What is Economic Globalisation?

Globalization of the economy has been accelerating since the 1950s with international expansion of international capitalism, free markets and international trade. Currently, almost all countries are increasing imports and exports from other countries than after World War II, even the former Communist countries are part of the global capitalist economy. For example, if only about 60% of British food imports and only 40% of food supply are grown in the UK, you can see that most products are imported from other places when looking at the classroom and living room.

The emergence of a worldwide commodity chain - globalization is progressing more and more from manufacturing. The global network from raw materials to final consumers is increasing more and more. The lowest productivity aspect - the actual production of actual products is often done in poor neighboring countries, the high profitability side related to brand and marketing will be done in wealthy countries of developed countries Well there.

The role of multinational corporations (multinational companies) is particularly important. These companies produce products in several countries, targeting global markets and global products. Many of them are last names of McDonald's, Coca-Cola, Nike etc. The annual income of the largest multi-national corporation exceeds the economic output of middle-income countries. For example, Apple has more annual income than Finland, and many oil companies like Shell and Exxon Mobil earn several times more income than the poorer countries they have extracted.

The world economy is post industrial, hence becoming increasingly "weightless" (Quah 1999) - products are not actual physical tangible physical goods, clothing or clothing, computer software, movies, music Information such as information service / cars and other items that are often based on electronic equipment

The e-economy supports globalization - banks, companies, fund managers and individuals can immediately transfer huge amounts of money to the border with just a click of the mouse. Transfer of large amount of capital may cause economic crisis

Therefore, globalization is not a "pure economic phenomenon". We have seen that many of the various aspects of globalization overlap and that what is called globalization is being formed. The economic aspect of globalization is governed by the political aspect of globalization and manages the international money market through a global institution like the World Bank but also to the global consumerism demand created by the globalization culture It will be influenced. Globalization is most commonly seen as a spherical three-dimensional fluid concept, including cultural, political and economic aspects that are interdependent rather than independent. Without the same influence of the cultural and political ties experienced by the individual today, the globalized world will not explain the union of only the world market.

However, the economic aspect of the globalization phenomenon plays an obvious role in shaping the globalized world; only by linking this economic aspect with other political, cultural and social aspects, globalization as a whole Can be defined. The economic aspect represents a greater degree of interrelationship in the world market, but this is not the only way the world is interconnected and therefore does not define the complete concept of modern globalization. Political globalization has become an important element of modern globalization and is the driving force for modern globalization. However, these political forces are often unrecognized and "rarely it is rarely the political aspect of globalization that is recognized by their friends and their enemies." But this does not mean that this aspect of globalization has little or no effect on the whole phenomenon.