an essay about economic globalization

Effects of Economic Globalization

Globalization has led to increases in standards of living around the world, but not all of its effects are positive for everyone.

Social Studies, Economics, World History

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The garment industry in Bangladesh makes clothes that are then shipped out across the world. It employs as many as four million people, but the average worker earns less in a month than a U.S. worker earns in a day.

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Put simply, globalization is the connection of different parts of the world. In economics, globalization can be defined as the process in which businesses, organizations, and countries begin operating on an international scale. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. In general, globalization has been shown to increase the standard of living in developing countries, but some analysts warn that globalization can have a negative effect on local or emerging economies and individual workers. A Historical View Globalization is not new. Since the start of civilization, people have traded goods with their neighbors. As cultures advanced, they were able to travel farther afield to trade their own goods for desirable products found elsewhere. The Silk Road, an ancient network of trade routes used between Europe, North Africa, East Africa, Central Asia, South Asia, and the Far East, is an example of early globalization. For more than 1,500 years, Europeans traded glass and manufactured goods for Chinese silk and spices, contributing to a global economy in which both Europe and Asia became accustomed to goods from far away. Following the European exploration of the New World, globalization occurred on a grand scale; the widespread transfer of plants, animals, foods, cultures, and ideas became known as the Columbian Exchange. The Triangular Trade network in which ships carried manufactured goods from Europe to Africa, enslaved Africans to the Americas, and raw materials back to Europe is another example of globalization. The resulting spread of slavery demonstrates that globalization can hurt people just as easily as it can connect people. The rate of globalization has increased in recent years, a result of rapid advancements in communication and transportation. Advances in communication enable businesses to identify opportunities for investment. At the same time, innovations in information technology enable immediate communication and the rapid transfer of financial assets across national borders. Improved fiscal policies within countries and international trade agreements between them also facilitate globalization. Political and economic stability facilitate globalization as well. The relative instability of many African nations is cited by experts as one of the reasons why Africa has not benefited from globalization as much as countries in Asia and Latin America. Benefits of Globalization Globalization provides businesses with a competitive advantage by allowing them to source raw materials where they are inexpensive. Globalization also gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies. With globalization, different parts of a product may be made in different regions of the world. Globalization has long been used by the automotive industry , for instance, where different parts of a car may be manufactured in different countries. Businesses in several different countries may be involved in producing even seemingly simple products such as cotton T-shirts. Globalization affects services, too. Many businesses located in the United States have outsourced their call centers or information technology services to companies in India. As part of the North American Free Trade Agreement (NAFTA), U.S. automobile companies relocated their operations to Mexico, where labor costs are lower. The result is more jobs in countries where jobs are needed, which can have a positive effect on the national economy and result in a higher standard of living. China is a prime example of a country that has benefited immensely from globalization. Another example is Vietnam, where globalization has contributed to an increase in the prices for rice, lifting many poor rice farmers out of poverty. As the standard of living increased, more children of poor families left work and attended school. Consumers benefit also. In general, globalization decreases the cost of manufacturing . This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. In some cases, this may contribute to improved health by enabling a more varied and healthier diet; in others, it is blamed for increases in unhealthy food consumption and diabetes. Downsides Not everything about globalization is beneficial. Any change has winners and losers, and the people living in communities that had been dependent on jobs outsourced elsewhere often suffer. Effectively, this means that workers in the developed world must compete with lower-cost markets for jobs; unions and workers may be unable to defend against the threat of corporations that offer the alternative between lower pay or losing jobs to a supplier in a less expensive labor market. The situation is more complex in the developing world, where economies are undergoing rapid change. Indeed, the working conditions of people at some points in the supply chain are deplorable. The garment industry in Bangladesh, for instance, employs an estimated four million people, but the average worker earns less in a month than a U.S. worker earns in a day. In 2013, a textile factory building collapsed, killing more than 1,100 workers. Critics also suggest that employment opportunities for children in poor countries may increase negative impacts of child labor and lure children of poor families away from school. In general, critics blame the pressures of globalization for encouraging an environment that exploits workers in countries that do not offer sufficient protections. Studies also suggest that globalization may contribute to income disparity and inequality between the more educated and less educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization. Into the Future Regardless of the downsides, globalization is here to stay. The result is a smaller, more connected world. Socially, globalization has facilitated the exchange of ideas and cultures, contributing to a world view in which people are more open and tolerant of one another.

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Economic Globalization – Pros and Cons (with Examples)

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Economic globalization is one of 8 types of globalization . It refers to the ways in which global economies have become integrated through growing business, trade and financial interdependence.

Elements of economic globalization include:

• Rise of Multinational Corporations
• Movement of Manufacturing Industries to Developing Nations
• Growth of Financial Hub Cities in Developed Nations

While we usually refer to modern examples of economic globalization (as it is more extreme than ever), the globalization of our economies has been going on for centuries. An example of this is the rise of the tea trade from India to England facilitated by the East India Company that was founded in 1600.

There have been both positive and negative effects of the economic integration of the world’s economies. A positive is increased prosperity of the world overall. A negative is the widening gap between the rich and poor.

Economic Globalization

Definition & simple explanation.

Economic globalization is the element of globalization concerned with how our economies have become increasingly interconnected. As our world has become more interconnected (thanks to faster movement of goods and people as well as high-speed telecommunications), businesses have made the most of this to engage in cross-border commerce.

Economic integration includes the integration of:

• Goods – Including the production and sale of products and their parts across international borders.
• Services – Including increased movement of labor and the growth of international service providers such as call centers moving overseas.

This integration sped up toward the second half of the 20 th Century and its growth continues to this day.

Examples of Economic Globalization

Examples include:

1. Rise of Multinational Corporations Multinational corporations include Coca-Cola, McDonalds, Amazon and Google. Globalization of economies has often allowed multinational corporations to move to offshore tax havens and low-tax nations to minimize their tax responsibilities to society.

Multinational corporations have existed for centuries. The East India Company, for example, (established in 1600) used to trade teas and spices from Asia to Europe.

However, it has become increasingly easy for corporations to conduct international business thanks to tax treaties to help corporations avoid double taxation, free trade agreements such as NAFTA, and faster movement of goods and services.

Related Concept: McDonaldization

2. Internationalization of Capital Markets The growing ease with which companies (and individuals) can move money overseas has led to international capital markets. In short, this means companies overseas can fund businesses all around the world. This was labelled by Arjun Appadurai as ‘financescapes’.

Now, an entrepreneur can get cheap low-repayment funding from overseas to set up a business venture. Similarly, overseas buyers can flood a real estate market to buy up houses in international cities like Vancouver BC or Melbourne Australia. This can inflate housing prices for locals.

Similarly, Chinese industries have been quite aggressive in buying up farming land and industries around the world – which has led to some backlash from locals who feel as if local land should be owned by local people.

3. Movement of Manufacturing Overseas The past few decades have seen massive closing-down of manufacturing industries in developed nations. Those industries have been moved offshore, such as to Mexico, Vietnam and China, where labor regulations are sometimes less stringent and wages are lower.

Now, if you look at the label on your clothing or electronics, you’ll often see a “Made in China” label.

This has allowed us to get cheaper goods, but has led to backlash from activists who have seen entire industries for blue collar workers collapse in developed nations. Some could also claim the quality of the goods may be affected if manufactured in countries with lower quality standards.

4. Internationally Mobile Labor Forces White collar jobs in finance, engineering and related industries have benefited from globalisation. Those with in-demand skills can find work across the world before even stepping on an airplane and travel internationally for 12- to 36- month stints to conduct work overseas.

This concept of migration for work is not new. New world nations like the United States are built on movement of people seeking economic mobility. The major recent change has been the speed and ease with which this movement can happen for those with in-demand skills.

5. Rise of ‘Hub’ Cities As the globe’s economies have become increasingly intertwined, nations have developed expertise in specific industries. This is known as the development of ‘economies of scale’ and leads to improved productivity.

One consequence of this is that there are now hub cities around the world focused on particular industries. London is known as a finance hub, Los Angeles for technology (see also: technological globalization ), and Seattle for aviation.

6. Worldwide Booms and Busts A globalized economy means that each economy around the world is dependant on the success of others. Thus, a recession in one nation may have a flow-on effect and cause a recession in others. The Great Depression and the Global Financial Crisis are two examples where economic problems in one part of the world (such as the United States) can lead to economic woes all around the world.

Advantages of Economic Globalization

1. Cheaper Goods Multinational corporations can move their manufacturing industries overseas to nations where the cost of production is low.

2. Economies of Scale (Efficiency) Larger (multi-national) corporations can produce products in bulk. This can create economies of scale, which means the cost of goods goes down as the number of goods you produce goes up. For example, Wal-Mart can often get goods to market a lot cheaper than your local corner store.

3. Increased Prosperity Proponents of globalization say that it has increased overall prosperity in the world. When manufacturing industries move overseas, those people in those developing nations get jobs and can be lifted out of relative poverty, while people in the developed world get cheaper goods. This is the ‘rising tide lifts all boats’ argument. Critics disagree – and that’s discussed in the ‘disadvantages’ section below.

4. Cheap Money Entrepreneurs can get financed from international financiers (such as Chinese investors) at low interest rates. The large pool of potential investors in a global market means you can seek out very cheap money. It forces downward pressure on interest rates and makes it easier for you to borrow money to start a business.

Disadvantages of Economic Globalization

1. Loss of Manufacturing Jobs in Developed Nations Globalization inevitably leads to the movement of industries to achieve economies of scale. Manufacturing industries have been the biggest losers in recent decades. The NAFTA agreement, for example, led many US-based manufacturers to relocate to Mexico.

Widespread political backlash to loss of protected industries is evident around the world. Detractors argue for a return to nationalist and protectionist policies. One prime example is Brexit – the exit of the UK from the European Union – which was in part due to the loss of the fishing industry during the UK’s participation in the EU trade bloc.

> See Also: Political Globalization

2. Exploitation of Developing Nations Goods are cheaper to produce in developing nations because they often have lower wages and worker protections. The cheap goods that come out the other end – and end up on our doorstep – are often produced in sweatshops for extremely low wages with few days off, rest breaks, or safety standards.

Here, there is a debate between the fact developing nations are asking for these jobs (the countries often have high unemployment) and the fact we have to be responsible consumers who don’t exploit nations that do not have worker protections.

3. International Interdependence Critics of globalization say that it’s led nations to be overly dependent on international supply chains. This was evident, for example, during the Covid-19 pandemic, when many developed nations were unable to produce vaccines. All their vaccine production facilities had moved overseas for cheaper labor.

Similarly, during war time, all nations need to be able to produce food and weapons within the nation to sustain them throughout the war. Many nations are unlikely to be able to do this today.

4. Tax Evasion The internationalization of the economy has allowed many companies to move offshore to avoid taxes. Some smaller nations the need tax revenue offer low-tax incentives for large corporations to move to their low-tax nations. Larger nations try to match these tax decreases, creating a global ‘race to the bottom’. The net effect of this is to lower corporate tax rates worldwide, leaving nations with less tax revenue to spend on social services.

5. Climate Change and Environmental Impacts An international economy could have significant bad effects on the environment. Goods have much greater distance to move, leading to greater carbon footprints for products. Some may also argue that products are also lower quality, meaning they get trashed sooner – leading to greater amounts of landfill. Lastly, multinational companies can avoid environmental responsibilities by operating in nations with relaxed environmental laws – again leading to ecological damage.

Related: Cultural Globalization Pros and Cons

Economic globalization has been occurring for centuries, but has grown significantly in recent years thanks to trade liberalization and increasing speed of communication and travel. We now live in an integrated global economy that is heavily interdependent.

There are some great advantages of economic globalization such as cheaper goods, economies of scale, and the spread of valuable consumer goods around the world. But there are also some significant downsides also, such as potential for exploitation of labor in developing nations and the loss of working-class jobs in developed nations.

Cavanagh, J. (2004). Alternatives to economic globalization: A better world is possible . New York: Berrett-Koehler Publishers.

Gallagher, K. P. (2009). Economic globalization and the environment.  Annual Review of Environment and Resources ,  34 , 279-304.

Sachs, J. D. (2020).  The Ages of Globalization: Geography, Technology, and Institutions . United States: Columbia University Press.

Sen, S., & Barry, C. M. (2020). Economic globalization and the economic policy positions of parties .  Party Politics ,  26 (2), 154-164.

Steger, M. B. (2017).  Globalization: A very short introduction  (Vol. 86). England: Oxford University Press.

Ying, Y. H., Chang, K., & Lee, C. H. (2014). The impact of globalization on economic growth .  Romanian Journal of Economic Forecasting ,  17 (2), 25-34.

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Home — Essay Samples — Sociology — Globalization

Essays on Globalization

Hook examples for globalization essays, "the global village" metaphor hook.

"In the age of globalization, our world has transformed into a 'global village.' Explore the implications of this metaphor and how it has reshaped our understanding of interconnectedness and cultural exchange."

The Impact of Digital Connectivity Hook

"In an era where a single tweet can reach millions, digital connectivity has revolutionized globalization. Delve into the profound impact of the internet, social media, and technology on global interactions."

The Paradox of Local vs. Global Hook

"Globalization blurs the lines between local and global identities. Analyze the paradox of preserving cultural heritage while embracing the globalized world and how this tension shapes our societies."

The Global Marketplace Hook

"Globalization has ushered in an era of unprecedented trade and economic interconnectedness. Explore the dynamics of the global marketplace, from multinational corporations to supply chains spanning continents."

Cultural Fusion and Identity Hook

"Globalization has led to a melting pot of cultures, but what happens to cultural identities in the process? Investigate how globalization impacts the preservation and evolution of cultural identities."

The Challenges of Globalization Hook

"While globalization offers numerous benefits, it also presents challenges. Examine issues such as income inequality, cultural homogenization, and environmental concerns that arise in a globalized world."

The Future of Globalization Hook

"As we stand on the brink of a globalized future, what can we expect? Join me in exploring the potential trajectories of globalization, from its impact on politics to the role of emerging technologies."

The Best Globalization Essay Topics

• The Impact of Globalization on Local Cultures: Integration or Erasure?
• The Impact of Globalization on Cultural Identity in Anthropological Studies
• Globalization and Economic Inequality: Bridging the Gap Between Rich and Poor
• The Role of Technology in Advancing Globalization and Its Social Implications
• Environmental Consequences of Globalization: Challenges and Sustainable Solutions
• Analyzing the Advantages and Disadvantages of Globalization
• The Influence of Globalization on Education and Cross-Cultural Exchanges
• Global Political Dynamics: How Globalization Affects Sovereignty and Governance
• Globalization and Health: The Spread of Diseases and Global Health Initiatives
• Consumer Culture and Globalization: The Homogenization of Global Markets

The Economic and Social Impact of Globalization

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History of Globalization and Its Benefits for Society

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The Effects of Globalization on Health and Medicine

A study on globalization and its various sides, overview of five articles about globalization, globalization: two sides of the arguments both for and against, globalization and its positive and negative sides for india, the advantages and disadvantages of the globalization process based on real-life examples, criticism and controversial benefits of globalization, globalization: importance of english nowadays, the impact of globalization, nationalism and protectionism on india, an overview of the overall impact of globalization, research of effects of globalization on the media in the world, globalisation as an economical, political and cultural process, pro globalist and anti globalist view from developed country perspective, how global issues impact individual states, electronic commerce in the globalization era, the effect of globalization and americanization on mass media, components of globalization: concept sociocultural and social globalizations, how the impact of globalization on illicit drug trafficking has affected international security, discussion of whether globalization is good or bad for the indian economy, review of the issue of constraints against progress of a society.

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Globalization and Economic Growth

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• Mehmet Canakci 8 &
• Taha Egri 9  

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Globalization, or the increased interconnectedness and interdependence of peoples, companies, institutions and countries. It is generally understood to include two inter-related elements: the opening of international borders to increasingly fast flows of goods, services, finance, investment, people, information, ideas and technology; and the changes in institutions and policies at national and international levels that facilitate or promote such flows (WHO 2020 ). Globalization process has impacts on economies, prosperity, development of societies, political systems, environment, and cultures around the world.

Economic globalization can be defined as the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, flow of international capital and wide and rapid spread of technologies. It reflects the continuing expansion and mutual...

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620 Inspiring Globalization Essay Topics & Examples

Struggle with picking up the right topics for essay? In this article, you will find some useful writing tips, ideas, and globalization research questions for your paper.

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🌎 How to write an Outstanding Globalization Essay?

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Writing an essay on globalization is an interesting task that will require you to learn a lot of information about the issue.

Globalization affects all countries and their populations significantly, and it is vital to discuss its impact. You can study globalization from the perspective of many topics, such as politics, ecology, countries’ economies, and political sciences.

Globalization essay topics may include:

• Positive and negative effects of globalization
• The correlation between globalization and democratization: The perspective of developing countries
• The link between globalization and economics
• The effect of globalization on the world’s political realm
• The link between globalization and the development of technologies
• The significance of environmental awareness from the perspective of globalization
• Globalization and intelligence sharing
• Globalization essay: Advantages and disadvantages of globalization

Regardless of what issue you have selected, you should follow several simple rules while writing your paper. Here are some key points for writing outstanding globalization essays:

• To write an excellent paper, you should work on the globalization essay outline first. Think of how you want to structure your paper and remember that a good outline should help the reader to understand the information better.
• Search for the information that may be related to the problem you have selected. Remember to ask your professor about the types of sources you can use. As a general rule, students can always use peer-reviewed articles not more than five years old. However, do not forget to check credible websites to see if you can find useful information there.
• Remember not to include facts that you cannot support with evidence. This common mistake can make your essay look less credible.
• Checking out examples of essays online can help you to see how you can organize the information. This step is also important because it can help you to analyze the points other students have made in their essays.
• Include an introductory paragraph that will present the topic you have selected and outline the ideas you will discuss in the paper.
• Remember to present the definition of globalization. You should also discuss its effects even though your essay is focused on a different issue. It is important to help readers understand the significance of globalization and the problem you discuss.
• Do not focus on the information you have found during your preliminary research solely. It is important to state your personal opinion in the paper and support it with evidence. Avoid repeating the points mentioned in the literature without adding your commentary on them.
• Remember that an outstanding essay should be easy-to-understand. Avoid using unnecessary complex sentences, and define all terms that you want to include. Your goal should be not to show your knowledge but raise the audience’s awareness of the issue you are discussing.
• A globalization essay conclusion should include all of the important points you have made throughout the paper. You can also provide recommendations in this paragraph if necessary.
• Make sure that you use correct grammar and sentence structures in your essay. Grammatical mistakes may make the reader think that your opinion is not credible. It is better to check the essay several times before sending it to your professor.

Remember that you can check out our free samples and get the best grade for your works!

• Four Perspectives on Globalization This essay will explore four perspectives of globalization: the transformationalist perspective, the skeptical perspective, the hyperglobalist perspective, and the constructivist perspective. The perspectives on globalization include the transformationalist perspective, the skeptical perspective, the hyperglobalist perspective, […]
• Advantages and Disadvantages of Globalization Essay The report suggests the ways governments and companies may implement to reduce the negative impact of the process as well. The disadvantages of globalization are that it causes the transfer of job from developed to […]
• Globalization The fact that more western countries established more and more companies in the developing countries was expected to believed will help accelerate their profits by taking advantage of the available as a result of the […]
• Effects of Globalization The second positive effect of globalization is that it promotes international trade and growth of wealth as a result of economic integration and free trade among countries.
• Toyota Motor Corporation: Impacts of Globalization The impact of globalization, as a result of injection of foreign direct investment, on low-income countries has some benefits, for instance, there has been vivid economic growth in host counties as experienced in Mauritius and […]
• Samsung: Globalization Effects on Growth and Performance Samsung Electronics is such a giant electronics technology conglomeration that has taken advantage of globalisation and the dynamic advancement of technology to expand its business internationally. The pursuit of technology and globalisation has influenced various […]
• Concept of the Globalization’ Ideology The basic ideology of globalization is liberalization of trade and integration of free markets to enhance social, economic, and political stability across the world.
• Globalization in Caribbean Countries: Advantages and Disadvantages While globalization has had an asymmetrical effect on the Caribbean’s economy, the detrimental influence of global integration on Caribbean culture is evident. In addition, the enhanced connection and collaboration with the world propelled the development […]
• The Negative Impacts of Globalization Noteworthy, environmental pollution, social and moral degradation, political manipulation, and exploitation of the poor population by the wealthy nations are some of the most evident impacts of globalization in the modern world.
• IKEA Globalization Strategy Benefits and Limits Case Study This paper will cover the benefits of globalization that IKEA experienced, the importance of cross-cultural understanding, and the limits of the global market.
• Globalization as a positive factor The essay therefore explains the importance of globalization, the economic impact on individuals and countries and how the international security system has been affected as well as the factors that have supported the growth of […]
• Effects of Globalization in the UAE In this section, the positive and negative impacts of globalization in the UAE are discussed with examples mainly from the City of Dubai.
• Thomas Friedman’s Three Eras of Globalization The discovery of new forms of communication led to the information revolution in the second era of globalization. According to Friedman, the world has become flat in the new era of globalization.
• Social Media and Globalization: Positive and Negative Effects Essay It will look at the advantages and disadvantages of globalization and the response of social media to the global phenomena. This paper sets out to expound on the many positive and negative impacts of the […]
• McDonald’s Globalization Process and Its Brief History Paper The following year, 1968, saw the introduction of the Big Mac hamburger that would become the signature fast food meal of all McDonald restaurants around the world as well as the opening of the 1,000th […]
• Tesla Globalization: A Strategic Marketing Plan + Expansion Strategy First, it is worth mentioning that, according to the company’s website, the mission of the business is to manufacture and promote a product that would allow for a more sustainable use of the natural environment.
• Globalization and Environment Essay While this is the case, citizens equally have a role to play in addressing the issue of globalization and climate change.
• The Impact of Globalization on the International Hotel Industry International hotel industry can be discusses from the angle of domestic hotels that have the capacity of serving international customers or those multinational companies in the hotel industry which ever the approach, the effects of […]
• Globalization: Positive and Negative Effects On the one hand, globalization contributes to strengthening the world economy, appropriate resources allocation, the interaction between different countries, and the development of lagging countries due to access to up-to-date technology.
• Globalization of the English Language: One of the Most Widely Used Languages in the World English language is one of the most widely used languages in the whole world in spite of the fact that there are many languages.
• Tesco’s Globalisation Case Study Strengths Brand Awareness is the key strength of Tesco; The efficient and dynamic human resources are the key assets for the company; According to the annual report 2011, Tesco offers large product lines and services […]
• “The Globalization of Markets” by Theodore Levitt The shifting understanding of trade in the 1980s affected the way companies approached the market: previously, the concept had been that companies should supply to customers what customers think they want and need; at the […]
• Globalization and Food Culture Essay The interviewee gave the examples of France, America, and China in her description of how food can affect the culture of a place and vice versa.
• The Effect of Globalization on a World Culture The net result is a global culture; the effect and extent that global culture has gone in the world varied among nations and continents; developed countries have their culture more diffused and uniformity can be […]
• British Trading Giant Tesco: Impact of Globalization That is why the research work presented to your attention is the study of one of the greatest companies dealing with the retail trade in the world British trading giant Tesco.
• Financial Globalization Advantages & Disadvantages According to Bhagwati, globalization is the integration of countries’ economies, people, societies and their culture across the world through the spread of technology, networks of communication, trade and transportation.
• Problems of Globalization Process Many problems of the contemporary world, from poverty to environmental degradation, are casually linked to the process of globalization Globalisation refers to the increased awareness among nations of the world.
• How Changes in Technology Has Contributed Towards the Globalization of Markets and of Production The new developments have lead to a scenario of a free market where there are may buyers and sellers, complete knowledge of the products produced, and entry or exit of the market is on the […]
• Globalization and Organizational Behavior in Company It is also challenging to regulate the ethical behavior of a culturally diverse organization and different government and legal systems in different countries to be in line with the corporate culture.
• “Globalization: A Very Short Introduction” by Manfred B. Steger: Chapter Review The demand for goods in the world market have positive and negative gains, it has lead to more customer sovereignty since a customer has a large access to goods and services from different parts of […]
• Globalization and Development Some of the environmental aspects that will determine the growth rate of globalization include the development of economic output, not forgetting encouragement of technological development. It is now clear that for development to take place […]
• Samsung Company’s Extent of Globalization In 1980, the organization invested in a research and development center that allowed it to diversify its products and explore foreign markets.
• Globalization Effects on Ford Motor Company This organization defines globalization as the process in which financial and investment markets of different counties become interconnected and interdependent due to the deregulation and erasure of national borders. In itself, the process of globalization […]
• Globalization Opportunities and Challenges The focus of the world culture theories is on the constriction of the world and increases the knowledge that depicts the world as a whole.
• Globalization Is Inevitable or Not? Living in a World With No Defined Borders According to an article that appeared in Globaleducation.com, although this international reliance and exchange has been there for quite some time now, the recent past has seen the escalation of these aspects, a phenomenon that […]
• Do the Benefits of Globalization Outweigh the Costs? Critics also argue that globalization has led to the spread of sweatshops and exploitation of workers from third world countries. However, critics of globalization argue that it has led to the erosion of national borders […]
• Globalization Impact on Starbucks Company The biggest challenge facing multinational companies in the contemporary times is the ability to respond to rapid changes in the market.
• How Globalization has affected Managerial Decision-making With globalization, a problem should be looked from the global perspective; that is how it has affected the current business in the domestic country and how it is likely to affect the company in other […]
• International Cooperation: Globalization and Its Impacts on China This scenario results in the abuse of the physical environment and the overuse of natural resources, especially in the manufacturing industry.
• Reflection on Global Issues: Globalization of the Environment The global conflicts, managing the post-pandemic world, and the need to navigate the social injustices to ensure equality for all are among the most pressing ones.
• Critical Review of Chapter 1 and 2 of the book Globalization: A Very Short Introduction, by Manfred B. Steger The uneven distribution of natural and human resources is the major source of forces of trade, some countries can produce a certain commodity that is required in another country and export the commodity: in return […]
• Globalization Positive and Negative Impacts People could not learn the subject of globalization the easy way until the outbreak of the World War I and II in the twentieth century.
• Globalization: Theory and Practice Although the word global has been in existence for the last four hundred years, the term globalization is believed to have been coined in the early 1960s. In the late 19th century, advancements in freight […]
• Youth Culture and Globalization The focus is also on the relations that exist between the youth and the society, as well as the factors that shape youths identity in terms of culture.
• Impact of Globalization on the Maasai Peoples` Culture This essay will therefore focus on the roles the aforementioned forces have played in changing the culture of the Maasai. Moreover, tourism has resulted in environmental degradation which is putting the Maasai on the brink […]
• Globalization and its Effect on Different Generations In the documentary film, Globalization is Good, directed by Charlotte Metcalf, the author argues the negativity of global capitalism’s impact on the world.
• Japan After Globalization: Culture and Ethnocentrism The isolated territorial position of the country, geographical and climatic features, frequent earthquakes, and typhoons had a significant influence on the culture and mentality of the Japanese people.
• P&G Company and Globalization Issues These issues are mainly concerned with the leadership of the company, the culture and the rationality of the decisions made by the company’s management.
• Globalization in business Thanks to globalization, there has been improvements in employee training and education in the fast food industry, as a result of the stiff competition in the industry.
• Flattening of the World: Globalization and Outsourcing The rate of affordability of the IT hardware and software on the other hand pushed the need for its adoption of the process and hence the realization of the economic gains that had become elusive.
• Threats of Globalization on Culture of Individual Countries The world has become a “global village” this is due to the expansion of communication networks, the rapid information exchange and the lifting of barriers of visas and passports.
• Globalization and Technological Advancements Globalization has accelerated technology dispersion and helped to reshape the innovation environment in various ways, including transportation issues. The internet, for instance, has lowered the boundaries of time and location in economic transactions.
• The Dissemination of Knowledge: Globalization The aim of the course work is to gather theoretical data on the topic of dissemination of knowledge and analyze the links between globalization, free trade and dissemination of knowledge.
• Globalization and Food in Japan We have the McDonalds in the developed countries and it has influenced food market in Japan, so continued globalization will affect cultures in all countries in the world, including developing countries.
• Lifelong Learning is Necessarily Essential to Globalization A good example of this form of upgrading is learning computer related skills to integrate well with the current dynamic technological platforms.
• Positive and Negative Impacts of Globalization in Britain Britain has from time immemorial been the pacesetter for globalization due to the fact that it was among the first countries to achieve economic and political stability and was in a position to colonize other […]
• Contemporary Globalization Issues on Hospitality The concept of globalization has been going on since the transformation that came with the introduction of the Internet in the early 1980s, with some of its elements being cross boarder transfer of capital, management, […]
• Globalization and Outsourcing The buyer organizations are seeking to obtain lower rates of legal impositions from the host governments and conditions of doing business in such countries.
• Christianity and Globalization – Relationship By demonstrating the values behind each religion, globalization leads to greater understanding and tolerance of humanity’s leading religious traditions, one of which is Christianity.
• Globalization and Its Impact on Healthcare The solution to the problem is to rethink health service delivery policies and funding sectors. Globalization affects life expectancy; therefore, the healthcare system needs to be revised.
• Effects of Globalization in the Contemporary Japanese Art They have in turn influenced the art of painting in Japan to develop it and push it to a global level.
• Hyundai Motor Company: Globalization and Environmental Impacts Another driving force behind globalization has been the liberalization of international flow of capital in different countries and markets. This has been seen in the deterioration of wages and employment prospects.
• Political Globalization in India India became part of globalization after the economy of the country opened up to the rest of the world in the early 90s as a result of the financial crisis.
• Fashion and Gender: Globalization, Nation and Ethnicity Today, fashion is changing drastically to compose fashion trends, which is very relevant in the contemporary society as it’s reflected in the new colorful and stylish designs.
• Globalization and the International Hotel Industry The discussion in this paper brings out the understanding of the impact of globalization on the international hotel industry. It is also important for the international society to have the advantage of investing their capital […]
• Can We Lose Our Identity Because of Globalization? To sum up, there are numerous benefits of globalization for the modern world, and I believe that people are flexible enough to allow for cultural exchange and cooperation without damaging their own cultural identity.
• Theodore Levitt: The Globalization of Markets The article written by Theodore Levitt on the globalization of the market mainly focuses on the difference between amultinational’ and ‘global’ corporations operating throughout the world today.
• Capitalism and Globalization Effects However, according to an article by Anderson, in free market capitalism, initial wealth is created, which then spreads; it then leads to the social and political change due to the increase of power in the […]
• How Globalization Influence Health and Lifestyle As the processes of globalization are taking place they bring effects to the health and lifestyle around the world; this is because the processes have an impact on the health and lifestyle determinants.
• Globalization: Deeply Rooted in The Present by Kenny The influence of globalization on culture and the problem of preserving cultural diversity is a phenomenon due to which the experience of everyday life, affecting the dissemination of goods and ideas, reflects the standardization of […]
• Delta Airlines Affected by Globalization and Technological Changes The rapid growth of national markets has increased the interest of many corporations to venture and offer their services in such places.
• State Sovereignty in the Globalization Process Globalisation has become the most overused and under the specified term in the international scene since the end of the Cold War.
• Globalization and International Trade In this case, the country that has the advantage produces and sells more of this good, and another country has the opportunity of buying it at a cost that is lower than the cost of […]
• Globalization’s Benefits in Kazakhstan Kazakhstan contributes to the global economy, mainly through the oil industry; it is one of the tenth largest oil exporters in the world.
• Joseph Stiglitz’s Making Globalization Work Joseph Stiglitz’s book Making Globalization Work is the representation of the author’s opinion on the question of globalization in the context of the economic and political development of countries with determining globalization’s main challenges and […]
• Globalization and Its Challenges Many companies located in the developed countries shifted their facilities to developing countries. Thus, Rattner states that many people in developed countries lose as availability of workforce across the globe contributes greatly to the increase […]
• Importance and Role of Leadership in Globalization Leadership can be considered to be the provision of a vision to the people whom one has authority over and pushing through the understanding of the vision and the achievement of its goals for the […]
• Isoftstone: the Globalization of a Chinese IT sourcing and Services Powerhouse The company has managed to partner with various other companies such as SunGard in order to offer IT services to clients in the finance and insurance industries in China and across the Asia Pacific region.
• Globalization and sustainable development A good scenario would be the one that the resources are used optimally for the benefit of the current generation, leaving some of the resources to be exploited in the future by the future generations.
• Political Consequences of Globalization Through the process of globalization, the integrity of the national territorial state as a more or less coherent political economy is eroded, and the functions of the state become reorganized to adjust domestic economic and […]
• Globalization Impact on Modern World In turn, the American youth is becoming more inclined to emulating the leading proponents of the culture. Moreover, this has started manifesting in the adoption of a single pop culture in the entertainment industry.
• Globalization and Workforce Diversity A community should recognize diversity, ensure the accessibility of resources and uphold equity in the treatment of its constituent individuals with complete disregard of race, ethnicity, abilities and even sexual alignments.
• Globalization Effect on Mechanical Engineering in the U.S This paper will look at the reasons why the United States of America has been outsourcing mechanical engineering services and how this has changed the outlook of the Engineering degrees awarded in the state.
• Convergent and Divergent Impacts of Globalization on the World Globalization has resulted in the establishment of a new world order, which functions mutually, irrespective of the barriers of culture, race or nationality, resulting in the convergence of the entire world into a single global […]
• The Globalization of Markets The main theme identified in the article “The Globalization of Markets” is that business organizations should learn to operate as if the whole world was a single market.
• Globalization and Increasing Competition in the World When we look at some of the businesses in the world that are on the forefront in the world of successful business, we find businesses such as the banking institutes, medical providing institutions, academic institutions, […]
• Globalization: Concept, Advantages and Disadvantages The lecture provokes the interest to the evaluation of the consequences of globalization. The accumulation of the first experience has started with watching the different documentary and feature movies about the global and cultural integration […]
• Significance of Globalization to Human Resource Management For businesses to survive in the present environment, they must put more emphasis on their competitive strengths and ensure development of long-term strategies.
• The Criminal Justice Funnel and Globalization There are several cases in the initial stages of the criminal process which are then eliminated as the process continues to the top.
• The Main Drivers of Globalization: The Economic Scope In conclusion, it seems reasonable to claim that there are three primary drivers of the process of globalization that were discussed demography, technology, and political decisions.
• The Coca-Cola Management in the Technological Advances and Globalization In the Coca-Cola Company, the employees are entrusted with various roles to ensure the success of the company and the achievement of its goals and objectives.
• History of Globalization: Past and Present When discussing the critique of globalization, literature tends to analyze its perceived consequences.the emergence of a so-called ‘global culture’ is simply a process that marks the transformation to a culture of consumption and linked to […]
• Will Globalization Help Thailand Improve Its Economy? In this respect, the idea of globalization in a particular nation must be looked at from its broad perspective, taking into consideration the merits and demerits and its impact on the economy of a country.
• The Book “Globalization” by Manfred B. Steger Scientific inventions in technology and communication networks have facilitated international trade and movement of people from one region to another, the result of the trade is economic, social, and political gains.
• The Concept of Globalization To begin with, the inception of globalization in a given country is perhaps thought to be costly economically as well as socially.
• Science and Technology Impact on Globalization Globalization has by now laid down the phase for this epoch through making the world interrelated further and the tools of empowerment available to all.”To start with, Globalization refers to the trend toward countries joining […]
• HRM Globalization’ Cause and Effects The transformation witnessed in the hospitality industry aims at boosting the tourism business to benefit from the resulting competitiveness by capitalizing on human resource perspective.
• International Trade and Its Effects on Globalization The internet, with the help of advanced software enables the international managers to monitor and manage the progress of all the activities of all the company’s firms.
• Effects of Internet and World Wide Web on Globalization Before trying to understand the effects of the World Wide Web and the Internet on globalization, it is worth explaining the meaning of the term globalization in order to get the clear picture of the […]
• The Impact of Globalization on Indigenous People One of the effects of globalization on indigenous peoples of Canada could be identified as signing of land surrender treaties. British government dispossessed most First Nations of their land and heritage during war invasions and […]
• Globalization: a Blessing in Disguise The World Bank in relations with the IMF is always generous to give loans to the developing countries which are alternatively taken by the vultures companies during high interest pay outs. The reason for this […]
• Effects of Globalization on Native Non-Western Cultural Practices In non-western cultures, the new products and ideas are seen as a welcome since they are promising to the future of the people.
• Globalization Effects on Food Industry, Trading, Education The major benefit enjoyed by the developing nations is the capability to import the raw materials from the industrially developed countries, to facilitate the production of goods required in the country.
• Globalization Argument of Anna Tsing On the other hand, the impacts of globalization are widely felt on the environment, cultural practices, political aspects, and in the advancements of the economies globally.
• The Impact of Globalization in Malaysia The negative impact of the globalization process in 1997 was vocally criticized by Malaysia and marked it as a ‘betrayal’ by the western economies through the forces of the global market.
• Reaction Paper in Globalization and Its Discontents: Face the Heat While Sassen delivers his argument concerning the new centrality of the economic operations in a clear and very straight-forward fashion, by focusing on primarily large cities and disregarding the effect that the globalization process will […]
• Hofstede’s Cultural Dimensions: Internationalization and Globalization For a high UAI, It means that communication and preparation in the company is in time. An example is a company that wants to invest or intends to start a business in the United Kingdom […]
• Globalization, Its Effects and Theories Because of this division, capitalism is seen as contradicting in that understanding the two groups by determining the position and role of each of them play in the society led to class struggle theory.
• Impacts of Globalization on Labor The globalization of labor leads to the availability of much-needed expert workers in an economy. The UAE is one of the best case studies of the positive and negative effects of labor globalization.
• The Meaning of Sustainability and Globalization Sustainability refers to meeting the needs of the present without compromising the ability of future generations to meet their own needs, while globalization refers to the increasing interconnectedness of the world’s economies, cultures, and populations.
• Humanity’s Collective Health Impacted by Globalization The strict control of borders and a self-centered foreign policy are outdated methods of dealing with global health disasters such as an epidemic or a pandemic.
• Protectionism in the Age of Globalization On the one hand, globalization erases many international boundaries to stabilize fair trade and cooperation, and protectionism is necessary to maintain the national identity and economic prosperity of each country separately.
• Globalization Impact on Energy Consumption: Article Critique Energy consumption will increase until a particular level of globalization is achieved and then starts to fall, according to the link between globalization and energy consumption over the long term. The inverted U-shaped link between […]
• How Globalization Forces Affect Quality of Life For example, globalization can boost the economy and raise living standards while posing risks to the economy’s health and the welfare of workers.
• Background About Globalization and Apple Products The fact that these children are supposed to be in school further highlights the gravity of the situation, as it endangers their health and prospects.
• Globalization in the Environmental Sphere To date, the problem of globalization is relevant, and with it the question of the impact of globalization on the environmental sphere is also of great interest.
• Globalization: London as a Global City Globalization, as a set of processes through which the incorporation of the planet’s population into a single world community, the global community, gives a significant impetus to the development of the knowledge economy and the […]
• Globalization or the Age of Transition However, when people understand globalization in the political and economic developments within the last century, it becomes clear that it has contributed to the spread of the long history of the capitalist world economy. On […]
• Globalization Influence on Australia’s Policies Australia’s economy is thriving, and people’s standard of living is higher since the country has the policy settings to benefit from the advantages of food security, human rights, and skilled migration.
• Globalization and the Dominance of Market-Centered Economic Strategies The main differences between liberal and coordinated market economies can be summed up as follows: in liberal market economies, hierarchies and competitive market structures coordinate the activities of businesses, whereas, in coordinated market economies, the […]
• Globalization in Education: The Gap in the Accessibility Globalization has significantly improved the quality of education: the exchange of knowledge between the countries has led to the teaching of empathy through the interpenetration of cultures.
• Impact of Globalization on the Bankruptcy in Detroit The rise and fall of Detroit are considered to be the rise and fall of the US auto industry. In any case, the current positive impact of globalization on the city is beyond discussion.
• For the Advantages of Globalization, the Pandemic Has Highlighted Its Drawbacks Thus, for instance, among the prominent negative aspects of globalization in the context of the international situation, it is essential to highlight the increase in unemployment and the decline of several industries, the monopolization of […]
• Globalization in Education Through Social Sciences Lens In this case, globalization in education will be analyzed using the lens of the social sciences, which focuses on how people act in their social environment, such as schools and universities.
• Globalization: Benefits and Challenges On the other hand, the netizens’ society also needs to understand globalization and how to interact respectfully. Therefore, it is vital to analyze and understand globalization to enhance the social interactions of people with varied […]
• The Globalization Influence on Dubai The three facets of globalization taken into account in this report are trade, movement of people, and capital movements and their effects on the people of Dubai because they often impact a region’s economy and […]
• The Globalization Impact on the European Region The increase in migration flows to Europe is one of the two most important demographic trends on par with the aging nation in the region. Thus, aspects of globalization such as migration, trade, and the […]
• Globalization and Development of Contemporary Cities The emphasis on sustainability and the associated changes, including the increased mobility of the city and the update of the infrastructure of the urban landscape, can also be considered some of the central elements of […]
• Globalization and Japanese Cultures This map is in that book and this course because of demonstrating the movement of goods and people across the world from Afrique to Patagonia and Nouvelle-Guinee.
• Transportation and Globalization in North America and Europe: Comparison In the United States, transportation is presently the second biggest energy consumer, and in Canada, it is major. It should also be noted that supply chain management in the United States has changed into a […]
• Globalization Debates and Pressures on Companies A global organisation that may have a significant impact on the economy and the administration of a state has also been effectively developed as a result of the growth of the MNC.
• Outsourcing and Globalization in Indian Society The bottom line of the video is that globalization took advantage of Indian labor market and created thousands of high-tech and call center jobs that contributed to the economic development of India.
• Globalization and Organizational Communication As such, the firms reduce the promotion and sales of ‘green’ products and address environmental issues on a larger scale that is related to the fuel use of planes. Situational leadership aims to modify a […]
• Globalization: Benefits and Drawbacks As the exchange of goods and services speeds around the world, globalization brings more innovations to our daily lives. The primary function of layout planning is to fill the space within a facility efficiently, considering […]
• Globalization and Its Key Drivers The news articles examine the issue of globalization drivers through the lens of the recent shock to the global economy with Russia’s invasion of Ukraine and the subsequent political, economic, and social consequences from global […]
• Globalization in Business and SWOT Analysis In modern studies, SWOT analysis is a helpful tool to evaluate the main idea of the offered business and examine organizational internal strengths and weaknesses and external opportunities and threats.
• Anti-Globalization Movement’s Goals and Power The movement works with the destruction of the legal status of “legal entities,” the disappearance of commercial fundamentalism liberated, and the necessary actions of economic privatization by the World Bank, the Foundation International Monetary Fund, […]
• Zapatismo, Globalization, and Neoliberalism The Zapatismo movement fights for the distribution of power within the public sector. The spreading of the ideas of power distribution and equality, the representatives of the movement, try to minimize the impact of neoliberalism […]
• Globalization from Theoretical Perspectives One of the major theories on perspectives of globalization is presented by Held and McGrew it is called “the theory of trans-formationalism”.
• Globalization, Politics, and Economic Reforms The history of globalization dates back to the 1960s during the revolution period. The idea of nationalism in the 19th century led to present-day politics defined by the legitimacy of a country.
• Women’s Work and Impact of Globalization Both the article on sex tourism and the film on Maquilapolis deal with the problem of women having to harm their health, bodies, and reputation for escaping poverty and providing better lives for their families.
• Current Trends in Globalization of Crime Hence, the major cause of the drugs smuggling routes over the U.S.-Mexico border is still the discrepancies between the U.S.and Mexican drug enforcing legislation as well as the lack of cross-border cooperation.
• Globalization, Immigration, and Class Division It includes the widespread globalization of countries, diverse economic perception of each, and the acute ethical and legal side of the immigration issue.
• Globalization as Growth Driver for Society and Economy From the start, Levitt argues that the globalization of markets is a phenomenon like never seen before, where the international market becomes one whole and there is a demand for modern, popular, standardized products which […]
• Modern Globalization in Business In particular, people from different countries and cultures have become more integrated into a common, emerging culture in which there is room for the traditions of all peoples. Globalization does have advantages and disadvantages, but […]
• Nationalism in the Context of Globalization It is important to understand the idea of nationalism through the relationship between the concepts of state and nation. In other words, the crisis of citizenship is rooted in the notion of the disappearance of […]
• Aspects of Globalization Concept Exporting is an entry strategy in which the company’s production facilities remain in the home country, while produced goods are transferred to other countries for sale.
• Is Globalization Reducing Poverty and Inequality? & How to Judge Globalism The article Is Globalization Reducing Poverty and Inequality by Robert Hunter Wade explores the phenomenon of globalization and its influence on the poverty and inequality ratios all over the world.
• Economic Globalization: Positive and Negative Sides First, it is essential to understand the benefits of economic globalization to embrace it rather than try to oppose it. It is argued that globalization is a manifestation of western imperialism as rich countries exploit […]
• Globalization and Its Impact on Culture In such a manner, with the ease of transportation and communication enabled by globalization, there is a merge of cultures around the world.
• Blockchain Decentralized Systems and Intellectual Property Globalization In terms of technology, a blockchain is a list of records, each of which is formed into a block and contains information, a cryptographic hash, about the previous block.
• Globalization in Latin America This regional model assumes the preservation of the role of Latin American countries as suppliers of raw materials, recipients of the capital of foreign companies seeking to occupy commanding heights in the Latin American economy.
• Social Inequality, Capitalism, and Globalization It replaces slavery of antiquity and negatively affects almost all aspects of society, from the inequality of men and women to the sphere of science and education.
• Climate Change as Systemic Risk of Globalization However, the integration became more complex and rapid over the years, making it systemic due to the higher number of internal connections.
• West African Maritime Trade and Globalization Namely, the first half of the book comments on the language and vocabulary development, the reclaiming of myths in the post-colonial society and the Nigerian ethnicity.
• Analysis of Globalization and Inequality in “For Sama” Movie Waab Al-Kateab, one of the directors and the producer of the film, is a journalist who had been documenting her life in Aleppo for a total of five years.
• The Roman Empire: Globalization and Religious Power The Roman Empire is the first-ever experience of world globalization, the creation of a universal multinational society, in which the main directions of historical development with its ups and downs, unprecedented progress, and wild barbarism […]
• How Is Globalization Affecting Rates of Disease The global scale of the spread of the coronavirus and its consequences have sharply turned public interest and attention towards global issues.
• The Economic Aspects of Globalization This trend is active in the most developed countries such as the United States of America and even in the developing countries in Africa and Asia.
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Is globalization an engine of economic development?

All people living in today's world have experienced some of the benefits of globalization: the expansion of foreign trade has meant that vaccines and antibiotics produced in a handful of countries have been widely used all over the world to eradicate diseases and treat deadly infections. Since 1900, life expectancy has increased in every country in the world , and global average life expectancy has more than doubled .

Globalization has also been a key driver of unprecedented economic growth and as a result, we now live in a world with much less poverty .

Yet these achievements are the product of multiple forces, and globalization is only one of them. The increasing potential of governments to collect revenues and redistribute resources through social transfers has been another important factor contributing to improved standards of living around the world. Neither free market capitalism nor social democracy alone has been responsible for economic development. On the contrary, they often work together.

In this blog post, we discuss in more detail the evidence behind these claims.

The rise of globalization

International trade has been part of the world economy for thousands of years . Despite this long history, the importance of foreign trade was modest until the beginning of the 19th century—the sum of worldwide exports and imports never exceeded 10% of global output before 1800 .

Then around 1820 things started to change quickly. Around that time, technological advances and political liberalism triggered what we know today as the 'first wave of globalization'.

This first wave of globalization came to an end with the beginning of the First World War, when the decline of liberalism and the rise of nationalism led to a collapse in international trade. But this was temporary and after the Second World War, trade started growing again. This second wave of globalization, which continues today, has seen international trade grow faster than ever before. Today, around 60% of all goods and services produced in the world are shipped across country borders. (In our entry on International Trade you find more details regarding the particular features that characterize the first and second waves of globalization.)

The chart here shows the remarkable growth of foreign trade since 1800. The series shows the value of world exports in constant prices—world exports have been indexed, so that values are relative to the value of exports in the year 1913.

The broad trend in this chart is striking: Trade followed an exponential path. Other metrics of trade, such as the share of imports and exports in global output , tell the same story.

In just a few generations, globalization completely changed the world economy.

The correlation between globalization, economic growth and poverty reductions

In the period in which international trade expanded, the average world income increased substantially and the share of the population living in extreme poverty went down continuously.

GDP per capita is a common metric used for measuring national average incomes. By this measure, average incomes followed a similar growth pattern to international trade. For thousands of years, global GDP per capita had a negligible growth rate: technological progress in the preindustrial world produced people rather than prosperity . Over the course of the 19th century, however, alongside the first wave of globalization, this changed substantially. In this period, economic growth started accelerating and global GDP per capita has been growing constantly over the last two centuries—with the exception of lower growth rates during the years between the two world wars. (You can read more about these trends in our entry on Economic Growth .)

Regarding extreme poverty, the available evidence shows that up until 1800, the vast majority of people around the world lived in extreme deprivation , with only a tiny elite enjoying higher standards of living. In the 19th century we began making progress and the share of people living in extreme poverty started to slowly decline. This trend is shown in the chart here. As we can see, today, two hundred years later, the share of people living in extreme poverty is less than 10%. This is an achievement that would have been unthinkable to our ancestors. 1

The stark trend in the incidence of poverty is particularly remarkable if we consider that the world population increased 7-fold over the same period. In a world without economic growth, such an increase in the population would have resulted in less and less consumption for everyone. And yet, as the chart shows if you switch to the 'absolute' view, the exact opposite happened: in a time of unprecedented population growth, we managed to lift more and more people out of poverty.

Living with less than 1.90 dollars per day is difficult by any standard—the term 'extreme poverty' is appropriate. However, recent estimates show that no matter what global poverty line you choose, the share of people below that poverty line has declined . (In our entry on Global Extreme Poverty you can find more evidence supporting this important historical achievement.)

The link between globalization and absolute poverty

The fact that trade and average incomes followed similar upward trajectories in a period of unprecedented poverty reduction is of course not proof of a causal relationship. However, both evidence and theory suggest that what we observe is more than an accidental correlation.

Trade facilitates efficiency gains that are materialized in aggregate economic growth. From a conceptual point of view, international trade contributes to economic growth by allowing nations to specialize, in order to produce goods that they are relatively efficient at producing, while importing other goods. There is substantial empirical evidence backing this causal mechanism .

If trade leads to growth in average incomes, what does this mean for poverty? In a much-cited 2002 academic article, David Dollar and Aart Kraay empirically showed that on average, the income of the poorest grew one-for-one with average national incomes over the last four decades of the 20th century. 2 This means that trade has helped raise the incomes of the poor as much as it has helped raise average incomes. More recent articles have confirmed the original findings from Dollar and Kraay. 3

When taken together, the evidence thus tells us that globalization has contributed to reducing poverty around the world.

The link between globalization and inequality

That globalization is good for the poor is a statement that is true on average . In some countries and in some periods the poor did better than average, and sometimes they did worse.

Looking at the long-run average effect is very helpful to form an opinion regarding broad trends. However, these broad trends are not necessarily informative about how trade has affected the distribution of incomes generally; nor about how trade has affected specific groups of people in specific periods.

The same economic principles that suggest we should lend serious consideration to the efficiency gains from trade, suggest that we should do likewise for the distributional consequences from trade. If globalization generates growth by allowing countries to specialize in the production of goods that intensively use locally abundant resources, it is natural to expect that differences in the way resources are endowed will translate into differences in the way benefits are reaped.

If we take a look at the data, we observe that the process of globalization and growth that led to historical achievements in poverty reductions went along with a substantial increase in global income inequality .

The chart shows this by comparing the global income distribution at three points in time: 1800, 1975, and 2015. We can see that the world today is both much richer and more unequal than it was in 1800.

There are two forces that can drive global income inequality : within-country differences in incomes, and between-country differences in incomes. Which of the two is driving the trend we observe in this chart? The evidence suggests that it is the latter—global inequality increased in the period 1800-1975 because the countries that industrialized earlier grew faster.

In 1800, only a few countries had achieved economic growth while the majority of the world still lived in poverty. In the following century, more and more countries achieved sustained economic growth, and the global income distribution became much more unequal: there was a clear divergence between early-industrialized countries (where extreme forms of poverty were virtually eradicated) and the rest of the world. In the following decades and up until today, early-industrialized countries have continued growing, but the biggest changes have taken place at the bottom of the distribution. Today, global income inequality is lower than it was in 1975. But still, despite the ‘catch-up growth’ in recent decades, our world today is both much richer and more unequal than it was in 1800.

So, what does the data tell us about globalization? Over the last century, the gains from international trade were substantial and generally equally distributed within countries, but global inequality increased because for a long period early-industrialized countries had larger gains to distribute among their citizens.

The distribution of the gains from trade

The above conclusion that globalization has not had substantial effects on global inequality may seem paradoxical to some people—there is substantial evidence of growing inequality in many countries, including countries that have vehemently pursued trade liberalization. A notable case in point is the US, where income inequality has been on the rise in the last four decades, with incomes for the bottom 10% growing much more slowly than incomes for the top 10% . (You can read more about these within-country trends in our entry on Income Inequality .)

How can we reconcile these two empirical facts? In a recent article, Elhanan Helpman provides an answer informed by a meta-analysis of the available evidence: factors such as automation, technological changes, and market frictions, have contributed to the rise of inequality more than growth in international trade has. 4

If this is the case, then why has the view that globalization is bad for the working class captured the political debate in rich countries? Part of the answer has to do with the fact that people are misinformed about the evidence. But another important reason is that, while globalization may not have been the prime cause of growing inequality within many rich countries, it remains true that there are specific groups of people who have not reaped many of the benefits from globalization in recent years.

Daniel Trefler published a paper in 2004 showing that the 1989 free trade agreement between the US and Canada temporarily increased (for about three years) the level of unemployment in Canada. 5 And David Autor and colleagues published another much cited article in 2013 showing that imports from China had diverging effects on employment across various geographical zones in the US, with employment declining more in zones where industries were more exposed to import competition from China. 6

These effects on specific groups are real and need to be taken into account, even if they do not imply that ‘globalization is bad for the poor’. Public policies should protect and compensate workers whose earnings are adversely affected by globalization. And as a matter of fact, public policies in rich countries have done this to some degree in the past. As painful as job losses are for the affected workers, it is thanks to unemployment benefits and other safety-net policies that we do not observe unemployment leading to widespread extreme poverty in rich countries.

Which way forward?

Has globalization been an engine of economic development? The answer is yes. Globalization has had a positive effect on economic growth, contributing to rising living standards and the reduction of extreme poverty across the world.

Can we conclude from this that we should strive for a ‘hyper-globalized’ world economy in which there is completely free trade with no room for public policy and regulation? The answer is no.

The point is that the worldwide historical achievements that we can attribute to globalization are not independent of other factors, including the potential of governments to redistribute resources. Indeed, as the last chart here shows, the process of globalization that we have experienced in the last couple of centuries took place at the same time as governments increased their potential for taxing and redirecting resources through public policies, particularly social transfers.

How much integration in global markets would be optimal? I would be skeptical of anyone who offers a definitive answer. But it seems unlikely that the optimal degree of integration is either of the two extremes—neither ‘hyper-protectionism’ nor ‘hyper-globalization’ is likely to be the answer.

Policies aimed at liberalizing trade, and policies aimed at providing social safety nets, are often advocated by different groups, and it is common for these groups to argue that they are in conflict. But both economic theory and the empirical evidence from the successful fight against extreme poverty suggests this is a mistake: globalization and social policy should be treated as complements rather than substitutes.

The data in the chart here measures ‘extreme poverty’ as defined by the World Bank; people are considered to live in extreme poverty if they have to get by with less than 1.90 ‘international dollars’ per day. International dollars are a hypothetical currency that corrects incomes for differences in price levels in different countries as well as for inflation (explained by us here ).

Dollar, David, and Aart Kraay. "Growth is Good for the Poor." Journal of economic growth 7.3 (2002): 195-225.

See, for example, Dollar and Kraay (2004), "Trade, growth, and poverty." The Economic Journal 114.493 (2004) ; and Dollar, Kleineberg and Kraay (2014), "Growth, inequality, and social welfare : cross-country evidence." Policy Research Working Paper.

Helpman, Elhanan. Globalization and Wage Inequality. No. w22944. National Bureau of Economic Research, 2016.

Trefler, Daniel. "The long and short of the Canada-US free trade agreement." The American Economic Review 94.4 (2004): 870-895.

David, H., David Dorn, and Gordon H. Hanson. "The China syndrome: Local labor market effects of import competition in the United States." The American Economic Review 103.6 (2013): 2121-2168.

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The State of Globalization in 2021

• Steven A. Altman
• Caroline R. Bastian

Trade, capital, and information flows have stabilized, recovered, and even grown in the past year.

As the coronavirus swept the world, closing borders and halting international trade and capital flows, there were questions about the pandemic’s lasting impact on globalization. But a close look at the recent data paints a much more optimistic picture. While international travel remains significantly down and is not expected to rebound until 2023, cross-border trade, capital, and information flows have largely stabilized, recovered, or even grown over the last year. The bottom line for business is that Covid-19 has not knocked globalization down to anywhere close to what would be required for strategists to narrow their focus to their home countries or regions.

Cross-border flows plummeted in 2020 as the Covid-19 pandemic swept the world, reinforcing doubts about the future of globalization. As we move into 2021, the latest data paint a clearer — and more hopeful — picture. Global business is not going away, but the landscape is shifting, with important implications for strategy and management.

• Steven A. Altman is a senior research scholar, adjunct assistant professor, and director of the DHL Initiative on Globalization at the NYU Stern Center for the Future of Management .
• CB Caroline R. Bastian is a research scholar at the DHL Initiative on Globalization.

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