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The importance of globalisation

A-Level: Business Studies

Title:  The importance of globalisation
Description  The importance of globalisation
Word Count:  5200


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"Globalization" is a term that came into popular usage in the 1980's to describe the increased movement of people, knowledge and ideas, and goods and money across national borders that has led to increased interconnectedness among the world's populations, economically, politically, socially and culturally. Although globalization is often considered as economic term (i.e., "the global marketplace"), this process has many social and political implications as well. Many in local communities associate globalization with modernization (i.e., the transformation of "traditional" societies into "Western" industrialized ones). At the global level, globalization is thought of in terms of the challenges it poses to the role of governments in international affairs and the global economy.

There are heated debates about globalization and its positive and negative effects. While globalization is thought of by many as having the potential to make societies richer through trade and to bring knowledge and information to people around the world, there are many others who perceive globalization as contributing to the exploitation of the poor by the rich, and as a threat to traditional cultures as the process of modernization changes societies. There are some who link the negative aspects of globalization to terrorism. To put a complicated discussion in simple terms, they argue that exploitative or declining conditions contribute to the lure of informal "extremist" networks that commit criminal or terrorist acts internationally. And thanks to today's technology and integrated societies, these networks span throughout the world. It is in this sense that terrorism, too, is "globalized."
In the following topic we will discuss about globalization, its impact on economic, political, social, natural, technological and other fields, its positive and negative aspects.









Globalization

Globalization, since World War II, is largely the result of planning by politicians to break down borders hampering trade to increase prosperity and interdependence thereby decreasing the chance of future war. Their work led to the Breton Woods conference, an agreement by the world's leading politicians to lay down the framework for international commerce and finance, and the founding of several international institutions intended to oversee the processes of globalization.
These institutions include the International Bank for Reconstruction and Development (the World Bank), and the International Monetary Fund (IMF). Globalization has been facilitated by advances in technology which have reduced the costs of trade, and trade negotiation rounds, originally under the auspices of the General Agreement on Tariffs and Trade (GATT), which led to a series of agreements to remove restrictions on free trade.
Since World War II, barriers to international trade have been considerably lowered through international agreements — GATT. Particular initiatives carried out as a result of GATT and the World Trade Organization (WTO), for which GATT is the foundation
The end of the Second World War brought another great expansion of capitalism with the development of multinational companies interested in producing and selling in the domestic markets of nations around the world. The emancipation of colonies created a new world order. Air travel and the development of international communications enhanced the progress of international business.

Globalization describes an ongoing process by which regional economies, societies, and cultures have become integrated through a globe-spanning network of communication and execution. The term is sometimes used to refer specifically to economic globalization: the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and the spread of technology. However, globalization is usually recognized as being driven by a combination of economic, technological, socio-cultural, political, and biological factors.
The United Nations ESCWA has written that globalization "is a widely-used term that can be defined in a number of different ways. When used in an economic context, it refers to the reduction and removal of barriers between national borders in order to facilitate the flow of goods and services, capital and labor... although considerable barriers remain to the flow of labor... Globalization is not a new phenomenon. It began in the late nineteenth century, but its spread slowed during the period from the start of the First World War until the third quarter of the twentieth century. This slowdown can be attributed to the inward looking policies pursued by a number of countries in order to protect their respective industries... however, the pace of globalization picked up rapidly during the fourth quarter of the twentieth century…”
In general, globalization 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. Globalization is said to bring people of all nations closer together, especially through a common medium like the economy or the Internet.


Key players
A number of key players are driving globalization. They include:
• Multinational enterprises that carry out business across national boundaries;
• The World Trade Organization (WTO), through which international trade agreements are negotiated and enforced;
• The World Bank and the International Monetary Fund (IMF) which are meant to assist governments in achieving development aims through the provision of loans and technical assistance;
• National governments, who together with these international institutions, are instrumental in determining the outcomes of globalization.
Impact of globalization
Impact of Globalization, both theoretically and practically, can be observed in different economic, social, cultural, political, finance, and technological dimensions of the world. Globalization brought about a new world order and is gradually reaching new heights, integrating all the fields to form an interconnected network. The Impact of Globalization has crossed the economy to influence all phases of human life challenging their national and individual particularities. Globalization impact has touched all political, cultural, economic, and ideological dimensions. With the onset of the western democratic system the Impact of Globalization on politics is visible. In economic globalization the impact ranges from production, consumption, commercial exchange, and distribution. In the cultural domain, globalization had its impact on the imagination, idealism, theories, thought process, and practices of humankind.

However, the Impact of Globalization had the best possible results on the Information and Communication system. This globalization of information is observed with the globalized telecommunications and information technologies operating in today's world. For instance, the satellite TV channels, cellular phones, broadband, Internet, and so forth. All these have successfully transformed the world into a global village. The globalization of information is also proved from the usage of the most popular language, English, in the Internet. Moreover, there is the diminished use of paper with the spread of the new globalized information technology. Today, at present only few international news agencies dominate the total information system, such as, the Associated Press and the United Press of USA, Reuters of Great Britain, and Agence France Presse of France.

Another Impact of Globalization is in the field of Science, with the introduction of new fresh attempts in scientific research and capabilities of invention. In this, the nations like the United States of America, the European Union, and Japan have reached heights. This globalization of science leads to the fusion of scientific data and rules to form a uniform network of database.

The Impact of the Globalization of economy, politics, information, and technology, results in the globalization of culture. The present day TV channels, movies and advertisements are open to all parts of the world imparting modern education. This again transforms the values, ethics, religion, and thought processes of the mankind as a whole. The best outcome of the globalized culture is the evaluation and improvement in the status of women. Another significant change is the demand for equal rights by the emerging "third gender" in today's world. According to them against global human right system, there should be division of humankind into three genders along with the males and females.

The Impact of Globalization on culture is also observed in the discussions held at the World Intellectual Property Organization, in which the Americans requested the original bearer of all types of intellectual items, like books, songs, scripts, to give up their copyrights for large private groups. However, this was countered by the European Union countries and on the other hand accepted by Great Britain. Again, France, one of the European countries, got engaged in a movement for the grant of cultural exclusiveness in the fields of audio-visual and cinematic production.
Globalization has various aspects which affect the world in several different ways such as:
• Political - some use "globalization" to mean the creation of a world government which regulates the relationships among governments and guarantees the rights arising from social and economic globalization. Politically, the United States has enjoyed a position of power among the world powers, in part because of its strong and wealthy economy. With the influence of globalization and with the help of The United States’ own economy, the People's Republic of China has experienced some tremendous growth within the past decade. If China continues to grow at the rate projected by the trends, then it is very likely that in the next twenty years, there will be a major reallocation of power among the world leaders. China will have enough wealth, industry, and technology to rival the United States for the position of leading world power.
• Economic - realization of a global common market, based on the freedom of exchange of goods and capital. The interconnectedness of these markets, however meant that an economic collapse in any one given country could not be contained.
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