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Cultural and Economic Implications of Globalization

Compare and contrast the concepts of global culture and global economy.

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The global economy is the summation of the goods and labor traded and used throughout the world, and the activities related to the production and distribution of goods and services. It is the system with certain laws that apply to these activities, just as they do to economies of smaller scales. According to the International Monetary Fund, globalization is "the growing economic interdependence of countries worldwide through the increasing volume and variety of cross-border transactions in goods and services and of international capital flows, and also through the more rapid and widespread diffusion of technology." (IMF World Economic Outlook 1997). This growing economic interdependence leads also to the rapid exchange of ideas, which affects culture. The dominant media offerings quickly displace local attractions and become the only game in town. Because of this, some see evidence of an emerging global culture. Global culture is then common values that all people hold. Others believe that no such common ground can be found, and thus global culture doesn't exist. Others, such as Immanuel Wallerstein, argue that global culture ...

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Comparing the concepts of a global economy and a global culture.