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globalization and its impact
globalization and its impact
consumer buying behaviour and globalization
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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... ... middle of paper ... ...and low paying wages in certain parts of Asia and Africa may seem unethical, but some laborers are blessed to even have a job. Furthermore, critics may also stress that market liberation may cause us to lose touch with our national identity, but without it, we will never be moving forward. Even though there are pros and cons regarding globalism, we cannot deny the fact that it opens up new doors for businesses and consumers, like myself, to explore the other side of the world. In a sense, divulging to similar living patterns can help us learn more about different cultures. Consumers in Tokyo, for instance, can now have a taste of our American culture by taking a sip of Coca Cola. We can enjoy a hint of Tokyo by having Sushi at a local restaurant. Without globalization, we will never taste the wonders of the world, or better yet, we will never know they ever existed.
The term globalization varies from person to person. A consumer typically associates globalization with a store producing more goods, stocking inventory, and updating their styles, however; an anthropological definition of globalization is, “the worldwide intensification of interactions and increased movement of money, people, goods, and ideas within and across national borders,” (Guest, 19). Globalization of the clothing industry is about the “search of cheap, reliable labor to meet the industry’s tight margins,” (Timmerman 7). Timmerman suggests that globalization change our lives and can be for the good or for the bad (8). Globalization is often viewed as a mutual and beneficial process for those involved, because it is perceived as helping those out who are in poverty get a job and make money for their families. On the other hand, it is viewed as a horrific way to abuse individuals in different countries by paying them tremendously trifling wages, working in strident conditions, and overall being treated inadequately by the factory owners. United States corporations exploit different countries around the world such as, China, Indonesia, Mexico and
Wild, J. J., Wild, K. L., & Han, J. C. (2008). (CH2)Cross-Cultural Business and (CH5)International Trade,. International business: the challenges of globalization (4th ed., pp. 48, 61-62, 132, 136, 147). Upper Saddle River, N.J.: Pearson Prentice Hall.
International trade can be a difficult topic to discuss in the abstract, but when it is focused on a single product that makes its way around the world over the course of its usefulness, the unwieldy issue of globalization is made vividly clear. In The Travels of a TShirt in the Global Economy, business professor Pietra Rivoli explores the politics and the human element behind the globalization debate by tracking the life story of her $6 T-shirt.
...to other parts of the world. Of course, globalization does not have unvarying outcomes or create a more homogenous world but it does have diverse outcomes – usually not expected. This not necessarily positive or negative, it is one or the other for the different parties involved. As a result we have seen a global audience for things such as the video game industry, Japan’s anime and manga industry, and Japanese film productions and the cell phone business as well. At times, this technology is conflated in terms of where it was designed, who manufactured it and where, who is using it, and the end result is a blend of multiple cultures. Today cultural boundaries are gradually eroding and cultural differences are no longer invented through exports and imports across national borders but are produced by the acts of consumption in which citizens of the world participate.
In the book Globalization: A Very Short Introduction by Manfred Steger and the reprint Globalization and the Impact of American Popular Culture Abroad by Carl Guarneri, the point is made how recognized globalization has become and how much it has affected citizens around the world. Some of the debates over the effects of cultural globalization are: the West and its multinational corporations after World War II, what it promotes to the world’s people, the views of consumer capitalism’s effects and the repercussions of the globalization of culture.
Globalization is viewed as development which has a profound effect on the economical subject as a whole such that it is the process that defines the present age. Frankel (2002), an economist, sees globalization as the most powerful process which has contributed to shaping the global economy around 40 years ago. Globalization is highly characterized by the fact that the national borders and distance do not matter anymore and business can take place all over the world, for the economic purposes, the geography and nation state are no longer important. South Africa joined the global economy in early 1990s when the globalization process was starting to gain momentum. Together with adapting the globalization forces, South African economy had to manage the emergence of its market status.
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.
The first decade of the 21st century has seen globalization and identity emerge as the most critical challenge to society. Globalization has seduced consumer appetites. This has led for those consumer identities to be exposed to global advertising focused on the designer car, the latest clothing or the newest piece of architecture.
Some transnational corporations have accommodated the needs of unique individuals and cultures rather than adopting the concept of a global identity. This has been demonstrated by the popular American fast food chain McDonald’s, and their response to local cultures. In India, lamb or vegetarian burgers are served in response to Muslim and Hindu dietary restrictions. Not only do they separate the food preparation so the meat never makes contact with the vegetarian food, they also separate the menus, so vegetarians don’t even have to read about meat dishes. This illustrates how seemingly ruthless companies value the individual consumer and the different lifestyles found worldwide. Successful transnational corporations have embraced hybridization by expanding their companies to other countries and blending elements of the country’s specific culture into their business plan. By doing this, corporations are promoting individuality and as such helping to shape a national identity rather than simply accepting the concept of a westernized global
For about two decades, if not even more, globalization has already created situations that greatly impacted women throughout the world today. Depending on one's opinion on globalization, those impacts could either be good or could be bad; in my opinion, there is no middle when it comes to globalization and the role of women in it. Two examples of globalization are: economic globalization which, according to Burn, “refers to the integration and rapid interaction of economies through production, trade and financial transactions by banks.., with an increased role for the World Bank and the International Monetary Fund (IMF).” and cultural globalization which “refers to the transnational migration of people, information and consumer culture.”
Kofi Annan, a UN diplomat, once said,“...that arguing against globalization is like arguing against the laws of gravity.” He is undoubtedly correct in this assessment. Indeed, globalization is no longer something to be skeptical of, it is very real and is changing our world exponentially. The affects of globalization, however, continue to be a heated topic for debate. Proponents praise the overall economic lift provided by free trade, the diffusion of cultures, and the spread of democracy and capitalism. Critics cry foul at the loss of national identity, the accelerated and uncontrolled use of natural resources, and the redistribution of wealth into the hands of a few very powerful people and corporations. Globalization is a polarizing topic and it has affected people in different and varying ways. I looked back over my life, looking for personal experiences that represent the affect of globalization upon my life. It is difficult to pinpoint exact experiences, but it is clear the broader affects globalization has had on my life such as in the spread of cultural practices such as yoga or foreign entertainment, or the rapid demise of the Midwestern manufacturing industry.
Levitt (1983) and Ohmae (1985) says that Following the globalization trend, technological, consumer needs, tastes and preferences going to be similarity that cause the market in the world become uniformity. They also point out that “Further facilitated by the growth of international communication channels, the emergence of global market segments, and the appearance of the Internet.” (Levitt, 1983;Douglas and Craig, 1986; Yip, Loewe, & Yoshino, 1988).
Globalization has come a long way to transform standards. It has extremely remained advantageous to some, particularly to members of the wealthy classes worldwide, while it is often devastating to the poor and disenfranchised.
It is widely accepted that there are a lot of benefits globalization brought to our life. Firstly, advanced transportation system makes different places of the world closer. Considerable amount of exciting tourists can visit remote villages in the corner of the earth. Secondly, new telecommunication, such as internet and TV, makes people’s common life colorful. Fans in China who are interested in Manchester United can also share their joy with their counterparts in United Kingdom, when the team won a game. Moreover, we can buy the popular products of high quality made in other countries, such as automobiles of Volkswagen and furniture of IKEA. Finally, globalization can lead to cooperation in trade between different countries. Even though globalization can bring so many conveniences to us, we still worry about its severe negative aspects.
With every passing day the world is shrinking, and the globalization process is taking place. Advances in communication, transportation, and computer technology have all played a role in making the world a smaller place. With the right equipment, people can talk to friends and family from the other side of the world. Traveling from America to Europe, which once required days at sea, now only takes hours in the air. Computer networking and fax machines allow world businesses to conduct negotiations within a matter of seconds. Images and personas such as the McDonalds’s golden arches and Mickey Mouse are recognized worldwide. When Saddam Hussein was captured, nearly every country knew about it within a matter of hours. Yet, while globalization is taking place, it is not doing so without dispute. Many countries, in fact, feel threatened by Western culture and consequently, are acting out to preserve their own identities. Differences in currency and standardized measuring units indicate hesitancy and possibly even an inability for people to accept the conformity of a singular global society. Also, characteristics of different cultures are in such a way unique that to alter them or blend them into other cultures would, in some people’s opinion, destroy both of them. After all, one would not expect to find tacos served in Italian restaurants, nor would one expect pasta and breadsticks to be the major selling items in Mexican restaurants. So, while globalization is taking place on different levels, fundamental differences in culture and pride in one’s own heritage both exist as strong forces preventing the emergence of a homogenized world society.