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Globalization - Essay Example

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Globalization flourished through global communications made possible from socioeconomic and environmental developments and technological…
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Download file to see previous pages This has an impact on the capitalist social and economic relations through microeconomic and multilateralism phenomena like competitiveness of businesses globally. The consequential change of production systems has an impact on the labor process, class structure, technological application, and capital organization and structure. Globalization marginalizes workers that are less educated and less skilled. As a result of globalization, expansion of business does not automatically result in increased employment. The higher mobility in comparison to labor can cause high capital remuneration. Power in the global economy is a company’s ability to command the tangible as well as intangible assets that result in increased loyalty of the customers irrespective of location. A company can tap into global networks no matter what is its geographic location or size. Globalization has had mixed effects on world economy with the increase in trade and foreign direct investment on one hand, and increased labor and production costs and income inequality on the other hand.
Globalization has mixed effects on currency as a result of which, certain countries become stronger economically while other countries loose economic strength. Acceleration of globalization has caused market conditions to change. This has affected the volatility and value of national currencies all over the world. For example, the euro EUR in the European Union has replaced a number of local currencies. The Renminbi RMB has challenged the power of the US dollar. Many other currencies are linked with euro and dollar to deter harmful volatilities and fluctuations. Countries like Germany and China have taken advantage of the power of global currencies’ unification to sustain their growth. On the other hand, countries like Spain and Greece have gathered huge national debt while other countries have become poorer. A range of factors ...Download file to see next pagesRead More
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