Economic Globalization

Topics: Industrial Revolution, Capitalism, Economics Pages: 3 (726 words) Published: June 9, 2013
Barter System
* The exchange of goods and services when there is no money involved. You can buy items by exchanging things you no longer need. It has been around for a long time; however, it is not necessarily something that an economy or society has relied upon solely. * Due to lack of money, in the 1930s during the Great Depression, bartering became popular.

Globalization
* The increased mobility of goods, services, labor, technology, culture and capital throughout the world; from factors such as advanced communication and transportation technologies, mass migration of people and economic activity that has grown beyond national markets. * Advantage of globalization is the opportunity for developing nations to catch up to industrialized nations through increased employment and technological advances. Critics argue that it allows rich nations to send domestic jobs overseas to where labor is cheaper, weakening national sovereignty.

Mercantilism
* Economic system used during the 17th and 16th century with the theory that there is a fixed amount of wealth in the world and that a country’s prosperity depends on its success to accumulate wealth by maximizing its exports. The idea was to minimize imports by regulating tariffs (taxes) and maximize exports. * “Buy for less, sell for more” concept: exports > imports * The wealth of a nation depends on the possession of bullion

Imperialism
* Policy or practice of extending power and dominion by claiming territories or by gaining political and economic control over an area. Imperialism involves the use of power, often in the form of military force. * It is often justified as being the result of people’s natural struggle for survival, relating to the idea of Social Darwinism where stronger nations take over the weak.

Social Darwinism
* Theory that societies, nations or races are subject to the laws of natural selection, suggesting that those with greater wealth and...
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