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The definition of globalization is highly contentious among professionals in the field of economics and business. Globalization is a term for the process of international integration brought upon by interconnectivity of cultural aspects.(Steger, 1) Cultural aspects can be further defined as technology, religion, infrastructure, and manufacturing processes. There are many types of globalization; increased internet activity, international cell phones, and aviation.
There are many good aspects of globalization that increases the health and education of many third world countries. However, there are aspects of globalization that have both positive and negative aspects. The globalization that most people think of the most is the usage of other countries to assist in the production or manufacturing of products for consumption or use. This is known by many currently as outsourcing. While outsourcing is not the only form of globalization, this is the one element that has become a hot topic politically due to the extent and negative elements. Outsourcing is a negative form of globalization to portions of the United States, while for others it is one of the best things that has occurred.
When the United States federal government began to give tax benefits to companies who moved their major production elements outside of the United States, many companies began to move.(Anderson, 213) Not only are manufacturing jobs being sourced in other countries, but now countries are moving things such as call centers and technology service centers.(Dessler & Phillips, 61) Moving jobs overseas has a drastic and detrimental effect on the job market in the United States. Individuals in certain regions of the country are without job because of the relocation of most of the car making processes. No longer are there hundreds of companies making car parts, most if not all of those jobs are now in countries such as Mexico and China. This outsourcing has come to a
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According to the research findings globalization is of great significance in contemporary societies. When looking at its impacts, it is apparent that globalization is transforming contemporary societies. This is because globalization has had positive impact in nearly everything ranging from, economies, cultures, information flow, governance, criminal investigation, among others.
Such fragmentation in the origins and belonging of the ethics and moral values therefore offer a rare glimpse into a world which is shrinking. Globalization, as a phenomenon, is overcoming the local cultures, values as well as the indigenous political will of the individual.
It covers the major processes of the world socio-economic development and accelerates economic growth and modernization. At the same time, globalization gives rise to new contradictions and problems in the global economy. The process of globalization today overcame all the countries in the world in a different degree.
This is from his book at http://africanliberty.org/pdf/GLOBAL%20CAPITALISM.pdf But the page is xiv, as I stated before. The citation is from introduction. Wolf in “Why Globalization Works” (2005) is even more radical and argues that “the market is the most powerful institution for raising living standards ever invented indeed there are no rivals.
Globalization impacts on societies in the cultural, political and environmental systems (Held et al. 2005). It also affects economic growth and development of nations worldwide. The concept is not new since over the years, people and companies have been trading for long distances.
Globalization, Its Significance to Challenges of Development and Key Debates. Globalization and related development were considered as the wave of the future when they first appeared to unite countries into one global economy for the mutual benefits, which presumed global integration and interdependence in the technological, economic, social, cultural, ecological and political spheres.
This means that consumers in different parts of the world have access to the same goods and services. This has enhanced standards of living in developing economies. Globalization has enabled companies in the developed economies to seek business opportunities in the developing economies where demand is growing.
The layman's perception is predominantly confined to economic aspects of globalization, which is a very narrow perspective and is mostly confined to a mere expansion of trade and investments. However, the process of globalization has much wider implications that go beyond the mere internationalization of markets.