Globalization: Meaning, Drivers and Effects
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What is globalization, and what are some of the traditional international trade theories that support the concept of globalization?
List the major drivers of globalization and provide three examples of each.
Explain at least four effects of globalization that affect your community and your organization.
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This solution responds to the questions in some detail on globalization e.g. what is it, what are the drivers, what are the effects, and others.
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RESPONSE:
1. What is globalization, and what are some of the traditional international trade theories that support the concept of globalization?
Globalization is a long-term process of connection and transformation, but often refers to the world economy (Croucher, 2004). A fuller description of the concept of globalization is the "non-stop aftershock of the current explosion of knowledge and technology. It has set in motion a living, expanding, and highly uneven network of cross-border flows not only of goods, services, money, and technology, but also of ideas, information, culture, people, and power? (see http://web.gc.cuny.edu
/Eusc/activities/paper/frost.ellen.htm).
Although no one theory alone can describe the pattern of international trade or support for globalization, when considered
together, there are several theories to consider, mainly, the mercantilism, Smith's absolute value, to Ricadi's Comparative Advantage; Vernon's Life-Cycle; Factor Proportions Theory and the Leontief Paradox; Heckscher0Ohlin, New Trade; Porter's Theory and the Eclectic Theory help explain/support the concept of globalization (http://www.globalpolicy.org/globaliz/econ/2004/1206shakingtrade.htm).
Following Mercantilism and Smith's absolute value theory, British economist David Ricardo (1800s) proposed the theory of comparative advantage in the early 1800s, was taken up by most economists used to support globalization--that countries gain more than they lose when they trade with each other and specialize in what they do best. Today, however, advances in telecommunications such as broadband and the Internet have led to a new type of trade that doesn't fit neatly into the theory. However, the ...
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