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Does Globalization have a future - Term Paper Example

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Running head: Does Globalization Have a Future? Introduction Globalization has led to a rapid intensification of service trade and capital flows across the borders. It has been characterized by the movement of ideas, people and enhanced welfare, which has been achieved via efficiency gains…
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Does Globalization have a future
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Does Globalization have a future

Download file to see previous pages... Globalization has the positive and negative influences and consequences. Its influences and consequences are spread across the globe. There is both optimism and concern in the future of globalization. The negative influences spread to other parts of the world and may continue to influence the society in future. In the light of this, it is important to assess the nature in which globalization processes will take course in the future. This paper highlights the future of globalization. Discussion Positive Impacts of Globalization in the Society in the Future Globalization may have facilitated market and trade integration in the recent past but there are speculations about its future. Globalization has brought implications for future mobility and migration, worldwide social inequality and technological expansion. Globalization is likely to play a huge role in determining competitive advantage in the near future. Given that previous advocates of globalization in the political and the business world of advanced countries are now in deep worry, it is apparent that globalization has brought positive and negative impacts. This worry stems from the fact that globalization has been responsible for the loss of jobs and pay reductions. Moreover, globalization has created a situation in which business executives continue to enjoy high salaries at the expense of other employees (Gangopadhyay & Chatterji, 2005). Given its numerous benefits, globalization will continue to play a vital role in converging market values and creating a free trading system. In the recent past, former socialist states have made transitions to economies that are based on the market. Countries like China have developed a capitalist economy with a hybrid system that possesses socialist characteristics. Such a development has had positive impacts on the economy with China witnessing an increase in productivity in some of its main industrial sectors (Waters, 2001). Globalization has influenced cultural preferences and taste in a scale that will be witnessed even in the future. Most countries are making a distinct move to homogenized arts, media and popular culture with the English language becoming the main lingua franca of communication in the global front. Moreover, the use of English as the main language has been promoted by the internet and the e-mail. Globalization has had negative and positive aspects. The positive aspects are many with globalization presenting numerous opportunities. Globalization continues to change the world system in an irrevocable manner and current trends indicate that the pace of globalization is bound to continue and accelerate in the near future. The most significant trends in the recent past and presently are greater inflow and outflow of goods and services, capital, people, money, technology, ideas and information (Rivoli, 2009). Globalization continues to lead to an increase in competition on the global front. This scenario will be witnessed in the future due to numerous beneficial aspects, which increase efficiency and production. Each country is likely to rely on globalization as a means of achieving higher production levels. Recently, increase in market space and competition has led to specialization and improvement in the division of labor. Countries that have thoroughly embraced globalization have achieved economies of scale and scope, ...Download file to see next pagesRead More
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