Global Economy

Douglas Harbin Constance

The global economy refers to the increasing economic interdependence of the countries and regions of the world. The most recent form of the global economy emerged in the 1970s as a result of advancements in information technologies combined with expanding neoliberal, political-economic philosophies and policies. The extent of the global economy is very uneven, with some regions of the world largely bypassed by the process. A functionalist perspective of the global economy views these trends as virtuous because of the economic efficiencies gained through the global division of labor based on comparative advantage combined with the advancement of democracy worldwide. From this perspective the global economy is a natural evolution of the modernization of societies. This evolution reduces social inequality and enhances the living standards of people across the globe. A conflict perspective views these trends as vicious, as transnational corporations adopt flexible accumulation strategies to avoid democratic protections, resulting ...

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