• 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...

Introduction

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.

Middle

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.

Conclusion

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. Why has GDP growth been so slow in Somalia?

    Many prospered on bribery from the profiteers in the so-called gray economy29. Other government workers could obtain "letters of credit" (the right to draw funds from government-held foreign exchange accounts) allowing them to import goods for sale and for family use.

  2. Free essay

    Globalisation and changing career patterns

    Whilst globalisation is not the only factor pertaining to the loss of particular industries, it has certainly played a big part in this, and I will consider its impact in detail. 3. Globalisation & Employment 3.1. Changing Career Patterns in the UK The changing patterns of the UK workforce are

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

    Deardorff (1982) shows that if both of these assumptions are met, factor intensity reversals cannot occur. These eight assumptions of the HOV model are more valid for a group of industrialized countries than for a mixed group of industrialized and developing countries5.

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

    All of the national economies of the world are interconnected now through their dependence upon each other for trade. Problems anywhere in the world economic community, with Japan and Argentina being recent examples, create economic problems for nations all around the globe.

  1. Islamic terrorism is a serious problem for the United States because of the threat ...

    By secretly funding terrorist organization, the patron state avoids the possibility of defeat and does not appear to be the aggressor. Modern technology has now made terrorism an efficient, convenient, and general discrete weapon for attacking state interests in the international realm.

  2. Corruption and Globalisation - Both of them have been so pervasive in recent years. ...

    Since these leaders have supreme powers, their actions are never questioned and those who do raise questions are summarily dismissed or severely punished. - Lack of transparency in the handling of public finances. There are no clear mechanisms of check and balances; as a result it is easy to misuse funds.

  1. GOld History Timeline

    1935 Western Electric Alloy #1 (69% gold, 25% silver and 6% platinum) finds universal use in all switching contacts for AT&T telecommunications equipment. 1944 The Bretton Woods agreement sets an international gold exchange standard and creates two new international organizations, the International Monetary Fund (IMF)

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

    It is integral to the "spirit of industry" and a dynamic, ever-wider commercial society.17 Hence, Adam Smith's "natural liberty", the lifting of artificial restraints upon individual choice and action, is not only of intrinsic value, a "good" in itself;18 it is also the foundation of the "wealth of nations".

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