Significance of globalization in economic development, Case of Kosovo

Abstract

Globalization has become one of the most commonly used words in every context, the official international discourse and non-official in the context of ‘interdependence’ and the nation’s economy. ‘Globalization’ has evolved over time, and has become more significant since the end of the Cold War and the rapid release of emerging economies. Globalization is not just a contemporary phenomenon. According to Chanda, “It has worked in silence for thousands of years without being given a name.” Indeed, globalization processes are constantly evolving, driven by economic aspirations of millions around the globe; while more people become involved, globalization will occur faster. The purpose of this study is to analyze the effects of globalization, defined in the integration of economic activities, mainly through markets, the economic viability and global competitiveness in the sector towards the European Union. Globalization has opened new opportunities for a broad development worldwide. However, it is not being developed equally because some districts are being integrated into the global economy quicker than others with evidence of rapid growth and reduced poverty. For consistency purpose, a conceptually coherent analytical framework was used throughout the study. The study consists of a literature review and assessment of factors leading to globalization.