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Globalisation is an amazing phenomenon that has shaped the last few decades of existence throughout the world. It is a difficult term to define because it has come to mean so many things. In general, globalisation refers to the trend toward countries joining together economically, through education, society and politics, and viewing themselves not only through their national identity but also as part of the world as a whole. Globalisation is said to bring people of all nations closer together, through an ordinary medium like the economy or the Internet. The modern modes using for travel and communication, citizens of different nations are more aware of the world at large and may be influenced by other cultures in a number of ways. We can say that Globalisation is the integration of capital, technology and information across the border in such a way that it is creating a single global market. It is a unification of global and local resulting in the creation of a global village. Time and space matter less, and the barriers of different language being overcome as people from all over the world communicating through trade, social various media sources, Internet forums and a range of other ways.
Globalisation has one hand increased opportunities and it has democratised communication and the way we learn about the world, where as it has enhanced the situation of many of us yet some of us may be much worse off as a result of globalisation.
The effects of globalisation are multiple, affecting various aspects of the world economy to bring about financially betterment. It put forth strong influence on the financial condition and the industrial sector of any nation. Globalisation gives birth to markets based on industrial productions around the world. This in turns widen the scope to a various variety of foreign goods for consumption of the customers, due to the marketing strategies undertaken by different corporations.
Globalisation is a process which applies to a wide range of economy, politics and different social issues between more than one country. Globalization is an exchange of culture and creates market and wealth. The basic impact of this process is the creation of new markets for countries to export and import textile, food, oil, steel etc. Globalization has brought new changes in the present world as now there are more companies working in different countries with their origin in some other country. There are mainly seven forces we consider for the globalization:
Globalisation is a new term that has found a considerable position in the lives of the people. By globalisation, it means shedding down the walls of disbelieve and the barriers of mistrust in between countries, to make a overpass where facts and values can cross the boundary. Though globalisation today mainly covers the economical side, the contact is not restricted to the economy only. It actually affects every aspect of life like psychological and cultural, social, and political. While globalisation is seen as a sign of future by some, there are others who consider that it can be a source of marvellous disaster for the world economy. Read on to find the pros and cons of globalisation.
CULTURE force of Globalisation:
Culture is a way of life adopted by certain cluster of people of a society at a precise time and place while globalisation is an economic interaction between many countries and it shows global context than a limited interest of a country. The sharing of ideas generally leads to an interconnectedness and interaction between peoples of diverse cultures and ways of life.
Cultural globalisation is the rapid traversing of ideas, attitudes and values across national borders every society has its own culture and way of life. It is established by a group of people who live together and hold on to some principles in their society.
One of the advantages of globalisation is that it brings a worldwide identity. Each person can represent their own values, business and culture independently. A country can contribute in business deals as well as get a podium to share their culture with other but in views of developing countries, globalisation increases fear of conflicts and inequality. They cannot compete in any deal of business or grow their cultural values as compared to the developed countries as they believe that some negligible concepts of other culture might take the place of their culture.
Opportunities to International Business:
With globalisation, the global market of different companies do trading of their products and a wider range of customers choose from the varieties products of different countries.
Developing countries benefit a lot from globalisation, as there is a flow of money and a decline in the currency variation.
To meet the increasing demands that follow globalisation, there is an increase in the manufacture sector and this gives options to the manufacturers.
Competition keeps prices relatively low, so inflation also deceasing.
The focus is abstracted among all the nations and no country remains the single power, as a substitute there are other power sectors. The decisions at higher levels are meant for the people at large. Â
Communication within the countries is on the rise, which is allowing improved understanding and wider vision.
As communication increases within two countries, there is an exchange of cultures.
Globalisation is causing Europeans to lose their jobs as the companies outsourcing the work to the Asian countries. The cost of labour in the Asian countries is low as compare to other countries.
Companies are as opening their equivalent in different countries. This results in transferring the quality product to other countries.
There are experts who believe that globalisation is the cause for the invasion of communicable diseases in countries.
The threat that the corporate will rule the world as there is a lot of money invested by them.
Summary of WEF and DAVOS 2010:
The world economic forum is Geneva based non-profitable organization and it is known for its annual meeting in Davos, Switzerland. The purpose of WEF annual meeting is to bring together the top most politicians, financiers, industrialists, bankers, international leaders and journalists to discuss the most present maters facing by the world. The last annual meeting in Davos World Economic Forum 2010 was much more focused to business community who has been pushed into grouse from recent years and this forum most probably will find solution for the relief of business people. In the Davos 2010 starting speech was delivered by President Nicolas Sarkozy of France and he demanded the creation of new international monetary system and a new currency to replace dollar in world market. In short I will discuss about the key points of Davos 2010,
Bank Reform Plans:
In the annual meeting they discussed over the financial crises and to rescue from it by finding solutions. In forum they have published a report on how to redesign "global financial structure".
In the annual meeting of WEF every-one wanted the appropriate change in the world economy by taking actions, rethinking and reforming of business models.
Forum discussed the impact of technology bringing change in the global village influencing our societies and human behavior.
This forum is well known because of the riches community attending the meeting, and in the Davos 2010 Bill and Mellinda Gates announced a 10 Billion US dollar aid to run the vaccination program in poor countries.
Contribution of Davos 2010:
The following points were highlighted in the latest World Economic Forum at Devos 2010.Culture has discussed in the regard of Political Crises and the impacts of Arts at culture.
The main point discussed with reference to culture is that Culture and crisis should not be viewed as one. Culture should be a defining experience in one's life. Art is also becoming increasingly global in character. Unemployment, debt and global insecurity affect culture, particularly when one can observe the ill effects created by one part of the world on another. We learn more quickly today about what is happening. There is a far broader capacity for global empathy than before. The value of art has undergone a reassessment obliging us to explore its core rather than money values. Art can empower but culture is there whether we like it or not, the challenge is how to define it.
Recommendations & Conclusion:
Recommendation to Government:
They should rethink and reform their trade policies and remove the trade barriers to the involvement of foreign companies increase.
Bringing the stability in government procedure.
Governments of countries should encourage free port for shipment of goods.
Government should launch training programs for new business people to improve skills and make the maximum utilization of labours and the market and should have the knowledge of laws and regulations.
The link between environment and globalization should be re-examined and recognize.
Recommendation to companies:
If the globalization is introduced with significant educational, social and economic support then the country can flourish alongside and can reach economies of scale.
Multi-national companies should adapt the local markets for easy adaptability to support the national market.
Local companies should take one step forward to compete the foreign companies and come on the globe of world.
MNC should invest the profit in local markets to expand the business and creating more job opportunities.
MNC should maintain the universal laws of trading to build the brand name and develop the organization infra structure.
One of the most important impacts which globalisation has made is the creation of more jobs and business through-out the world and increases economies of many countries and the involvement of countries have increased, and now one is depending on other to make consumer products and manufacturer is depending on other to buy them.
With globalisation there is a global market available for business people and the influence of globalisation has increased the market opportunities to make money for the owners and as we can see many organizations have moved their factories to overseas to lower wages labour countries.