Globalization and World

Topics: Globalization, Developed country, International Monetary Fund Pages: 23 (7946 words) Published: May 14, 2012
Globalization (or globalisation) refers to the increasing global relationships of culture, people, and economic activity. It is generally used to refer toeconomic globalization: the global distribution of the production of goods and services, through reduction of barriers to international trade such as tariffs, export fees, and import quotas and the reduction of restrictions on the movement of capital and on investment. Globalization may contribute to economic growth in developed and developing countries through increased specialization and the principle of comparative advantage.[1][2] The term can also refer to the transnational circulation of ideas, languages, and popular culture. Though globalization dates back to the days of Christopher Columbus, the modern period of globalization is generally considered to start in the 1980s.[3] Critics of globalization allege that globalization's benefits have been overstated and its costs underestimated. Critics argue that it has decreased inter-cultural contact while increasing the possibility of international and intra-national conflict.[citation needed] Some people also believe the phenomenon of globalization itself is over-exaggerated, or not nearly as new a phenomenon as it is made out to be, noting that two decades ago, in 1993, the United States spent about the same share of its income on imports as it did in 1890, over 120 years ago. [4] Contents  [hide]  * 1 Overview * 2 History * 2.1 Archaic period * 2.2 Islamic and Mongol eras * 2.3 Maritime Europe * 2.4 Industrialization * 2.5 Institutionalization * 3 Effects * 3.1 Economic * 3.2 Political * 3.3 Cultural * 3.4 Environmental * 3.5 Health * 4 Public opinion * 4.1 United States * 4.2 Other developed countries * 4.3 Developing countries * 5 Media coverage * 6 Interpretations * 6.1 Positive * 6.2 Negative * 7 See also * 8 References * 9 Further reading * 10 External links * 10.1 Multimedia| -------------------------------------------------

The term was first employed in a publication entitled Towards New Education in 1930, to denote a holistic view of human experience in education.[5] The related term 'corporate giants' was coined by Charles Taze Russell in 1897,[6] to describe the largely national trusts and other large enterprises of the time. By the 1960s both terms began to be used synonymously by economists and other social scientists. The term reached the mainstream press in the later half of the 1980s. Since its inception, the concept of globalization has inspired competing definitions and interpretations, with antecedents dating back to the great movements of trade and empire across Asia and the Indian Ocean from the 15th century onwards.[7] The United Nations Economic and Social Commission for Western Asia defines globalization as: "a widely-used term that can be defined in a number of different ways. When used in an economic context, it refers to the reduction and removal of barriers between national borders in order to facilitate the flow of goods, capital, services and labour... although considerable barriers remain to the flow of labour... Globalization is not a new phenomenon. It began towards the end of the nineteenth century, but it slowed down during the period from the start of the first World War until the third quarter of the twentieth century. This slowdown can be attributed to the inward-looking policies pursued by a number of countries in order to protect their respective industries... however, the pace of globalization picked up rapidly during the fourth quarter of the twentieth century..."[8] Tom G. Palmer of the Cato Institute defines globalization as "the diminution or elimination of state-enforced restrictions on exchanges across borders and the increasingly integrated and complex global system of production and exchange that has emerged as a result."[9] Thomas L....

References: Distribution of world GDP, 1989 |
Quintile of Population | Income |
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