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Globalization and the World Economy

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  • Libor Žídek
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    Abstract

    The paper deals with the phenomenon of globalization. The author finds globalization highly questionable concept because there is deep disunity about its definition among the authors. In the first part of the paper different concepts of globalization are summed up. According to author´s view there are two main approaches towards globalization - the first considers it as (more or less lasting) integration and the second as a completely new contemporary process. The author regards globalization as a long lasting integration. But he finds that the present integration has a few specifics that are analyzed in the following part of the paper. In the consequent subchapters the author deals with two more topics - the pros and cons of globalization and the durability of the process. The main conclusion of the paper is that globalization is a process that has been allowed by the governments by withdrawing from certain areas and thus releasing creative forces in the world markets. The process can be again (anytime) interrupted by the governments but it would bring serious consequences for the functioning of the world economy.

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    Bibliographic Info

    Article provided by University of Economics, Prague in its journal Politická ekonomie.

    Volume (Year): 2009 (2009)
    Issue (Month): 5 ()
    Pages: 622-643

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    Handle: RePEc:prg:jnlpol:v:2009:y:2009:i:5:id:701:p:622-643

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    Related research

    Keywords: world economy; international trade; integration; globalization;

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    References

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    1. C. Fred Bergsten, 2001. "Fifty Years of Trade Policy: The Policy Lessons," The World Economy, Wiley Blackwell, vol. 24(1), pages 1-13, 01.
    2. Michael D. Bordo & Barry Eichengreen & Douglas A. Irwin, 1999. "Is Globalization Today Really Different than Globalization a Hunderd Years Ago?," NBER Working Papers 7195, National Bureau of Economic Research, Inc.
    3. Tobin, James, 2000. "Financial Globalization," World Development, Elsevier, vol. 28(6), pages 1101-1104, June.
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