Globalization In Turkey Essay - 2165 Words

Globalization is the concept through which regional markets join in using a universal network to improve governmental ideas via communication, transport and trade. The concept is closely related to that of economic globalization which integrates national economies into the international economy. Such integration is achieved by trade, foreign direct investment, capital flows, and migration. Bhagwati (2004) observes that at a higher level it can incorporate the spread of technology and military presence. The ideology bears its continuity to economic, technological, socio-cultural, political and biological factors to a larger extent as Sheila (2004) points it out. As a term it was first presented by Pastor Taze Russell, in what he termed as†¦show more content†¦2009). It has been accredited as Stiglitz (2006) points out, for its characteristic of sponsoring interdependence of market systems globally. The model has had a great impact in the industrial sector in the world, Turkey included. This is because it has intensified access of foreign products due to its ability of generating worldwide production markets. This is boosted as globalization enables freer movement of products across national borders. The Times online, on February 10, 2008 noted that international trade in manufactured goods had risen to well over 100 times in the last 50 years. Safe for the industrial sector, globalization also has an impact in Turkey’s financial sector. This is because it has opened it up to global financial markets. This factor has also enabled the country to better access to external financing for borrowers, evidenced by the huge borrowings in support of expanded levels of trade and investment that has characterized the early part of the 21st century. However, the said scenario has its shortcomings. As witnessed in the 2007-2010 Financial crises, the crisis to which Turkey was part of was triggered by the outgrowth of worldwide structures against transnational regulatory regimes a leading to a global financial instability. Economically, globalization has assisted in the realization of a global common market. TurkeyShow MoreRelatedGlobalization - Turkey1743 Words   |  7 PagesGlobalization: the Turkey case II)Introduction The term globalization has a strong emotional charge. Some see globalization as a beneficial process - which will contribute decisively to global economic development - inevitable and irreversible. Others are hostile to this process, if not fear, believing that it increases inequality within and between nations, threatens employment and living standards and thwarts social progress. 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