Globalization is defined as the assimilation and interaction of people from various ``cultures” in the world (Garry &Robert, p.48). Advancement in technology has helped the growth of globalization. Technology speeds up communication among people and states across the world thus enhancing transactions.
Economic globalization on the other hand, is defined as a specific aspect of globalization that deals with international integration in relation to manufacture, supply and use of commodities. Sugar and grapes are some of the food commodities that are purchase as a result of economic globalization (Frederic 2006, p.1).Most of the sugar that is used in many countries is usually imported from other countries.
Economic globalization began ``8000 years” ago. One of the main causes of economic globalization is the desire for availability of commodities as well as the establishment of markets for manufactured goods among states (Jean& Loic 2014, p.44).
Some of the positive impacts of economic globalization include poverty reduction especially in developing countries .Economic globalization increases ``annual income” which facilitates the economic growth of countries (Geoffrey 2000, p.941). In addition, economic globalization has facilitated ``cultural and political” diversity through intercultural ``integration” which is mainly affiliated to migration.
However, economic development has been linked to various negative effects such as; domination of developing countries by developed countries. Developed countries in most instances engage in such activities because developing countries on them to better their economy mainly through investments. Further, economic development has led to reduction of investment in various countries by the locals whereby they invest in foreign countries. The need to invest in other countries is due to economic instability and the loss of monetary value in their respective countries (Koffman $ Gillian 1996, p.70).
In conclusion, my view on economic development is that it should be encouraged despite the challenges it brings. Economic globalization is indispensable thus we have to embrace it because it is very beneficial.
Bibliography
Frederic, S.M.2006., Great Globalization. How Disadvantaged Nations can Harness
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Garry, J.W & Robert, S., 2000, Globalization, Nova Publishers, New York.
Geoffrey, G., 2000, Causes of Globalization, available at
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Jean-Yves,H., &Loic ,V.,2014,Economic Globalization .Origins and Consequences, available
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Koffman, E. & Gillian,Y.,1996,Globalization:Theory and practice,Pinter.Newyork.
