Globalization is the concept through which regional markets join in using a universal network to improve governmental ideas via communication, transport and trade. The concept is closely related to that of economic globalization which integrates national economies into the international economy. Such integration is achieved by trade, foreign direct investment, capital flows, and migration. Bhagwati (2004) observes that at a higher level it can incorporate the spread of technology and military presence. The ideology bears its continuity to economic, technological, socio-cultural, political and biological factors to a larger extent as Sheila (2004) points it out.
As a term it was first presented by Pastor Taze Russell, in what he termed as ‘corporate giants’ back in 1897. Economists and social scientists however came to use the term widely only in the 1960s. The term has elucidated a lot of definitions and interpretations claiming history to the great movements of trade and empire across Asia and the Indian Ocean to which Hopkins dates back to the 15th century (Hopkins, 2004).
Globalization assists in the diminution or eradication of constraints by States in relation to exchanges across borders. Further to this, the said diminution and eradication of State border constraints kindles an increase and integration of multifaceted global systems of production. This has ultimately led to improved levels of exchange of goods and services. Thomas Friedman is of the opinion that globalization is a growing phenomenon and with that will have enormous influence in the business organization and practice just like globalized trade, outsourcing, supply chaining and political forces have had in the past (Friedman, 2008). Globalization can thus b...
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Globalization is the shift toward a more integrated and interdependent world economy (Hill, 2005). Globalization has several different areas including the
The discernments provided in this book by a distinguished ‘insider’ is manna for economists, investment banks, governments of both developing and developed countries and just about anybody who wants to learn and understand economic development, the politics of international business and globalization, and public policy formulation with regards to globalization and liberalization. The author provides a holistic view of all aspects of globalization – the good, the bad, and the ugly. International organizations and business practitioners in particular will be wise to glean valuable insights from this book.
Globalization is textually defined as the development of an increasingly integrated global economy marked especially by free trade and free flow of capital, and the tapping of cheaper foreign labor markets (Webster’s Dictionary). Within this definition we can see so many vital pieces that need to coexist in order for it to be a truly globalized environment in this world. Globalization is term that is currently being used more frequently but it doesn’t mean the early forms of it were not already in motion. From the early second century BC, “silk roads” were being formed which traded goods from one part of a country to another. Early empires were thriving on globalizing their countries by creating routes and trails to communicate and transport goods. Globalization has expanded boundaries for 3rd world nations who were underdeveloped to become more civilized in their governance. To understand further where globalization spreads its roots, we must go deeper into the fundamentals of free trade, the free flow of capital and advantage taken of foreign labor markets.
Globalization means different things to different people, so there is no one set definition. It is generally considered to be the spread of cultural, religious, political and economical systems, and symbolizes an increase of global communication, flow of ideas, and transfer of knowledge. Is also the spread of capitalism and Westernization. Globalization creates new opportunities and benefits, yet it can also bring suffering. Each region of the world—within continents, countries, and towns—experiences globalization in a different way. While one country may experience prosperity another may experience marginalization and impoverishment. This is because access of power is selectively given to certain groups. Globalization tends to produce success for the powerful at the expense of the
In the article titled “States of Discord”, Thomas Friedman and Robert Kaplan present various arguments regarding the aspects of globalization and its affects on our world. Though their opinions differ greatly regarding certain aspects such as how it will affect democratization, personal freedom, and the culture of the world as a whole, they agree on larger issues such as that globalization affects every state in some way or another. Rather than taking completely opposing stances regarding these issues, they add on to each others arguments and interject their own opinions into them. Some of the main points that come out of this debate is that while globalization can lead to positive developments , it can also lead to negative developments. Also, the institutions that emerge in a globalized world owe all of their success and failure to circumstance.
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
Globalization, an important characteristic within the contemporary economic environment, has resulted in significant changes to individual nations in terms of economic development strategies undertaken by national governments. The term globalization refers to the integration of local and international economies into a globally unified political economic and cultural order, and is not a singular phenomenon, but a term to describe the forces that transform an economy into one characterized by the embracement of the freer movement of trade, investment, labor and capital. The drive for globalization has resulted in greater economic growth globally, through the opening up of barriers to international trade, yet this increase in world output is often associated with detrimental effects in relation to the stability of a national economy, being susceptible to the ups and downs of the international business cycle and also both positive and negative effects on the standards of living or quality of life with in a nation.
Globalization can in general be described as the growing interaction amongst integration of activities. This mostly affects economic activities of human societies around the world. Nevertheless more realistically, globalization refers to the increasing economic interdependence of countries or states internationally through the escalating amount and variety of cross-border relations and transactions in goods and services and of global capital stream. It is also through the extra speedy and widespread diffusion of technology. In this case therefore, globalization includes both a description and a prescription. This paper examines the economic and political dimension of globalization and tries to link them with development and underdevelopment in the first and third world counties respectively. It outlines the role of the multinational corporations, international trade and fiscal agreements in the globalization process.
The issues of globalization increasingly dominate the universe’s life. The concept of globalization according to Robertson (1992) refers to the narrowing of the world as incentives and increased our awareness of the world, namely the increasing global connections and our understanding of the connection. Globalization is a situation in which no boundaries between the people of the world and links communities in a country with people in another countries. Globalization departs from an idea to unite the nations which is expected to be a mutual agreement and guidelines for nations around the world. Globalization is able to waive the space and time constraints to get the interaction and communication between nations can be done quickly. With the support of information and communication technology, globalization penetrated all sectors of life and make significant influence on world community. In the past, people only connect with the local culture. However, now hundreds of cultures around the world can be accessed.
Globalization can briefly be defined as ‘something’ that affects and changes the traditional arrangements of the state system. It is a term that directly implies change and therefore is a continuos process over a long period of time as compared to quickly changing into a wanted or desir...
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).”
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.
Globalization has taken place in the past when state and empires expanded their influence far outside their border. However, one of the distinctions of globalization today is the speed with which it is transforming local culture as they took part in a worldwide system of interconnectedness. Through globalization, many cultures in the world have changed dramatically.
Globalization’s history is extremely diversified and began during the beginning of civilization. Now we live in a world that is constantly evolving, demanding people to use resources in locations that are very difficult to obtain certain resources. This could make it completely impossible to operate in these specific parts of the world. However, globalization allows people across the world to acquire much needed resources. Globalization creates the opportunity for businesses to take advantage and exploit the ability to take part of their business to a different country. Nevertheless, globalization is part of today’s society and will be involved in virtually all situations.
Globalization is the connection of different parts of the world. Globalization results in the expansion of international, cultural, economic, and political activities. As people, ideas, knowledge, and goods move easily around the globe, the experiences of people around the world become more similar. (“Definition of Globalization“, n.d., ¶ 1)