On the Correlation between Globalization and Vulnerability in Times of Economic Crisis — A Statistical Analysis for Europe

Globalization is something more than a purely economic phenomenon manifesting itself on a global scale. During the last few decades, human dynamics, institutional change, political relations, and the global environment have become more intertwined. Among these visible manifestations of globalization are the greater international movement of goods and services, financial capital, information and people. In addition, there are technological developments, new and enhanced legal systems, and institutions that facilitate these flows. The growth of international cultural exchanges and the spread of multiculturalism and cultural diversity within many countries are changes on the cultural front. The freer trade of more differentiated products as well as tourism facilitates such developments. Flows of immigration – both legal and illegal – also contribute to today’s melting pot societies.