• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Provide an analysis of the evidence which

Extracts from this document...


Provide an analysis of the evidence which suggests that globalisation is the most important force at work in this time in history. Dave McNeill Globalisation, the integration of world economies in terms of trade, finance, investment, labour and technology, is indeed an important force at work in the world today, and there is indeed much evidence to support such a statement: the integration of national labour markets, the increase in cross boarder trade and investment, and the development of a 'world economy' with measured GDP growth all suggest that globalism has become the dominant force in the world today. However, this blind acceptance of globalism that has become all to apparent in modern times is sometimes unjustified; in the past century there have been many contentious issue that dominate the global agenda, most recently terrorism and the growing conflicts between Islamic fundamentalism and Western Culture, and dating further back this century warfare and international conflicts, that have essentially proved themselves to be as, if not more dominant that globalisation as a dominant force on the global agenda. ...read more.


has grown at such astounding rates, the amount invested in foreign derivatives is still dwarfed by that invested domestically - in fact international finance still represents only about one fiftieth of its domestic counterpart, which suggests that although there has been massive growth in the area, globalisation has not yet developed into the force that it is perhaps made out to be. Foreign investment, both direct investment (FDI) and portfolio investment, mainly oriented around foreign exchange markets, has also experienced this similar trend of growth particularly in recent times. From 1991 to 2000, FDI flows increased by 600%, resulting in aggregate trade of over $US 1.2 trillion. Portfolio investment, too, has grown by spectacular amounts, clocking 400% growth rates between these two years, an aggregate of over $US 3 trillion. These figures indeed suggest the investment integration of the domestic economies - such large growth rates and aggregates indeed indicate that the global economy, driven by 60 000 TNCs and their 800 000 affiliates world wide, is becoming increasingly an omnipotent force on the international agenda. ...read more.


War, too, has been a deciding force in history. From the very start of mankind conflict has been part of our society, yet it was only this century that saw war on the scale that in which millions of people can die in half a year of combat. The First and Second World Wars, to mention but the most significant, have indeed changed many perspectives on the world today, and still play an important part in everyday life. Thus, although globalism is indeed a very important force in the world today, it is definitely not the most important force in history. Huge growth rates have been experienced in the indicators of globalisation - trade, foreign investment and international finance, in combination with the emergence of a truly global economy, and these figures indeed indicate that globalism is a very important and dominant force in the world today. However, war, driven by human greed and self interest, has certainly dominated international affairs over the past century, and thus globalism, although an important force, is certainly not the most important force in history. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level UK, European & Global Economics section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level UK, European & Global Economics essays

  1. Where does the World Trade Organisation fit in the overall scheme of international public ...

    Hence the political will to compromise, with attendant negotiating flexibility, from mid-September. These and other factors combined to produce an atmosphere of civility and co-operation in Doha, in stark contrast to the crotchety and sometimes explosive mood in Seattle. What was agreed in Doha?

  2. This paper investigates an evidence to support the HOV model by carrying out a ...

    exports minus imports, instead of exports and imports separately. As for other assumptions of the HOV model, Leamer concludes that, if the above assumptions with regard to trade impediments, international factor mobility, non-traded and intermediate goods, transportation costs, factor market distortions and consumer preference dissimilarities are not fulfilled, outcomes from the HOV model are not seriously affected.

  1. Why has GDP growth been so slow in Somalia?

    forget that Europe had suffered numerous upheavals, revolutions, coups and conflicts - including the small matter of two world wars, the east-west partition of the entire continent over numerous decades and persistently periodic fighting in the Balkans in the twentieth century alone; it would have been unrealistic expect Africa to develop so quickly26.

  2. Free essay

    Globalisation and changing career patterns

    Our parents' generation changed jobs three times on average, careers hardly ever. But those born in the 1970s and 80s in particular are likely to change jobs between five and 10 times in their lifetimes, and experience at least four career shifts - as many as six to 10 if they were born after 1982 (Oblinger 2005).

  1. The environment for foreign direct investment (FDI)

    and to upgrade the country's technological capacity. The heavy industrialization programme took the form of new joint venture projects between state-owned enterprises and foreign (mostly Japanese and Korean) partners in automotives, motorcycle assembly, steel, cement, fertiliser, petrochemical and other industries (Felker and Jomo, 2002).

  2. Globalization describes the ongoing global trend toward the freer flow of trade and investment ...

    The atmosphere is global. Whatever we put in the air in one place eventually may find its way to any other place on the globe. Weather is global. The warming or cooling of the oceans in one part of the world affects the weather in another, which in turn affects the temperature of oceans elsewhere on the globe.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work