The 2007-08 financial crisis affected many countries simultaneously and led to a global economic crisis unseen since the Great Depression. It was triggered by a proliferation of financial products linked to risky mortgage loans. The crisis seriously called into question financial globalisation, which to a certain extent amplified risks linked to banking activities and financial markets and brought about financial imbalances among leading economic powers. The question of what rules should apply to global financial activity is crucial in channelling the risks inherent to globalisation.
What Is globalization?
Is it the integration of economic,globalization definition political, and cultural systems across the globe? Or is it the dominance of developed countries in decision-making, at the expense of poorer, less powerful nations? Is globalization a force for economic growth, prosperity, and democratic freedom? Or is it a force for environmental devastation, exploitation of the developing world, and suppression of human rights? Does globalization only benefit the rich or can the poor take advantage of it to improve their well-being?
Developing and developed nations alike are feeling the impact of rising world food prices. Contributing factors include extreme weather events, speculation on food prices and subsidies diverting food for the production of biofuel. Rising food prices affect poorer countries disproportionately and sometimes result in political instability. This article argues that research and technology advances in agriculture can only sustain a growing population for a limited period, and that a failure to address the needs of the poor could threaten global security. (Yale Global Online Magazine)