Triangle Business Daily

How do you define globalisation in the terms of economy?

I have an assignment at school for geography. and i have to define globalisation in the terms of economy. i tried googling it but nothing helpful ever comes up. and could you also tell me what exactly is globalisation and economy? a link to any helpful website would also be greatly appreciated !

Public Comments

1. globalisation is the breakdown of traditional barriers between nation states allowing the movement of goods, capital and people and information. globalisation in technology is internet (helps us communicate and get information from all over the world) satellite technology and transport technologies. globalisation in economy for example is the rise in tnc's (trans national corporations) for example mcdonalds and other large stores and organisations economic impacts of globalisation: many countries invest money in other countries Tariffs are being rapidly introduced jobs have mover where labour is cheap countries are now more dependant on each other there are many global financial transactions dominated by a small number of large banks. this is striahgt from my geography book. we did globalisation last year. if you want more email me i'll gladly give more information good luck.
2. With globalisation what used to be independent national economies are transformed into an inter-dependent world economy so that, in theory, anyway, what's good for one is good for all and what harms one harms all. Consider this notion: Had globalisation existed in 1941 and had Japanese investors owned hotels in Hawaii, as they do now, would the Imperial Japanese Government have attacked Pearl Harbor? Unlikely, as they would have been harming their own assets. This would have pissed off some big, Japanese business fat-cats. And no government wants to piss off their fat cats! That usually leads to those in charge of the government going away, not the fat cats. Violent, communist "kill the rich and take their land" revolutions excluded. But in globalisation even they must play ball to participate in the wealth generated by expanded trade, or be left in the dust. Example: What two countries are not part of globalisation? North Korea and Cuba, the two countries where "time has stood still" while the rest of the world has plowed ahead. In today's terms, it is in neither China's or the United States interests to harm the other as trade would then stop, jobs would be lost and the standard of living of the people severely harmed in China. In the U.S., prices would skyrocket and the economy would go into severe recession or depression. By having all economies inter-dependent, it is not in anyone's interests to bring harm to another as it would then inflict harm on themselves. For this reason I believe globalisation is good for all of us, developing and industrial nations. If you want contact me and I'll give you additional reasons for developing third world economies, not just the industrial super-powers, to get in on the action, as well. I am sorry I do not know a website to refer you to. I hope this helps you. Good luck with your assignment!