StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Globalisation Is a Significant Contribution to the World Economy - Term Paper Example

Comments (0) Cite this document
Summary
The paper "Globalisation Is a Significant Contribution to the World Economy" discusses that economic globalization utilizes macroeconomic indicators which are about financial facts and figures, international trade of products and capital from foreign investors…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.6% of users find it useful
Globalisation Is a Significant Contribution to the World Economy
Read TextPreview

Extract of sample "Globalisation Is a Significant Contribution to the World Economy"

Download file to see previous pages The Cold War was characterised by the two-block system, the East and the West, or the opposition between the United States and the Soviet Union, with their supporter countries. And when this was dissolved, with the collapse of the Berlin Wall known as the Iron Curtain, the world seemed dominated with a one-block system with a single marketplace. (Eriksen 2007, p. 4) Meaning and concept Globalisation refers to economic consolidation through liberalisation of policies leading to an open economy (Van Der Bly 2005, p. 875). An important characteristic is the interconnectedness of people and the openness of nation states. This is enhanced by technology and the Internet, with emails and websites becoming so popular, and everyone can connect and communicate with anyone in any part of the world for as long as there are a computer and an Internet connection. Mobile technology also has become popular and impacted on business and human transactions. Technology and the Internet are referred to as ‘a world of signs’, ‘the age of digitisation’, or the global village where nation states have fewer roles (Bairoch 2000). Some other important aspects include internationalisation, protectionism, liberalisation, and improved competitiveness in world commerce. Mooney and Evans (2007, p. 11) indicated that the beginning of globalisation was the ‘rise of capitalism’. But the question of the chronology of globalisation has never been agreed upon by authors. Our primary aim here is to define first what globalisation is and to have a full understanding of its meanings, concept and features. Globalisation encompasses many subjects or disciplines. There are scholars in various fields that can be called globalisation scholars, such as those pursuing interesting studies in culture, sociology, economics, international studies, politics, language and the arts, and much more. Globalization is covered in many subjects and it is one of the much-researched fields in man’s pursuit for knowledge (Ampuja 2012, p. 17). This is one of the main features of globalisation – its being cross-disciplinary, which allows it to borrow terms and concepts from those discipline’s own lexicon. (Mooney & Evans 2007, p. ix) Scholte (2005) asserts that globalisation is closely linked to the concept of internalisation, which means the word ‘global’ is a word that describes cross-border interactions or transactions between nation states, and globalisation pertains to increasing international relations and interdependence of countries. Another important word that we can add to the meaning is liberalisation. This word pertains to a process where there are no restrictions or hindrances during economic transactions between countries. Economists also call it ‘international economic integration’. Liberalisation refers to the removal of trade regulations and barriers, foreign-exchange laws and other related laws, and even visa restrictions (Sander cited in Scholte 2005, p. 31). Scholte (2005) adds the word ‘universalisation’ to the concept of globalisation. He theorised that when Oliver Reiser and Blodwen Davies first introduce the word ‘globalize’ in the 1940s, they meant it was about ‘universalising’ or unity of cultures, or the global village. Thus, Scholte defined globalisation as the way of distributing objects or products and experiences or services to people in many parts of the world. ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(Globalisation Is a Significant Contribution to the World Economy Term Paper - 2, n.d.)
Globalisation Is a Significant Contribution to the World Economy Term Paper - 2. Retrieved from https://studentshare.org/macro-microeconomics/1461501-globalisation
(Globalisation Is a Significant Contribution to the World Economy Term Paper - 2)
Globalisation Is a Significant Contribution to the World Economy Term Paper - 2. https://studentshare.org/macro-microeconomics/1461501-globalisation.
“Globalisation Is a Significant Contribution to the World Economy Term Paper - 2”, n.d. https://studentshare.org/macro-microeconomics/1461501-globalisation.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Globalisation Is a Significant Contribution to the World Economy

Managing Emerging Technologies: The World Bank Group

information Technology helps the businesses in cutting costs and creating value to the organization as a whole, by minimizing the digital divide. This helps in developing new and effective business processes as well as in making value propositions especially in the new and modern corporate world whose business network is spread far and wide, such as the World Bank for instance. Information technology plays a vital role in integrating systems and strengthening the strategic ties between service providers and customers, thereby rendering effective services.
The World Bank is involved in various activities providing a wide range of services to several developing and in transition countries across the globe. The bank, owned, fina...
11 Pages(2750 words)Case Study

Traditional Women in the Modern World

It is within the family that many attributes of gender inequality are generated and replicated. Economic and interpersonal dependence on both genders and in various instances more vicious forms of inferiority, are classic elements of marriage and family. Women’s long-established roles leave them with the trouble of widespread domestic and nurturance obligations in addition to limited authority within the family. These trends represent gender inequality within the home and are echoed in the ideology justifying a gender-separated workforce in which women’s earnings and prospects are disproportionate to men’s. While almost every woman has some family bonds to men, by their kinship ties to their fathers and brothers,...
9 Pages(2250 words)Assignment

The World Food Program

However, like many organizations, the World Food Program has its own crises that have apparently affected its programs and projects in all parts of the world. These problems, which will be discussed later, limit WFPs' capacity to distribute its resources and services to distressed countries like Ethiopia. It must be noted that in recent years, food rationing was cut by one third (WFP, 2008). In September 2008, WFP published its Media Backgrounder on Ethiopia which reported that the organization targets to support 9.6 million Ethiopians as well as its funding shortage of US$ 465 million. It also recorder 567,000 metric tons shortage of food which will last until March 2009 (WFP, 2008).
Ethiopia has been among the poorest and l...
9 Pages(2250 words)Assignment

The Importance of Employee Empowerment in the Global World

Empowerment is the authority to make decisions within one’s area of operation without having to get approval; from anyone else. Here the operatives are encouraged to use their initiative to do things the way they like. To this end, the employees are given not just authority but resources as well so that they not only take decisions but implement them quickly. This empowerment means giving the employees the authority to make decisions and providing them with financial resources to implement these decisions (Koch & Godden, 1997 11).
Employee participation and empowerment participation means sharing the decision making power with the lower ranks of an organization in an appropriate manner (Lashley & McGoldrick, 199...
9 Pages(2250 words)Assignment

The Origins of the Second World War

The accord at present is that it was Hitler's resolve to change the basis of European society that took the war to Europe in 1939. It was not essentially the war he was planning for; the facts propose that Hitler was intending to set up Germany for a huge conflict with Russia in the early 1940s. However, indisputably it was a war forced by his persistent pursuit of strategies that stood on race and on space (Henig, 1997).

The Second World War was originated due to the Fascist attack and the failure of democratic powers to prevent this assault. There seem to be a number of reasons for the Second World War to occur. German rearmament started after Hitler left 1932-34 Geneva Disarmament Conference, declaring that as the po...
7 Pages(1750 words)Article

Effect of Corporations Moving Jobs Overseas on the Economy

The issue comes into focus, whenever there are political, economic debates or talks about H1B visa limits. The economic slowdown has further led to the intensification of these debates. But, despite apprehensions from different quarters, neither the companies nor the government has said a final word on the trend. Increasing levels of competition amongst the corporate houses have been one of the key highlights of the globalization era. Be it the retail sector, the banking, the automobile, the IT-enabled services, the white goods space, etc. the companies have always been on the lookout for reaching out to more number of customers while doing everything possible to please the existing lot. Leveraging the economies of scale has prove...
8 Pages(2000 words)Coursework

Is the Business World Flat or Spiky

On the other hand, these globalization standards are opposed by some critics and argue that globalization does not have to be a requirement for putting up a business in other countries, thus it is just a choice for entering a foreign market. Accordingly, standardization is applicable specifically to high-end markets and with accord to the market segmentation such as the trends that the young people patronize (Mullman, 2006) Regardless of the idea that globalization is mostly based on how the company standardizes the products, the home country still holds the profitability of the business as the economy affects how the foreign investors and other national sources back up the business (Stiglitz, 2006).
Making the world flat mak...
9 Pages(2250 words)Assignment

International Business: World Economic Forum and Davos 2010

While each force of globalization is important, the technological revolution has impacted the business models, value creation and differentiation (Spelman, 2010). The cloud computing technologies that have made the popular social networking applications possible are now being applied to development, healthcare, and society. Today mobile telephones are more like powerful computers that take care of many of the societal challenges facing both developed and developing countries (Evans, 2010). In Chile, new software enables weather information to farmers who can now make informed decisions on when and how to sow or harvest the crops. However, the fear or ignorance of cloud computing technology could harm the chances of the SMEs becomi...
7 Pages(1750 words)Coursework

Globalization and World Economic Forum at Davos 2010

... globalization is determined by the extent of globalization of customers, customer needs, distribution channels and marketing strategies of the players in the industry (Stonehouse et al, 2004). The organizations are resorting to global marketing due to three business development trends: Buyers with similar needs proliferating across the world The readiness of the consumers to trade off their specific needs to get better deal such as lower price or better quality Aggressive pursuit of economies of scale by the companies across their value chain (Dornier et al, 1998) The phenomenon of globalization of markets has resulted in both advantages and disadvantages. It has resulted in the convergence in the requirement of features in a product...
7 Pages(1750 words)Coursework

Comparing the Brave New World and Todays World

... A Brave New World 26 February Introduction Man has always wondered since time immemorial about his ultimate place in the big universe. He had attempted to find meaning in this scheme of things without much success. A key repeated theme is seeming failure to find that true meaning that will justify his existence. What usually happens is that the more Man goes deeper into the search for ultimate meaning, the more he finds nothing. This is confounding, to say the least, and goes to show how useless the search could be. Many people had been doing this search several times and came up with nothing. Out of this seeming hopelessness and uselessness came the philosophical idea of the absurd – that Mans search for individual meaning is bound...
8 Pages(2000 words)Term Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Term Paper on topic Globalisation Is a Significant Contribution to the World Economy for FREE!

Contact Us