Single Global Economy?

1336 Words6 Pages
What is a single global economy? To answer this question, we must understand what actually constitutes a global economy. The question is hotly debated and this answer will consider the differing views of the Globalist, Inter-nationalist and Transformationalist perspectives. These perspectives with be compared against the four indications of globalisation to ascertain whether a single global economy does indeed exist. From the perspective of Globalists it is easy to believe that a single global economy exists as evidence in the form of statistics prove this to be true. Effectively, if one proves that the four indicators of globalization are on the increase, then Globalists are vindicated. Verification relies upon proving that social relations are more stretched across the world, meaning country borders no longer play a large role – for example in the EU (for EU citizens). Here, migration should be easier and trade and investment should be across regions and continents. There must also be increased intensification of flows across the planet that relies on the increase of communication technology especially to poorer countries. Additionally there must be greater interpenetration of economic offerings such as foreign direct investment (FDI) in other countries, especially across regions. For Globalists, the remaining sign of globalisation would be increased global infrastructure, demonstrated by the existence of organisations such as the WTO, operating with greater authority and power over nation states. Globalists would like to point to indications of national economies morphing into a single economy, for example - the increase in international trade. Working for the world’s largest shipping company supports this increase in international trade on a daily basis – demand is increasing, especially in certain trades like the westbound trade from the Far East into the
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