Introduction
Globalization becomes important today because increasing in depending to the world. Globalization can be determined as increasing in trade and exchange in open economy, integrated and borderless international economy (Intriligator, 2003). Globalization is often used to refer to economic globalization. The integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and the spread of technology. Besides that, globalization also can be defined as process of greater interdependence among countries and their citizens. It consists of increased integration of product and resource markets across nations via trade, immigration and foreign investment-that is via international flows of goods and services, of people and of investment such as equipment, factories, stocks and bonds. It also includes non-economic elements such as culture and the environment.
The globalization can be classified into three types of waves such as first wave, second wave and third wave. This globalization has a different period of time because it have different of factor that drive the changes to continues become better of globalization. First globalization happens in year 1870 until 1914. Globalization at this stage happens when decreases in tariff barriers and invented in new technologies to decrease transportation cost such as the shift from sail to steamships and railways. The first wave is ended by World War I and the increase in protectionism. Thereafter, the second wave happens in year 1945 until 1980. This type happens because decreases in transportation cost and specialization of manufacturing products in developed countries. This specialization of manufacturing products...
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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
Globalization is the phenomena of increased economic integration among nations characterized by the movement of people, ideas, culture, and resources across borders. This phenomena dates back to the trade routes developed by the Silk Road, as well as those that were discovered by European explorers such as Columbus, Magellan, and Marco Polo. Globalization has been crucial for the development of both individual countries as well as the world as a whole. The conquests and subsequent settlement of new lands with new biological resources, the potential to accommodate transfers of population, crops, and livestock, international trade, as well as technological innovations are all key elements of globalization.
Although it is becoming a rising topic, globalization is not new. The concept of globalization has existed from beginning of time, but gained most momentum when the earth was discovered not to be flat, and traveling east was possible by traveling west. This allowed countries to trade for any foreign product they once may not have had. Globalization integrates countries with different economies, societies, and cultures across the world into one global network, with the ultimate goal of one emerging economy (Ahearn). Globalization has been fueled by new trends in trading policies, technology, and the world supply of labor.
Globalization refers to simply exchange of products, services, world views, ideas and different aspects of cultures beyond the boundaries of a country. There are several factors responsible for the era of globalization such as transportation (ships, airplanes), information technology (internet, computers). Now globalization plays a vital role in the economy of every country across the globe and it becomes easy for every country to fulfill the demand of their population in terms of the products that are not available or produced into that country, for instance, UAE is not capable of growing crops due to infertility of the land and they have to rely upon import of food products upon other countries and it becomes reality only due
Definition of globalization has been varied from persons to persons. A widely spread consent is that globalization is the process of increasingly interconnections and interactions in the fields of economics, politics, technologies and cultures. It influences everyday life as it operates on a world scale and change the way we perceive life and beliefs. The emergence of globalization is driven more than one factor, including the advancement of technology and communications, the introduction of free trade as well as the rise of multinational companies.
The term ‘Globalization’ refers to is the integration of economies, industries, markets, cultures and policy-making round 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 defined as a consequence of several factors that contributed to a more integrated and interdependent world economy such as reduction of costs of transportation and communication, time–space compression, economic integration (European Union), free markets and technology.
Globalization can also be defined as a current process by which regional economies, societies, and cultures have become integrated through a spanning network of communication and trade. The process of globalization includes a number of dynamics which are rapid knowledge developments that make global communications possible, political developments such as the fall of communism,
Globalization refers to the rapid changes in the world where the countries moving away from self sustained countries towards a more integrated or interrelated world. It is also can be defined as the change in business from a company associated with a single country to one that operates in various or multi countries.
Globalization is associated with bringing together world economies and cultures. Globalization is a controvertible conception. This allows powerful corporation change local enterprises and in the future make the gaps big between, rich people and poor people. The benefits of an international market to integrated where labour, ideas, capital and goods can be free and to promote the economic development all of the levels in the society. Globalization is a process to interact and integrate among companies, people and the governments of other nations. Globalization is process which international organization, corporations, individuals and communities has become more interconnected with politics, cultures and the earths environment. “It is characterized
Globalization on a broader scale, is an integration act, involving cultural, mental, political as well as economic aspects of a person, among countries. It is mostly limited to, economic integration, associated with movement of people, exchange of technology and information, trade as well as financial flows. . This is practice is clearly miles ahead, as demonstrated by the ever increasing capital flows in the world economy as well as the level of importance, the world economy has. As a result of globalization, tremendous pressure is on the nations to keep up with its demands and this has had a lot of consequences. Some pundits will tell you that these effects are only economic based,
The interrelation and the integration of people, companies, governments and nations can be described as globalization. Globalization was produced due to international trade and investments with the help of technology. In today’s world, globalization is very essential. The advancements and technology help the process needed it for globalization. Many countries and organizations similarly are affected by this phenomenon, on the other hand, smaller countries have benefit from larger contributors in the world’s market.
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)
This paper aims to study the meaning of globalization and much importance is given to it in the recent times. This paper also briefly discusses the types of globalization. It also throws a light upon the advantages and disadvantages of globalization. It further briefly discusses the effects of globalization on various aspects such as environmental, political, industrial etc. The paper moreover discusses the impact o...
Globalization is the process of international incorporation arising from commercial transaction such as private and governmental sales, investment, logistic and transportation. After the world war two the global institutions manages to lower the barriers to cross- border trade. The technological change especially in communication, information processing transportation technologies.