The creation of the global economy is made possible by the globalization of new ideas and technology, allowing information and wealth to spread at a faster rate than in the past. Economic globalization has created noticeable change in the global sphere, both positive and negative. One thing that economic globalization has created is a political economic theory, known as neoliberalism, characterized by free markets and trade, and privatization,
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. It is often difficult to categories an economy as being globalized, yet there are several key indicator that suggest economic management decisions undertaken by the govt have come as a result of globalization. The main evidence to suggest the globalization of nations has been the growth in global markets, changes in global consumption patterns, the establishment of intergovernmental agreements as well as the rise of transnational corporations.
Globalization can be defined as the growing interconnection of the various nations worldwide through the increasing volume and variety of cross border transactions which results in capital flow , and also through the more rapid and widespread dispersion of technology. Globalization is the harvest of human modernization and technological progress. It refers to the increasing amalgamation of economies across the globe though trade and capital flows. The term also refers to the migration of people (labor) and technology across international borders. It has the potential of making societies richer through trade and creates an environment of knowledge and understanding across the world.
"Together we can help transform the global economy into a global community." -- Robert Alan Silverstein “We must ensure that the global market is embedded in broadly shared values and practices that reflect global social needs, and that all the world's people share the benefits of globalization.” -- Kofi Annan The term "globalization" has acquired considerable emotive force. Some view it as a process that is beneficial, a key to future world economic development and also inevitable and irreversible. Others regard it with hostility, even fear, believing that it increases inequality within and between nations, threatens employment and living standards and prevents social progress. This paper offers insight into some aspects of globalization and aims to identify ways in which countries can reap the benefits of this process, while remaining realistic about its potential and its risks.
b) Dynamic Work Environment: Globalization has bought a revolution in world economy. Globalization has increased the rates of mergers and acquisition. The increase in competition between the multinational corporations across the globe has increased drastically. Work environment has changed a lot post globalization, c) Information Technology: Improvement in information technology is due to the impact of globalization. The one which has the best potential to change the shape of international management is the advancement of technology.
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. Countries around the world have closer over past few decades due to growing integration between economies.
Globalization: History, Trends, and Technologies 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.
The world economies are interconnected and interdependent than ever before. The international community should all collaborate and cooperate to manage globalization better so that it can be used to reduce exploitation and inequality it has created and to maximize the benefits of globalization for all economically, socially and environmentally.
I. Introduction ‘Globalization’ has been defined as “a phenomenon by which economic agents in any given part of the world are now affected by events that occur elsewhere than ever before.” Since the end of World War II, there has been a significant increase in economic growth and the standard of living as globalization has become a dominant force. However, globalization has negative implications as well in which it has contributed to the large disparity of wealth, and created a volatile market environment. Skeptics argue that globalization has “passed its peak” in which national governments have turned to protectionism in order to reduce its negative effects. Advocates of globalization argue that the integration of markets is ultimately irreversible, and attempts to block globalization have resulted in detrimental effects not only to global economy, but to domestic economy as well.
However, I will be solely discussing the economic aspects of globalization and how it effects the prosperity and living standards of people around the world. Though the current international economy faces many challenges, the idea of trade liberalization is superior to its alternatives. Economic globalization improves the world and is ultimately good. By integrating markets, globalization generates economic growth by fostering efficiency and specialization. In addition, globalization uplifts those in poverty and creates more technologically advanced societies.