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Globalization is the process where the economies of various countries in the world become more and more connected to one another. In a globalized economy, people from one country can buy goods quite easily from other countries. Nowadays, people in one country can even buy services from other countries (because of the internet a company can have accountants in India, for example, do its taxes).
The main advantage (economists say) is that people get more goods and services for a cheaper price. Instead of having to buy something made in America, I can buy the same thing made in China, but cheaper. That's good for me. You can also say globalization helps countries like China get richer and eventually that will mean they'll buy more stuff from us (like computer programs and movies and such).
The disadvantage that most people see is that this means just about any job (in a rich country like ours) can end up getting sent to another country. So we have to compete with people who have way lower standards of living and can work for way less pay. This really annoys a lot of people in the US and that's why we have a lot of calls for less in the way of free trade.
The previous answers have covered most of what globalization is. Some additional aspects are that personal computers and the internet have boosted the easy connectivity of peoples throughout most of the globe. Thus, communication is almost instant.
Business and trade is now interconnected between commercial and individual concerns face to face through monitor screens via pc, smart phones, etc.
Social websites have created a global interconnect of meeting individuals, making friends, forming relationships that could develop into lasting relationships.
Honest communication between people on a global scale can break down prejudices and educate us that people throughout the globe pretty much have the same basic needs and goals.
Dishonest communication on the other hand can frustrate and lend to a lack of trust that is sad because you see just how much fraud is being promoted by selfish people. You wonder, "who can I trust?"
Glitches in technology, such as email that cannot be sent or received or viruses that dishonest people penetrate can be frustrating and sometimes cause one to think that we were better off not globally connected.
These are additional aspects of globalization in response to the original question.
Globalization refers to in which activities of large number of business enterprises is carried out in many different locations across national boundaries. It is much more than just importing or exporting from one country to another. True globalization involves one firm procuring form, manufacturing in, and selling in many different countries. There has been an increasing trend in the world towards globalization is characterized by trends such as:
- Increased trade across national boundaries.
- One company having subsidiary companies and plants in many countries.
- One company procuring material required from multiple countries.
- One company selling its products in many different countries.
- Growth of joint ventures and technical collaborations between companies from different countries.
- Lowering of trade barriers and simplified import and export procedures.
Globalization offers many advantages to the people and businesses. These include:
- Greater employment opportunities for people.
- Availability of greater variety of goods and services to the consumers.
- More competitive price to the competitors.
- Ability of companies to achieve lower costs.
- Access to bigger markets to business firms.
- Faster and wider spread of new technologies across the world.
Globalization gas some disadvantages also:
- Unrestricted globalization can hamper the development of less developed countries.
- Smaller firms may lack the resources to compete internationally and therefore may be forced out of business.
- Countries become increasingly dependent on other countries for meeting their needs for goods and services. This can become a major disadvantage in situations like war.
- Adverse economic condition in one country can escalate to other countries and may even adopt global proportion.
- Globalization may also lead to faster spread of infectious disease, for people animals and plants. Such infection may be carried through, people or goods.
There are two major problems with globalisation. The first is the disconnect between the company and the state. Public companies have many owners (shareholders) from a number of countries whose focus is on the return on investment. This means that some decisions are made in the interests of the company that are at odds with the social or environmental needs of the countries they are located in. The so-called Monsanto seed Law which prohibits people in a number of countries collecting and storing seeds is but one example of this.
The second major problem is that of the tipping pont. in the past fourty years much of western manufacturing has been relocated to low-wage third world countries. The same issues that drove wages and conditions up in western economies- the demand for and retention of skilled labour and the employment competition that occurs as a consequence has seen wages and conditions rising in third world countries. In America in the last year wages and conditions in new employment are falling. As the developing economies move towards the establishment of conditions to create a large middle-class, the developed economies wages and conditions subside.
Globalization is the process by which the economies of countries around the world become increasingly integrated over time. This integration occurs as technological advances expedite the trade of goods and services, the flow of capital, and the migration of people across international borders. Without a doubt, globalization has had a number of positive effects on nations and businesses around the world. Yet the concept—once regarded as almost universally positive—has undergone a bit of a reassessment in recent years.
"The plain truth is that market liberalization by itself does not lift all boats, and in some cases, it has caused severe damage to poor nations," the Business Week article admitted. "What's more, there's no point denying that multinationals have contributed to labor, environmental, and human rights abuses as they pursue profit around the globe."
Globalization gives companies access to wider markets and consumers access to a greater variety of goods and services. But the benefits of globalization are not always shared by all of the parties involved in trade. Unfortunately, developing countries—which need the potential benefits of globalization the most—are often the losers. "The downside of global capitalism is the disruption of whole societies, from financial meltdowns to practices by multinationals that would never be tolerated in the West," the Business Week article noted. "Industrialized countries have enacted all sorts of worker, consumer, and environmental safeguards since the turn of the century, and civil rights have a strong tradition. But the global economy is pretty much still in the robber-baron age."
The potential problems with globalization are not limited to developing nations, however. Some workers in advanced economies—particularly those in unskilled jobs and belonging to labor unions—feel that they are being increasingly displaced by low-wage competition in developing countries. Some of these workers are unable to make the transition to skilled jobs and service-oriented industries.
globalisation is a process by which development in one region has influence all around the world.it is a global market without boundaries.globalisation has brought immense profit they were exposed to the world market.but globalisation has its own defects.a farmer in village has to suffer.a local farmer cannot compete their product in the international market.today globalisation is considered as a subtle phenomena.different thinkers have different opinions about it but it tranfer the world of walled cities to world cities.
You have to know what Globalisation is first to begin with. It is the integration around the world, it invoes trade and connects countries through that.
There are advantages of globalisation for example trade and investment increases within a country as you now have foreign money coming into your country economy. Accessabilty is another advantage: there will now be new modes of interaction and transportation therefore via the air of sea you now have a wider vairety if ways to transport or travel.
The main disadvantage is that because of globalisation, there will be cometitiona in prices between countries, this is because countries now have the same products or services and goods. This decreases trade and the competition is the prices, of course people would go for the prices that would not disstabalise their economy.
I hope this was helpful
“The world is getting smaller” a term used very often to describe the modern world and globalisation. Economic growth has grasped the majority of countries including LEDC’s
The difference between countries has dropped significantly allowing countries to rely on one another for each other’s different industries some people argue that this is bad for LEDC’s due to the exploitation from MEDC’s through high tariffs on trade and the fall in prices for example the coffee trade to Europe and US. Migration is very important be it in their own countries or international it creates better opportunities for the workers and economically for the countries
The communication between countries grows with globalisation which creates better international networking and knowledge sharing, it allows for an international oversight on the economy and other aspects of development.
LEDC’s do benefit from this reliance on other countries especially aid and loans for example per capita income in the poorest countries has doubled over the past 30 years. LEDC’s also rely on the MEDC’s to purchase or trade in the natural resources unfortunately this stops the rise in industry in LEDC’s.
Although the lack of technology may seem like a bad thing, it does create opportunities for MEDC’s or private companies to invest in LEDC’s, resulting in LEDC’s governments getting the technology they need, and an increase in jobs available.
Therefore globalisation and the ability for countries to work together does help the development in LEDC’s despite the negatives.
Globalization is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology. This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world.Globalization is not new, though. For thousands of years, people—and, later, corporations—have been buying from and selling to each other in lands at great distances, such as through the famed Silk Road across Central Asia that connected China and Europe during the Middle Ages. Likewise, for centuries, people and corporations have invested in enterprises in other countries. In fact, many of the features of the current wave of globalization are similar to those prevailing before the outbreak of the First World War in 1914.
Globalization has many advantages and disadvantages some examples would be...
- Increases job opportunities world wide
- Increases a city's and /or towns infrastructure
- Many countries may loose their cultural identity to big companies.
- Countries that lack little to any laws for their working class become exposed to those willing to capitalize off their labor for cheap.
- Environmental issues may arise.
Globalization depends on who is answering the question and how you would apply the term. For many it is basically when all marketing, production and government are controlled by a central government.
All things would be equal for all people involved, prices, food available, medicine available, education, justice.
Things that you could loose: individuality; choice of food, education, work, medicine, justice.
An aristocracy would thrive.
Globalization is when ideas spread around the world to many people and those people spread it to other people. Spreading information helps people learn a lot more things. Globalization can increase a person's knowledge of things and help a person create more things.
Globalization describes the process by which regional economies, societies, and cultures have become integrated through a global network of political ideas through communication, transportation, and trade.
- The development of Third World nations
- The democratizing effect of communications
- Equalization of income distribution among nations
- It has increased inequality and environmental degradation
- In many poorer nations, globalization is the result of foreign businesses utilizing workers in a country to take advantage of the lower wage rates.
- Income Inequality
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