In explaining the world in which we find ourselves today, globalisation has come to remain as the term of reference—it is the defining terms in contemporary society . In technical sense it is viewed as an “increase in cross-border economic interaction and resource flows, producing a qualitative shift in the relations between national economies and between national states”. This in abstract is what we currently experience as the global order of our time. Though the contributions of globalisation are remarkable and reflect to an extent positive impacts on the day to day activities of people, it as well comes with its consequential effects, thereby leaving its remnants on the quality of livelihood and the increasing gaps of inequalities that …show more content…
This phenomenon gives rise to the need for bridging the gaps of global inequalities that exist, through ideal contributions and interpretations within the discourse of globalisation and for example, interceptive programs from global organisation like the UN’s Millennium Development Goal (MDG’s) and subsequently the Sustainable Development Goals (SDG’s) are all in efforts to achieve some levels of parity. Global justice, is therefore eminent in the realisation of this utopian quest. The significance of justice in today’s world remains very basic and fundamental for peace, growth and prosperity. Global justice in theory therefore “entails an assessment of the benefits and burdens of the structural relations and institutional arrangements that constitute and govern …show more content…
In relation to economic globalisation I look at how the global institutions are structured to the disadvantage of developing countries—thus the ‘global institutional order’ and its effects on resource rich but low developed countries. As an objective, the paper enquire for the conditions and factors that influences the pricing of natural resources or commodities, and that poor producing countries have little or no influence in price setting, but by some market indicators or by what Jan Aart Scholte describes as ‘neoliberalist formulas’. Who derives the most benefits from these provision of standards? The economies of most developing countries (‘periphery’ or third world countries) rely on export of natural resource and commodities usually in its raw forms, this
Regarding “The Age of Globalization” by Alan Brinkley I thought that the reading selection provides good details on timeline of significant events that significantly affected the global economy. The reading selection from the American History textbook starts off with a summary of event of September 11, 2001, and the role they played in the changes within global economy. On the next page we are presented with a timeline of events that will be described later in the reading selection. The purpose of this section is to illustrate how each of those events contributed to the world we live in today, particularly their influence on the global economy.
Although globalization induces worldwide inequality in many aspects such as educational inequality and income inequality, the most serious one is income inequality since it exacerbates the wealth gap and consequently causes severe social problems. The world GDP has risen from 36 percent to 55 percent since 1980 as a result of the expanding world trade caused by globalization (Lall, Jaumotte, Papageorgiou & Topalova, 2007). Global Domestic income has increased, but the income distribution across the continents appears to be unequal. For instance, in the United States (U.S.), among the income distribution, the bottom 20 percent have an income boost of only 3.7 percent while the top 5 percent enjoy an income boost of 57 percent (Kearney, 2014). Furthermore, this widened wealth gap makes the people in poverty become poorer and has resulted in many serious social problems. According to Thorbecke and Charumilind (2002), the crime rate may become higher since “legal wages represent the opportunity cost to crime”. Also, because the level of income has a positive and explicit correlation with the health condition, the poor’s average life expectancy may become shorter. Therefore, the income inequality is severe since it increases the wealth gap and gen...
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.
Globalisation can be construed in many ways. Many sociologists describe it as an era in which national sovereignty is disappearing as a result of a technological revolution, causing space and time to be virtually irrelevant. It is an economic revolution, which Roland Robertson refers to in his book ‘Globalisation’ 1992 pg 8, as “the compression of the world and the intensification of consciousness of the world as a whole”. It is argued that globalisation allows the world to become increasingly more united, with people more conscious of ethnic, societal, civilizational and individual aspects of their lives.
Introduction Globalisation - world’s greatest phenomenon and prominent discourse in various fields of studies, gained its popularity in the middle of 19th century. However, the arguments of social scientists to when exactly has this process began vary, suggesting that globalisation is a continuous process existing from the dawn of civilization, or as according to others it started in the early modern period. The term implies multiple meanings related to the very common dimensions, through which we see and define our world such as social, political, cultural, religious and others. The new paradigm of globalisation refers to unification of the human society as well as interrelation and inclusiveness of the dimensions (Waters, 2001). When we
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.
Globalisation goes back as far as the era before the First World War. During that time globalisation’s general tendencies produced a very uneven pattern of global economic development, exposing the limits of global economic integration. For example, the integration of the African economy into the capitalist economy is part of the globalising tendencies of capitalism.
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 is the new notion that has come to rule the world since the nineties of the last century with the end of the cold war. The frontlines of the state with increased reliance on the market economy and renewed belief in the private capital and assets, a process of structural alteration encouraged by the studies and influences of the World Bank and other International organisations have started in many of countries. Also Globalisation has brought in new avenues to developing countries. Greater access to developed country markets and technology transfer hold out promise improved productivity and higher living standard.
Colonialism was a concept of superiority of one territory over another; it was a concept that originated centuries ago. Colonialism had been put into action throughout a long line of history and did not end after World War II in 1945. Even with resistance and efforts from independent states after the war, colonialism did not disappear and continued as a dominant system. It remained and changed its form, resulted in the process of globalization, which continued to control over newly independent states following World War II. Globalization, a form of colonialism, maintained power for the system over states or regions through economic terms with the development of the World Bank, and its derivation of structural adjustments. This financial institution was formed and contributed to colonialism; it assisted in the economic affairs of colonized nation(s). Along with class, professor Manfred B. Steger's book, Globalization: A Very Short Introduction, and I.B. Logan and Kidane Mengisteab's article, "IMF – World Bank Adjustment and Structural Transformation in Sub-Saharan Africa," discussed the indirect rule of colonial powers through globalization.
Using 1997 financial crisis and other examples, discuss how globalization is important to the modern business journalism. Introduction
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...
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.
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.
Globalization is a process that integrates a global network of economic, political, social, and cultural interdependence on a worldwide scale. This international phenomenon unlocks new pathways for a universal marketplace that permits the flow of economic trade of capital, goods and services, financial investments, and distribution of resources across different countries and institutions. With the rise of regional economic integration blocs such as NAFTA, ASEAN, and Mercosur, manages and facilitates a smoother flow of free international trade and financial investments, reducing the barriers and policies amongst member countries within the same trading bloc. There is also a major growth in financial flows, allowing countries and institutions to do foreign currency exchanges. The free flow of capital also authorizes foreign transactions around the world such as foreign commercial and investment banking, and foreign bonds. By having access to larger markets, consumers are exposed to international commodities, thus, tastes preferences and lifestyles are also converging across different countries. However, at the same time there is a negative cultural impact surfacing as well. As commodities become standardized to meet a wider range of audience, unique cultures, traditional values and lifestyles are also becoming overshadowed. What makes us unique seems far from unique when everyone carries the same products. And as global markets continue to expand, the competition also becomes fierce. Companies are offshoring to developing worlds, seeking new ways to reduce cost by shifting productions and manufactory facilities overseas where cost is significantly low. As production and services shift abroad, so are we as consumers, who will also f...