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Globalization - Essay Example

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Factors that have speeded up the process of globalization include international trade as well as investment that rely mostly on the…
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Globalisation Globalization Globalization refers to the process that integrates and enables people, governments, and companies to interact on a worldwide scale (Michie, 2011). Factors that have speeded up the process of globalization include international trade as well as investment that rely mostly on the advancement of information technology. Alternatively, globalization refers to the increased interconnection worldwide due to increased cultural exchange and trade (Herzog, 2014). Due to globalization, larger companies have now become multinational corporations. Some of the manifestations globalization includes increase in the rate of international trade, multi-national companies, high dependency on the global economy, free movement of goods, services, and capital. Globalization also refers to the ease of movement across national borders, technology, investment, labor, and finance. The speedy rise of globalization has been due to the efforts by international bodies like the IMF and WTO that have reduced trade barriers (Michie, 2011).
Extent of Globalization
Globalization manifests itself through technological advancement. In fact, it is through technology that the world can communicate and connect without boundaries. Information technology is the basis for the modern economic growth that also translates to increased globalization (Michie, 2011). Globalization, therefore, manifests itself in the manner in which investors, consumers, and businesses sue modest tools to identify and pursue their economic opportunities. Other manifestations of globalization include the extent in which companies analyze economic trends worldwide, easy assets transfer and strategic collaborations (Herzog, 2014). Nonetheless, the existence of transnational corporations shows how the world has become a single and unique market. On the other hand, the improved supply chains is an indication that globalization is transforming the world. For instance, China manufactures goods which in turn get exported to Fiji for finishing and the products find their way to Sydney for sale. The above is an example of global supply chain that is a manifestation of globalization.
Advantages and Disadvantages of Globalization
The primary advantage of globalization is that it has improved the way people receive and send information (Herzog, 2014). Communication has improved tremendously save to globalization that puts no boundaries for people to interact. Another advantage is that globalization has improved the world’s economy. The removal of trade barriers and ease of access to foreign markets is mainly because of globalization (Herzog, 2014). Due to globalization, economic factors like foreign direct investment have come with transformation and improvement of the emerging markets. In addition, globalization also provides incentives for business growth since companies not only focus on the domestic markets, but also foreign markets with high investment returns. Globalization is also the main pillar behind world’s peaceful co-existence because governments have become more responsible because the world is like a village where an issue in a given country receives attention from the global community (Michie, 2011). In addition, the pressure that globalization puts on national governments makes it a perfect tool for ensuring democracy in many countries.
Arguments against globalization propose that it has done a little to close the eminent gap between the developing and developed economies (Michie, 2011). The implication is that globalization is creating more wealth for the developed or Western economies at the expense of developing or third world countries. Another argument against globalization is that it is creating opportunities for the exploitation of poorer nations by the healthy ones and is a way of eradicating regional diversity (Mendoza, & Smith, 2014). Nonetheless, there is a substantive fear that globalization could lead to homogenization of the world’s culture.

References
Herzog, L. A. (2014). Globalisation, Place and Twenty-First-Century International Border Regions: An Introduction to the Special Issue. Global Society, 28(4), 391-397.
Mendoza, E. G., & Smith, K. A. (2014). Financial Globalization, Financial Crises, and the External Portfolio Structure of Emerging Markets*. The Scandinavian Journal of Economics, 116(1), 20-57.
Michie, J. (Ed.). (2011). The handbook of globalisation. Cheltenham: Edward Elgar Publishing. Read More
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