Moving Towards An Interdependant Global Economy Essay

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We are moving towards a world in which national economies are merging into an interdependent global economic system, commonly referred to as globalisation. Discuss this statement. Conceptualising the globalisation phenomenon as a purely economic subject and discounting other macro factors, provides a somewhat obtuse understanding of its effects as a global system. Whilst economic factors will remain the primary focus of this paper, the arguments presented are drawn from an eclectic perspective, accounting for political, cultural and geographical influences. Whilst this paper will draw from the broad range of perspectives previously outlined, it is important to note that globalisation has been analysed from a myriad of disciplines including: Meteorology, Anthropology, Ecology, Criminology and Demography (Clark & Knowles 2006), rendering a solely economic analysis as procrustean Often misconstrued and confused with concepts such as internationalisation, modernisation and westernisation our understanding of globalisation is characterised by an in-ability to appropriately define it. This lack of definition has rendered the analysis of globalisation as inexact, empirically thin, historically and culturally illiterate, normatively shallow and politically naive (Edwards & Rees 2006), rendering it a management buzz word. The globalisation phenomenon is further misconstrued by disciplinary isolation whereby a multitude of issues are given different emphasis within different milieus built upon a different set of assumptions rendering the work of academics and researchers increasingly unintelligible, inaccessible and invisible (Clark & Knowles 2006). Intriligator (2004) frames his work around the definition of globalisation as “major increases in worldwide trade and exchanges in an increasingly open, integrated and borderless international economy. This

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