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Globalisation is mainly an economic process. Discuss

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Introduction

´╗┐Globalisation is mainly an economic process. Discuss (30) ?It has been said that arguing against globalisation is like arguing against the laws of gravity?-Kofi Annan. This statement is perhaps considered to be true but is globalisation mainly an economic process? Although many countries consider globalisation as a benefactor economically, it can also be perceived as other benefactors e.g. socially, technologically as well as politically. The countries of the United Kingdom and China are examples of these countries that have been affected by this. The Global economy is the combined economies across the world; it provides us with much information on the main contributors in terms of GDP (Gross National Product). The top 10 countries in terms of GDP are United States, China, Japan, Germany, France, United Kingdom, Brazil, Italy, India, and Canada. According to data from the World Bank and the IMF (International Monetary Fund) GDP per capita stands at $10,500 (USD), furthermore, 30% of the world population currently 7 billion is currently unemployed, this is compounded by the fact that 3.25 billion people are living on less than $2 a day. ...read more.

Middle

By December 2010, China had around 457 million internet users, an increase of 19% over the previous year, and by the end of 2011 the number of internet users had exceeded 500 million. This is thanks to the integration of the world system and the allowance of private corporations to set up in China. Infrastructure is another key argument why china became globalised during the start of the global financial crisis in 2008 the Chinese government through the National Development and Reform Commission gave approval for 60 infrastructure projects totaling more than 1 trillion Yuan ($157 billion). This was adopted by Keynesian economic theories which have become essential in the economic downturn who believed that spending more money and borrowing more would help rejuvenate potentially faltering economies. This showed that infrastructure was also a factor in China?s globalisation as it allowed more people to visit the country through better road networks and better transportation services such as, airports and high speed rail networks. From this you can see that infrastructure and telecommunications helped china become more globalised through connecting to other people showing that it is just not an economic process. ...read more.

Conclusion

However, there could be other reasons why the UK became more globalised; one reason could be that during the global financial crisis Alistair Darling the Chancellor and Exchequer at the time announced to adopt John Maynard Keynes’s theories by investing into the economy one of these examples was to invest £16bn Cross rail and the 2012 Olympic Games, both in London. By doing this he hoped to not create jobs, but to increase the infrastructure of the area to make it easier for other countries to visit the UK especially before the London 2012 Olympic Games. Another reason why the UK became more globalised is the proposed. Furthermore, Keynes was ever more relevant in the 1950’s as after World War two where his monetary policy allowed investment into the economy allowing manufacturing to boom this caused better radios to be made and other products, this allowed better connection to the wider world and so communication increased leading to the UK to become more globalised. In conclusion although Globalisation is seen by many countries as mainly an economic process it is hard to ignore those other factors such as infrastructure and communications have played a significant role in the integration of globalisation on those countries. . ...read more.

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