Globalization in A Global Economy

Globalization is a very intricate and expansive concept and there is no universal agreed definition about it; but it can be considered as the process of international integration, which arises from the exchange and trade amongst different countries, of products, commodities, capitals, ideas, views, mutual sharing, and other aspects of culture. It is important to point out that globalization has completely altered the way in which the world operates, and that it has slowly become ingrained in all fields. Valuable lessons from history show that globalization is not a new phenomenon, and that it has not been a smooth process. It has often been characterized, in fact, by periods of accelerated integration (as in the 19th and second half of 20th

It was only in the after war period that globalization resurgent began and international agreements, multinational trading corporations, international institutions and agreements have been made and have enormously changed the re-emergence of globalization. As stated before, globalization is intricate in many different fields, all strictly related with each other. For what regards global economy, for example, during and after the post-war period barriers of trade fell across the world and global markets and an extensive network of trade emerged for many goods and services. If we make a comparison between the present and past century we can state that there are big differences amongst the two, and that trade today is strikingly more important than a century ago. One of these differences is that the sectorial composition of GDP production has shifted away from the exclusive production of merchandising goods, towards the production of services. Exports today regard a whole range of services that one hundred years ago did not even exist. Probably the two major forms of services that were being traded one hundred years ago were shipping and tourism. The major service exports of today, instead, are royalties and fees (provided by the receipts of property rights such as copyrights and trademarks; and “other private services,” which include

The simple and straightforward conclusion deductible is that our world nowadays is different: commercial and financial integration during the twentieth century was more limited. Globalization today raises new issues of governance not just because it is conjoined with a political system that has many different and special interests, but also because the economic phenomenon itself is different: global integration is deeper and broader compared to a hundred years