Globalization



Globalization
generally refers to the increasing integration of economics around the world, particularly through trade, production chains (where parts for a final good, such as an automobile, are produced in 1 country & assembled in another), & financial flows. The term increasingly also refers to the movement of people & of information (including not only financial & other raw data but ideas, fashions & culture as well) across international borders. Globalization can be understood as a driving force affecting many global issues, from migration to fair trade to debt relief.

Global issues are present in all areas of our lives as citizens of the world. They affect our economies, our environment, our capabilities as humans, & our processes for making decisions regarding cooperation at the global level (i.e., global governance). These issues often turn out to be interconnected, although they may not seem so at first, e.g. energy consumption drives climate change, which in turn threatens:
(1) Marine fisheries through changes in ocean temperatures & chemistry &
(2) Other food resources through changes in rainfall patterns.

Global issues in the area of peace & security are also very important - latest example is the incursion of Gaza, Palestine by Israel/Zionist forces in late Dec 2008 till Jan 2009. They always put the blame on Hamas but the atrocities done on the people (children, women, old folks, men) of Gaza, Palestine by Israel/Zionist army far outweigh whatever reasons they cook up.

The Global Economy: National & regional economics around the world are becoming increasingly integrated with each other through trade in goods & services, transfer of technology & production chains. The interconnectedness of financial markets is also expanding rapidly. Such integration offers greater opportunity for people to tap into more & larger markets around the world, & so increase both their incomes & their ability to enjoy all that the world economy has to offer.

At the same time, however, economic integration poses serious inherent risks: in a globalized world economy, an adverse event such as a financial crisis (e.g. East Asian financial crisis of 1997-98 & the present USA financial crisis of 2008-2009) in part of the world can easily spread to other parts, just as a contagious disease spreads from person to person.

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