Globalization

GLOBALIZATION

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Globalization International Finance Rhoni Mohanraj [111556] 17th March 2014 Brandon University

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GLOBALIZATION

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Introduction

Wayne Ellwood’s The No-Nonsense Guide to Globalization presents a clear and logical overview of the critical history of the economic globalization. Profit motivated multi-national corporations have the become the driving force of modern economic globalization. Colonizing the financial market of the world, the competitive nature of the corporations have generated a flawed and substandard model of globalization. Never the less with several modification, the notion of a global economic environment has a vast potential to increase the universal opulence of the world. Although the modern concept of globalization is exceedingly centralized around the development and expansion of the international trade of goods and services, this notion is rooted in colonialism. As adequately put by economist Wayne Ellwood, “globalization is new word which describes an old process, i.e the integration of the global economy that begin in earnest with the launch of the European colonial era 5 centuries ago. But the process has accelerated over the past 30 years with the explosion of computer technology, the dismantling of barriers to the movements of goods and capital, and expanding political and economic power of multinational corporations. This essay will conclude stating Ellwood’s view on globalization and determine, if globalization actually works for the economy or, if it is just Capitalism under the skin of globalization.

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Ellwood’s states that globalization is something that started 5 centuries ago, during the days of a young and adventurous discoverer, Christopher Columbus. Globalization, even then, started as an innocent process of cross-cultural exchange to a nasty scramble of wealth and power. Isn’t that what is happening right now, 450 years...