economic globalization it is the economic and social process that establishes the integration between countries and people around the world.
Through it, companies, countries and institutions carry out financial, cultural and commercial exchanges without ideological restrictions.
Economic globalization is a phenomenon that was deepened after the fall of the Berlin Wall in 1989. From that moment on, the division that existed in the world between capitalist and socialist countries ceased to exist.
As a result, there was an increase in the flow of goods and financial transactions. Within this context, several associations between countries emerged, such as Mercosur, APEC, Nafta, etc.
By joining economic blocs, countries get more strength in trade relations.
Globalization and Economy
Transactional companies that trade around the world are the main agents of economic globalization.
It is true that we still speak of government and nation, however, these no longer represent the interest of the population. Now, states defend, above all, companies and banks.
Most of the time, it is American, European and large Asian conglomerates that dominate this process.
Globalization and Neoliberalism
Economic globalization was only possible with the neoliberalism adopted in the 1980s by Great Britain ruled by Margaret Thatcher (1925-2013) and the United States by Ronald Reagan (1911-2004).
Neoliberalism defends that the State should only be a regulator and not a driver of the economy. He also points out the flexibility of labor laws as one of the measures that must be taken in order to strengthen a country's economy.
This generates an extremely unequal economy where only the commercial giants have more adaptation in this market. So, many people are left behind in this process.
Globalization and Exclusion
One of the most perverse faces of economic globalization is exclusion. This is because globalization is an asymmetric phenomenon and not all countries have gained equally.
One of the biggest current problems is the digital divide. Those who do not have access to new technologies (smartphones, computers) are doomed to become increasingly isolated.
cultural globalization
All this population and financial movement ends up causing cultural changes. One of them is the approximation between different cultures, which we call cultural hybridity.
Now, through the internet, you can discover in real time such different customs and cultures so far away without having to leave your home.
However, the displacement of people can generate hatred towards the foreigner, the xenophobia. Likewise, drug traffickers and terrorists have access to technology and use it to commit their crimes.
Also read about this subject:- globalization
- Economic blocks
- New world order
- Fall of the Berlin Wall
- Vienna Convention
- Questions about globalization
- What are economic blocks?
