That is, the mental and physical activities of humans have transformed our globe from an archaic one to an advanced one. Many movements in the course of world history have initiated or boosted this advancement…
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Among the many movements, globalisation had and is also having a major impact on the people worldwide. Globalisation literally means the transformation of local phenomena into a global one.
Globalisation is a practice of interacting and mixing or assimilation among people, companies and governments of different countries whose significant feature is international industrial and financial business structure. Globalisation may be thought of as the widening, deepening and speeding up of worldwide interconnectedness in all aspects of contemporary social life, from the cultural to the criminal, the financial to the spiritually. More formally, globalisation can be categorized as a process that embodies a transformation in the spatial organization of social relations and transactions (Wiley, Nandi & Shahidullah 1998, p. 21). Hyperglobalism conceive globalisation as a new age of economic integration that is characterized by open trade, global financial flows as well as multinational corporations. Hyperglobalism is driven by capitalism, communications and transportation technology, integration into one world market and it is increasingly eroding state power and legitimacy. However another perspective is, in the past few years, more and more people have been complaining that the new liberty in the form of globalisation have gone too far, giving rise to a hypercapitalism (Roberts and Hite 2007, p.263). Probably the largest body of opinion - and one that spans the entire politico-ideological spectrum - consists of what might be called the hyper-globalists, who argue that we live in a borderless world in which the national is no longer relevant (Dickens 2008, p. 6). The so said social relations and transactions are assessed in terms of their extensitivity, intensitivity, velocity and impact and the rate at which they generate transcontinental or interregional flow and networks of activity, interaction and exercise of power. The purpose of this study is
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Prominent organizations in the world were struggling to expand properly in their domestic countries before the introduction of globalization. This was because of the lack of space of expansion in domestic circuits. Globalization provided a much wider global canvass to these companies so that they could look for opportunities beyond the boundaries of their domestic market.
Globalisation of Trade. Globalisation can be simply defined as the process of incorporating national cultures in order for fostering international trade, direct foreign investment, migration, and technology sharing. Globalisation led to the emergence of a global economy and the rapid cross border circulation of ideas, languages, and cultural ideologies.
This process facilitates effective circulation of ideas, languages, and cultural ideologies. Nations today tend to liberalise cross-border trade regulations as they realised the significance of increased cross-border trade for international business expansion.
According to Rothenberg (2003), “globalisation is the acceleration and intensification of interaction and integration among the people, companies, and governments of different nations” (pp: 1). Today, with the altering viewpoints, globalisation has emerged as “neologism of the new millennium” (Putko, 2006: 1).
Products of whatever kind and products that threatened world extinction began to dominate man’s quest for progress and development. That is materialism at its worst, or at its best. Recent authors and commentators assert that globalisation began at the end of the Cold War which was in the period 1989-1991.
In essence, globalisation is a powerful real aspect with regard to the new world system, where it signifies one of the most prominent forces that assist in determining the future course of the world. Moreover, globalisation has various dimensions that assist in the process of making the world a single society.
For example, earlier ships were used for transportation, but development of steam rails made it easier for people to engage in inter-country trade.
Similarly, due to comparative advantage and absolute advantage prices of some goods are lower in some countries than other.
Few global economic ideologies or phenomenon have instigated as much controversy as has globalisation. Proponents perceive of it as a blueprint for the globalisation of capital whose benefits, among others, include the transfer of business interests and foreign direct investment to the Lesser Developed Countries of the South (LDC), thereby propelling their economic development and industrialisation.
Hence we are faced with either a process or a strategy, and they are not the same.
Trade, investment, finance and labour are the important elements of world economy. Globalisation is the expansion of these economic activities across
Longhurst carefully defined and selected the ways in which the concepts of Culture, Power, Globalisation, as well as Inequality are used in the extract. Culture is a consequence as well as a shaper of artistic, economic, educational, ethnic, linguistic, moral,
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