Global Economy: An Introduction
Globalization includes the interpretation of the current events on the international sphere in terms of development, economic conditions, social setting, and political and cultural influences. Globalization, as a set of theoretical claims, underscores especially two main increasing developments: (a) worldwide active communication systems; and (b) fluent economic conditions, especially high mobility of financial resources and trade.
Through the process of globalization, the assumption is that more nations are depending on global conditions in terms of communication, the international financial system, and trade. Thus the world scenario is more an integral part in international economic transactions (Sunkel, 1995; Carlsson, 1995; Scholte, 1995). Effects and influences from these "integrational aspects" can be studied from two major viewpoints: (a) countries´ external level -or systemic approach- and (b) domestic or internal conditions within nations -sub-systemic approach. In this last mentioned case, the units of analysis will be those corresponding to national variables of economic growth, or social indicators.
In terms of the globalization process that is taking place under existing worldwide economic conditions, two main topics in international political economy are: (a) the structure of the international economic system; and (b) how this structure has changed. (Mortimore, 1992). They can be dealt with through the application of globalization from the development point of view. This globalization approach suggests that the structure of the global system, and the roles that countries play within the international division of trade and labor, is critical in understanding a wide array of social, political, and economic changes within particular countries. The basic claim is that international connections, roles, and relationships are important variables in any analysis, which tries to elucidate various dimensions of development -economic growth, for example- trade, financial links and communications among countries. (Smith, et. al, 1992);(Tilly, 1989).
The fundamental principle of globalization.......
