The increasing globalization of markets

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Paradigms:

Market globalization decreases national governments control on unemployment, GDP fluctuations, etc.. Laws and regulations should therefore be made on a global basis.

Possible decreasing power of governments and increasing power of companies, which set a totally different political and economic arena. The rules to adhere to in this situation have yet to be created.

The globalization of markets can benefit—and has benefited—rich and poor alike. But the integration of the global economy is outpacing the development of a healthy global policy. To realize the values and rules critical to a secure and just world—and to make the full benefits of a global market available to all—will require better global politics.

If the globalization of the market leads to continents or countries which cannot compete anymore, trade barriers (= de-globalization) might be a counter reaction.

Experts:

• World Trade Organization
• United Nations
• OECD
• IMF
• CBS

Timing:

Globalization started with the rise of the first trade links in ancient times.

The 19th century saw a peak in globalization. Industrialization lead to reduced costs for produciton items, while rapid population growth created sustained demand for commodities and manufactures. Globalization in this period was decisively shaped by nineteenth-century imperialism. The European colonies in Africa, South-America and Asia became source for valuable natural resources and consumers for European exports.

The first World War, followed by the Great Depression in the late 1920s and early 1930s put a halt to this kind of globalization.

After the second World War globalization was largely the result of planning by politicians to break down borders hampering trade to increase prosperity and interdependence thereby decreasing the chance of future war. The removal of restrictions on free trade lead to an increase in global trade and a specialization of the manufacturing industry. The technological progress in transport infrastructure and communication technology in the 1990s was another important spur for globalization.

Although the globalization of the markets seems well progressed, the limits of globalizations are not reached. Large regions of emerging and less developed countries are not taking part in the globalized markets yet.

Web Resources:

• [1] Wikipedia on Globalization

• [2] OECD Globalization statistics

• [3] Globalisation shakes the world - article at BBC News (2007)

• [4] Global Markets Require Good Global Politics — article at The Brookings Institution (2003)

• [5] The Third Wave in Globalization Theoriesnbnsp;- article by Luke Martell (2007)

• [6] Embracing the Challenge of Free Trade: Competing and Prospering in a Global Economy — speach by Federal Reserve chairman Ben Bernanke (2007)

• [7] Rethinking Globalisation - blog by Global Trade Watch

• [8] Globalization and Me - blog on views and viewpoints on globalization

• [9] Mapping Globalization — globalization project with a collection of maps