Vantage

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Defining Globalization

August27

Defining a topic that transends (social, political, cultural, economic, ideological, …) boundaries can be difficult, but, nonetheless, I will try. Economically, I understand it to signify a global integration of a liberal market economy. Now, what does that mean? Let’s break it up:

Global integration. The assimilation of (economic) activities through a world-wide network of communication, transportation, and trade. The act of blending national economies into a vast international economy.

Liberal. Liberal=Generous, tolerant, not narrow. A free movement of goods, services, labor, and capital via changes in policy and technology.

Market economy. Based on supply and demand. An economy consisting of competition, self-interest, and individual freedom (spawning inquiry, innovation, and personal responsibility). Corporations, innovation and growth, freedom of contract, and secure property rights are other central features of a market economy.

posted under August 2010, Portfolio

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