The Multidimensional Structure Of Globalization Essay

1895 Words Aug 10th, 2015 8 Pages
The multidimensional structure of globalisation makes it difficult to provide the precise definition of the concept. WTO has determined that even though there are different definitions to the term, it has to be viewed as the integration of capital, investment and labour market or its integration with the world markets. Globalisation is a complicated phenomenon that can be investigated from different angles: economical, social, environmental, and political. Economic globalization considers flows of goods and services across borders, reduction of trade barriers and tariffs, immigration, the spread of technology, the spread of knowledge, etc. (Samimi & Jeatabadi, 2014).
Taking its multi-dimensional nature into account, different perspectives on the nature of globalization and its definition are questioned when the effects of globalisation from economic side are considered. Looking on the bright side of globalization, it is possible to mention that it creates opportunities for countries’ economies and foster economic growth. At the same time it is believed that it effects the economic growth of countries in a negative way by causing poverty and injustice income dispersal (Kilic, 2015).
In the study “The World Economy: A Millenial Perspective” A. Madisson claimed that economic improvement can be explained by the following processes: the settlement of new fertile area, international trade and capital movements, as well as technological and institutional innovations. The current…

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