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The economic dimension of globalisation: Difference between revisions
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The economic dimension of globalisation (view source)
Revision as of 05:53, 30 August 2017
, 05:53, 30 August 2017→Characteristics of global economy
(Created page with '__NOTOC__ Lubomír Mlčoch == Characteristics of global economy == *Evolutionary Stages of the Global Markets: Contraction of Space, Acceleration of time International eco…') |
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== Characteristics of global economy == | == Characteristics of global economy == | ||
The international trade across national, and even continental, borders in Antiquity, the discovery of the ‘New World’, and the colonial invasions of European powers in modern times resulting in the two World Wars of the 20th century, were the preceding stages in the evolution of the capitalist market economy. Globalisation is characteristic of the ‘global age’ (Radim Palouš), which brought fundamental technological innovation in '''communications, media, and computer technology''', and the mass accessibility, affordability and acceleration of '''transportation''' on a global scale. High-speed internet connection, ‘e-money’, and a dense airway network have resulted in the Earth ‘shrinking’ and economic time accelerating to such a degree that global information exchange can now take place in ‘real time.’ It is only our generation who has perceived the world as a single whole. And Jeffrey Sachs has formulated his vision that it is only our generation who has got the chance – as the first ever – to consider eradicating poverty on a global scale. | |||
International economy is no longer vertically divided into separate national economies, but it implies numerous levels or types of market activities that horizontally spread over a virtual area - replacing the physical geography of national borders by quasi-geography of market structures, transactional costs and information cyber-space. Finances represent a central mechanism that binds these diversified structures into an integral network – a structure in which relative prices of all goods, services and equities are established. | International economy is no longer vertically divided into separate national economies, but it implies numerous levels or types of market activities that horizontally spread over a virtual area - replacing the physical geography of national borders by quasi-geography of market structures, transactional costs and information cyber-space. Finances represent a central mechanism that binds these diversified structures into an integral network – a structure in which relative prices of all goods, services and equities are established. | ||