Economic Globalization and its Importance to Today’s Business

571 Words2 Pages
bulb-icon

Recommended: The importance of globalization

What is Economic Globalization?
The world is becoming smaller and smaller as days go by. This is not on the perspective of the earth’s real size, but rather it is becoming smaller due to the effect of globalization. In the simplicity terms globalization can be said to be that free movement of resources across borders. Globalization has more to do with cross border issues or rather internationalism. Technology is making this effect possible. Than never before, the world is expansively interconnected and reaching out to somebody in one end of a continent from the end of another continent is as easy as reaching out to a village mate in the real neighborhood. The world is being made a one small village. With this in mind, economic globalization can thus be described as the economic interdependence of the economies of different countries in the world. This has resulted mainly from the increased international movement or exchange of goods and services, technology, capital, knowledge and ideas. Economic globalization is characterized by strong interconnectedness of the countries involved an...

Show More
Related

  • The Effects of Globalization on US Society and Economy

    1360 Words  | 3 Pages

    The world we live in today is going through enormous changes in economics, technology, culture, politics, etc. The effects of the changes are not so clear, since it is hard to predict how each sector would affect the other and how society will be affected. However, analyzing past and present occurrences provides some information for experts to interpret society’s reaction in the future to different transformations. Globalization can be seen as a process in which societies around the world come together and expand through the combination of different forces. This paper will explore the effects of globalization on US companies, US society and economy, and the implications for other countries in the post-industrial world.

    Read More

  • Canada Globalization Case Study

    1087 Words  | 3 Pages

    Globalization is the process where societies emerge and grow increasingly interdependent, surpassing geographic, political, cultural and economic barriers. It refers to the concept where our lives are shaped by events that occur and decisions that are made at a great distance from us. Therefore, it highlights the intensification as well as the broadening of political processes in the sense that local, national and international events constantly correlate with each other.1 Today, globalization continues to affect and evolve the human landscape. From the streets of Ulaanbaatar, Mongolia, to the heart of Canada, Toronto, globalization left its mark and carved the present world. Factors such as technological

    Read More

  • Sociology and Globalisation

    2154 Words  | 5 Pages

    Many historians and sociologists have identified a transformation in the economic processes of the world and society in recent times. There has been an extensive increase in developments in technology and the economy as a whole in the twentieth century. Globalization has been recognized as a new age in which the world has developed into what Giddens identifies to be a “single social system” (Anthony Giddens: 1993 ‘Sociology’ pg 528), due to the rise of interdependence of various countries on one another, therefore affecting practically everyone within society.

    Read More

  • Globalization and Infectious Disease

    3706 Words  | 8 Pages

    “The world is a global village”, is a metaphor that was coined by the Canadian scholar Marshall McLuhan to describe the perceived experience of a smaller world resulting from the effects of modern technology, faster communication and improved transportation, despite geographical boundaries (1). The various processes that have produced this phenomenon can be called globalization. There are many definitions of the term globalization; Delbruck 1993 defined globalization as "a process of denationalization of markets, laws and politics, in the sense of interlacing people and individuals for the sake of common good"(2). Fidler 1996 aptly described globalization as a complex process of, “political and economic intercourse between different sovereign states” on the premise that such interdependence will result in states being better off and as such building stability, peace and order in the international scenario(3). Globalization has resulted in a gradual erosion of the traditional distinction of national and international activities through political, social and economic interaction between different countries, leading to a fusion or overlap of domestic and foreign policies(4). However, globalization differs from internationalization, the latter referring to a process where each country attempts to fulfil their national interest by co-operating with other countries in areas where they are incapable of achieving desired outcomes on their own(3) . Its key points are co-operation between states, while preserving sovereignty. Globalization on the other hand entails co-operation and undermines the sovereignty of nations.

    Read More

  • The Pros and Cons of Globalization

    2091 Words  | 5 Pages

    Globalization is a broad concept and the angle taken to define it can lead us to interpret the idea in many different ways. There is much controversy about what globalization actually means and many definitions fail to encompass social, cultural and technological exchanges between world systems. John Pilger suggests that "it is a jargon term which journalists and politicians have made fashionable which is often used in a positive sense to denote a 'Global village' of free trade, hi-tech marvels and all kinds of possibilities that transcend class, historical experience and ideology." (J.Pilger 1998:63). Taking a broader point of view, Bilton et al defines globalization as "The process whereby political, social, economic and cultural relations increasingly take on a global scale, and which has profound consequences for individuals, local experiences and everyday lives."

    Read More

  • Globalization: The Path to Destruction

    1766 Words  | 4 Pages

    Just imagine waking up in squalor, a once prominent society, now a desolate wasteland. All because foreign interest has raped your land of its natural resources and you seen not a cent in profit. Although, globalization is unifying the worlds developed nations and is bringing commerce to nations that have struggle in past years. True, globalization has many positive effects but do the pros outweigh the cons. In this essay I will discuss Globalization ruining the integrity of many countries and also is forcing many undeveloped nations into a bind, and is causing economic distress on some developed nations. Also, due to economic globalization the nations of the world are diluting their culture, sovereignty, natural resources, safety and political system. My goal is not to change your way of thought, but only to enlighten you of the negatives of global economic expansion.

    Read More

  • International Business and Globalization

    1482 Words  | 3 Pages

    Globalization encourages worldwide business. Globalization is an efficient process by which all the nations of world will commonly try to set regular universal standards & regulations (both created & recommended) which will encourage business around different nations. Business around nations or elements crosswise over different fringes is called universal business.

    Read More

  • Globalization: A New Form of Economic Imperialism

    2008 Words  | 5 Pages

    Globalization is a new concept that was introduced to the world after the fall of the communist regime. Globalization has to its identity social, economic, and political reforms, .however the globalization that we are about to discuss is the term that combines the past socio-economic and political reforms and cross with them to the world where their are no boundaries, restrictions, and immobilization what Mittelman describes as ? cross-border flows of capital, knowledge, and consumer goods ? (Mittelman 1). For the world to become a one or a single entity it has to pass through a process of economic, and technological integration. The consequence of this unification is the aim of this research, positive and negative, although the negative aspects will be the dominating part.

    Read More

  • Globalization and International Commerce

    1632 Words  | 4 Pages

    Globalisation has been one of the most significant developments of the last half century, and issues such as trade and international commerce have become increasingly important. In consequence, problems such as poverty, unfair wages and poor working conditions in third world countries have been drawn to the attention of consumers (Hayes and Moore, 2007). This is a growing global issue which cannot be ignored by anyone concerned about the problems in developing countries. Free trade and Fair Trade have both been offered as solutions to these issues.

    Read More

  • The Importance of Globalization

    1568 Words  | 4 Pages

    Using 1997 financial crisis and other examples, discuss how globalization is important to the modern business journalism. Introduction

    Read More

  • Globalization as a Social Change

    1114 Words  | 3 Pages

    In the recent years globalization has begun to appear as one of the most predominant issues in the world. The term ‘is generally used when discussing the technology and advances in an assortment of areas including, but not limited to, everything from technology to capital. The main aspects that comprise globalization are debatable. Throughout this essay, globalization will be explored as a recent social change in our society as it relates to incorporating economic relations and incorporations political relations around the world, despite the fact that this change is often portrayed as a problematic and unequal one of the restrictions of mobile subjects and connectivity. To begin my segment, I’ll begin to discuss on some of the most important definitions of globalization. Lastly, I’ll begin to investigate the imbalanced and difficult practices that make up globalization.

    Read More

  • Globalization Essay

    1112 Words  | 3 Pages

    Globalization, the acceleration and strengthening of worldwide interactions among people, companies and governments, has taken a huge toll on the world, both culturally and economically. It’s generating a fast-paced, increasingly tied world and also praising individualism. It has been a massive subject of matter amongst scientists, politicians, government bureaucrats and the normal, average human population. Globalization promoted the independence of nations and people, relying on organizations such as the World Bank and also regional organizations such as the BRICs that encourage “a world free of poverty” (World Bank). Despite the fact that critics can argue that globalization is an overall positive trend, globalization has had a rather negative cultural and economic effect such as the gigantic wealth gaps and the widespread of American culture, “Americanization”; globalization had good intentions but bad results.

    Read More

  • The Globalization in Business Management

    537 Words  | 2 Pages

    As all the countries are on the way to globalize with each other, business is not the exception. Globalization in business definitely brings a lot of great opportunities for many countries. However, in order to make the best of the globalization in business, management is the golden key to that success.

    Read More

  • The Negative Effects Of Globalization

    1314 Words  | 3 Pages

    The interrelation and the integration of people, companies, governments and nations can be described as globalization. Globalization was produced due to international trade and investments with the help of technology. In today’s world, globalization is very essential. Advancements and technology help the process needed for globalization. Many countries and organizations similarly are affected by this phenomenon, on the other hand, smaller countries have benefited from larger contributors to the world’s market.

    Read More

  • Economic Globalization

    952 Words  | 2 Pages

    Globalization has been a start of a new modernized era in history. The source states that as an individual you are given prosperity, stability, and also predictability, and also points out that it helps developing countries modernize and catch up with developed countries, and also reduce poverty since new businesses are formed allowing more employment in the country due to the subsidies that wealthier countries give to them. The person who wrote this source is a pro globalist, and has probably experienced the prosperity that was given to them because of the global trading system. His perspective on globalization suggests that globalization is the key to advancing technology, good relations between countries, and is beneficial event in history. One should embrace the global economy as it creates many roads to achieve your goals in your life, and also for the weaker countries that needs support, but to a degree that the government can intervene with the market.

    Read More

More about Economic Globalization and its Importance to Today’s Business

Open Document