Globalisation Table of Contents Table of Contents 2 Introduction 3 Concept of Globalisation 4 Critical Analysis of the Features of Globalisation 7 Differing Perspectives on Globalisation 10 Conclusion 12 References 13 Bibliography 16 Introduction Since the early 1900s, the particular term ‘globalisation’ has been under rigorous scrutiny in the international forefront where experts have been incessantly concentrated on the development of a structured all inclusive definition of globalisation…
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Consequently, it has made a resounding effect on the picturesque of mankind playing a pivotal role in the social aspect and thereby making drastic changes in the welfare of the civilisation of mankind. Hence, globalisation can be referred as a process of amalgamation through which exchange of world views, products, ideas and different facets of cultures takes place (Lee & Vivarelli, 2006). Based on this context, the paper will be concentrated on explaining the concept of globalisation as an on-going phenomenon by critically discussing the major features of the terminology. Emphasising on the vividness of the term ‘globalisation’, an explanation will also be provided in the discussion henceforth, elaborating the theoretical context of the phenomenon. Concept of Globalisation Globalisation can be referred as one of the major outcomes of the continuous expansion of trade activities and exchanges taking place since ages in the progressively integrated and borderless international economy. There have been extraordinary developments in the trade and exchange related activities, through services, production functions and also through the interaction of currencies in the capital movements (Ojeili & Hayden, 2006). Consequently, globalisation has emerged as one of the revolving strata, opening the doors in the international economy and leading towards the assimilation in relation to markets on a global basis. Although the phenomenon is much debated and illustrated in the economic sphere of the world economy, it has also been playing a crucial role in influencing the social sphere of mankind, interrelating and apparently comparing one culture with another. This also provides a broader scope of harmony and uniformity within the global social atmosphere. Hence, it is on the basis of these rudiments that globalisation has often been regarded as a ‘mega-phenomenon’ rather than a mere change process (Stefanovic, 2008; Houghton & Sheehan, 2000). It is in this context that globalisation process is often argued to facilitate ways for trade liberalisation as well as economic liberalisation heading towards the reduction of conservative and monopolistic trade contributing largely in the development of a liberal world. The description provided by Archibugi & Iammarino (2002) further illustrates that “the pace of globalisation and that of technological change have in fact been strictly interrelated and, from a long-term perspective, it appears less important to establish which one should be considered responsible for triggering the other rather than to establish that they mutually enforced each other” (pp. 99). Hence, globalisation can also termed as a change driver in today’s context. For instance, globalisation have often been observed to influences changes within organisations, economies, as well as social environment of various cultures facilitating technological changes through resource mobilisation rendering greater chances for innovation and development. Another vital dimension of globalisation, which has often been identified in its conceptual framework, is its role to augment better communication within the various participants. Contextually, the major communicators or drivers of globalisation have
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(“Globalisation Essay Example | Topics and Well Written Essays - 2000 words - 1”, n.d.)
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(Globalisation Essay Example | Topics and Well Written Essays - 2000 Words - 1)
“Globalisation Essay Example | Topics and Well Written Essays - 2000 Words - 1”, n.d. https://studentshare.org/macro-microeconomics/1461312-globalisation.
Implementing effective marketing strategies in the globalization environment reduces risk management issues. Search: Globalisation convergence business market risk. Globalisation reduces revenue risks Globalisation has leveled the playing field, in terms of generating revenues.
This process facilitates effective circulation of ideas, languages, and cultural ideologies. Nations today tend to liberalise cross-border trade regulations as they realised the significance of increased cross-border trade for international business expansion.
Products of whatever kind and products that threatened world extinction began to dominate man’s quest for progress and development. That is materialism at its worst, or at its best. Recent authors and commentators assert that globalisation began at the end of the Cold War which was in the period 1989-1991.
Globalization has increased the concerns of several nations as it poses a threat to the initiatives that are taken on the local level and these initiatives are indigenous in nature. Developing countries have already been burdened by the negative side of globalization and they have started protesting against it.
In essence, globalisation is a powerful real aspect with regard to the new world system, where it signifies one of the most prominent forces that assist in determining the future course of the world. Moreover, globalisation has various dimensions that assist in the process of making the world a single society.
Globalization was the byword of the 1990s, reflecting the rapid growth of international financial transactions, the integration of developing countries into the world economy, and the information and communications revolution that brought satellite television, the cell phone, and the Internet to remote corners of the world.
Economic globalization is one of the most powerful sources to have shaped the post-war world and the two major drivers behind globalization are reduced costs in transport and communication in the private sector and reduced policy barriers to trade and investment on the
Hence we are faced with either a process or a strategy, and they are not the same.
Trade, investment, finance and labour are the important elements of world economy. Globalisation is the expansion of these economic activities across
Globalization also refers to the massive migration of people, changing national identities and cultural belongings (Suarez- Orozco & Qin- Hilliard, 2004) shattering internal and external borders among and between nations. With its multifaceted connotations, globalisation has