Globalization

923 Words2 Pages
bulb-icon

Recommended: Globalisation in south african economy

Globalization of business and its impacts on emerging economies.
Introduction
Globalization is viewed as development which has a profound effect on the economical subject as a whole such that it is the process that defines the present age. Frankel (2002), an economist, sees globalization as the most powerful process which has contributed to shaping the global economy around 40 years ago. Globalization is highly characterized by the fact that the national borders and distance do not matter anymore and business can take place all over the world, for the economic purposes, the geography and nation state are no longer important. South Africa joined the global economy in early 1990s when the globalization process was starting to gain momentum. Together with adapting the globalization forces, South African economy had to manage the emergence of its market status.
Globalization can be used to describe a number of events or changes that occur around the world. Different economists have tried to define globalization in different ways but no definition is precisely accepted. Mittelman (2000) refers to globalization as a variety of activities and processes and not a unified and single phenomenon. This activities and processes refer to the way barriers are reduced between different nations. With this, the globe can be referred to as a global village whereby the space and distance disappear, and whereby there exists a common pool of resources and single community. The globalization process encourages social, economic and political interaction. This therefore activates the multiple analysis levels in the field of economic, culture and society, and politics. These fields play a vital role in placing a new meaning to globalization. The World ...

... middle of paper ...

...improve the economic output through increasing efficiency in processes, Globalization has also enabled large companies in realizing their economies of scale which reduces prices and costs. Although globalization has been of great importance to any given market economy, there are also some negative effects that are associated with globalization. This include; Globalization increases the interdependence between different nations, this can cause global and regional instabilities, Globalization may also lead to national sovereignty, through the rise of different nation states, leaders may tend to become more xenophobic or nationalistic. Finally, the benefits associated with globalization may become unfairly distributed among rich individuals and nations, this has led to creation of larger inequalities and lead to conflicts in both international and national levels.

Show More
Related

  • Globalization and Transnational Corporations: Ethics and Global Climate Change

    886 Words  | 2 Pages

    The term 'globalization' has been subjected to a variety of interpretations. Though at its simplest it can be seen as how the world has become integrated economically, politcally, socially and culturally through the advances of technology, communication and transport John Baylis et al. (2011).

    Read More

  • Economic Globazation-Source Analysis

    778 Words  | 2 Pages

    Our global world is being more connected as we become integrated politically, socially and even economically. Due to the Bretton woods agreement, different countries have been economically dependent on each other in fear for war to erupt. From then on different organizations and policies tied more countries into being economic globalized. This economic globalization had then given us many opportunities in trades and more access to natural resources in other countries. Unfortunately, there are some negative effects that are brought to less developed country. Overall, many people believe that economic globalization does a great work on accumulating our economy and our quality of life.

    Read More

  • Critical Review of Peter Dickens' Global Shift: Mapping The Changing Contours of the World Economy

    1167 Words  | 3 Pages

    When the term “Globalization” is discussed, most academics, scholars, professionals and intellectuals attempt to define and interpret it in a summarized fashion. My main concern with this approach is that one cannot and should not define a process that altered decades of history and continues to, in less than 30 words. Global Shift is a book with remarkable insight. Peter Dicken rather than attempting to define the commonly misused word, explains Globalization in a clear and logical fashion, which interconnects numerous views. Dicken takes full advantage of his position to write and identify the imperative changes of political, economic, social, and technological dimensions of globalization.

    Read More

  • The Pros and Cons of Globalization

    2091 Words  | 5 Pages

    (Bilton et al 1996:5) The process of globalization has certainly had many changing effects to the world we live in; it has also changed the way many factors operate. Globalization is said "to have transformed the structure and scale of human relationships that social, cultural, political, and economic processes now operate at a global scale with a consequent reduction in the significance of other geographical scales. "(The Dictionary of human geography 2004:315) Globalization has had both positive and negative effects on a local, national, international and global level. Globalization often brings benefits at one level which cause negative effects at another, these results and the scale at which they manifest are often uncertain and unpredictable.

    Read More

  • Globalization and Energy System in Indonesia

    2356 Words  | 5 Pages

    After the cold war, word ‘globalization’ was commonly used at a time of unprecedented interconnectedness when advanced nations experienced a ruthless development by exploiting energy resources and stressing culture forms in developing countries. To identify the definition of ‘globalization’, it is significant to clarify its appearance as well as implication.

    Read More

  • Nations Should Promote Globalization, Not Localization

    1779 Words  | 4 Pages

    In today’s continuously changing world, many experts say that globalization is what every business, organization, and nation should seek and welcome as a positive change. However, many people are unaware of the main focus and meaning of Globalization, especially in comparison to Localization. A large number of people believe that globalization is just another common word used to refer to changes and differences that cannot be explained or accounted for. Therefore, many different activities or changes are improperly labeled to be a part of or caused by globalization.

    Read More

  • Globalization: A New Form of Economic Imperialism

    2008 Words  | 5 Pages

    ..., political, and social sides. It will increase free trade, competition, and nation profits. But these benefits are going mainly towards the nations who have the highest interests in removing tariffs and trade barriers i.e. developed nations. On the other hand the developing countries which are the ones that have the greatest needs for progress and growth are the ones that will be hurt in the process of unification. This globalization trend is simply a new developed or we may say a good looking way to keep the exploitation of the third world countries going on. One may argue for the benefits of globalization for the developing countries, yet time will prove that its a new from of economic imperialism the I personally call Neo-Imperialism.

    Read More

  • The Conflict Between the Ukraine and Russia

    1600 Words  | 4 Pages

    Globalization is defined as “the historical process involving a fundamental shift or transformation in the spatial scale of human social organization that links distant communities and expands the reach of power relations across regions and continents (Baylis, 2014).”

    Read More

  • Globalization Essay

    941 Words  | 2 Pages

    Finally, everything in the world has a positive side and a negative side and globalization is one of them. It is up to us the people of the world to maximize the positive aspect of globalization and minimize its negative aspect.

    Read More

  • Globalization as a Social Change

    1114 Words  | 3 Pages

    The term globalization is one that is an exceptionally wide-ranging term and it is used to explain a wide variety of definitions. Many people link the term globalization with the how the world is connected on an international and a local scale. One example of this is how Inda and Rosaldo illustrate globalization as being in “a world full of movement and mixture, contact and linkages, and persistent cultural interaction and exchange” (Inda and Rosaldo 4). On the other hand, they also imply that although movement and connections are prime components of globalization, disconnection and exclusion also form globalization (Inda and Rosaldo 30). Global flows of economic and social structures are not fluid and constant; they have the power to exclude and immobilize as well as enhance movement and include certain beings. In the 60s, the term `global village' was used by Ma...

    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

  • Globalization Essay

    2027 Words  | 5 Pages

    I have mixed opinions about globalization as a whole. I think for the economies of most countries it can be beneficial as it will help develop non-developed countries. Globalization has the potential to make the world a better place to live and solve some very long standing problems like unemployment and poverty, which will have a positive impact in the future. Other than having one world government, which I think would have a negative impact in the future, I think globalization will have a positive impact in the future, if it will increase wealth, decrease poverty and allows cultures to blend without each country losing their own cultures.

    Read More

  • What Are The Pros And Cons Of Globalization In Singapore

    2270 Words  | 5 Pages

    The term ‘globalization’ was referred by Hussein Mutalib in his studies as “the process of further integrating the global community into an inter-dependent, border-less world through means such as capital, exchange, production and information flows” (Mutalib, 2002). In essence, globalization includes: (a) economic globalization; (b) political globalization, (c) socio-cultural globalization and (d) world opinion on various issues and agendas that call for universal action (Mutalib, 2002).

    Read More

  • Globalization and New World Order

    1586 Words  | 4 Pages

    The term ‘Globalization’ refers to the integration of economies, industries, markets, cultures and policy-making around the globe. It explains a progression by which both national and regional economies, societies, and cultures have become incorporated through the universal system of commerce, communication, migration and transportation. Globalization can be explained in economic and sociological contexts. Malcolm Waters, in his book– ‘Globalization’ writes that “Globalization is a social process in which the constraints of geography on economic, political, social and cultural arrangements recede, in which people become increasingly aware that they are receding and in which people act accordingly.” Whereas, Nobel laureate and economist Joseph Stiglitz in his book ‘Globalization and Its Discontents’ says that ”Globalization is the closer integration of the countries and peoples of the world.brought about by the enormous reduction of costs of transportation and communication, and the breaking down of people across the borders."

    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 Globalization

Open Document