General Article Why will Globalisation prevail? The enduring forces and enablers

Topic Selected: Globalisation Book Volume: 416

In discussing globalisation, the term can be described as the convergence of markets, economies and ways of life across the world. A broad overview definition here is that globalisation is the worldwide process of homogenising prices, products, wages, rates of interest and profits. The important point to note here is globalisation as a process (a series of actions, changes or functions) rather than as a static stage of development. So as a ‘process’ of development, globalisation processes will rely on three forces for development at various scales (e.g. individual, household, urban spaces, national boundaries). The three forces for development in the process of globalisation are as follows:

  • the role of human migration;
  • international trade;
  • rapid movements of capital and the integration of financial markets.

First, the role of human migration in globalisation is the way in which humans are, in general, freer to move between different jobs, spaces and nations. For instance, people c...

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