What is Globalization?
Anthony Giddens a famous London sociologist defines globalisation as " a decoupling of space and time, emphasising that with instantaneous communications, knowledge and culture can be shared around the world simultaneously."
Globalisation refers to the increasing integration of economies around the world particularly through trade and financial flows. It can also refer to the movement of people (labour) and knowledge (technology) across international borders.
Globalisation is based on a free market ideology and the push towards …
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…great communications device for people.
How do you weigh the Pro's and Cons of Globalisation.?
Global competition and cheap imports can keep a lid on prices and export jobs often pay more than other jobs.
Greater access to foreign investment will keep interest rates low.
An open economy spurs innovation with fresh ideas from abroad.
Productivity grows more quickly when countries produce goods and services in which they have comparative advantage.
Living standards can rise.
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