What do economists mean by globalization? When did globalization start?
What is causing it? This is a question on my graduate global economics course take-home assignment, and you know what, I was supposed to answer in two paragraphs. Oops. I will have to shorten it for school, but here was my stab at giving the question justice. I managed to be pro-free trading but critical of pro-globalization claims. What do economists mean by globalization? Globalization does not have one standard definition, and interpretations vary across perspectives. Even with the discipline of economics, it is difficult to identify an authoritative definition. By ‘globalization’, economists are generally speaking of increasing market integration allowing for the movement of goods, finance, capital, production, investment, and to a lesser extent labour, across borders. Globalization by its definition implies that the integration approaches a singular market system world-wide. As such, a more cautious view would see the world as ‘globalizing’, a process underway but not complete. Ne
