Globalization and Localization as Feedback Mechanisms - Internalization of Economic Externalities

Philosophy for Business, Vol. 5, No. 50, December 16, 2008

16 Pages Posted: 26 Feb 2009 Last revised: 30 Mar 2009

See all articles by Subbu Kumarappan

Subbu Kumarappan

Michigan State University - Department of Agricultural Economics

Majd Abdulla

Iowa State University

Date Written: December 16, 2008

Abstract

While globalization has created changes across the social, cultural and economic dimensions by challenging status quo positions, it has also led to a call for more localization. This article analyzes how the opposing forces of globalization and localization are interlinked and provide feedback function for each other. The joint impacts of globalization and localization forces, their origins and philosophical implications to the 'One World' paradigm are discussed.

Keywords: Globalization, Localization, Economics, Externalities, One World

JEL Classification: D6, D7, O00, P00, Z10

Suggested Citation

Kumarappan, Subramanian and Abdulla, Majd, Globalization and Localization as Feedback Mechanisms - Internalization of Economic Externalities (December 16, 2008). Philosophy for Business, Vol. 5, No. 50, December 16, 2008, Available at SSRN: https://ssrn.com/abstract=1345957

Subramanian Kumarappan (Contact Author)

Michigan State University - Department of Agricultural Economics ( email )

East Lansing, MI 48824
United States

Majd Abdulla

Iowa State University ( email )

United States

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