Globalization 3
Globalization 3 : The term describes the increasing integration of national economic systems through growth in international trade, investment and capital flows. Definitions of globalization are too numerous to list here. Globalization is promoted by rapid improvements in international transport and communications. But many do not See: globalization simply as an economic matter. This is because one of its effects is the relocation and integration of production processes among countries, reflecting the most appropriate technology and the best production cost. Globalization implies a degree of reciprocal action and interdependence and a greater exposure to global economic developments, described by some as a loss of independence by national governments. Greater participation in the international economy has social and political implications. Inflows of foreign investment into developing countries cause changes in employment and national income. Opponents of globalization claim that it increases the gap not only between rich and poor countries, but also among the peoples especially of developing countries. Some claim that globalization simply means corporations chasing ever cheaper labour and raw materials, and governments willing to ignore consumer, labour and environmental laws. To them, globalization is an insidious result of market forces, the economic power of multinational corporations and the growth of world trade. Their preferred remedy would be to restrict trade and investment flows. Defenders of globalization say poverty has many causes, including weak and corrupt governmental institutions and, for example, poor education and health services. They claim that developing countries that have opened their economies have seen the greatest reductions in poverty, and they cast doubt on the notion of rising global inequality. See: Global Employment Agenda (ILO); Globalization of the economy; World Commission on the Social Dimension of Globalization; World Trade Organization
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