It is believed globalisation is beneficial but only for the developed Essay

It is believed globalisation is beneficial but only for the developed world it is an evil concept for the underdeveloped world. Comment on this statement - Essay Example s, not only in traditional international trade in goods and services, but also in exchanges of currencies; in capital movements; in technology transfer; in people moving through international travel and migration; and in international flows of information and ideas. Globalization has involved greater openness in the international economy, an integration of markets on a worldwide basis, and a movement toward a borderless world, all of which have led to increases in global flows. Michael D. Intriligator’s paper (2001) indicates several sources of globalization over the last several decades. One such source has been technological advances that have significantly lowered the costs of transportation and communication and dramatically lowered the costs of data processing and information storage and retrieval. A second source of globalization has been trade liberalization and other forms of economic liberalization that have led to reduced trade protection and to a more liberal world trading system. A third source of globalization has been changes in institutions, where organizations have a wider reach, due, in part, to technological changes and to the more wide-ranging horizons of their managers, who have been empowered by advances in communications. A fourth reason for globalization has been the global agreement on ideology, with a convergence of beliefs in the value of a market economy and a free trade system. A fifth reason for globalization has been cultural developments, with a move to a globalized and homogenized media, the arts, and popular culture and with the widespread use of the English language for global communication. It must be understood that globalization has clearly changed the world system and that