How Economic Globalization Has Fostered Globalization of Critics and Criticism?
I. INTRODUCTION
The concept of globalization is one of the most talked about terms over the past decades. In fact, it is a highly popular buzzword that admittedly lacks a standard or commonly agreed upon definition. (Trebilcock, 2000). The concept of economic globalization stemmed from the root concept of “globalization” and by definition, pertains to that specific attribute of globalization that refers to the process of integration between the economic front and the ‘developed’, ‘under-developed’ and ‘developing’ economies (Naik, 2011). Economic globalization essentially comes together through international trade, FDIs (foreign direct investments) and the like (Naik, 2011).
As stated by Naik (2011), economic globalization is a process that is all about the citizens and their welfare. By standard definition, economic globalization refers to the so-called increased economic interdependence of various countries which may result from the rise in terms of the movement of the different goods, services, capital and technologies across the international borders (Trebilcock, 2000). Other authors and economic experts define the concept of economic globalization as the “globalization of the markets” which explains the phenomenon of the global marketplace or the ability of a specific manufacturer that is based from a specific part of the world to sell a product or good to the consumers in other parts of the world (Trebilcock, 2000; Naik, 2011). Economic globalization has also enabled the rise of other related concepts such as ‘transnational or multi-national companies/corporations’ which refer to the companies that are active in numerous countries at the same time (Trebilcock, 2000; Naik, 2011).
4 |B u s i n e s s a n d S o c i e t y
Because of these characteristics of economic globalization, other notable concepts which include foreign direct investments (FDIs), alliance capitalism, international trade and the like have been attributed to the concept of economic
The concept of globalization is one of the most talked about terms over the past decades. In fact, it is a highly popular buzzword that admittedly lacks a standard or commonly agreed upon definition. (Trebilcock, 2000). The concept of economic globalization stemmed from the root concept of “globalization” and by definition, pertains to that specific attribute of globalization that refers to the process of integration between the economic front and the ‘developed’, ‘under-developed’ and ‘developing’ economies (Naik, 2011). Economic globalization essentially comes together through international trade, FDIs (foreign direct investments) and the like (Naik, 2011).
As stated by Naik (2011), economic globalization is a process that is all about the citizens and their welfare. By standard definition, economic globalization refers to the so-called increased economic interdependence of various countries which may result from the rise in terms of the movement of the different goods, services, capital and technologies across the international borders (Trebilcock, 2000). Other authors and economic experts define the concept of economic globalization as the “globalization of the markets” which explains the phenomenon of the global marketplace or the ability of a specific manufacturer that is based from a specific part of the world to sell a product or good to the consumers in other parts of the world (Trebilcock, 2000; Naik, 2011). Economic globalization has also enabled the rise of other related concepts such as ‘transnational or multi-national companies/corporations’ which refer to the companies that are active in numerous countries at the same time (Trebilcock, 2000; Naik, 2011).
4 |B u s i n e s s a n d S o c i e t y
Because of these characteristics of economic globalization, other notable concepts which include foreign direct investments (FDIs), alliance capitalism, international trade and the like have been attributed to the concept of economic
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