Nick Poggetti

Nick Poggetti - Nick Poggetti November 19, 2008 Econ 3...

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Nick Poggetti November 19, 2008 Econ 3 Donnelly Globalization In 2008 Globalization is the integration of economies internationally through interactions between countries such as trade, foreign investments, immigration, and the spread of ideas. Globalization can be considered a revolution in itself. This revolution not only opens up more trade opportunities, but helps different cultures blend. Through this trade, many influences are passed between nations. The vast growth many countries have experienced can be accredited to globalization because it increases efficiency, competition and revenue. The recent revolution of globalization has been helped by the incredible technological advances within the world over the past few decades. The technology that has been developed to help communication and transportation has lowered costs of trade overall. For example, the great advances in the internet and e-commerce has lent a great helping hand to globalization. Another helping factor has been the constant lowering and elimination of tariffs, and the promotion of free trade. There are many ways in which globalization has impacted the world. Fundamentally, economic globalization has increased and people around the world have come to see a common, global market. Financially, worldwide markets have become much easier to access through online interactions, allowing foreign investment to become much simpler. Also, cultures have been able to share values, traditions, and products across other countries. This has increased awareness about what else is out in the world and allows for people of one culture to immerse itself into another. This creates a blended and more common world, rather than separate countries divided trade barriers and culture.
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Just like everything else in the world, there are pros and cons to globalization. Those who argue in favor of globalization, or are pro-globalization, believe that free trade, capitalism and democracy are what push globalization most. So it is believed that laissez-faire and economic freedom is the best way to go in order to achieve globalization. There is much evidence to prove that free trade helps countries grow through the rapid growth and financial expansion of many countries. Ireland is a prime example. Known as the Celtic Tiger, Ireland has grown exponentially over the past few years because it opened itself to foreign markets. “One key factor, indeed an omnipresent factor in most countries marked by dramatic economic growth, is their opening up to free trade and international interaction." (Donnelly 46). Ireland took a more open minded view towards international economics and it proved successful. Another factor in the progression of Ireland was their interest in foreign investments. The United States invested heavily in Ireland because they speak English and have an educated workforce, making Ireland a perfect place to put money into. Ireland would be pro-globalization because no one can argue with their financial
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Nick Poggetti - Nick Poggetti November 19, 2008 Econ 3...

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