Scholarly source on globalizations. The assignment for this week will be a little different. I would like you to find a scholarly article discussing globalization as it related to the lecture slides and supplementary material.
The assignment for this week will be a little different. I would like you to find a scholarly article discussing globalization as it related to the lecture slides and supplementary material.
This article can focus on any aspects of globalization such as the positives and negatives associated with globalization, the globalization of companies, or the history of globalization. You are not limited to only these topics, any topics related to the module are acceptable.
You can use any search engine you would like such as the UF Library system, JSTOR, or Google Scholar to find one peer reviewed scholarly source. You should summarize the main points of the article and discuss how it related to the module in your own words (~200-300 words).
You will also need to provide the correct APA citation and an example of how you would cite it in sentence if you were using it in a research report.
To receive full credit you must have:
1. The summary and application to the module (~200-300 words)
2. Full APA citation
3. How you would use it in an in-text citation (Author, year) for one author, (Author & Author, year) for two authors, or (Author et al., year) for more than two authors.
It is 10 years since the first issue of the Cambridge Journal of Regions, Economy and Society appeared, in April 2008. When we had our first Editors’ meeting, in mid-2007, little did we know that the worst financial crisis since that of 1929 was about to disrupt and destabilise the global economy.
The Global Financial Crisis of 2007–2008 in turn triggered the deepest recession since the Great Depression of 1929–1932, a debt crisis in much of Europe, and the imposition by several states of a programme of fiscal consolidation, or austerity, which is still in place in many cases.
The past decade has been one of tremendous upheaval and instability throughout much of the global economy, not just in the advanced industrial economies but also in the emerging economies, including China (see Pettis, 2013).
It is tempting to see the Global Financial Crisis of 2007–2008 as deriving from flaws and failures in the financial system itself, from the greed of banks and the invention and uncontrolled use of ‘clever’ exotic instruments and products for bundling, concealing and trading high-risk mortgage debt across a globally integrated financial system.
Indeed, many observers would argue that it is in the financial system that globalisation finds its clearest expression. As Minsky (1982) observed some 35 years ago, attributing the causes of the financial crises that periodically disrupt capitalism to the nature of the financial system itself in this way is not uncommon:
Once the sharp financial reaction occurs, institutional deficiencies will be evident. Thus, after a crisis, it will always be possible to construct plausible arguments—by emphasizing trigger events or institutional flaws—that accidents, mistakes, or easily correctible shortcomings were responsible for the disaster (Minsky, 1982, 118).
But as he went on to argue, while such ‘plausible arguments’ may highlight particular and indeed relevant proximate causes, they do not necessarily tell the whole story nor confront the real underlying ultimate fundamentals at work.
In the case of this financial crisis, such imbalances took the form of an accumulation of reserves in US dollars in countries running large current account surpluses with the United States, such as China, Germany and several East Asian and Latin American economies.
A key characteristic of this regime is that it was based, in large part, on a distinctive form and particularly rapid phase of globalisation. Now globalisation, of course, is nothing new (Michie, 2017); it has been an evolving feature of world economic activity ever since the Age of Exploration in the 16th century, and also characterised many ancient systems, such as the Roman Empire (Gray, 1998; Held, 2005).
But since the mid-1970s, the process—defined broadly as the increasing extension, interpenetration and interdependence of production systems, corporations, markets and networks of flows across national borders—has accelerated considerably, so that today, world trade as a proportion of world economic output is at the same previous high point that it attained in 1914, the apogee of the Atlantic Economy.