Economic Globalization Analysis
Yet, the evaluation was not comprehensive. It only measure the impact on economic while impact on political and cultural were being neglected. Since impact can be either positive or negative, globalization became controversial. Some stated that globalization is overrated.
The impact on economic was significant. The economic globalization has accelerated the economic growth of globalize countries. Economic globalization refers to “the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, flow of international capital and wide and rapid spread of technologies.”(Gao, 2000).
Since the outset of economic globalization, free trade has been established.
Free trade has reduced the trade barrier between nations. Companies in different countries could trade freely, without any restriction on import or export. An example of free trade is The European Free Trade Association (EFTA), an intergovernmental organization which allows and promotes the benefit of free trade in Iceland, Liechtenstein, Norway and Switzerland. (EFTA,
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There was a greater choice of goods because foreign companies could easily enter. The foreign companies also increased the market competition, it drove the prices down. Therefore, consumers could enjoy a wide-range of goods in a low price level. For manufacturers, they could enjoy a larger export market. They could sell their goods and services to numerous countries. Furthermore, free trade allowed countries to specialize, countries could produce goods where they have a comparative advantage (a lower opportunity cost). The economy of a nation would be efficient when …show more content…
However, some criticisms were on the impact of the globalized culture. Consumerism was one of the many. Large multinational corporations were all over the world, it is difficult a country where brands like Adidas, Coca-Cola. didn’t exist. These multinational companies promote their products worldwide. It has enforce the western consumption trend to other countries, local companies has been pushed to the edge of the market. With reference to the example, Mc Donald’s mentioned above, it promoted the value of efficiency of fast food. Traditional cuisine were labeled with less effective, local restaurant would lost in business and there may be a danger of lost in traditional
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