Globalization and Economic Development - Coursework Example

Globalization Name Date Introduction Globalization is the process by which industries, as well as countries, become interconnected over time. This mainly results from the process of cultural integration, exchange of ideas, products as well as services across the globe. With this in mind, the globalization has contributed to the development of economies and expansion of the industries across the world. Even though globalization has achieved tremendous success, it has negatively affected local economies as well as cultures which have had detrimental effects on how the countries are managed in the long run. One of the major components of globalization has been in the transport and the trading sector where various products and services have ventured across the globe thereby improving the interaction process. The transport sector mainly involves the movement of the containerships, actions of the jet engines, steamships, and locomotive which laid the foundation of the transport sector across the globe. On the other hand, globalization lays a foundation where various sectors such as education, politics and the economic sector are intertwined together across the world and through this improving the relationship between the countries involved. This helps in promoting unity and the relationship between countries given that cease from operating in isolation which is necessary for their economic progress. The globalization was mainly fostered by the changes and the technological innovation in the transportation which further facilitated the movement of people from one area to another. Globalization of Culture Culture globalization involves the spread of the values, meanings and the ideas from one country to another. It is mainly aided by the movement of the people and at the same time helping in the increasing the social interactions across the globe. Furthermore, the globalization of culture is further facilitated by the by the use of the internet and the social media which has increased the interaction between different people across the globe who has established the social networking. Through this globalization helps in the cultural diffusion process where languages, technologies, religions, styles and ideas are shared across various platforms (Bartsch, Riefler, & Diamantopoulos, 2016). This has also contributed to the spread of various sporting activities that has played a key role in the interaction process since it has allowed people to interact. For instance, the evolution of sporting events such as football and World Cup is usually an opportunity where various people interact with each other. With this in mind, other sporting activities such as Olympics are also facilitated by the globalization process, and this may also have negative impacts since it leads to the dilution of the uniqueness of certain cultures which has been isolated over the years (Kostovski, Nanevski, & Gjurcevski, 2016). Furthermore, it has also caused the spread of various delicacies such as sushi among others and at the same time has helped in the interaction process. Even though a large number of people participates in the global events such as Olympics, more than 150 countries often compete in Olympics which further improves the interaction process especially given that the events often shifts from one country to another. Furthermore, the existing United Nation bodies have also been fundamental in the spread of globalization. Through various initiatives, there have cases of spread of music has been vital in promoting cultural interactions between different parties across the globe. Globalization and Economic Development Globalization is key to the economic development given that it facilitates the movement of people, technology as well as ideas from one country to another. Through this countries has been able to acquire relevant technologies as well as ideas and they have benefited from their implementation. This has played a vital role in the economic development of various countries across the globe Mihai, R., (Băjan, & Creţu, 2017). Countries can offload the excess productions to other countries as a result of the good relationship between them and the ability to promote free trade. Besides, the cases of modern technology have aided in various economic sectors since people can use the advanced technology in terms agriculture and different industries thereby facilitating in the production process. One of the greatest challenge facing the third world countries and the developing countries is the lack of adequate know how to utilize the resources at their disposal and lack of modern technology to aid in the uses of various resources that has been identified. However, globalization has bridged this gap since different countries can access the expertise required and at the same time the technology needed to managed their operations efficiently. This has contributed to the great strides towards becoming economically developed and self-reliable economies. The injection of funds in the developing countries and also the modern technology helps in empowering local economies which are crucial to their economic progress. The movement of the labor force and the expertise is necessary to various countries given that it helps them to gain financial independence in the long run. Even though globalization is fundamental and the key to the country's economic development, it is also harmful to the economic progress of a country (Sen-Lun, & Tsungting, 2017). Globalization facilitates the movements of products cross the borders which subsequently is detrimental to the economic development of various economies. Globalization has made it difficult for the domestic industries to compete with the international corporation especially given that globalization has contributed to the dumping of the products in the global market. The developed countries have the ability to produce various products at low costs which are ab disadvantage to the domestic companies in the emerging economies. Developed countries such as the United States and China can manufacture products at low costs which negatively affects local production given that the local population is likely to favor the affordable and low-cost products. This increase the dependence of one country over the others which is harmful to the long-term progress of an economy. Furthermore, failure of the local industries also enhances the rate of unemployment given that people are likely to lose their jobs and therefore disadvantaging the local economies (Laborda Castillo, & Sotelsek Salem, 2016). They are often unable to compete with the cheap products from developed countries which compromise the country economic progress. In this case, the developed countries are the better position to succeed more with globalization, and on the other hand, this is harmful to the third world and the developing countries. Globalization and Climate Change According to Vadlamannati, (2015) globalization is one of the leading factors to the increase in the climatic changes. Furthermore, climate change has become a problem given that it has affected the people way of life and the economic development of most countries. Globalization has played a key role in the movement of industries from one country to another while seeking to establish the competitive advantage over the others in the market (Chakrabarty, & Wang, 2013). Industrial activities, however, contribute to the emission of gasses to the atmosphere and at the same time disposal of the waste products which are harmful to the environment the role that has substantially been played by the globalization. Industries have focused more on improving efficiency and at the same time driving down the prices of various products and services at the expense of the environmental pollution. Even though industries have led to the economic development and the reduction in the rate of unemployment in different countries across the globe, they have significantly contributed to the increase in the climatic changes. Furthermore, globalization has increased the distribution and the movement of oil and at the same time has aided in the manufacture of motor vehicles and other products which have profoundly contributed to the increase in environmental pollution. Benefits of globalization Movement of technology from one country to another is facilitated through the globalization processes. Some countries have the ability to apply various technologies in their systems through the laid down mechanism which is beneficial for their economic progress and this social interaction. However, those technologies can be implemented by different countries across the globe to improve their economic development and at the same time create a platform where they have the ability to improve their wellbeing. For instance, countries such as China and the United States have various technological development at their disposal, and through globalization, such technologies can be evenly be distributed to help individual countries in gaining economic identity and preserving the social wellbeing (Kollias, & Paleologou, 2016). Furthermore, modern technology helps in improving the health sector, and it is through the globalization that people across the world can access the medical services offered by the globalization such as the use of EHealth among others. Furthermore, this also helps those in the medical profession to share ideas on how to tackle various health problems that face the population on a daily basis which has been a major challenge over the years. It is important to note that, a country working in isolation faces various health problems and this may lead to loss of lives since such a state lack the technology to overcome various medical challenges. Promotion and peace and understanding across the globe. Globalization helps in reducing the probability of war given it improves interaction between countries thereby eliminating conflicts between the countries involved. According to Schulze, Douesnel, and Grégoire, (2016) the relation between countries often develops given that globalization helps in promoting peace and understanding which facilitates trading activities and at the same time interactions in various sectors. In fact, through the globalization process, countries have been able to interact freely and through this eliminating their individual differences which help in conflicts between different countries. Social interactions assist in promoting sharing of ideas in different sectors and through this facilitating peaceful relationship across the borders. Countries that are more developed often have enormous resources at their disposal, and the differences between their operations may instigate conflicts which may affect other economies. Cultural differences across the globe have been a significant disadvantage to peaceful coexistence and improving the relationship between different countries across the world. The cultural differences have affected the relationships between different countries. Overcoming the cultural barriers helps in promoting trade and other activities thereby making sure that countries have the ability to succeed in the long run. The cultural differences affect the distribution of education and the sharing of political ideas given that people are not aware of the cultural issues and how they are ought to overcome the different situation that faces them on a day to day basis (Dauth, & Tomczak, 2016). Cultural barriers have been one of the main hindrance to the economic development, exchange of ideas and the interaction between individuals but through globalization, it is possible to eradicate the cultural barriers given that it is a learning process and promotes interaction between the individuals. This is fundamental to a country economic process, and it also helps people from different cultural to embrace other people cultures and through this enable the communication process and at the same time make sure that people can relate to each other. The flow of information and ideas across the world is facilitated through the globalization process. According to Heydarian, (2017) globalization helps in the spreading of information which mainly link the countries together which subsequently triggers the exchange of ideas process. This also incorporates the movement of people which has been aided by the development of technology which has been vital to the countries progress in the long run. Various products and people can shift from one area to the other across the border aided by the advanced forms of transportations which have mainly resulted from the globalization process. Furthermore, this has been supported by a rapid speed which has further facilitated the various exchange of ideas which has propelled the country's economic progress in the long run. This has also aided the individuals' economic growth since globalization helps people in accessing the technology and the ideas that are available across the borders (Stahl, 2016). Various multicultural societies have emanated as a result of globalization, and even though there are cultural differences in how they approach different issues and way of life, they have the ability to interact and through this foster the economic and social progress which is essential to their long-term success. Furthermore, this helps in eliminating conflicts which arise as a result of the people inability to overcome cultural differences in the society. Through globalization, people has become aware of the cultural differences and various ways that they can be overcome to ensure that the individuals have the ability to interact with others in a given social setting. It is the way differences are managed that dictate how the individuals interact with each other given that this also formulates ways in which they are likely to succeed in the long run. According to Hilmersson, Johanson, Lundberg, and Papaioannou, (2017) globalization has facilitated the distribution of production which has a created a scenario that people across the globe can access uniform products. Therefore, this helps in promoting equality in accessing products in the market which helps in improving the individuals lives in the long run. Disadvantages of Globalization Globalization helps in promoting free trade which is harmful to the third world and the developing countries. The free trade is more beneficial to developed countries since they have the comparative advantage over the others and their ability to produce goods at low costs gives them an edge over the others. Globalization disadvantages the developing and third world countries especially in terms of wealth distribution across the globe. Therefore, this leads to increase in the gap between the developed, developing and the third world countries (Caselles, 2013). The dominance of the US dollar and its use as the primary currency across the globe has been as a result of globalization. The US dollar is used as the unit of measure for most transactions, and it is the most dominant currency in the world. The dilution of culture has also been as a result of globalization given that it has played a key role in diluting unique cultures across the globe.At the same time, it has led to the emergence and dominance of particular culture such as the global acceptance of Hollywood while other cultures such as Chinese-based, movies, Africa films, and music are rarely popular which has been as result of globalization and the dominance of the superior cultures (Abdi, Lak, & Seyfari, 2017). Furthermore, globalization has also led to the dominance of the major companies who have monopolized the market in various sectors especially due to their financial resources and the ability to produce different products in a cost effective manner. Various brands such as Walmart has dominated the retail sector across the world, Exxon has dominated the oil industry, and McDonald has dominated fast food industries, while Microsoft dominates the computer software industry. Availability of cheap labor is necessary but at the same time have the harmful effect on a country economic growth. Those in developed countries has a tendency of seeking for cheap labor in the developing and the third world countries where there are trends to access skilled and semi-skilled labor. This results to exploitation which is harmful to a country population and some extent affect the fights against the humanity and the human rights. Therefore, globalization leads to exploitation of the third world and developing countries (Baek, & Shi, 2016). Conclusion Globalization has been beneficial to the economic progress of various economies and at the same time has been harmful in different sectors. While it has contributed to the movement of goods and services across the borders, this has facilitated the development of economies given that globalization has provided a platform where individuals can easily access various products and services. Furthermore, it has contributed movement of goods, and this helps in making sure that individuals and countries can access different products even though they do not have the ability to produce them. Globalization is an important concept in today's world since it helps in promoting free trade across the globe. Free trade helps in offloading the excess products in o the global market thereby making it easier for the countries across the world to acquire the products that otherwise would have been costly to purchase. Through globalization, it is possible to create awareness in terms of tradition, religion and overcoming racial differences which have been a major problem over the years and have affected the integration across the globe. It is important for a person to understand the cultural differences to help them when interacting with others in a given social setting. However, over the years globalization has contributed to the environmental degradation across the globe. Industrialization has negatively affected the environmental conservation given that companies have the tendency of engaging in activities that have contributed to increasing in corruption cases. Companies that often established by the industrialized nation in the developing countries are harmful to the environment. The establishment of most environment and failure to ensure that the proper disposal of waste is done. This has led to increased environmental population which has largely contributed to global warming. References Abdi, Y., Lak, M., & Seyfari, Y. (2017). GICA: Imperialist competitive algorithm with globalization mechanism for optimization problems. 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Rewards of (Dis)Integration: Economic, Social, and Political Globalization and Freedom of Association and Collective Bargaining Rights of Workers in Developing Countries. ILR Review, 68(1), 3-27. doi:10.1177/0019793914555851 Read More