Globalisation of the World Economy: Potential Benefits and Costs and a Net Assessment

Globalisation is a powerfully real aspect of the new world system, and it represents one of the most influential forces in determining the future course of the planet. It has many dimensions: economic, political, social, cultural, environmental, security and others. The focus here will be on the concept of globalisation as applied to the world economy. Of course, this concept is interpreted differently by different people. Partly as a result of these different interpretations, there are very different reactions to globalisation, some see it as a danger to the world economic system while others see it as a means of advancing the world economy.