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Globalization and Economy: Growth, Development, and Financial System

Globalization and Economy: Growth, Development, and Financial System
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Author(s): Michael Torres-Franco (Universidad EAN, Colombia)
Copyright: 2021
Pages: 25
Source title: Handbook of Research on Institutional, Economic, and Social Impacts of Globalization and Liberalization
Source Author(s)/Editor(s): Yilmaz Bayar (Bandirma Onyedi Eylul University, Turkey)
DOI: 10.4018/978-1-7998-4459-4.ch004


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Society in general has had a constant concern throughout its history and especially in recent years, where inequality has increased, and many more people live in poverty or in worse situations. Different economists have studied this situation and proposed solutions to it; governments have embarked on a constant fight to improve the economic and development conditions of the population, since this affects other indicators; but it looks like this battle is being lost globally. This chapter sought to analyze the dynamics of development in a series of countries through the analysis of different macroeconomic indicators, which were related to the financial crises of the last 15 years to determine the effect of the globalization of financial markets on nations in developing. The results of this analysis showed that although there is greater financial globalization, the crises have negatively affected the growth and economic development process of developing nations and have increased the social and economic gaps between countries.

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