Abstract
It is becoming more and more certain that globalization is not just purely an economical phenomenon; it is exhibiting itself on a worldwide level. Amid globalization’s observable appearances, the most obvious are the larger international mobility of goods and services, flows of finance capital, data and information and most importantly people. On top of that, there are technological progresses and more international cultural interactions, which are facilitated by the enhancement of free trade of large quantities of more differentiated goods and also through immigration and tourism. The political changes and ecological concerns play an important part in this regard. In the current study, sustainability Indices are linked with the KOF Globalization Index to understand if more globalized countries are performing better in terms of sustainable development and its dimensions, especially environmental sustainability. Sustainability indices such as Human Development Index (HDI) and Environmental Performance Index (EPI) showed a stronger relation with different levels of globalization while others (Red List Index (RLI), Environment Sustainability Index (ESI)) did not. The results reveal that globalization has a positive implication on sustainability in the overall perspective.
Highlights
One of the great economic and political stories of our time is related to Globalization
The existing trend of globalization is a mere subdivision of massive operational alterations which are the results of the Schumpeterian progression in the technology, the spatial strength and possibility of connections between many factors at different levels of the economy [5,6]
Except for Environment Sustainability Index (ESI), economic globalization is significantly correlated with all sustainability indices
Summary
One of the great economic and political stories of our time is related to Globalization. Globalization gave fresh importance to spatial economics along with the significance of financial and monetary layouts. This is because of the longitudinal spread of specific economic activities in different geographical places and the reduction of specific business in others [2,3,4]. With the passage of time, globalization’s disadvantages become more and more apparent [10,11,12] It was initially expected, on the basis of neoclassical equilibrium theory, that there would be an inflow of money into developing countries due to the supposed higher rate of return there, resulting from relative scarcity as compared to the developed world. Due to production globalization many millions of Chinese obtained jobs, but there was a less than expected trickle-down effect in their well-being due to uneven distribution of income which continued to be extremely concentrated [14,15,16]
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