Explain The Basic Flow Of Funds Through The Financial System What Is ‘Globalization’?

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What Is ‘Globalization’?

Globalization is the tendency of investment funds and companies to move beyond domestic and national markets to other markets around the world, thereby increasing the interconnectedness of the world. Globalization has had the effect of greatly increasing international trade and cultural exchange.

DESTROYING ‘Globalization’

Proponents of globalization say that it helps developing countries catch up with industrialized countries much faster through increased employment and technological progress; critics of globalization say it weakens national sovereignty and allows rich nations to send domestic jobs overseas where labor is much cheaper.

Globalization is used to explain the recent integration of domestic economies, industries, cultures, and government policies around the world. This integration occurred by increasing the technological capabilities and efficiency of world trade, communications and transportation. Primarily, globalization refers to the economic integration of global markets, but it is also used to describe the socio-cultural integration brought about by the rise of the Internet.

Driving factors of globalization

Public policy and technology are the two main driving factors of current globalization. Recent government policy implementations, both domestic and international, have opened up economic borders for countries around the world. Over the past 20 years, world governments have integrated the free market economic system into fiscal policy, monetary policy, and trade agreements. This evolution of economic systems boosted domestic production potential and opened countries to greater financial opportunities abroad. World governments are now focused on reducing barriers to trade and are actively promoting international trade in investment, goods and services.

Technology is also the main reason for the growth of globalization. Advances in information technology (IT) and the flow of information across borders have empowered individuals to take control of their financial lives. Technology has helped people become more informed about economic trends and enables people to transfer financial assets and take advantage of investment opportunities. Technology has increased the ability to communicate internationally, reducing the gap between different cultures.

The controversy behind globalization

At first glance, globalization is an incredible development. Those who believe in globalization as a force for good cite the increase in living standards in developing countries as an advantage of globalization. However, those who do not believe in globalization cite the fact that it has disproportionately benefited corporations in the Western world at the expense of developing economies, cultures and people. These critics are actively working to strengthen domestic economies at the expense of free trade.

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