Philosophers And Globalization In The 21st Century

INTERNATIONAL RELATIONS: GLOBAL ECONOMICS

WORLDLY PHILOSOPHERS AND GLOBALIZATION IN THE 21ST CENTURY

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Worldly Philosophers and Globalization in the 21st Century

Introduction

In a world where economic theories are all mixed up, there has been no greater cry for clarity than the one the world is currently facing. As defined by (Van Miert, 1997), “economic globalization is a process whereby markets and production in different countries are becoming increasingly inter-dependent due to the dynamics linked with trade of goods and services, cash flow and technology.” This means that economic globalization is a phenomenon

In order to answer this very important question, it is important to understand that globalization is a mesh up of economic intergration, reproduction in relation to the demandand supply of the industry and thus cannot be given boundaries. It “is the process of world shrinkage, of distances getting shorter, things moving closer. It pertains to the increasing ease with which somebody on one side of the world can interact to mutual benefit, with somebody on the other side of the world” (Larsson, 2001, p. 9). This means that just by living, humans are a great part in the course and effect of globalization. The reason why Heilbroner poses the question on whether worldly philosophy has a place in the modern globalizing world is vast and can be understood by clearly understanding the meaning of worldly philosophy. In the book The Worldly Philosophers: The Lives, Times And Ideas Of The Great Economic Thinkers, the reader is made to understand that for years, economists were refered to as worldly philosophers. Thus, a worldly philosopher is an economist who is concerned about the laws of production and distribution of goods and services. To answer Helibroner’s question, it makes sense to understand the stand on economics as a

Both these organizations are in place for the sole reason of protecting both parties during trade relations and as a result, they tend to be used both in and out of the governing body. According to the (International Monetary Fund, 2014),Latvia became the 18th country in the Euro area to join the IMF and currently there are 188 countries which are memebrs of the IMF. This means that these countries are protected by the organization and should there be a currency problem in a country caused by one of its trading partners, the IMF moves in to try and resolve te matter while financially covering the country that is at a loss. One of the formal principles of the IMF is to do an annual “checkup” of the financial standings of their member countries. This helps to discover the country’s economy by taking note of the financial debt and credit. When this happens, the IMF that has a prinsiple of not showing any partiality will publish this discovery for all the members to discover wehre they stand in relation to their trade partners. In a world where economists are nolonger concerned on conceiving their discipline broadly and morals are in question, the IMF plays a huge role in holding the global basket