Positive Aspects of Globalization

1828 Words8 Pages
Introduction

During the last decade of the twentieth century, the word ‘globalization’ has become an increasingly prominent feature of political, social, and economic discussion in academic and policymaking circles, as well as in the media. The processes and outcomes of globalization drew attention and debates that had one thing in common. The research shows that nearly everyone agrees that globalization is a trend that is changing the face of the world, and as a result the world society lives in a more ‘globalized’ world. Nearly two and a half decades passed since 1990s, and studies have been conducted to examine the causes and consequences of globalization. Moreover, nearly every person experiences some type of globalization and can testify firsthand the effects it has on their life, society, and the state. The analysis of the effects that globalization dynamics have on the world society indicates that globalization has a significant positive impact via spreading opportunities and wealth across nations, stimulating innovation and productivity, enhancing the economic development of poorer countries, and helping to improve living standards.

Theories of Globalization

There are various theoretical frameworks that create the foundation for understanding of any social or economic phenomenon. Since globalization occurs on several levels there are different theories that explain various aspects of it. The analysis of various factors that facilitate the creation of interconnected and interdependent global society shows that globalization advances in several directions simultaneously: historical, political, economic, social, and cultural (Friedman, 2005). Therefore, the fact that globalization can be explained from different perspec...

... middle of paper ...

...(2013). Analysis of macroeconomic determinants of exchange rate volatility in

India. International Journal of Economics and Financial Issues, 3(1), 172-179.

Robinson, W. (2004). A theory of global capitalism: Production, class, and state in transnational world. Baltimore, MD: Johns Hopkins University Press.

Schaeffer, R. K. (2009). Understanding globalization: The social consequences of political, economic, and environmental change (4th ed.). Lanham, MD: Rowman & Littlefield Publishers.

Srinivasan, D. (2009). The impact of developing multinationals in the global spectrum.

Retrieved from

http://repository.tamu.edu/bitstream/handle/1969.1/86491/Srinivasan_Approved_Thesis.pdf.txt?sequence=3

The Economic Times. (2013). Company history – Tata Motors Ltd. Retrieved from

http://economictimes.indiatimes.com/tata-motors-ltd/infocompanyhistory/companyid-12934.cms
Open Document