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Globalization is a process comparable to trans-migration of primitive humans who travelled in search of means for living; this process intensified with the increasing needs of humans and improving sources of living amplified by development of means of transportation, technology,…
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Download file to see previous pages... In the process, it permeates into six dimensions of a nation, namely, politics, culture, technology, finance and trade, national security, and ecology; eventually leading to disappearance of boundaries between these dimensions between different nations (Wells, 2004; p.181). As globalization is a process that has been occurring all over the world, different meanings and definitions have been created based on how people in different regions of the world relate to the changes it brings.
In a holistic view, globalization’s reach and spread can be seen in all the six dimensions described by Friedman; however, its intensity, effect, and time vary in different regions of the world. For instance, impact of globalization is seen to be greater on the leading capitalist nations. The process has primarily impacted industrial, financial, economic, political, judicial, ecological, health-related and sociocultural aspects of nations of the world. In addition to these, its secondary effect can be seen in the form of inward and/or outward shift of skill set, knowledge base, talent and craftsmanship through continuous movement of human capital, mostly from developing and underdeveloped nations to the developed nations. Movement of many production and service industries during the last 2 to 3 decades has been in the opposite direction, i.e., from developed nations to others. The primary and secondary impacts are interrelated with each other.
Considering impact of globalization on industries, researchers have attributed this to the rise of capitalist nations post Civil War (Sherman, 2005). Emerging corporations brought greater financial capital, economies of scale, and improved technology that gradually increased competition in the market. In order to sustain competitiveness, industries had to sort for means of profit maximization; this need resulted in further ...Download file to see next pagesRead More
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