Generally speaking, the paper "Globalization and Sustainable Development" is a great example of macro & microeconomics coursework. Globalization is the process by which local or regional societies, cultures and economies have been integrated through an all-round global communication network and trade. The integration of national economies into the international economy through the spread of technology, trade, capital flows, foreign direct investment and migration is called economic globalization. The integration of economies makes it more competitive for nations. It increases integration, interdependence and interaction among corporations and people around the world. In the view of the global economy and financial markets, industrial globalization is the expansion of multinational enterprises, financial globalization which is the emergence of financial markets worldwide and access to external financing; political globalization is the spread of the political sphere of interests to outside countries; information globalization is the increase in the flow of information between geographically and remote locations, and cultural globalization is the growth of cross-cultural contacts (Victoria Capital Management 2004).
Sustainable development has several definitions but the one that is widely acceptable is-development that lasts. It refers to the use of resources in meeting the needs of people while preserving the environment to meet future generation's needs.
The satisfaction of these needs involves the satisfaction of the economic needs as well as having a healthy and clean environment, and favorably in terms of social development. Therefore, sustainable development has three major dimensions: economic, social and environmental. It also has significant spatial and temporal components (Pearce, D and E. B. Barbier, 2000). Globalization is therefore seen widely as the principal vehicle for economic growth and wealth generation as well as providing sustainable development. Body Globalization has increased the local employment, foreign investment, integrated the economy, the volume of trade by applying market-based instruments.
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Panayotou, P. (2000). Globalization and Environment. CID Working paper No. 53
Pearce, D. and E.B. Barbier. 2005. Blueprint for a sustainable economy. London: Earthscan Publications
Rangarajan, Dr. C., 2006. Economic Advisory Council to the Prime Minister. New Delhi
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Victoria Capital Management. 2007. Global Financial Markets Perspective Fourth Quarter 2006 Globalization and Wealth Creation. Viewed on April 13, 2010 http://www.victoriacapitalus.com/review-outlook/VCM%20Perspective%20Q4-06.pdf
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World Council of Churches. 2010. Poverty, wealth and ecology: impact of economic globalization. Viewed on April 15, 2010 from http://www.oikoumene.org/gr/programmes/public-witness-addressing-power-affirming-peace/poverty-wealth-and-ecology.html