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Theories Of Globalization

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What is Globalization?
Globalization has been around for thousands of years, people used to exchange goods and services through bartering – trading products or services of similar values. With the emergence and adoption of currency, trading and services became more efficient. Subsequently, the developments in transportation and communication revolutionized this exchange, and then came the formation of corporations buying, selling, and transporting commodities to far greater distances around the globe.
Trading is the most visible aspects of globalization, but over the past few years, foreign investment has grown more rapidly than trading and production. International investment includes commercial loans offered by banks to foreign businesses …show more content…

Although there are conflicts and disputes in globalization as organizations contend for the same market share, one example of this is the long outstanding argument between American firm Boeing and European Union company, Airbus. Both country is pointing fingers at each other, claiming the government is providing subsidized to their domestic aircraft manufacturing industry in the forms of payments, low interest loans, research and development grants, tax breaks etc… Many subsidies are classified illegal by World Trade Organization (WTO) because they provide unfair …show more content…

This is a tricky question. The reason why it is tricky is the fact that we are going through a revolutionary changes in globalization. Although globalization has been around for thousands of years, but the acceleration of globalization was propelled by the advancement in technology, such as computers, and telecommunications. This advancement has led the world to be more interconnected, with the world economic system divided each country into the following groups, core, semiperipheral, and peripheral, these are known as World-System Theory.
According to Wallerstein, core countries such as U.S., Japan, Germany, are dominant with high levels of industrialization and urbanization. Most African countries are peripheral, these countries are mostly agrarian and are dependents on core countries for capital. And semi-peripheral countries such as Taiwan, South Korea, Mexico, India, Brazil, South Africa are less developed than core countries but are more developed than peripheral

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