ABSTRACT
This chapter outlines some of the varying definitions and aspects of economic globalization. This is important because the concept of globalisation has been one of the most contested concepts in the field of social scientific research over recent years. The chapter discusses globalisation in other areas of life, before focusing on the neo-liberal ideology which currently pervades the International Monetary Fund (IMF) and the World Bank, the major institutional aspects of globalisation seen from the Third World. A general characteristic of neo-liberalism is the desire to intensify and expand the market, by intensifying the number, frequency, repeatability and formalisation of transactions. Neo-liberal policies have also been implemented in many of the advanced countries, worsening relative poverty and widening inequalities in income and wealth. According to Berg and Krueger, one of the most common criticisms of trade liberalisation and globalisation, particularly in developed countries, is that it drives down wages and exports jobs to low wage economies.
