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Concept of Globalization and its Main Principles - Essay Example

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The paper "Concept of Globalization and its Main Principles" explores the main factors defining the modern concept of globalization. Globalization is the integration of the world into one large common society, be it be from any perspective: financial, social, technical, or political…
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Concept of Globalization and its Main Principles
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Download file to see previous pages Due to the concept of globalization, people possessing specialized skills can also be imported in our home countries who can work for us and earn foreign exchange for their country. Therefore, in the exchange of specialized skills people, both countries benefit greatly. The country who calls the people from abroad benefits from their knowledge and mastery over a particular topic whereas those people who go abroad to work will benefit themselves and their country by earning foreign exchange.

The subject of globalization would be classified under practice as it has made the world into one global village where nothing is alien, no country is inaccessible, and people are open to rapid environmental changes because they have accepted the concept of globalization and they know that their country does not live in isolation.

Countries that are ethnocentric may challenge the concept of globalization. These are the countries that fill the category of traditional thinking. Countries that feel that they are independent of the rest of the world and they can exist very well in a closed economy. But the aspects of interdependency and being part of an open economy when it comes to globalization challenge these aspects of traditional thinking.

The term started gaining popularity in the late 1990s, therefore, it cannot be called a newly formed one. It is neither standard as the concept is fresh and new for people all over the world. Therefore, it would be justified to call it radical because it has a far-reaching impact on the way things are done now. It has the power to bring many changes in the way countries to deal with each other and in the way, countries exist and operate.

The major subdivision or aspect of globalization is industrial: Industrial globalization includes those production outlets where production is being done for foreign companies. Often, a garment company in the USA might find it more cost-efficient to produce their clothing in a factory in China than in their own country. ...Download file to see next pagesRead More
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