Are there links between globalization, wealth, and human development?
One of the hallmark characteristics of the global economy is the concept of interdependence – a state in which two or more places are mutually dependent and connected across space by some form of activity. Economic globalization is linking places around the world through activities such as production, trade, and consumption. As national economies become increasingly integrated through global trade, the economic growth of any given nation becomes increasingly dependent upon the economic welfare of its trade partners. Activities such as the choice of clothes you buy have a direct impact on the lives of people working in the nations that produce those goods. As Giddens (1990) put it, we now live in a world characterized by an “intensification of worldwide social relations (linking) distant realities in such a way that local events are shaped by events occurring many miles away, and vice versa”. With globalization, competition occurs between nations having different standards for worker pa
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- Are there links between globalization, wealth, and human development?
