Economic Globalization Is The Growing Integration Of World...

Economic globalization is the growing integration of world markets and the intensifying interdependence of global economies. The process has social and economic costs as well as benefits. The process is both critiqued and lauded by scholars. On one hand it provides opportunities and growth while on the other hand it creates an unequal distribution of wealth also while hurting workers rights. At the conclusion of World War II, Harry White and John Maynard Keynes aimed to create a financial strategy to liberate the world economy from the extensive restrictions and controls levied during the war. At the Bretton Woods conference, they provided proposals which strengthened American economic hegemony (Rodrik). This happened because both White and Keynes recognized that domestic economic needs outranked global economics (Rodrik). The goal of the Bretton Woods conference was to stimulate moderate economic globalization. Dani Rodrik praises the unification of global markets and trade liberalization after the Bretton Woods conference. He especially lauds Keynesian globalization, which gives states discretion in trade policy and regulation. According to Rodrik, the Bretton Woods conference was successful in fostering economic trade after years of war and rivalry. However, he does critique trade liberalization and multilateral international institutions that emerged out of Bretton Woods, such as the International Monetary Fund (IMF), General Agreements on Tariffs and TradeShow MoreRelatedGlobalization : The Super Story1366 Words   |  6 PagesWith the growing demand for professionals, countries and industries around the world have broaden their usual scope of search from within their own boundaries to across their borders looking for cheaper yet more capable men and women. In Thomas Friedman’s article, Globalization: The Super-Story, he defines globalization as the inexorable integration of markets, transportation systems, and communication systems to a degree never witnessed before. In simple terms, globalization is the process of internationalRead MoreGlobalization And Globalization1050 Words   |  5 PagesChoice 18: â€Å"On balance, globalization expands rather than contracts opportunities for economic prosperity around the world.† Why do you agree or disagree with this statement? Please support your answer with appropriate examples. Globalization has impacted almost every part of the modern world; it can be characterized by economic, political, and cultural integration. 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