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Globalization - Essay Example

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[Title] [University] [Instructor Name] This paper gives a clear introduction of globalization, its effects and the reason of it being a contentious term has also been discussed in detail. GLOBALIZATION Globalization refers to the procedure through which local economies, cultures and financial systems have incorporated via worldwide network of political ideas that are transmitted and shared through communication, trade and transportation…
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Download file to see previous pages... Globalization is mostly related to economic globalization however this is not the case; globalization presents a much wider concept. It is a combination and amalgamation of political, economic, biological and cultural factors which are being shared and circulated globally. Globalization is a very relative term and can be used in a number of ways depending on the factor it is being applied to. For instance, if taken from an economic perspective, globalization is the removal of hindrances and barriers existing between two nations so that the flow of services, manpower and merchandise can be enhanced and taken to a higher level for the attainment of mutual benefit and progress. The concept of globalization has changed paces; it took a start in the nineteenth century and deliberated during the era of the First World War. It again accelerated in the middle of the 20th century, the reason many economists present for its varying trends is the changing attitude of the economists who sometimes backed off from this practice so as to protect the policies and regulations of their organizations. Globalization took a turn after World War II; this was due to the combined efforts of the politicians who made deliberate attempts to eliminate the borders obstructing trade. Bretton Woods Conference further paved way for this since politicians from all over the world signed the petition to carry out foreign trade and commerce and numerous institutions were also developed in order to view and invigilate the procedure of globalization. Multinationals organizations have also taken part and are responsible for its worldwide growth and development; the corporations in Europe and United States of America exchanged strategies related to science and technology and gave birth to a new era of globalization. Radio, television, music, films and all other means of media also played a great role in the exchange of cultures especially in the western countries. Two more factors that have contributed greatly in this regard are telecommunication which greatly enhanced the effects of this phenomenon which are even prominent in the current era. One of the greatest benefits of the intervention of technology in globalization is that it has made trade and other means of communication very accessible and easy. Globalization has not only revolutionized the economic sector but has also contributed to a great deal as far as political, social and cultural diversity is concerned. (Malcolm, 2001) ADVANTAGES OF GLOBALIZATION Globalization has both advantages and disadvantages; it has become a contentious term mainly because the disadvantages seem to overshadow the advantages. Before knowing the reason behind this issue, let’s have a look at the advantages of this controversial issue. The advantages are as stated; trade has become easier due to globalization since trade and business affairs can be carried out more easily owing to the efficient means of transportation and communication. Goods and other services can be easily carried from one place to the other. The relationship between nations and states becomes more stable due to effective interaction; old rivalries can be sorted out and resolved which in turn reduces the chances of war. The trend of free trade gains popularity and ...Download file to see next pagesRead More
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