Anthropologist Arjun Appadurai has discussed this in terms of five specific “scapes” or flows: ethnoscapes, technoscapes, ideoscapes, financescapes, and mediascapes.

Drawing on the work of Antonio Gramsci, whose essay “The Southern Question” drew attention to uneven national processes of economic development and the role of capitalists in processes of ‘internal colonisation’, these scholars use the term global South “to address spaces and peoples negatively impacted by …

The movement of goods and services, finance, and people has reached previously unimagined levels. Global flows are creating new degrees of connectedness among economies—and playing an ever-larger role in determining the fate of nations, companies, and individuals. To be unconnected is to fall behind.

Digital globalization in the 21st century is characterized by accelerating and increasing flows of data and information. Global flows of data primarily consist of information, searches, communications, transactions, video, and intracompany traffic.

The three major barriers to international trade are natural barriers, such as distance and language; tariff barriers, or taxes on imported goods; and nontariff barriers. The nontariff barriers to trade include import quotas, embargoes, buy-national regulations, and exchange controls.

There are four types of trade barriers that can be implemented by countries. They are Voluntary Export Restraints, Regulatory Barriers, Anti-Dumping Duties, and Subsidies.

Trade Barriers

• Tariff Barriers. These are taxes on certain imports.
• Non-Tariff Barriers. These involve rules and regulations which make trade more difficult.
• Quotas. A limit placed on the number of imports.
• Voluntary Export Restraint (VER).
• Subsidies.
• Embargo.

TRADE SURPLUSES AND DEFICITS •SURPLUS – IS AN ECONOMIC MEASURE OF A POSITIVE BALANCE OF TRADE, WHERE THE VALUE OF A COUNTRY’S EXPORTS EXCEED THE COST OF ITS IMPORTS. • DEFICIT – IS AN ECONOMIC MEASURE OF INTERNATIONAL TRADE IN WHICH THE VALUE OF A COUNTRY’S IMPORTS EXCEEDS THE COST OF ITS EXPORTS.

The United States financial structure and stability is based on trust. For many years, the country has shown a perfect financial record when it comes to debt payments. This is an example of how the global economy works, where one country’s decisions might have a big impact in the overall worldwide economy.

Summary of costs/benefits

Increased investment: Due to the presence of global economy, it has become easier for countries to attract short-term and long-term investment. Investments in developing countries go a long way in improving their economies.

Globalization has brought benefits in developed countries as well as negative effects. The positive effects include a number of factors which are education, trade, technology, competition, investments and capital flows, employment, culture and organization structure.