
Although globalisation is talked about as if it is something new to the world, the truth is that it isn't so. Globalisation has been taking place for centuries now, and it prominently arose to public notice in the late 1980s. However, the process of globalisation has been speeding up dramatically in the past 50 years and counting.
The article states that globalisation "used to have a universally hopeful ring to it" and now, "to some, the word represents financial markets ravaging economies, foreign competitors crushing local enterprises, and distant bureaucrats making decisions that turn societies inside out". There is some truth to this. With the rise in free-market-oriented businesses and other companies, economies have been overwhelmed by the rise of numerous financial markets.
Globalisation has also led to smaller, local companies facing much competition from overseas foreign competitors who have come in thanks to the massive integration of different markets. This has caused much of these companies to go bust, leading to much unhappiness from local business contenders. Meanwhile, the part about "distant bureaucrats making decisions that turn societies inside out" probably indicates how big business leaders and other prominent figures make decisions concerning globalisation that change much of another country's economic and social landscape.
Altogether, this article is about how globalisation - with all its advantages - also has a downside. It argues for a balance between preventing the bad side-effects of globalisation and globalisation's advantages. As mentioned in the article, globalisation has had a huge positive effect on the world - especially in Asia. In the case of Asia, it has opened this part of the world to not just trade and economy, but also to new ideas, ways of thinking, new lifestyles. It has created a huge positive boom in Asian markets. However, on the other hand, there are downsides, such as the suffering of local companies who have been 'run over' by huge multi-national corporations.
I feel that it is very difficult to achieve such a balance. If the economy is to be kept booming, I think it is very difficult to help and let everyone benefit from globalisation. Economies are booming simply because large companies are spreading worldwide. Because this is so, smaller, local companies are being marginalized. It is a cycle that needs to be kept going and will be kept going simply because globalization cannot be stopped, especially not at this point in time. However, these sacrifices should be minimalized as much as possible. A probable way would be to control the amount of global and local companies in a country.



World Market/ Economy
This is another graph showing the world's productivity performance (also from the IMF).






Globalization, which internationalises almost every country today can be seen to be very closely linked to economics. Ever since the 2nd World War, various international agreements have been created to promote free trade and the freedom of investment - for example, the General Agreement on Tariffs and Trade (GATT). This promotion of free trade has since led to positive factors such as:
The WTO is an international organization, with an aim to supervise over and liberalize trading in the world. It was formally formed in 1995. It comprises more than 150 countries worldwide. The WTO deals with trading rules between various countries and nations mostly at a global level. Its main responsibility is to negotiate, create and implement new trade agreements, and is also responsible for ensuring that the member countries adhere to all WTO agreements. It ultimately wants to reach the goal of improving the welfare of people, by lowering/removing trade barriers, solving trade disputes and creating a platform for trade negotiation. The WTO also reviews and ensures the transparency of national trade policies, and is a center of economic research and analysis of global economics and trade. It closely works with the International Monetary Fund (IMF) and the World Bank.












