Identify One of the Most Significant Characteristic of Economic Globalization and Discuss Whether Its Impacts Have Been Mostly Beneficial

Topics: Globalization, World Trade Organization, General Agreement on Tariffs and Trade Pages: 4 (1155 words) Published: April 13, 2013
Identify one of the most significant characteristic of economic globalization and discuss whether its impacts have been mostly beneficial Globalization has enabled both countries and individuals to become increasingly homogeneous especially in the economic fields, due to a large number of reasons, including but not limited to the cheaper and more convenient transportation which allows the people to build business transactions in other parts of the world with less time-cost, the powerful and advanced media which brings a universal appeal to the people by advertisements and TV programs, and also the development of electronic technologies which has created a much larger market operated on a global stage by changing traditional business strategies. Furthermore, in terms of effects on economy brought by globalization, it seems that the most significant characteristic is the fast increase in international trade which primarily dominates the progress of multinational economics. In addition, although some evidence shows that there are a few negative influences caused by the growth of international trade, there is still a multitude of directly commercial benefits which have been taking place seem to be more powerful. The foremost opposing view of international trade claims that the majority of the huge profit gained from this kind of business was received by the minority of persons, and the income of most individuals only accounted for a small proportion in majority of countries (Soars, 2008). Furthermore, pessimistic globalists also argue that it may increase the gap between the people in poverty and in wealth which will result in increasing number of inharmonious conflicts (Held, 2004). However, these arguments seem to be biased slightly. It is a fact that the increased international trade has led a large number of benefits derived by most individuals especially in some developing nations. For example, according to Soars (2008), the per capita income ascended from...

Bibliography: Buckley, R. (ed.), 2008. “Change and Continuity in a Shrinking World” Understanding Global Issues. London: Understanding Global Issues Ltd.
Das, Dilip K., 2009. The Two Faces of Globalization: Munificent and Malevolent. Northampton, MA: Edward Elgar Publishing, Inc.and Glos, UK: Cheltenham.
Held, D., 2004. A Globalizing World? Culture, Economics, Politics. London: Routledge.
Soars, J., 2008. Collected essays on Globalisation. Oxford: Oxford University.
Stiglitz, Joseph E., 2002. Globalism 's Discontents. The American Prospect, Winter, pp.16-21.
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