Globalization is the process of making businesses, philosophies, cultures and technologies on a worldwide basis, and where the global economy is characterized as being an interconnecting market place. According to George Stonehouse and his co-writers in 'Global and Transnational Business', 'Globalization refers to the development of global or worldwide business activities, competition and markets and the increasing global interdependence of national economies.' Nowadays, there are a large number of theories concerning the term globalization, and the debate mainly concerns the implications and the nature of this highly controversial process. Does globalization have the potential to create greater opportunities for growth without inequalities and dangerous consequences?
[...] It is evident for everyone that globalisation had an important impact on the expansion and robustness of the 2008 crisis. This is obviously the reason of why the economic crises occurred and impacted the most on emerging economies. In addition, Justin Yifu Lin, vice president of the World Bank, claimed that the rapid growth of developing countries during these past few decades “better equipped them to deal with exogenous shocks in the current crisis.” (Yifu, Lin J (2008) Page However, the recent turmoil had bad consequences on investment in emerging markets. [...]
[...] To conclude, we can say that this is not today that the world economy and the national governments will stop facing challenges and economic conflicts. This will maybe reinforce the sovereignty of the state and decrease the process of globalisation, but will the countries manage to deny the potential benefits coming from an integrated world economy? Bibliography Books Stonehouse, G. & Campbell, D (2007) Global and Transnational Business Strategy and Management, England: John Wiley & Sons Hirst, P. & Thompson, G (2009), Globalisation in Question, 3rd edition, Cambridge: Polity Turner, G (2008) The Credit Crunch: Housing Bubbles, Globalisation and the Worldwide Economic Crisis, England: Pluto Press Articles Deaglio, M. [...]
[...] According to Professor Mario Deaglio, experts in economics, globalisation is a catalyst of the recent economic crisis. Firstly, this latter had a real impact on financial markets, and then it had important consequences on employment rates. Professor Deaglio also explained that "unemployment figures released in the UK [ ] show that just over 1.8 million people are now out of work more than three months ago. The picture is similar elsewhere, with unemployment figures in the US also making for grim reading, coupled with news that Germany [ ] is officially in recession. [...]
[...] Das (2008) Page Such partisans believe that the establishment of a single market place is more and more becoming a source of financial instability, and that this is particularly this integration that is influencing the frequency and the robustness of recent economic crisis. The recent crises of the past two decades have demonstrated to the world the important consequences that such economic turmoil can create: slowdown of business activities followed by a high level of unemployment, creating poverty, social problems and a deterioration of people's quality of life. [...]
[...] (Moises, N (2009)) For this author, it is therefore obvious that it is not today that globalisation will disappear from our organisation, and it is not even the recent economic crash that will massively slow down its effects. According to Horst Köhler, current President of Germany, and former director of the IMF, the international dependence of the nation-states is a matter that can be solved by a closer collaboration and cooperation of countries and institutions with each other. In addition, he believes that globalisation is a process requiring international solidarity, without undermining the concept of national self-responsibility. [...]
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