Globalization-Protest groups of the Anti globalization movement Introduction and Concept: Globalization can be defined as an evolution of single borderless economy with free flow of goods and money between the nations under the dominance of strong and powerful giant corporations.
Early capitalism wasn't as local and personal as myth has it; from its beginning it was deeply international. During the initial years of 19th century, in the US, merchants imported British industrial goods and exported cotton, acting as financiers at every stage. Their financial arrangements, in Alfred Chandler's words, were a "long chain of credit stretching from the banks of the Mississippi to Lombard Street" in London. Rarely did merchants know the consumers and producers they brought together, commerce was accomplished through a "long chain of middlemen, transporters, and financiers who moved the goods through the economy." (please cite where this has been taken from) Moving a good and its payment from one place to another required a long chain of credits; every player was on the hook to someone else.
When the chain was broken, the disruption quickly spread -- one reason for the severity of 19th century financial panics. For all the complaint about modern instability, the 19th century was far more volatile, with panics leading to depressions every decade or so. This was the Smithian market -- anonymous, atomized, and unstable.
"Globalization," like "technology," is often held up as the reason things can't get any better; it's the excuse for cutting wages, firing thousands, hacking budgets, and poisoning rivers. It deflects attention from the causes of globalization and technical change in the first place, the quest for higher profits and stock prices. They also seem conveniently like outside forces, like gravity, rather than products of human agency. Globalization is real, but maybe Summers is right, and the...