Essay On Economic Globalization

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Latest developments in information technology, transport facilities and communication technology have accelerated the pace of globalisation in recent years. The increased use of internet has enabled fast global communication and timely delivery of goods. Nowadays, goods are packed into containers and transported by cargo ships. The use of containers and cargo ships enabled the companies to transport vast quantities of goods and commodities across the world at low costs. With the rise of social media, producers use new forms of communication and marketing to target international consumers. The increased use of smartphones also enabled customers to access global markets. All these factors act as driving forces for economic globalization. Economic globalization is one of the three main dimensions of globalization, generally discussed in academic literature. The other two are political globalization and cultural globalization. Economic globalization is defined as, “the increasing economic integration and interdependence of national, regional and local economies across the world through an intensification of cross-border movement of goods, services, technologies and capital.” There are many driving forces for economic globalization. The prominent ones are: • Technological driving force (for example, technological advancements…show more content…
The theory assumed that LDCs had different economic principles. The development theorists believed that the neoclassical economics were inapplicable to LDCs, because of their special conditions. For example, Arthur Lewis argued that less developed economies were burdened by excess labour and low productivity in agricultural sector. Most of the workers were paid minimum wages just for survival. This can be tapped to accelerate economic

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