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s affected by it; in fact, it can be said that it undermines state sovereignty because decisions that are made have to consider their impact on international affairs (Shimko 192). An example of this is oil-exporting countries that heavily depend on the income from this product to fund their national budgets. If these countries were to act in a way which displeases the international community, then they would be forced to abandon such decisions through the placing of sanctions on their exports. Moreover, because of globalization, many countries have interests in other countries; therefore, to protect these interests, it has become necessary for the powerful to meddle in the political affairs of the weaker ones (Yang170). This has not only made the latter countries lose their sovereignty, but it has also encouraged their overdependence on more developed nations for economic aid.
Cultural diversity loosely refers to the variety and differences in race, ethnicity, and class that are present in a society, state, or the world. Different races have diverse cultures or customs; for example, in a traditional Mexican wedding; there is a distinct ceremony where a rosary or white rope is wound around the bride and groom to form a number eight. Languages, cuisine and mode of dressing are also part of cultural diversity notwithstanding the conformity to everyday way of living by people of a certain society (Mueller 71). History profoundly determines these aspects, but they are mostly affected by the environment. This implies the people who develop the cultural resources and control access to the culture itself. While trying to achieve globalization, cultural diversity has developed since the core idea behind it is ‘speaking a common language’. This is because globalization includes transformation of a spatial organization, which in turn means wide-ranging institutional reform institutions formed with a large influence from culture. Many argue that
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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.
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.
Globalization has introduced new ideologies that have replaced the traditional thinking perspectives. The reception of globalization in each specific culture varies, but a close analysis reveals the aspects of life that change. This brings in the aspect of globalization, used to denote the various ways in which each distinct culture localizes globalization.
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.
Episodes Three which is entitled New Rules of the Game discussed globalization and its impact in the world economy.Globalization doesn’t just involve the goods and services.Market integration also means the assimilation of countries’ financial markets.Countries like Thailand were greatly helped by the inflow of foreign direct investments.