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Modernization Theory and Globalization

The export import economic model for modernization had what type of flaw as regards to those nations that adopted this model? What are the characteristics of globalization and what are some of its contradictions?
(See the attachment pg. 34-36 to help you)
What is the difference between glocalization and grobalization? Is one of these seen as more positive than the other?
Why does Friedman state the world is only ten years old? (See the attached articles on Friedman's perspective to assist you)

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Modernization Theory and Globalization

The export import economic model for modernization had what type of flaw as regards those nations that adopted this model?

In order to export more than one import, so as to maintain a favorable balance of trade, one must either produce finished products that other people want to buy or sell off one's raw materials in bulk. Nations who choose this model for modernization will use up their own raw materials sooner or later. When this happens they must find other nations to exploit for their natural resources. The primary problem is that this is not an indefinitely sustainable form of economic growth.

What are the characteristics of globalization and what are some of its contradictions?

Globalization essentially refers to the introduction of the economic system known as capitalism on a global scale. Free market capitalism had been experimented with on a national level in America, Britain and many other nations. Globalization, however, ...

Solution Summary

Modernization theory and globalization is examined. Why Friedman states the world is only ten years old is determined.

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