Global Managerial Economics
ECO305-08 Phase 1 Task 1
Prof. Ray Bell
Bernard Meister
Globalize is defined by the dictionary on Yahoo.com as "To make global or worldwide in scope or application". Manfred B. Steger (2003) goes quite a lot further when he says, "?globalization is best thought of as a multidimensional set of social processes that resists being confined to any single thematic framework. Indeed, the transformative powers of globalization reach deeply into the economic, political, cultural, technological, and ecological dimensions of contemporary social life." (1) It would be simple enough to continue on, as it seems everyone, from the Canadian government to the International bank of Italy to the WTO, has their own definition of globalization. Let us look at this in an economic sense and put a few of the definitions together to say that globalization concerns itself with the world as being both producer and consumer. Crossing state and national boundaries, goods are produced by the people who are most able to specialize in their production for use by those who are in need or want of that particular good. This does not limit the production and transfer of goods to the corporations or countries, but it also does not consider the policies and agreements needed to move these goods from producer to consumer from differing states or countries.
This is where we start to look at the sovereignty of the states and nations that are involved with the international trade agreements, specifically NAFTA, the United States, and Mexico. The World Bank Group and the United States is pouring billions of dollars into the economy of Mexico and Mexico itself has decentralized it's government. (2)&n ...