GLOBALIZATION AND ITS EFFECTS ON ECONOMIC DEVELOPMENT
GLOBALIZATION AND ITS EFFECTS ON ECONOMIC DEVELOPMENT

Summary/Abstract: Globalization, by its beneficial effects, has the potential to „build” a better world. In addition, proper integration of national economies in a global economy and openness to other cultures, provide the most direct way to achieve security and world peace. On the other hand, for now, some economic policies that have accelerated globalization have led to less desirable consequences: increased unemployment in almost all countries, natural resource consumption and environmental damage, disparities between states, the liquidation of certain industries of some states’ economy. The fructification of the beneficial effects of globalization and minimizing those that are unfavorable requires concerted efforts of state and non-state actors at national, regional and international levels.

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