“Economic globalization constitutes integration of national economies into the international economy through trade, direct foreign investment (by corporations and multinationals), short-term capital flows, international flows of workers and humanity generally, and flows of technology.” (Bhagwati)
Economic globalization “is the closer integration of the countries and peoples of the world which has been brought about by the enormous reduction of costs of transportation and communication, and the breaking down of artificial barriers to the flows of goods. services, capital, knowledge, and (to a lesser extent) people across borders. (Stiglitz)
Bhagwati and Stiglitz provide us with similar definitions of economic globalization. But they are divided in their assessment of economic globalization as an unqualified force for good in the world. So, in your comments, explore this divide. What are the benefits we enjoy from economic globalization, and what might be its failures.
Then also comment on the causes of economic globalization. What are the “mechanisms” (institutions, policies, laws, habits, practices, phenomena) that encourage this?
What contemporary global issues, both benefits and problems, does economic globalization contribute to?