Although globalization has a long history, its progression in the 21st century is not only remarkable but can be a failure as well when we look at how its outcome, on occasions create more trouble and tension for economists and other people in the world.
Bertho, Crawford, and Fogarty (2008) wrote, “Although some people have argued that there is no significant difference between the current global economy and the one which existed in the 19th century, it is difficult to negate the fact that the pace of the process of globalization is accelerating at a very high rate” (p. 7). For instance, there is a lot of technological development in the sector of information technology, which results to further integration of markets. In addition, due to reduced trade barriers between different countries, people are moving from one country to another at a very high rate. The new forces that have emanated from globalization are beyond the ability of any country to prevent or even oppose.
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