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Globalization - more integrated global economy where goods...

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Globalization In the most general terms, globalization is a series of processes that work toward making the world a “smaller” place. It is a complex set of processes that include economics, politics, culture, etc. Many theorists argue that two dynamics occur simultaneously – at the international level, an integrative dynamic occurs. At the domestic level, a fragmentary dynamic occurs – both of these levels pull on the state and erode state sovereignty. Furthermore, they do not exist as competing or opposing dynamics – rather, they feed off and reinforce one another. Fragmentary processes take advantage of, for example, integrated communications networks. Integrative processes account for localism – MNCs, for example, tailor products for local markets, but in a streamlined, integrated production process. Thus, while integration occurs, it is doubtful that this will lead to a “single world”. From the economic perspective, these processes lead towards a
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Unformatted text preview: more integrated global economy, where goods and services can flow more freely, trade expands and increases, and financial flows increase and become more unrestrained. Overall the processes of globalization also lead to the erosion of state sovereignty – states, as they become integrated into the global economy, lose some control over domestic policy. Proponents of increased globalization will argue that the benefits outweigh the costs, as economic development and growth is spurred by globalization. Critics argue that states give up too much, and globalization hurts the average individual. The history of globalization is a history of globalization in waves, where for a time, integration of the world economy proceeds, only to be turned backward. This was particularly true in the interwar years. Each perspective will view the origins of globalization differently...
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