In the 1950s and 1960s,under the rubric of modernization,it was generally assumed that all industrialized nations were bound to follow a more or less similar path of development.In the 1970s this idea was discarded as hopelessly inaccurate and muddle head

Running head : MARKET OUTLOOK AND GLOBALIZATION

GLOBALIZATION AND MARKETS : LOOKING BACK AND BEYOND

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GLOBALIZATION AND MARKETS : LOOKING BACK AND BEYOND

Not all countries have experienced modernization in the past and conversely , not all countries currently experience the same paths of development . While the European Union may be enjoying an enviable economic position in the world market , there still are underdeveloped and undeveloped countries which are far behind the economic ladder . On the other hand , globalization has been criticized as just another form of Westernization

where the cases of China and Japan may prove to be useful arguments to support such criticism . Nevertheless , globalization has paved the way for several economic advantages for nations and economic opportunities for developing nations to further advance the reach of their industries

The member countries of the European Union are following a more or less similar path of development precisely because of the integrated markets mobile capital and common economic policies and practices of the Union - all of which are signs of the economic phenomenon called globalization The present status of the European Union reflects the observation made almost five decades ago , which is that all industrialized nations were bound to follow a more or less similar path of development under the rubric of modernization . The members of the European Union currently follow a single trading policy and a single market guided by a standardized legal system , granting its members the freedom of their capital 's movement as well as their services and goods . However , one criticism is that the case of the European Union does not guarantee that globalization is taking place everywhere , or that it does not reflect the more general observation that there are countries that either lag behind which are isolated in the process or stand at par with industrialized countries such as the member countries of the European Union without having to practice the policies of international economic unions . An example to this criticism is the case of Japan and China both of which negate the seeming idea that globalization is nothing short of modernization under the guise of Westernization or ethnocentrism

Historical Differences

Talcott Parsons provides the insight into what he calls structural differentiation , a process where simple societies transform into complex ones involving the three processes of differentiation adaptation and reintegration , and the creation of a more general and larger system of values . These three processes then holds the complex societies together instead of further dividing them apart . Parson 's idea is seen in the context of the European Union among others precisely because the European Union has undergone the three processes prior to and after its conception . For instance , before the E .U . was established the post-Word War II era saw a divided European continent arising out of the strong sense of nationalism among the individual nations in the continent . One of the early attempts to unify the countries in Europe was the establishment of the European Coal and Steel Community (ECSC...