This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.
Globalization has been the talk of the 21st century. As the name global suggest that its not limited to a single nation but multi-national. Globalization refers to a process where different people of different organization among different nations interact as well as integrate among each other. It's a process which is basically driven by international trade and investment and is done with effective information technology.
After understanding the meaning of globalization, let's see what the literature has to say about the term. According to Robert Cox (1996), globalization has started after 1973, the first major fuel crisis when the developed capitalist states began to abandon. Economists view this process of globalization and development is faster in open economies than closed ones.
Globalization is also a complex process which starts with increased worldwide economy integration and this is possible only through international trade and investment.
This economic integration has the following tow advantages
- It makes the nation independent among its trading partner
- It provides opportunity for trade and investment
In the fast growing world technological play very strong role in globalization and all transportation and communication developments grow with the help of technology.
Globalization creates prosperity for consumers and also brings political and economical integration worldwide. E.g. Coke and McDonalds are brought to those previously ignorant or depraved of them.
Also this factor improver working and social competitiveness and reduces the risks in an open economy and brings opportunities for people individually as for as globally.
As we early talk about political, social, technological factors help to grow globalization all over the world as far as we also have to discuss four dimension of globalization which help to do trade very effectively and reduced the risks which we are going to discuss below.
- Building the global economy
- Formation of world opinion
- Democratization, or the foundation of a global society
- The emergence of global political institutions
If we have to focus on first dimension which is building a global economy means we have to build relation with other economy and countries and try to make trade effective and get a competitive advantage with global trade. As for as second dimension is concerned, globalization means we have to make social relationship with other countries and organization also try to grow our business all over the world so no one can compete us.
If we consider third dimension which is the creation of a global community, it means as we concern about globalization we have to be very socialised and also communicate with the people and as much as we have to join a global communities so we can build our relations with other origin, nations etc.
The forth dimension is concerned with companies that our born global and operate all over the world.
Thus, globalisation is the integration of economic, political, and cultural systems across the globe.
- What Is Globalization? Access online: 8.08.09 URL http://www.globalization101.org/What_is_Globalization.html
- David Block, Deborah Cameron (2002), 'Globalization and Language Teaching' , 2002, PP. 2
- Partha Gangopahyay, Mana Chatterji (2005), 'Economies of Globalization' ,2005, PP.1
- What is Globalization? Access online: 8.08.09 URL) http://www.globalization101.org/
- Jagdish N. Bhagwati (2004), 'In Defence of Globalization', 2004, PP.11
- Nicola Yeates (2001), 'Globalization and Social Policy', 2001, PP.10