Implications Of Globalization Analysis

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Globalization, with its broad implications, can be discussed in various perspectives, as socio-cultural, political and economic. Economists outline how the free mobility of goods, labor, services and capital across the borders. According to the World Bank, the globalization is the ability of individuals and organizations to perform voluntary trade or business transactions with residents of different nations.
The prime purpose of this essay is to explain how globalization is affecting and influencing the economic development of the world. Economic development means promotion and betterment in the economic opportunities and quality of life; and the reduction of poverty. Improving education and health sectors, clean environment and proper use
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According to neo-liberals, since free trade is the perfect strategy, it is reasonable to press underdeveloped countries to remove trade barriers and open their markets, actualize progression, and implement liberalization, both of which have been upheld in the previous twenty years by the American government and IMF. The neoliberal perspective is still the predominant position in the world. Neo-liberalism is being tested by the so-called revisionist school, whose criticism is a review, not a mass dismissal. The revisionist school neither thoroughly contradicts globalization nor does it advocate that underdeveloped countries abstain from joining the international market and the WTO. It mostly challenges the free-market theory, and offers different opinions about systems and…show more content…
It appeared in fifty years before the First World War. However, the time span between the two world wars, protectionism and control has proven to be extremely popular. In addition, there were hostilities between world powers on control of world regions. At the end of World War II, the United States restored its hegemony. As well as, European countries and the United States have resumed the procedure of post-war integration. After the Second World War, the economic order world was mainly based on Keynesianism. The arrangement was made during a meeting in Bretton

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