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Globalization - Essay Example

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Globalization refers to the heightened integration of economies across the world through capital, labor, technology, goods and services’ movement across borders. During the 20th…
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Globalization
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GLOBALIZATION by Globalization A slower rate of globalization is foreseeable in the future as compared to the past few decades. Globalization refers to the heightened integration of economies across the world through capital, labor, technology, goods and services’ movement across borders. During the 20th century, the world has experienced a relatively higher level of globalization that has resulted in the interdependence among national economies. All the same, the financial crisis encountered globally slowed down globalization, and it expectedly will pick up, but not at a high pace as it was beforehand. Depending on the merits and merits of globalization to various states, proper measures are instituted accordingly.
Various factors will continue to encourage globalization. On the first note, improved technology will continue to serve as the primal driver of globalization. Technology advents such as the internet and mobile phones have played a major role in bringing globalization to its current state. Technology will continue to spread across the world since it is the main force behind significant integrations. Improved technology translates to better communication and information sharing (Ashford & Hall, 2011). Secondly, the world is undergoing a period of increased free trade. Free trade will continue to be an important factor of globalization since it has earned the support of World Trade Organization (WTO), which encourages global trading. Thirdly, stepped-up mobility of labor from one country to another will promote globalization. Developing countries have come to realize the big role that remittances of global trade plays in their economies. Fourthly, meliorated mobility of capital in the past few decades will stretch into the future to step-up the pace of globalization. Capital barriers have been trivialized, making it possible for capital to flow to and from various economies. In effect, firms are able to acquire financing, a trend that will continue to the future. Fifthly, a drop in the cost of transportation is not expected to deteriorate in the future. The advent of containerization means that the distribution of products, across the world, is cheaper. Consumers in all parts of the world will continue to access products, thanks to the reduced cost of transport (Zedillo, 2014). In unison, these factors will correct the pace of globalization that has been affected by the financial crisis in the world.
All the same, there are factors that will hinder the prosperity of globalization. First, the increasing concern of environmental pollution, that leads to global warming, instanced by the globalization will hinder the growth the pace of growth. Multinational firms that invest in such countries cause most of the pollution made in developing countries, and this has been detrimental to the citizens thereof. Secondly, local resistance will hinder globalization. The countries pushing for globalization are from the Western and hence try to impose their ‘Western culture’ into other world countries. The locals have often resisted this influence on their local culture since it is deemed damaging. For that reason, it will continue to hinder globalization. Thirdly, some countries are conscious about the protection of their domestic firms and institute trade barriers such as tariffs, which have the effect of continually hindering global trade. Lastly, an increase in terrorism means that some immigration restrictions need institution. The restriction of movement across borders will be detrimental to globalization (Rodrik, 2011). Political leaders, who govern a country, instigate these factors.
In conclusion, globalization is set to pace up but at a slower rate. Reduced trade barriers, technological innovations, ease in capital, labor movement across national borders, and reduced cost of transportation are some of the factors that will continue to propel globalization. All the same, increased terrorism, local resistance, environmental pollution, and protection of domestic firms will serve to hinder globalization.
Reference List
ASHFORD, N. A., & HALL, R. P., 2011, Technology, globalization, and sustainable
development: transforming the industrial state. New Haven, Conn, Yale University Press
RODRIK, D., 2011, The globalization paradox: democracy and the future of the world
economy. New York, W. W. Norton & Co.
SCHMID, A. P., 2011, The Routledge Handbook of Terrorism Research. Chippenham,
Wiltshire, CPI Antony Rowe
ZEDILLO, E., 2014, The Future of Globalization: Explorations in Light of Recent Turbulence. Trowbridge, Wiltshire, Cromwell Press Read More
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