The Economic Dimension of Globalization

Topics: Globalization, World Trade Organization, International trade Pages: 2 (575 words) Published: October 8, 2013
Globalization is a phenomenon primarily economic, connecting with increased co-operation and economic integration of nations through the growth of international trade, investment and capital flows. The economic dimension of globalization is the spread of the capitalist system of the growing area of the globe and the transformation of local economies into a single "global" system. The phenomenon of globalization can be considered also in a cultural, social and political. Cultural dimension of globalization is the result of the development of mass tourism, increased migration, commercialization of cultural products and the spread of the ideology of consumption. To contribute to the development of the marketing activities of multinational corporations and the development of mass communications. The process of economic globalization manifests itself: in the form of various types of structures economic cooperation, the development of large international companies and institutions. Also formed organizations that are intended to create the world's economic order.

The main distinguishing features of the globalization of the economy are:

International interdependence
The close relationship of science, technological progress and organizational •Rapid flow of information and goods

As a result of political globalization created such international organizations as the World Bank, the International Monetary Fund and the World Trade Organization.

There are many arguments for and against globalization. Here are some of them:

Arguments in favor of globalization:

may lead to the development of new forms of governance and the extension of democracy in all countries of the world, and as a result - the creation of a new peaceful world system eliminate barriers to trade, the flow of imports and exports thanks to globalization, there has been progress in the field of communication (telecommunications, telephony and Internet), making...
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