What is Globalisation?

Therefore it seems inaccurate to discount economic factors from the theory of globalisation due to the multiplier effects they cause in societies across the world. Instead of arguing this, the writer simply believes that in relation to the question, that whichever theory we chose to accept, that globalisation is profound within our and every other national economy. Recall that Hoogvelt (1997) describes globalisation as “ever intensifying cross-border human interaction” – a loose term incorporating trade, migration, communication and culture as mentioned above. In the writer’s view, this is evident in all three accounts of globalisation, including the sceptic notation, thus enforcing the fact that we are in the process of becoming a globalised economy. However, with the majority of writings studied in this piece being brought about from the turn of the millennium, in the writer’s opinion, globalisation may have even progressed in this short space of time. For example the single currency of the Euro and EU expansion seems both to hyperglobalise the world economy, but also to strengthen the power of the European Trade block against North America and Asia-Pacific as noted in sceptic writing. Similarly, the growing economy of China in recent years has led to a new “middle class” of 100,000,000 consumers of largely American and European products, incorporating economic, social and indeed potential political change in the future, which was not unprecedented in modern times.