Globalization of World Economy

Razvan Grecu
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Razvan Grecu: Student, Masters Financial Management, Faculty of Economics, Ecological University of Bucharest

No 9, Working papers from Ecological University of Bucharest, Department of Economics

Abstract: This article addresses a whole evolution of the European integration - deepening, broadening, reforming, relations with third parties - precisely from this perspective of the efforts to obtain more important positions in the global competition. Used after the 1950s, the term globalization is present in all major languages of the world, be it the "globalization" for the English speakers, "mondialisation" for the French speakers, "globalizzazione" for the Italian speakers, "Globlisierung" for the German speakers or "Quan Quai Hua" for the Chinese speakers. The global attribute has a common use in phrases like "global market", "global institutions", "global communications". The widespread use of the term, both in everyday language and in the academic world, is produced since about the 1970s. However, the emergence of the industrial capitalism also marks the presence in the intellectual discourses of the references to a series of events similar to those that today retain the attention in the globalization context: the reduction of time and space as a result of the evolution and the development of transportation and communication, which substantially increases the possibilities of human interaction. It is, however, difficult to trace the border between cause and effect in terms of the globalization process. The world economies evolutions in regards to the trade, production, finances, led on one hand to the global nature of the economy and, on the other hand have influenced and boosted each other.

Keywords: globalization; regionalization (search for similar items in EconPapers)
JEL-codes: F60 (search for similar items in EconPapers)
Pages: 9 pages
Date: 2016-04
New Economics Papers: this item is included in nep-cse, nep-his and nep-int
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Published in Ecology of XXI Century: Proceedings of the International Conference of the Ecological University of Bucharest: EUB-2016, Bucharest, Romania, ISBN: 978-606-26-0624-4, April 2016, pages 98-106

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