Globalization and the effects on developing countries and MNCs - Dissertation Example

Opinions differ on the extent of change and the impact that it has created.This change has taken place due to what is now commonly known as ‘Globalization’.Globalization according to Frankelmeans integration through international trade of markets in goods and services, financial integration through international trade in assetsGlobalization leads to the formation of a big commercial enterprise where the industrialized nations are favored at the expense of other nations, says MacPherson (2001).

Today globalization means differently to different people. Globalization is integration through international trade of goods and services with the help of certain measures and regulations. Globalization is the concept of moving towards single-world society. In this effort there has been rising share of economic activity in the world. The aim was to open the world market to everybody and was thought to be a solution to social and economic disorder prevailing in the world. Globalization has brought about significant changes in the global economy.

The term globalization has been embraced by politicians, academics, journalists and commentators. Globalization continues to grow in its effort for a coherent global economy previously separated by culture, geography, or nationality.While globalization provides opportunities to many people, it has also caused impoverishment to many groups and societies. Globalization has led to rapid and sudden changes in information and communications, which too has advantages and pitfalls. There are conflicting stands on this issue.