Globalization, Terrorism and War Essay

1073 Words 5 Pages
Globalisation, the integration of world economies in terms of trade, finance, investment, labour and technology, is indeed an important force at work in the world today, and there is indeed much evidence to support such a statement: the integration of national labour markets, the increase in cross boarder trade and investment, and the development of a ‘world economy’ with measured GDP growth all suggest that globalism has become the dominant force in the world today.
However, this blind acceptance of globalism that has become all to apparent in modern times is sometimes unjustified; in the past century there have been many contentious issue that dominate the global agenda, most recently terrorism and the growing conflicts
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This is not to say, however, that this is a telling figure on its own – even though this cross boarder finance has grown at such astounding rates, the amount invested in foreign derivatives is still dwarfed by that invested domestically – in fact international finance still represents only about one fiftieth of its domestic counterpart, which suggests that although there has been massive growth in the area, globalisation has not yet developed into the force that it is perhaps made out to be.

Foreign investment, both direct investment (FDI) and portfolio investment, mainly oriented around foreign exchange markets, has also experienced this similar trend of growth particularly in recent times.
From 1991 to 2000, FDI flows increased by 600%, resulting in aggregate trade of over $US 1.2 trillion. Portfolio investment, too, has grown by spectacular amounts, clocking 400% growth rates between these two years, an aggregate of over $US 3 trillion. These figures indeed suggest the investment integration of the domestic economies – such large growth rates and aggregates indeed indicate that the global economy, driven by 60 000 TNCs and their 800 000 affiliates world wide, is becoming increasingly an omnipotent force on the international agenda.

The international business cycle, too, is a sure indicator of the presence and magnitude of the force

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