Advantages And Disadvantages Of Globalization

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Before analyzing and discussing the “fiercest enemies” of globalization, we must first mention that the current economic state presents many obstacles for the phase of globalization. But then why is the greater part of the world globalized? Because nowadays most of these barriers can be easily overcome as globalization develops and dictates the tempo of economic growth. In this process of globalizing, the societies discover new ways of lowering or completely removing the hurdles which block the successful evolution of globalization. For instance, factors like language, culture, nationalism, technological differences, different currencies, etc. (Zinn & Grosse, 1990) used to seriously inhibit globalization in the previous century, as technologies, …show more content…
More developing countries embraced the idea of trade liberalization and internationalization, lowering or removing tariffs and decreasing governmental trade restrictions. The Washington Consensus took place and confirmed the main course of the internationalization strategy through globalization (Sally & Erixon, 2010). Overall, as Bhagwati (2004) also explained, the phase of globalization had two expressions: technological advances and governmental (policy) liberalization. However, the economic crisis from September 2008 marked the end of the rapid growth …show more content…
They block integration, because they advocate and support the ideas of a closed economy, which is the opposite of an integrated economy. Evidence that protectionism doesn’t allow any opportunities for development can be provided from another point of view. Historically, we can spot that protectionism is mostly mentioned when economic crisis occurred, i.e. it represents the country’s reaction to the economic changes caused by the crisis. It is, however, highly incorrect to compare one crisis to another. Erixon and Sally (2010) have described the crisis of 1930 and 1970 in order to show the effects of protectionism involvement. What comes under attention here are the forms of government intervention – according to the authors, in 1930 protectionism through governmental regulations had split the world economy into “trade blocs” resulting in deeper financial stagnation. In 1970 governments tried to negate the high inflation using “price-and-wage” control, which resulted in growing discontents among domestic producers and governmental rules. Eventually, the producers sought help from foreign markets to defend their interests – a form of protectionism, caused by governmental misrules which again put more pressure on the business
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