Description
Assessment
The Globalised Economy
Assignment 1:
The requirement of this assignment is to prepare a 1000-word discussion of the concept of ‘the global economy’.
The guidance in the course handbook is as follows:
It is important in this exercise that you provide considerably more than a definition: please ensure that (within the tight constraints) you discuss the meaning, implications and importance of the idea – you might explore its shape and extent, how it has changed over the last 30 (or 5) years, what the key drivers are, or perhaps its limitations. It is of critical importance that you refer to a range of literature, and that you reference fully and properly.
Solution
Introduction
The concept of global economy has continued to evolve at a fast pace, on the basis of technological innovation, international trade, international finance and global investment (Arouri, 2013, p. 123).
This have seen over seven billion people participate in the global economy, devoid of geographical barriers but interconnected by market-based system. As such, Spilsbury (2012, p. 46) indicates that, global economy can be considered to have emerged from globalisation to integrate into one economic system that operate collectively.
It is on this basis, that, this essay seeks to offer a critical discussion of the concept of the global economy, highlighting its meaning, importance, implications, key drivers as well as its limitations.
The concept of a global economy
According to Pacek (2012, p. 78), global economy refers as the interconnectedness of worldwide economic activities between many countries. Although globalisation led to the global economy, the two concepts differ in that, globalisation refers to the process by which nations and societies are integrated through global networks of communication, trade, transport, immigration among others (Krugman, Obstfeld, and Melitz, 2012, p. 221). On its part, global economy is the economy of the world or the interdependence of economies of the world like as single entity. Thus, global economy is one important effect of globalisation.
The history of global economies dates back in the age of discovery which was between the 15th and 18th century when the European explores sought to explore other continents. Eckes (2011, p. 167) explains that from then, global economies grew rapidly until the 2000s, where the global exports accounted to about 25% of the global GDP. However, in the last decade and especially after the global financial crisis in 2008, it was feared that global economies would die. According to Swift (2016, p.59), most countries, including the most advanced economies experienced serious economic crisis, with countries such as Greece being severely affected. Moreover, the global economies…………………..
To receive the entire sample, please click the download icon below:
To receive a customised, plagiarism free solution, please contact us on WhatsApp +254716353533
