedness. Factors involved in globalization are technology, politics, culture and economics. A lot of our technology comes from Japan, which would include television (Toshiba, Sony), cell phones (Nokkia, Motorola) and automobiles (Nissan, Toyota). Politics connect us to other countries through treaties or worldwide organizations like the United Nations or the World Bank. In many countries around the world they have ‘westernized’ themselves. I lived in Japan and got to travel around Asia and I was always amazed by how many McDonald’s or Starbucks I saw. More so in other countries than in the United States they have embraced other cultures and ways of life and integrated it into their own cultures. Economic integration has intensified as the expansion of global commerce, finance and production links together nations, communities and households across the world’s major economic regions and beyond. There are three theories on globalization, that of the Hyperglobalists, the Skeptics and the Transformalists. Hyperglobalists argue that globalization is primary economics, an increasingly integrated global economy that exists today and that states are losing power to markets and corporations and new global structures of governance. Hyperglobalists also believe that globalization represents an entirely new era in human history and that the global market is emerging. Skeptics argue that the idea that globalization represents something totally new is largely a myth. The world was more interconnected back in the early 20th century because there were no passports or visas needed back then. And lastly Transformationalists argue that globalization involves more than just economics. Globalization is new but its end point cannot be predicted and that the role of the state is being altered by globalization. After reading about the three different theories of globalization I agree with...
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