essay about globalization

Essay on Globalization for Students and Children

500+ words essay on globalization.

Globalization refers to integration between people, companies, and governments. Most noteworthy, this integration occurs on a global scale. Furthermore, it is the process of expanding the business all over the world. In Globalization, many businesses expand globally and assume an international image. Consequently, there is a requirement for huge investment to develop international companies.

How Globalization Came into Existence?

First of all, people have been trading goods since civilization began. In the 1st century BC, there was the transportation of goods from China to Europe. The goods transportation took place along the Silk Road. The Silk Road route was very long in distance. This was a remarkable development in the history of Globalization. This is because, for the first time ever, goods were sold across continents.

Globalization kept on growing gradually since 1st BC. Another significant development took place in the 7th century AD. This was the time when the religion of Islam spread. Most noteworthy, Arab merchants led to a rapid expansion of international trade . By the 9th century, there was the domination of Muslim traders on international trade. Furthermore, the focus of trade at this time was spices.

True Global trade began in the Age of Discovery in the 15th century. The Eastern and Western continents were connected by European merchants. There was the discovery of America in this period. Consequently, global trade reached America from Europe.

From the 19th century, there was a domination of Great Britain all over the world. There was a rapid spread of international trade. The British developed powerful ships and trains. Consequently, the speed of transportation greatly increased. The rate of production of goods also significantly increased. Communication also got faster which was better for Global trade .

Finally, in 20th and 21st -Century Globalization took its ultimate form. Above all, the development of technology and the internet took place. This was a massive aid for Globalization. Hence, E-commerce plays a huge role in Globalization.

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Impact of Globalization

First of all, Foreign Direct Investment (FDI) increases at a great rate. This certainly is a huge contribution of Globalization. Due to FDI, there is industrial development. Furthermore, there is the growth of global companies. Also, many third world countries would also benefit from FDI.

Technological Innovation is another notable contribution of Globalization. Most noteworthy, there is a huge emphasis on technology development in Globalization. Furthermore, there is also technology transfer due to Globalization. The technology would certainly benefit the common people.

The quality of products improves due to Globalization. This is because manufacturers try to make products of high-quality. This is due to the pressure of intense competition. If the product is inferior, people can easily switch to another high-quality product.

To sum it up, Globalization is a very visible phenomenon currently. Most noteworthy, it is continuously increasing. Above all, it is a great blessing to trade. This is because it brings a lot of economic and social benefits to it.

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Essay on Globalisation: Its Impact on Society

• Essay On Globalisation

Essay on Globalisation

Globalization means the integration of economies and societies through the flow of information, ideas, technology, goods, services, capital, finance, and people. The true meaning of Globalization in a broad sense is connecting in all areas of human life. It is the process by which other companies or organizations enhance their international reputation or start operating internationally. 

Globalization began thousands of years ago when people and companies bought and sold in distant lands. In the Middle Ages, Central Asia was connected to China and Europe via the famous Silk Road. After World War II and the last two decades, governments of many countries have adopted free-market economies. They have greatly increased their own production potential and created countless new opportunities for international trade and investment. New routes and means to transport goods have been discovered, which has allowed the people to expand their business easily and efficiently. 

The government has reduced all trade barriers and concluded new international agreements to promote trade in goods, services and investment. This profitable action has created opportunities for international trade. In foreign markets, companies with these new opportunities set up new factories and establish production and marketing relationships with foreign partners. Hence, Globalization is defined as an international industrial and financial enterprise.

Overview of Globalization

Globalization means the assimilation of economics and societies through the flow of information, ideas, technologies, goods, services, capital, finance, and people. The real meaning of Globalization in a broad sense is connectivity in all aspects of human life. It is the process where the businesses or other organizations expand international authority or start operating on an international scale.

How the Existence of Globalization Came Into Being?

Globalization had started many thousands of years ago when people and corporations were buying and selling across lands at great distances. In the middle age, Central Asia connected with China and Europe through the famed Silk Road. After the Second World War II and during the last two decades, the governments of many countries have adopted free-market economic systems. They increased their own productive potential immensely and created innumerable new opportunities for international trade and investment.

The governments have reduced all barriers to commerce and established new international agreements to promote trade in goods, services and investments. These beneficial measures gave rise to opportunities for global trade. With these new opportunities in the foreign markets, corporations established new factories and started production and marketing alliances with foreign partners. Hence, Globalization is defined as an international industrial and financial business structure.

Advantages and Disadvantages

The frontiers of the state with increased confidence in the market economy and renewed policies in the private capital and resources, a process of structural adjustment spurred by the studies and with the support of the World Bank and other international organizations have started in many of the developing countries. Globalization has also brought in new opportunities to developing countries. Greater access to developed country markets and technology transfer has promised to improve their productivity and higher standards. 

At the same time, Globalization has also created challenges like growing inequality across and within nations, instability in the financial market and environmental deterioration. Globalization is a fascinating exhibition that can be understood as a global system of competition and connectivity. It has created tough competition among countries and global corporations.

Impact of Globalization in India

The British Colonial rule had destroyed the self-sufficient economy of India and left India to be the poorest Independent country. Our first Prime Minister gave preference to a mixed economy to boost the economic condition of the country. Public sectors were set up along with the private enterprises, but because of the socialistic model of the economy, the new strategy did not produce profitable results. Due to this, a number of public sectors became sick and the growth rates of production began to fall. 

During that time, the poverty of the people in India was increasing at an alarming rate and because of low domestic savings and acute balance of payment crisis, there was no adequate capital for investment. During that time of crisis, Prime Minister PV Narsimha Rao introduced the policy of liberalization, privatization to overcome the financial situation. 

India opened up to Globalization after the economic policy of 1991 came into force. Mounting debts and pressure from the International Monetary Fund drove the nation to go global. The process of Globalization has been an integral part of the recent economic growth of India. Globalization has played a very significant role in the growth of export, leading to the expansion of the job market in India. One of the major sectors of Globalization in India has been in the growth of outsourced IT and Business Process Outsourcing services. There has been an incredible increase in the number of skilled professionals in India employed by domestic and foreign companies to cater service to the customers globally, especially in the USA and Europe. 

There was not a doubt that Globalization in India brought a monumental change in the living standards of the people. People in India realized many benefits from Globalization. The establishment of multinational companies generating billions of jobs and access to umpteen numbers of brands and an increase in the forex reserves of the country took India to a higher platform globally. Despite this monumental change in the economy of the country, India also faced the challenges of severe competition from the foreign market and the domestic producers started fearing marginalization and pulverization because of the better quality products produced by the foreign producers.

Globalization had both desirable and undesirable consequences for India and the world. Even though it has accelerated progress in some countries, it has also widened the gap between the rich and the poor.

The impact of Globalization has been both positive and negative on the entire world, but we can surely hope for more advancement in the global economy due to this process.

FAQs on Essay on Globalisation: Its Impact on Society

1. How Did Globalization Help India to Improve the Economic Conditions?

Globalization generated umpteen employment opportunities for the people of India by establishing multinational companies. The policy of liberalization and privatization invited foreign traders to do business with India. This has increased the inflow of men, money, material, labor, technology, etc., from foreign countries to India. People have access to foreign brands and the living standards have improved drastically.

2. How is Globalization a Threat to Domestic Producers?

The domestic producers fear marginalization and pulverization because of the entry of foreign and better quality products.

3. What are the advantages and disadvantages of Globalization?

With increasing confidence in market economies and new policies on private capital and resources, many developing countries are beginning to adapt to developments with the support of the World Bank and other international institutions involved in research and development. Globalization also offers new opportunities for developing countries. Greater access to markets in developed countries and the transfer of technology will increase their productivity and demand.

At the same time, Globalization has created challenges such as increasing inequality between and within countries, instability of financial markets and environmental degradation. Globalization is an interesting exhibition that can also be seen as a system of competition and international relations. This has created intense competition between countries and international companies. 

4. What do you mean by Globalization?

Globalization means the integration of economies and societies through the flow of information, ideas, technology, goods, services, capital, finance, and people. The true meaning of Globalization in a broad sense is a connectedness in all areas of human life. It is the process by which other companies or organizations enhance their international reputation or start operating internationally. Globalization has its own benefits and drawbacks. We can learn more about Globalization and how to write an essay on it in detail on the Vedantu website, which has all the necessary materials that students need in order to write an essay on Globalization. 

5. How can Globalization help India improve its economic situation?

In our present times, Globalization has been a boon to many people as it not only allows companies to expand their business but also makes things accessible for everyone. In a simple sense, we can say that it helps in connecting people with the world. Globalization has created many job opportunities in India through the creation of multinational companies. Policies of liberalization and privatization have encouraged foreign traders to trade with India. This has increased the number of people, money, materials, labor, technology and so on—inflows from abroad to India. People have access to foreign brands and the standard of living has improved significantly.

6. How does Globalization threaten domestic producers?

Domestic producers are afraid of marginalization and due to the entry of foreign and better quality products into the market. Globalization can be associated with increasing income and wealth inequality. Many of the world's poorest people lack access to basic technologies and public goods. They are excluded from treatment. Some critics of globalization point to the loss of economic and cultural diversity as international multinational giants and brands dominate domestic markets in many countries. Globalization can hinder competition if international companies with dominant brands and high technology gain a foothold in key markets, be it telecommunications, the automotive industry, and so on.

7. What are the main industries that have grown tremendously because of Globalization?

The integration of national economies into the global economy is one of the most important developments of the last century. This process of integration, often referred to as Globalization, has manifested itself in a tremendous increase in cross-border trade.

The outsourcing business has grown exponentially due to Globalization. The main industries resulting from Globalization are trade and commerce. Automobile companies, clothing manufacturers and transportation, are the three main industries taken over as a result of Globalization.

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✍️Essay on Globalisation: Samples in 100, 150 and 200 Words

• Updated on  
• October 25, 2023

Globalisation means the combination of economies and societies with the help of information, ideas, technology, finance, goods, services, and people. It is a process where multinational companies work on their international standing and conduct operations internationally or overseas. Over the years, Globalisation has had a profound impact on various aspects of society. Today we will be discussing what globalisation is and how it came into existence with the essay on globalisation listed below.

Table of Contents

• 1 How Globalisation Came Into Existence?
• 2 Essay on Globalisation in 100 Words
• 3 Essay on Globalisation in 150 Words
• 4 Essay on Globalisation in 200 Words

How Globalisation Came Into Existence?

For all those unaware, the concepts of globalisation first emerged in the 20th century. Here are some of the key events which led to the development of globalisation in today’s digital world.

• The ancient Silk Route as well as the maritime routes led to the exchange of goods, ideas and culture in several countries. Although these were just trade routes, but later became important centres for cultural exchange.
• Other than this, the European colonial expansion which took place from the 15th to the 20th century led to the setting up of global markets where both knowledge and people were transferred to several developing countries. 
• The evolution and exchange of mass media, cinema and the internet further led to the widespread dissemination of cultures and ideas.

Also Read: Essay on the Importance of the English Language for Students

Essay on Globalisation in 100 Words

Globalization, the interconnectedness of nations through trade, technology, and cultural exchange, has reshaped the world. It has enabled the free flow of goods and information, fostering economic growth and cultural diversity. However, it also raises challenges such as income inequality and cultural homogenization. 

In a globalized world, businesses expand internationally, but local industries can suffer. Moreover, while globalization promotes shared knowledge, it can erode local traditions. Striking a balance between the benefits and drawbacks of globalization is essential to ensure a more equitable and culturally diverse global community, where economies thrive without leaving anyone behind.

Also Read: Essay on Save Environment: Samples in 100, 200, 300 Words

Essay on Globalisation in 150 Words

Globalization is the process of increasing interconnectedness and interdependence among countries, economies, and cultures. It has transformed the world in various ways.

Economically, globalization has facilitated the flow of goods, services, and capital across borders. This has boosted economic growth and reduced poverty in many developing nations. However, it has also led to income inequality and job displacement in some regions.

Culturally, globalization has resulted in the spread of ideas, values, and cultural products worldwide. While this fosters cultural exchange and diversity, it also raises concerns about cultural homogenization.

Technologically, globalization has been driven by advances in communication and transportation. The internet and smartphones have connected people across the globe, allowing for rapid information dissemination and collaboration.

In conclusion, globalization is a complex phenomenon with both benefits and challenges. It has reshaped the world, bringing people closer together, but also highlighting the need for responsible governance and policies to address its downsides.

Also Read: Essay on Unity in Diversity in 100 to 200 Words

Essay on Globalisation in 200 Words

Globalization, a multifaceted phenomenon, has reshaped the world over the past few decades. It involves the interconnectedness of economies, cultures, and societies across the globe. In this essay, we will briefly discuss its key aspects and impacts.

Economically, globalization has led to increased international trade and investment. It has allowed companies to expand operations globally, leading to economic growth in many countries. However, it has also resulted in income inequality and job displacement in some regions.

Culturally, globalization has facilitated the exchange of ideas, values, and traditions. This has led to a more diverse and interconnected world where cultures blend, but it can also challenge local traditions and languages.

Socially, globalization has improved access to information and technology. It has connected people across borders, enabling global activism and awareness of worldwide issues. Nonetheless, it has also created challenges like cybercrime and privacy concerns.

In conclusion, globalization is a double-edged sword. It offers economic opportunities, cultural exchange, and global connectivity, but it also brings about disparities, cultural tensions, and new global challenges. To navigate this complex landscape, the world must strive for responsible globalization that balances the interests of all stakeholders and promotes inclusivity and sustainability.

Related Articles

The movement of goods, technologies, information, and jobs between countries is referred to as globalisation. 

Globalization as a phenomenon began with the earliest human migratory routes, or with Genghis Khan’s invasions, or travel across the Silk Road.

Globalisation allows wealthy nations to access cheaper labour and resources, while also providing opportunity for developing and underdeveloped nations with the jobs and investment capital they require.

For more information on such interesting topics, visit our essay-writing page and follow Leverage Edu ! 

Malvika Chawla

Malvika is a content writer cum news freak who comes with a strong background in Journalism and has worked with renowned news websites such as News 9 and The Financial Express to name a few. When not writing, she can be found bringing life to the canvasses by painting on them.

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Essay on Globalisation

List of essays on globalisation, essay on globalisation – definition, existence and impact (essay 1 – 250 words), essay on globalisation (essay 2 – 250 words), essay on globalisation – in india (essay 3 – 400 words), essay on globalisation – objectives, advantages, disadvantages and conclusion (essay 4 – 500 words), essay on globalisation – for school students (class 6,7,8,9 and 10) (essay 5 – 600 words), essay on globalisation (essay 6 – 750 words), essay on globalisation – for college and university students (essay 7 – 1000 words), essay on globalisation – for ias, civil services, ips, upsc and other competitive exams (essay 8 – 1500 words).

The worldwide integration of people, services and interests is what globalisation is all about. Since the last decade, there has been a tremendous focus on globalisation with everyone trying to have a reach at even the remotest locations of the world. This has probably been possible due to the advancement in technology and communication.

Audience: The below given essays are especially written for school, college and university students. Furthermore, those students preparing for IAS, IPS, UPSC, Civil Services and other competitive exams can also increase their knowledge by studying these essays.

The word ‘Globalization’ is often heard in the business world, in corporate meetings, in trade markets, at international conferences, in schools, colleges and many other places. So what does globalization symbolize? Is it a new concept or did it exist earlier? Let’s see.

Definition:

Globalization refers to the integration of the world nations by means of its people, goods, and services. The statement – ‘ globalization has made the world a small village ’ is very true.

Countries inviting foreign investment, free trade and relaxation in the visa rules to allow seamless movement of people from one country to another are all part of globalization.

In a nutshell, globalization has reduced the distance between nations and its people.

Many among us refer to the current period that we live in as ‘The Era of Globalization’ and think that the process of globalization has started only recently. But the real fact is that globalization is not a new phenomenon . The world was moving towards globalization from a very long time. The term globalization was in existence since mid-1980s. But it was only from the early 21 st century that globalization picked up momentum due to the advancements in technology and communication.

Impact of Globalization:

Globalization has more positive outcomes than the negative ones. The impact of globalization on the developing countries such as India, China and some African countries are overwhelming. Foreign investments have created a lot of employment opportunities in the developing countries and have boosted their economy. Globalization has also enabled people to interchange their knowledge and culture.

Conclusion:

Although the world is not completely globalized, we can very well say that globalization is the best way to achieve equality among nations.

In simple words, globalization means the spreading of a business, culture, or any technology on an international level. When the boundaries of countries and continents matter no more, and the whole world becomes one global village in itself. Globalization is an effort to reduce the geographical and political barriers for the smooth functioning of any business.

There are four main factors that form the four pillars of globalization. These are the free flow of goods, capitals, technology, and labors, all across the world. Although, many of the experts that support globalization clearly refuse to acknowledge the free flow of labor as their work culture.

The international phenomenon of global culture presents many implications and requires a specific environment to flourish. For instance, it needs the other countries to come to a mutual agreement in terms of political, cultural, and economic policies. There is greater sharing of ideas and knowledge and liberalization has gained a huge importance.

Undoubtedly, globalization helps in improving the economic growth rate of the developing countries . The advanced global policies also inspire businesses to work in a cost-effective way. As a result, the production quality is enhanced and employment opportunities are also rising in the domestic countries.

However, there are still some negative consequences of globalization that are yet to be dealt with. It leads to greater economic and socio-cultural disparities between the developed and the developing countries. Due to the MNC culture, the small-scale industries are losing their place in the market.

Exchanges and integration of social aspect of people along with their cultural and economic prospects is what we term as Globalization. It is considered as a relatively new term, which has been in discussion since the nineties.

Initial Steps towards Globalization:

India has been an exporter of various goods to other countries since the earlier times. Hence Globalization, for India, is not something new. However, it was only around in the early nineties that India opened up its economy for the world as it faced a major crisis of severe crunch of foreign exchange. Since then, there has been a major shift in the government’s strategies while dealing with the PSUs along with a reduction in the monopoly of the government organisations perfectly blended with the introduction of the private companies so as to achieve a sustainable growth and recognition across the world.

The Measurement of Success:

The success of such measures can be measured in the form of the GDP of India which hovered around 5.6% during the year 1990-91 and has been now around 8.9% during the first quarter of 2018-19. In fact, in the year 1996-97, it was said to have peaked up to as high as 77.8%. India’s global position is improved tremendously due to the steady growth in the GDP thus furthering the impact of globalization on India. As on date, India is ranked as the sixth biggest economy in the world. This globalization leading to the integration and trade has been instrumental in reducing the poverty rate as well.

However, given the fact that India is the second most populated country of the world, after China, this growth cannot be considered as sufficient enough as other countries such as China have increased their growth rates at much faster pace than India. For instance, the average flow of FDI in India, over the past few years has been around 0.5% of the GDP while for countries such as China it has been around 5% and Brazil has had a flow of around 5.5%. In fact, India is considered among the least globalized economy among the major countries.

Summarily, there has been a tremendous increase in the competition and interdependence that India faces due to Globalization, but a lot is yet to be done. It is not possible for a country to ignore the developments and globalization occurring in the rest of the world and one need to keep the pace of growth at a steady rate or else you may be left far behind.

The twentieth century witnessed a revolutionary global policy aiming to turn the entire globe into a single market. The motive of globalization can broadly define to bring substantial improvement in the living condition of people all around the world, education, and shelter to everybody, elimination of poverty, equal justice without any race or gender consideration, etc. Globalization also aims to lessen government involvement in various development activities, allowing more direct investors/peoples’ participation cutting across border restrictions thus expected to reap reasonable prosperity to human beings.

Main Objectives of Globalization:

The four main aspects of globalization are; Capital and Investment movements, Trade and Transactions, Education and Spread of knowledge, along with Migration and Unrestricted Movement of People.

In simpler terms, globalization visualizes that one can purchase and sell goods from any part of the world, communicate and interact with anyone, anywhere in the world and also enables cultural exchange among the global population. It is operational at three levels namely, economic globalization, cultural globalization, and political globalization. Right from its inception, the impact of globalization has both advantages and disadvantages worldwide.

Advantages of Globalization:

As the word itself suggests, this policy involves all the nations across the globe. The lifting of trade barriers can have a huge impact especially in developing countries. It augments the flow of technology, education, medicines, etc., to these countries which are a real blessing.

Globalization expects to create ample job opportunities as more and more companies can extend their presence to different parts of the world. Multinational companies can establish their presence in developing countries. Globalization gives educational aspirants from developing and underdeveloped countries more quality learning opportunities. It leads not only to the pursuit of best higher education but also to cultural and language exchanges.

Globalization also enhances a faster flow of information and quick transportation of goods and services. Moreover one can order any item from anywhere merely sitting at home. Another plus point of globalization is the diminishing cultural barriers between nations as it offers free access and cultural interactions . Also, it has been observed that there is a considerable reduction of poverty worldwide due to globalization . In addition to this, it also enables the effective use of resources.

Disadvantages of Globalization:

Globalization turned out to be a significant threat to the cottage and small-scale industries as they have to compete with the products of multi-national companies. Another dangerous effect of globalization is the condition of weak sections of the society, as they are getting poorer and the rich are getting richer. The situation leads to the domination of economically rich countries over emerging countries and the increase of disparity.

The actions of multi-national companies are deplorable and always facing criticism from various social, government and world bodies as they are incompetent in offering decent working conditions for the workers. Irrational tapping of natural resources which are instrumental in causing ecological imbalance is another major accusation against multi-national companies.

Globalization is also blamed to have paved the way for human trafficking, labor exploitation and spread of infectious diseases too. In addition to all these, if any economic disaster hit a country and if they subsequently suffer from economic depression, its ripples are felt deeply in other countries as well.

Despite all its disadvantages, globalization has transformed the entire globe into a single market irrespective of its region, religion, language, culture, and diversity differences. It also leads to an increase in demand for goods, which in turn calls for more production and industrialization. Our focus should be to minimize the risks and maximize the positive outcome of global policy, which in turn can help for a sustainable long-standing development for people all around the world.

Introduction:

Globalization is the procedure of global political, economic, as well as cultural incorporation of countries . It lets the producers and manufacturers of the goods or products to trade their goods internationally without any constraint.

The businessman fetches huge profit as they easily get low price workforce in developing nations with the concept of globalization. It offers a big prospect to the firms who wish to deal with the global market. Globalization assists any nation to contribute, set up or amalgamate businesses, capitalize on shares or equity, vending of services or products in any country.

How does the Globalization Work?

Globalization benefits the international market to the entire deliberate world like a solitary marketplace. Merchants are spreading their extents of trade by aiming world as a worldwide community. In the 1990s, there was a limit of importing some goods that were already mass-produced in India such as engineering goods, agricultural products, toiletries, food items, etc.

But, in the 1990s the rich countries pressurize the WTO (World Trade Organization), World Bank (affianced in improvement financing activities), and IMF (International Monetary Fund) to let other nations spread their trades by introducing market and trade in the deprived and emerging countries. The process of liberalization and globalization in India began in the year 1991 below the Union Finance Minister Mr. Manmohan Singh.

After numerous years, globalization has fetched major uprising inside the Indian marketplace when international brands arrived in India such as KFC, PepsiCo, Mc. Donald, Nokia, IBM, Aiwa, Ericsson, etc., and began the delivery of an extensive variety of quality goods at low-cost rates.

The entire leading brands presented actual uprising of globalization at this time as a marvellous improvement to the economy of an industrial sector. Rates of the quality goods were also getting low owing to the cut-throat war happening in the marketplace.

Liberalization and globalization of the businesses in the Indian marketplace is submerging the quality of imported goods but influencing the local Indian businesses badly in large part causing the job loss of illiterate and poor labors. Globalization has remained a goldmine for the customers, but it is also a burial ground for the small-scale manufacturers in India.

Positive Influences of Globalisation:

Globalization has influenced the education sectors and students of India predominantly by making accessible the education material and enormous info on the internet. Association of Indian universities with the overseas universities has fetched a massive modification in the education business.

The health industries are too influenced enormously by the globalization of health observing electronic apparatuses, conventional drugs, etc. The trade globalization in the agricultural sector has provided a range of high-quality seeds possessing disease-fighting property. But, it is not beneficial for the underprivileged Indian agriculturalists owing to the reason of expensive seeds as well as agricultural equipment.

Globalization has given an enormous rebellion to the occupation sector by increasing the growth of trades related to the handloom , cottage, artisans and carving, carpet, jewellery, ceramics, and glassware, etc.

Globalization is definitely required by the people and nation to progress and turn into an established society and country. It benefits in expanding our visualization and thoughts. It also aids in endorsing the philosophy that we fit in a huge crowd of persons, i.e., the humankind. Once the two nations congregate, they flourish by sharing their beliefs, thoughts, opinions, customs, and behaviors. People come to know new things and also acquire a chance to discover and get acquainted with other values.

Globalization has provided many reasonably priced valued goods and complete economic welfares to the emerging nations in addition to the employment. But, it has also given growth to the crime, competition, terrorism, anti-national activities, etc. Thus, along with the pleasure it has supplied some grief too.

Globalization is a term that we hear about every now and then. Question is; do we really know what it is all about? Globalization is defined as the process of integration and interaction among people, cultures and nations who come together in order to get things done easily through contact. Globalization began with the migration of people from Africa to different parts of the world. Global developments have been achieved in various sectors through the different types of globalization. The effects of globalization have been felt in every part of the world and more people continue to embrace it. Globalization has some of its core elements that help in the process.

Types of Globalization:

Globalization does not just transform a sector unless the strategies are related to that specific sector. The first type of globalization is financial and economic globalization whereby interaction takes place in the financial and economic sectors especially through stock market exchange and international trade. The other type is technological globalization which involves the integration and connection of different nations through technological methods like the internet. Political globalization transforms the politics of a nation through interactions with adoption of policies and government that cut across other nations. Cultural globalization is basically the interaction of people from different cultures and sharing. Ecological globalization is the viewing of the earth as one ecosystem and sociological globalization is on equality for all people.

Elements of Globalization:

Globalization works with characteristic elements. Trade agreements is one of the components that significantly benefits the economic and financial globalization. These trade agreements have been designed to promote and sustain globalization by preventing barriers that inhibit trade among nations or regions. Another element is capital flow that is concerned with the measures of either a decline or a rise in domestic or foreign assets. Migration patterns is a socio-economical and cultural element that monitors the impacts of immigration and emigration actively. The element of information transfer involves communications and maintains the functioning of the markets and economies. Spread of technology is an element of globalization that facilitates service exchanges. Without these elements, globalization would have faced many challenges, which would even stagnate the process of globalization.

Impacts of Globalization:

The impact of globalization is felt differently among individuals but the end result will be either positive or negative. Globalization has impacts on the lives of individuals, on the aspects of culture, religions and education. The positive impacts of globalization include the simplification of business management through efficiency. In business, the quality of goods and services has increased due to global competition. Foreign investment has been facilitated by globalization and the global market has been able to expand. Cultural growth has been experienced through intermingling and accommodation. Interdependence among nations has developed and more people have been exposed to the exchange program between nations. Improvement of human rights and legal matters has improved through media and technology sharing. Poverty has been alleviated in developing countries due to globalization and also employment opportunities are provided. Through technology, developments have been positively influenced in most parts of the world.

Although globalization has positive impacts, the negative impacts will remain constant unless solutions are sought. One of the negative effects of globalization is job insecurity for some people. Through globalization, more innovations are achieved, for e.g., technology causes automation and therefore people get replaced and they lack jobs. Another negative impact is the frequent fluctuation of prices of commodities that arises from global competitions. On the cultural side, the fast food sector has become wide spread globally, which is an unhealthy lifestyle that was adopted due to globalization. Also, Culture has been negatively affected for people in Africa because they tend to focus more on adopting the western culture and ignore their cultural practices.

Possible Solutions to the Negative Impacts of Globalization:

Globalization has impacted the society negatively and some of the solutions might help to mitigate the impacts. When adopting cultures from other people, it is important to be keen on the effects of the culture on the people and the existing culture being practiced. For example, Africans should not focus more of the western culture such that they ignore their own culture.

In conclusion, it is evident that globalization results in both negative and positive consequences. The society should embrace the positive and mitigate the negative impacts. Globalisation is a dynamic process which involves change, so flexibility among people is a must.

The buzzword befitted to describe the growth of Modern Indian economy is ‘Globalization’. But what exactly is Globalization? Globalization can be defined as integrating the economy of a country with the rest of the countries of the world. From the Indian perspective, this implies encouraging free trade policies, opening up our economy to foreign direct investment, removing constraints and obstacles to the entry of multinational corporations in India, also allowing Indian companies to set up joint ventures abroad, eliminating import restrictions, in-short encouraging Free Trade policies.

India opened its markets to Global Trade majorly during the early Nineties after a major economic crisis hit the country. New economic reforms were introduced in 1991 by then Prime Minister Shri. P V. Narasimha Rao and Finance Minister at the time, Dr. Manmohan Singh. In many ways, the new economic policies positively contributed to the implementation of the concept of Globalization in India.

It’s Impact:

1. Economic Impact :

Globalization in India targets to attract Multinational Companies and Institutions to approach Indian markets. India has a demography with a large workforce of young citizens who  are in need of jobs. Globalization has indeed left a major impact in the jobs sector. Indian companies are also expanding their business all over the world. They are driving funds from the bigwigs of the Global economy.

The Best example in today’s time is OYO Rooms, a budding Indian company in the hospitality sector. OYO Rooms recently made headlines when it declared to raise a fund close to $1 Billion from Japan’s Soft Bank Vision Fund. Globalization has also led the Indian Consumer market on the boom. The Giant of FMCG (fast-moving consumer goods) sector WALMART is also enthusiastic and actively investing in the India market.

2. Socio-Cultural impact on the Indian Society:

The world has become a smaller place, thanks to the social networking platforms blooming of the internet. India is a beautiful country which takes immense pride in “Unity in Diversity” as it is home to many different cultures and traditions. Globalization in India has left a lasting impression on the socio-cultural aspect of Indian society.

Food chains like McDonald’s are finding its way to the dining tables. With every passing day, Indians are indulging more and more in the Western culture and lifestyle. But Globalization in India has also provided a vibrant World platform for Indian Art, Music, Clothing, and Cuisine.

The psychological impact on a common Indian Man: The educated youth in India is developing a pictorial identity where they are integrating themselves with the fast-paced, technology-driven world and at the same time they are nurturing the deep roots of Indian Culture. Indians are fostering their Global identity through social media platforms and are actively interacting with the World community. They are more aware of burning issues like Climate Change, Net neutrality, and LGBT rights.

Advantages:

India has taken the Centre Stage amongst the Developing Nations because of its growing economy on the World Map. Globalization in India has brought tremendous change in the way India builds its National and International policies. It has created tremendous employment opportunities with increased compensations.

A large number of people are hired for Special Economic Zones (SEZs), Export Processing Zones (EPZs), etc., are set up across the country in which hundreds of people are hired. Developed western countries like USA and UK outsource their work to Indian companies as the cost of labour is cheap in India. This, in turn, creates more employment. This has resulted in a better standard of living across the demographic of young educated Indians. The Indian youth is definitely empowered in a big way.

Young lads below the age of 20 are now aspiring to become part of global organizations. Indian culture and morals are always strengthening their roots in modern world History as the world is now celebrating ‘International Yoga Day’ on 21st June every year. Globalization in India has led to a tremendous cash flow from Developed Nations in the Indian market. As a positive effect, India is witnessing the speedy completion of Metro projects across the country. Another spectacular example of newly constructed High-end Infrastructure in the country is the remarkable and thrilling ‘Chenani-Nashri Tunnel’, Longest Tunnel in India constructed in the State of Jammu and Kashmir. Globalization has greatly contributed in numerous ways to the development of Modern India.

Disadvantages:

As there are so many pros we cannot turn a blind eye to the cons of Globalization which are quite evident with the Indian perspective. The worst impact is seen in the environment across Indian cities due to heavy industrialization. Delhi, the capital of India has made headlines for the worst ever air pollution, which is increasing at an alarming rate.

India takes pride in calling itself an Agriculture oriented nation, but now Agriculture contributes to fragile 17% of the GDP. Globalization in India has been a major reason for the vulnerable condition of Indian Farmers and shrinking Agriculture sector. The intrusion of world players and import of food grains by the Indian Government has left minimal space for Indian farmers to trade their produce.

The impact of westernization has deeply kindled individualism and ‘Me factor’ and as a result, the look of an average Indian family has changed drastically where a Nuclear family is preferred over a traditional Joint family. The pervasive media and social networking platforms have deeply impacted the value system of our country where bigotry and homophobia are becoming an obvious threat.

One cannot clearly state that the impact of Globalization in India has been good or bad as both are quite evident. From the economic standpoint, Globalization has indeed brought a breath of fresh air to the aspirations of the Indian market. However, it is indeed a matter of deep concern when the Indian traditions and value system are at stake. India is one of the oldest civilizations and World trade has been the keystone of its History. Globalization must be practiced as a way towards development without compromising the Indian value system.

Globalisation can simply be defined as the process of integration and interaction between different people, corporations and also governments worldwide. Technology advancement which has in turn advanced means of communication and transportation has helped in the growth of globalisation. Globalisation has brought along with it an increase in international trade, culture and exchange of ideas. Globalisation is basically an economic process that involves integration and interaction that deals also with cultural and social aspects. Important features of globalisation, both modern and historically are diplomacy and conflicts.

In term of economy, globalisation involves services and goods, and the resources of technology, capital and data. The steamship, steam locomotive, container ship and jet engine are a few of the many technological advances in transportation while the inception of the telegraph and its babies, mobile phones and the internet portray technological advances in communications. These advancements have been contributing factors in the world of globalisation and they have led to interdependence of cultural and economic activities all over the world.

There are many theories regarding the origin of globalisation, some posit that the origin is in modern times while others say that it goes way back through history before adventures to the new world and the European discovery age. Some have even taken it further back to the third millennium. Globalisation on a large-scale began around the 1820s. Globalisation in its current meaning only started taking shape in the 1970s. There are four primary parts of globalisation, they are: transactions and trade, investments and capital movement, movement and migration of people and the circulation of knowledge and information. Globalization is subdivided into three: economic globalisation, political globalisation and cultural globalisation.

There are two primary forms of globalisation: Archaic and Modern Globalisations. Archaic globalisation is a period in the globalisation history from the period of the first civilisations until around the 1600s. Archaic globalisation is the interaction between states and communities and also how they were incepted by the spread by geography of social norms and ideas at different levels.

Archaic globalisation had three major requirements. First is the Eastern Origin idea, the second is distance, the third is all about regularity, stability and inter-dependency. The Silk Road and trade on it was a very important factor in archaic globalisation through the development of various civilisations from Persia, China, Arabia, Indian subcontinent and Europe birthing long distance economic and political relationships between them. Silk was the major item from China along the Silk Road; other goods such as sugar and salt were also traded.

Philosophies, different religious beliefs and varying technologies and also diseases also moved along the Silk Road route. Apart from economic trade, the Silk Road also was a means of cultural exchange among the various civilisations along its route. The cultural exchange was as a result of people’s movement including missionaries, refugees, craftsmen, robbers, artists and envoys, resulting in religions, languages, art and new technologies being exchanged.

Modern globalisation can be sub-divided into early modern and Modern. Early modern globalisation spans about 200 years of globalisation between 1600 and 1800. It is the period of cultural exchange and trade links increasing just before the modern globalisation of the late 19 th century. Early modern globalisation was characterised by Europeans empires’ maritime of the 16 th and 17 th centuries. The Spanish and Portuguese Empires were the first and then we had the British and Dutch Empires. The establishment of chartered companies (British East India Company and the Dutch East India Company) further developed world trade.

Modern Globalisation of the 19 th century was as a result of the famed Industrial Revolution. Railroads and steamships made both local and international transportation easier and a lot less expensive which helped improve economic exchange and movement of people all over the world, the transportation revolution happened between 1820 and 1850. A lot more nations have embraced global trade. Globalisation has been shaped decisively by the imperialism in Africa and in Asia around the 19 th century. Also, the ingenious invention in 1956 of the shipping container has really helped to quicken the advancement of globalisation.

The Bretton Woods conference agreement after the Second World War helped lay the groundwork for finance, international monetary policy and commerce and also the conception of many institutions that are supposed to help economic growth through lowering barriers to trade. From the 1970s, there has been a drop in the affordability of aviation to middle class people in countries that are developed. Also, around the 1990s, the cost of communication networks also drastically dropped thus lowering the cost of communicating between various countries. Communication has been a blessing such that much work can be done on a computer in different countries and the internet and other advanced means of communications has helped remove the boundary of distance and cost of having to travel and move from place to place just to get business done.

One other thing that became popular after the Second World War is student exchange programmes which help the involved students learn about, understand and tolerate another culture totally different from theirs, it also helps improve their language skills and also improve their social skills. Surveys have shown that the number of exchange students have increased by about nine times between 1963 and 2006.

Economic globalisation is differentiated from modern globalisation by the information exchange level, the method of handling global trade and expansionism.

Economic Globalisation:

Economic globalisation is just the ever increasing interdependence of economies of nations worldwide caused by the hike in movement across borders of goods, services, capital and technology. Economic globalisation is basically the means of increasing economic relationships between countries, giving rise to the birth of a single or global market. Based on the worldview, Economic globalisation can be seen as either a negative or positive thing.

Economic globalisation includes: Globalisation of production; which is getting services and goods from a source from very different locations all over the world to gain from the difference in quality and cost. There is globalisation of markets; which is the coming together of separate and different markets into one global market. Economic globalisation includes technology, industries, competition and corporations.

Globalisation today is all about less developed countries and economies receiving FDI (Foreign Direct Investment) from the more developed countries and economies, reduction in barriers to trade and to particular extent immigration.

Political Globalisation:

Political globalisation is going to on-the-long-run drop the need for separate nation or states. Institutions like the International Criminal court and WTO are beginning to replace individual nations in their functions and this could eventually lead to a union of all the nations of the world in a European Union style.

Non-governmental organisations have also helped in political globalisation by influencing laws and policies across borders and in different countries, including developmental efforts and humanitarian aid.

Political globalisation isn’t all good as some countries have chosen to embrace policies of isolation as a reactionary measure to globalisation. A typical example is the government of North Korea which makes it extremely difficult and hard for foreigners to even enter their country and monitor all of the activities of foreigners strictly if they allow them in. Citizens are not allowed to leave the country freely and aid workers are put under serious scrutiny and are not allowed in regions and places where the government does not want them to enter.

Intergovernmentalism is the treatment of national governments and states as the major basic factors for integration. Multi-level governance is the concept that there are many structures of authority interacting in the gradual emergence of political globalisation.

Cultural Globalisation:

Cultural globalisation is the transmission of values, ideas and meanings all over the world in a way that intensify and extend social relations. Cultural globalisation is known by the consumption of different cultures that have been propagated on the internet, international travel and culture media. The propagation of cultures helps individuals to engage in social relations which break regional boundaries. Cultural globalisation also includes the start of shared knowledge and norm which people can identify their cultures collectively; it helps foster relationships between different cultures and populations.

It can be argued that cultural globalisation distorts and harms cultural diversity. As one country’s culture is inputted into another country by the means of globalisation, the new culture becomes a threat to the cultural diversity of the receiving country.

Globalisation has made the world into one very small community where we all interact and relate, learn about other cultures and civilisations different from ours. Globalisation has helped improve the ease of doing business all around the world and has made the production of goods and services quite easy and affordable. Globalisation isn’t all good and rosy as it can be argued that Globalisation is just westernisation as most cultures and beliefs are being influenced by the western culture and belief and this harms cultural diversity. Nevertheless, the good of globalisation outweighs the bad so globalisation is actually a very good thing and has helped shape the world as we know it.

Economics , Globalisation

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Globalization: What Globalization Is and Its Impact Essay

Primary source data, secondary source data, comparative analysis.

Bibliography

Globalization is a complex phenomenon that has a big influence on various fields of human life, including economics, society, and culture. Even though trade between countries has existed since time immemorial, in the 21st-century, globalization has become an integral part of the world’s development. While businesses try to expand on a global scale, and countries’ economies are intertwined in the international network, several outcomes occur out of this process. The purpose of this paper is to analyze and evaluate the impact of globalization on the world economy, whether it is good or bad. To achieve this goal, a comprehensive review of the relevant literature will be conducted. The information will be extracted from both primary and secondary sources. The primary sources will include an interview and a chart, while the secondary sources will consist of scholarly articles and books published from the year 2015 forward. The main argument of this research is that even though globalization offers endless business opportunities, it has a number of effects that negatively influence the resources and the economy.

First of all, in order to understand this phenomenon, it is important to define the term “globalization.” Several researchers have conducted a thorough study of this subject. For example, Martell describes globalization as “the intensification of worldwide social relations which link distant localities in such a way that local happenings are shaped by events occurring many miles away”. It is a complex and multidimensional mechanism that allows a local business subdivision to integrate into the global economic system. The biggest companies of the 21st century are no longer limited to one country; they have become more multinational: businesses from several countries exchange resources, money, data, and employees. Nowadays, international relations are becoming more intense not only in politics but in the economy as well. Moreover, globalization has a significant influence on the distribution of not only skilled and unskilled labor but of capital and labor as well, both locally and globally. The tendencies of this process were analyzed by experts, for example, in the research by Chandy and Seidel, where they presented globalization trends in the form of a chart (Figure 1).

The chart above demonstrates how the GDP of the U.S. was changing while the global population was also growing. The diagram includes the analysis of foreign capital stock, merchandise exports, and migrant stock. According to it, it becomes evident that even though the world GDP was high during the 1910s, the global economy is more integrated in the 21st century. However, the researchers also point out that the economy of the U.S. is a relatively closed economy, which is surprising. Nevertheless, the study states that “it accounts for only 11 percent of global trade volumes, which is far below its 24 percent share of global GDP”. In addition, despite the attempts to find evidence of the recession of globalization, Chandy and Seidel did not manage to present any. It means that the trend keeps developing as money, goods, and people continue to move around the world.

It is evident that one cannot talk about globalization without mentioning international companies. Global corporations are defined by the fact that they execute business in at least two countries. They conduct various types of economic activities, for example, foreign investment, managing plants in different countries to avoid transaction costs. An example of an international firm that obtains cost advantages through foreign investments in international plants is Apple Inc.

To understand how companies conduct business internationally, several types of multinational corporations must be indicated: economists usually divide them into four categories. The first type of firm is determined by the fact that it has a strong presence in its home country. Another category is characterized by acquiring cost advantage through the means of buying cheaper resources in other countries, despite being controlled by one central office. The third type is a company that is based on the Research and Development of the parent corporation. The fourth and final category is a transnational business, which includes all features that are peculiar to the corporations that were mentioned above. Since global companies generally combine different approaches to business, sometimes it can be hard to distinguish between these four categories. Nestle S.A. may serve as an example of a big transnational corporation that conducts its financial operations in many countries outside of the headquarters.

Since globalization is a complicated phenomenon, many analysts and businessmen have different views on its impact. For instance, the former Director-General of the World Trade Organization, Pascal Lamy, expressed his point of view in the interview, “Can Europe Civilize Globalization?”. Despite the fact that the concerns about European civilization may recede due to this process, he states that he does not see globalization as a threat. Instead, he sees it as a reality that has to be dealt with in a professional way. Lamy explains his opinion by pointing out the fact that some European countries have managed to gain more benefits than others by means of global trade. As examples, he presents Sweden and Germany, which, during the last decades of the 20th century, conducted structural reforms that allowed them to get profit from international trade.

Moreover, Lamy notes that globalization presents new challenges for businesses. They include promoting “more actively global norms in the environmental and job protection, health protection, than the reduction of trade barriers that have been now largely operated worldwide”4. In other words, the ex-director of WTO believes that this process can have a positive impact on Europe’s economy as it provides opportunities for countries to develop and grow their benefits.

As for other researchers, Burlacu, Gutu, and Matei overview both sides of globalization, pointing out positive and negative impacts. For example, the advantages include reducing the economic isolation of poor countries as they are given the opportunity to sell their goods on the global market and participate in the trade. Moreover, as the economy expands, the information does it as well. It means that access to education becomes more easy and available, which increases the number of professionals who are capable of expanding and developing the business even further. In addition, according to the study, globalization “enhances the speed of commercial, financial, and technological operations”5. It can be seen even nowadays as new products and devices continue to appear on the market every year. Furthermore, globalization ensures the efficiency of the entire economic activity on a global scale.

Other researchers have also pointed out several positive aspects of this process. For example, Parente et al. talk about the sharing economy, which is a new phenomenon. Their study indicated that due to internet globalization, some companies managed to perform business online, which helped them to expand around the world and raise funds. Therefore, globalization allowed firms to achieve worldwide success at an unprecedented pace. Furthermore, Martell et al. elaborated on reasons for how exactly the internalization changed economic activities. The reasons included “the speeding up of global interactions and processes as a result of the development of transport and communications”1. In other words, the spread of resources, ideas, capital, and products accelerated, which allowed businesses to develop quicker.

However, aside from positive results that can come from globalization, researchers also indicate some negative aspects to it. For instance, Burlacu et al. Note that harmful effects include an international security deficit and an increased amount of illegal migrations5. Globalization opened borders for a large number of people to move to other countries illegally. Moreover, it allowed corrupt businessmen to employ these migrants and make them work for a lesser wage, which is a violation of human rights. Moreover, economists believe that nowadays, the export of human resources has risen, which means that some countries have lost intellectual potential5. The other downsides include the deterioration of the environment, which is caused by the rapid growth of the economy.

While rethinking the effects of globalization, Broner and Ventura elaborated on the negative consequences that it can bring to domestic markets. The researchers gathered data from other scholars and concluded that “financial globalization, in addition to providing a new, cheaper source of funding for emerging markets, can have indirect effects by affecting the workings of domestic financial markets”. For example, according to them, with the rise of globalization, the incidence of domestic financial crises also grows. In addition, Mamedov et al. discusses the impact on traditional economies, which, according to the study, will reach a new level of their development. It is difficult to say whether such changes are positive or not since some people may be reluctant to abandon the old economic structures.

As it can be observed, primary sources and secondary sources seem to express various opinions about globalization. First and foremost, most of them seem to agree that this phenomenon is relatively new and only recently began to spread. However, then the standpoints start to differ among experts. While the interview with Lamy demonstrates that the former leader of the World Trade Organization seems optimistic about it, such secondary sources as scholarly articles and books differentiate in positions.

Some researchers identify the internalization of the economy as a beneficial process that can create new opportunities for countries to develop and expand their businesses. However, other studies make a link between globalization and several other problems, such as environmental deterioration, security issues, and the increasing number of domestic crises. The last factor is especially interesting since it contradicts the general assumption that increased international trade opportunities can improve the country’s welfare.

Moreover, the recent events that were caused by the outbreak of coronavirus exposed vulnerabilities in the current globalized economy. Since traveling is restricted, the transportation of resources has become difficult. While big international corporations managed to stay afloat, some local firms were forced to shut down, and the suspension of one company factory can lead to a closing of another. Experts argue that such an intertwined international economic relationship is what caused changes in a global supply chain, and overall, stock declines. The current situation provided proof that globalization may not be that good for the world economy.

While the system offers opportunities for businesses to grow, it also has some loopholes and weak points that seriously damage the economy of not only one country but of the whole world. Moreover, the situation with the pandemic supports the argument made by Broner and Ventura. The outbreak caused domestic market crises in Asian countries, and then in Europe and America, which significantly affected the global economy. Even the help of Widespread Disease Emergency Financing Facility would not be enough to restore all financial damage. As the recession of the international market became apparent, businesses in other countries have also suffered.

In addition, the environmental aspect of globalization is also important since it affects the increasing deficiency of natural resources. While companies are trying to expand their business everywhere, new factories and new plants are built around the world. While new products and new technology continue to appear on the market and the demand grows, more damage is inflicted upon the environment by the constant production.

Moreover, the higher need for transportation means that more fossil fuels are used, causing harm to the climate. There is no doubt that such issues can be resolved with the creation of new technology. However, the process of development is complicated and expensive, which can lead to additional expenditures. It can cause more federal budget deficits and increased government debt; therefore, the economy is also negatively affected by environmental issues of globalization.

For this reason, it can be said that despite all the positive aspects of globalization, it definitely has several downsides. Internationalization brought not only different cultures but the economies of various countries together, allowing businesses to grow and reach financial benefits. Furthermore, it opened opportunities for people to find jobs and expand their profit. Nevertheless, the current system is vulnerable during difficult situations, and if there is a crisis in one country, it tends to spread to others like dominoes, because the economies are deeply connected. Moreover, globalization also causes harm to other fields of human life, which are can also negatively influence not only the financial state of a particular country but the economy of the world as well.

It is evident that more research needs to be conducted as the process of globalization is complex and ongoing. There are several topics that can be further explored while studying the impact of globalization on the world’s economy. For example, one can investigate the methods that can be implemented to minimize the negative consequences of globalization that were described earlier in this paper. In order to obtain the information, one can look through the suggestions of other researchers, analyze them, and select the ones that seem the most effective.

Moreover, as the current situation with the outbreak has a major impact on the international economy, it would be interesting to study the experts’ opinions on how it will affect globalization. A huge amount of relevant information can be gathered from recent interviews, news, and scholarly articles. In conclusion, it would appear that the topic of globalization and its influence is broad and can provide a good starting point for further discussion and analysis.

Chandy, Laurence, and Brina Seidel. “Donald Trump and the future of globalization.” The Brookings Institution , 2016. Web.

Broner, Fernando, and Jaume Ventura. “Rethinking the Effects of Financial Globalization.” The Quarterly Journal of Economics 131, no. 3 (2016): 1497-1542.

Burlacu, Sorin, Corneliu Gutu, and Florin Octavian Matei. “Globalization – Pros and Cons.” Calitatea 19, no. S1 (2018): 122-125.

Lamy, Pascal. “Interview. Can Europe Civilize Globalization?”, The Federalist Debate 28, no. 1 (2015): 60-63.

Mamedov, Oktay, Irina Movchan, Oksana Ishchenko-Padukova, and Monika Grabowska. “Traditional Economy: Innovations, Efficiency and Globalization.” Economics & Sociology 9, no. 2 (2016): 61.

Martell, Luke. The Sociology of Globalization . John Wiley & Sons, 2016.

Parente, Ronaldo C., José-Mauricio G. Geleilate, and Ke Rong. “The Sharing Economy Globalization Phenomenon: A Research Agenda.” Journal of International Management 24, no. 1 (2018): 52-64.

Sułkowski, Łukasz. “Covid-19 Pandemic; Recession, Virtual Revolution Leading to De-globalization?”, Journal of Intercultural Management 12, no. 1 (2020): 1-11.

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Home — Essay Samples — Sociology — Globalization

Essays on Globalization

Hook examples for globalization essays, "the global village" metaphor hook.

"In the age of globalization, our world has transformed into a 'global village.' Explore the implications of this metaphor and how it has reshaped our understanding of interconnectedness and cultural exchange."

The Impact of Digital Connectivity Hook

"In an era where a single tweet can reach millions, digital connectivity has revolutionized globalization. Delve into the profound impact of the internet, social media, and technology on global interactions."

The Paradox of Local vs. Global Hook

"Globalization blurs the lines between local and global identities. Analyze the paradox of preserving cultural heritage while embracing the globalized world and how this tension shapes our societies."

The Global Marketplace Hook

"Globalization has ushered in an era of unprecedented trade and economic interconnectedness. Explore the dynamics of the global marketplace, from multinational corporations to supply chains spanning continents."

Cultural Fusion and Identity Hook

"Globalization has led to a melting pot of cultures, but what happens to cultural identities in the process? Investigate how globalization impacts the preservation and evolution of cultural identities."

The Challenges of Globalization Hook

"While globalization offers numerous benefits, it also presents challenges. Examine issues such as income inequality, cultural homogenization, and environmental concerns that arise in a globalized world."

The Future of Globalization Hook

"As we stand on the brink of a globalized future, what can we expect? Join me in exploring the potential trajectories of globalization, from its impact on politics to the role of emerging technologies."

The Best Globalization Essay Topics

• The Impact of Globalization on Local Cultures: Integration or Erasure?
• The Impact of Globalization on Cultural Identity in Anthropological Studies
• Globalization and Economic Inequality: Bridging the Gap Between Rich and Poor
• The Role of Technology in Advancing Globalization and Its Social Implications
• Environmental Consequences of Globalization: Challenges and Sustainable Solutions
• Analyzing the Advantages and Disadvantages of Globalization
• The Influence of Globalization on Education and Cross-Cultural Exchanges
• Global Political Dynamics: How Globalization Affects Sovereignty and Governance
• Globalization and Health: The Spread of Diseases and Global Health Initiatives
• Consumer Culture and Globalization: The Homogenization of Global Markets

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Examining Google’s Market Strategies and Competitive Edge in The Global Tech Industry

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History of Globalization and Its Benefits for Society

Financial, social and political effects of globalization, globalization: global concerns of global development, globalization's theories and effects in the modern world, get a personalized essay in under 3 hours.

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The Effects of Globalization on Health and Medicine

A study on globalization and its various sides, overview of five articles about globalization, globalization: two sides of the arguments both for and against, globalization and its positive and negative sides for india, the advantages and disadvantages of the globalization process based on real-life examples, criticism and controversial benefits of globalization, globalization: importance of english nowadays, the impact of globalization, nationalism and protectionism on india, an overview of the overall impact of globalization, research of effects of globalization on the media in the world, globalisation as an economical, political and cultural process, pro globalist and anti globalist view from developed country perspective, how global issues impact individual states, electronic commerce in the globalization era, the effect of globalization and americanization on mass media, components of globalization: concept sociocultural and social globalizations, how the impact of globalization on illicit drug trafficking has affected international security, discussion of whether globalization is good or bad for the indian economy, review of the issue of constraints against progress of a society.

1. Halliday, T. C., & Osinsky, P. (2006). Globalization of law. Annu. Rev. Sociol., 32, 447-470. (https://www.annualreviews.org/doi/abs/10.1146/annurev.soc.32.061604.123136) 2. Fischer, S. (2003). Globalization and its challenges. American Economic Review, 93(2), 1-30. (https://www.aeaweb.org/articles?id=10.1257/000282803321946750) 3. Lang, M. (2006). Globalization and its history. The Journal of Modern History, 78(4), 899-931. (https://www.journals.uchicago.edu/doi/abs/10.1086/511251?journalCode=jmh) 4. Spring, J. (2008). Research on globalization and education. Review of educational research, 78(2), 330-363. (https://journals.sagepub.com/doi/abs/10.3102/0034654308317846?journalCode=rera) 5. Scott, A., & Storper, M. (2003). Regions, globalization, development. Regional studies, 37(6-7), 579-593. (https://www.tandfonline.com/doi/abs/10.1080/0034340032000108697a) 6. Jameson, F. (1998). Notes on globalization as a philosophical issue. In The cultures of globalization (pp. 54-78). Duke University Press. (https://www.degruyter.com/document/doi/10.1515/9780822378426-005/html?lang=de) 7. Frankel, J. A. (2003). The environment and globalization. (https://www.nber.org/papers/w10090) 8. Teeple, G. (2000). What is globalization?. Globalization and its discontents, 9-23. (https://link.springer.com/chapter/10.1057/9780333981610_2)

Relevant topics

• Sociological Imagination
• Social Change
• Sociological Perspective
• Modern Society
• Stereotypes
• Personal Identity
• Cultural Appropriation
• Media Analysis

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Essay on Globalization

Students are often asked to write an essay on Globalization in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

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100 Words Essay on Globalization

Understanding globalization.

Globalization is a process where businesses or other organizations develop international influence or start operating on an international scale. It’s like a big bridge that connects people from all over the world.

Impacts of Globalization

Globalization has both positive and negative impacts. On one hand, it opens up opportunities for businesses to expand and grow. On the other hand, it can lead to job losses in certain sectors due to outsourcing.

Globalization and Culture

Globalization also affects culture. It can lead to the spread of popular culture but may also cause the loss of local cultures and traditions.

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250 Words Essay on Globalization

Introduction to globalization.

Globalization is a complex and multifaceted phenomenon that has transformed the world into an interconnected community. It involves the integration of countries and economies through trade, information technology, and cultural exchange, transcending geographical boundaries.

Driving Factors of Globalization

The advent of advanced technology, particularly the internet, has accelerated globalization, enabling instant communication, easy travel, and international trade. Additionally, liberal economic policies have facilitated the movement of goods, services, and capital across borders, fostering global economic integration.

Globalization has significantly influenced various aspects of society. Economically, it has led to the emergence of a global marketplace, benefiting businesses with broader consumer bases and competitive sourcing. Culturally, it has promoted the sharing of ideas, values, and artistic expressions, enriching societies worldwide.

Globalization: A Double-Edged Sword

Despite its benefits, globalization has its drawbacks. It often exacerbates income inequalities, with wealth concentrated among those who can participate effectively in the global market. Moreover, it can lead to cultural homogenization, threatening local traditions and identities.

In conclusion, globalization is a powerful force shaping our world today. It brings about opportunities for growth and cultural exchange but also poses challenges that require thoughtful solutions. As we navigate this interconnected world, it is crucial to harness the benefits of globalization while mitigating its potential adverse impacts.

500 Words Essay on Globalization

Introduction.

Globalization is a complex phenomenon that has had far-reaching effects on every aspect of modern life. It is a process that involves the integration of economies, societies, and cultures through a global network of trade, communication, and transportation. While some view it as a catalyst for economic growth and cultural exchange, others see it as a threat to national sovereignty and cultural diversity.

The Evolution of Globalization

Globalization is not a new concept; it has been a part of human history for centuries. The Silk Road, for instance, was an early example of economic and cultural globalization. However, the pace and intensity of globalization have significantly increased in the last few decades, largely due to technological advancements. The advent of the internet, for instance, has revolutionized communication, enabling instantaneous and virtually cost-free interaction across the globe.

Economic Implications

Economically, globalization has led to a more interconnected world market. It has allowed countries to participate in international trade more efficiently, leading to economic growth and poverty reduction in many parts of the world. However, it has also led to increased competition, which can have adverse effects on certain sectors and regions. For instance, industries in developed countries may suffer as jobs are outsourced to countries where labor costs are lower.

Sociocultural Aspects

Culturally, globalization has facilitated the exchange of ideas and values, leading to a more diverse and interconnected world. However, this has also led to fears of cultural homogenization, as dominant cultures may overshadow local traditions and languages. Moreover, the global spread of certain lifestyles can lead to increased consumption and environmental degradation.

Political Consequences

Politically, globalization has both empowered and challenged nation-states. On one hand, it has provided governments with new tools for diplomacy and conflict resolution. On the other hand, it has raised questions about national sovereignty, as international institutions and corporations gain more influence.

In conclusion, globalization is a multifaceted and complex process with both positive and negative implications. Its effects are not uniform, varying greatly across different sectors and regions. As we continue to navigate this interconnected world, it is crucial to understand the dynamics of globalization and strive for policies that maximize its benefits while mitigating its potential drawbacks. The challenge lies in ensuring that globalization becomes a tool for inclusive growth and sustainable development, rather than a cause of inequality and cultural erosion.

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Globalization - Free Essay Samples And Topic Ideas

Globalization refers to the process by which businesses or other organizations develop international influence or start operating on an international scale. Essays on globalization could explore its economic, political, and cultural dimensions, analyzing its impact on trade, communication, and societal norms. They might delve into the advantages and disadvantages of globalization, its role in accelerating technological innovation and cultural exchange, and its impact on state sovereignty, inequality, and global governance structures. A substantial compilation of free essay instances related to Globalization you can find at PapersOwl Website. You can use our samples for inspiration to write your own essay, research paper, or just to explore a new topic for yourself.

Italy’s Transformation through Globalization

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Globalization in Modern World

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The Debate on Globalization: Good or Bad

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Is the World Flat what does that Mean

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Positive Aspects of Globalization

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Impact of Globalization

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Globalization and Automation

Globalization and automation are two powerful megatrends that have significantly reshaped the landscape of employment in industrialized nations. While both blue-collar and white-collar workers are affected, the repercussions for white-collar employees can often be more pronounced. This is largely due to the increased migration of laborers across borders in search of better job opportunities, which has contributed to alleviating poverty in developing countries. Furthermore, globalization and automation have played pivotal roles in fostering sustainability worldwide, as nations recognize their importance […]

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Essay About Globalization Globalization can be defined as the process of integration among individuals, corporates, and governments in the world (Pieterse, 2019). The term is also used to describe the spread of goods, technology, culture, and information across country boundaries. Globalization has served to reshape the economic landscape of the United States with the introduction of new technologies, the exchange of business ideologies, and corporate culture. Through globalization, local companies are also expanding their operations, opening outlets, and acquisition strategies in foreign countries. Globalization has also significantly changed the internal environment of many businesses with organization managements forced to develop strategies that would accommodate the changes associated with it. One of the ways through which globalization has changed the internal environment of organizations is through organizational diversity (Borjas, 2015). With the increase in immigration as facilitated by globalization, the organization that I worked for was characterized by staff members from different ethnicities and cultural backgrounds. The human resource in the organization responded to office diversity through several team-building strategies to enhance cohesion and coordination among the staff members. The organization's Human Resource Management also responded through the inclusion of minority groups in various leadership positions as a strategy to motivate employees and also accommodate them in the overall goal of the organization. A code of ethics was also developed that served to promote employee integration and tolerance while harsh penalties for any employees that propelled any form of racial or cultural segregation. Also, as a strategy to accommodate the minority groups, the organization regularly celebrated the various cultures while employees were also given a holiday off to celebrate their respective holidays. The organization was also able to use diversity to enhance decision-making and utilize more creative approaches in problem-solving. Cultural diversity also played a significant role in the marketing operations of the organization whereby the organization was able to reach out to foreign cultures within the country with the help of employees from the organization who are more conversant with the behavior of the market from their cultures. Employees were also able to attend to clients from their cultures and this also helped in service delivery and customer retention.

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Home / Essay Examples / Globalization Essay

Globalization Essay

• Last Edited: December 19, 2018

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Globalization: Advantages, Disadvantages and Concerns

This essay discusses globalization and how social commentators and historians act like globalization is a new concept, but it’s not. It’s something that has occurred between nations for as long as nations have interacted. According to the SUNY Levin institute, “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 (2018). Globalization has been around for thousands of years because people have been buying and selling to one another all over the world regardless of how much distance was between them.  For hundreds upon hundreds of years, people and companies have made strategic investments in the work of other countries, with many of the current traits of globalization that dominate today comparable to those that were the norm before World War One (SUNY Levin).

However, with the changes in policy and the advancements in technology of the last fifty years, globalization has been able to occur at a faster rate, making many social scientists assert that we are in a new arena of international economic development. As one author, Thomas Friedman has asserted, today globalization is “farther, faster, cheaper, and deeper”—and this is one of the reasons that globalization remains a very controversial topic. Globalization today has been pushed by policies that have opened up economies all over the world, that have helped nations far and wide boost their own productive potential. More and more companies all over the world have engaged in foreign partnerships, with so many of these changes driven by the rapid advances of technology and the ability to make immediate and informed analyses of economies all over the world (SUNY Levin).

Table of Contents

• 4 Essay Hook
• 5 Introduction
• 6 Thesis Statement
• 7.1 Advantages of Globalization
• 7.2 Disadvantages of Globalization
• 8 Conclusion
• 9 References
• Pros and Cons and Nuances: Looking at Globalization from Every Angle
• The Impact of Globalization Today
• Beyond Trade: How Globalization is Forging a Brave New World Today
• The Silent Partner: Globalization as International Influencer
• Impacts of Globalization: Now and Later
• Benefits of Globalization

Disadvantages of Globalization

• How Technology Affects Globalization
• Globalization from Political Perspective
• Globalization from an Economic Perspective: Poor vs. Wealthy Nations

I.  Introduction

a.  Brief definition of Globalization

b.  Brief overview of how globalization has almost always existed to some extent.

c.  Thesis: Globalization is more complex today as it is deeper and more intense that the Pre World War I variety and has more repercussions and entanglements.

II.  Advantages of Globalization

a.  – Economic Benefits

b.  – Social Benefits

c.  – Global Benefits

III. Disadvantages of Globalization

a.  – Cultural issues

b.  – Economic injustice

c.  –Spread of disease

Economic Issues and Globalization

a.  Benefits and Drawbacks

V.  Conclusion

Globalization has been a double-edged sword in American and all over the world, offering it both numerous benefits and drawbacks, conveniences and complexities. Given the inherent duality of globalization, it is worth taking a closer look at all the nuances connected to it.

Introduction

With each century that passes, humans all around the far stretches of the globe become closer, in an constantly moving process of global integration that seems to grow more rapid with each passing year.  As technology speeds ahead at a breakneck speed, the various sectors of the world become more interdependent. “Multinational corporations manufacture products in many countries and sell to consumers around the world. Money, technology and raw materials move ever more swiftly across national borders” (globalpolicy.org). However, it’s not just these tangible items that are moving swiftly across borders: ideas, rituals and cultures are crossing borders every swiftly as well which means that more policies and social movements develop on an international stage.

The globalization of today is not the globalization of 70 years ago. Much of the globalization that defined the 20th century has direct ties to the Industrial Revolution and the transport of goods across borders (Baldwin, 2018). This was a very specific type of globalization as it meant that it was measurable, countable, and had clear limitations of all mechanical and physical infrastructure along with clear policies such as taxes and tariffs to control it. Globalization today has evolved into a different form that still includes this original, more concrete form of trade: today globalization is the exchange of concepts and services and the implications for the future truly are immense and need to be expanded against our narrow 20th century paradigms. Hence, while globalization has transformed, most people have not changed their mindsets accordingly and their connected thought processes.

One way to illustrate how powerful globalization is revolves around the fact the if you look back to the year 1000, grouping India and China in one group and the G7 nations in another, you’ll see that India and China had the bulk (50%) of the gross domestic product and the G7 nations had under 10% of it (Baldwin, 2018). This was expected as in those days, nearly everyone depended on an agrarian economy and India and China had the majority of the world’s people so it made sense that they had the bulk of the GDP. “Starting around the 1820s—the decade economists Kevin H. O’Rourke of Oxford and Jeffrey G. Williamson of Harvard have pegged as the start of modern globalization—the G7 share starts to swell. Over the course of about 170 years, it goes from about one-fifth up to about two-thirds of world income. That’s how powerful globalization—the movement of goods across borders—was” (Baldwin, 2018). This demonstrates the sheer transformative force of globalization and how it has the ability to alter economies and lifestyles and modes of conduct. One could argue that the world is undergoing a similarly powerful transformative stage in this new form of globalization.

Thesis Statement

Globalization is a powerful force that can change the world and the lives within it very rapidly. It’s crucial to adequately understand how globalization work, the assets it provides and the challenges it creates in order to be able to harness its immense power.

Advantages of Globalization

The benefits of globalization are numerous and have made direct and sustainable contributions to society. With every potential benefit of globalization, there is of course a caveat, which demonstrates how often in the reality of globalization, things don’t often manifest as they “should” theoretically. For instance, those who support unfettered globalization push the fact that it offers the possibility to unravel some of the more complex issues that plague the world, such as unemployment and poverty (Collins, 2015). Supporters of globalization usually connect this to the potentialities that free trade can unleash, as it can minimize taxes and tariffs, something that isn’t often true in real life. Many G20 nations have continued to add 1200 more restrictive export and import measures in the last 10 years (Collins, 2018).  Regardless, those who see the benefits of globalization argue it represents free trade which can’t help but create global economic growth, the creation of jobs and drives competition between companies, ultimately lowering prices for consumers (Collins, 2018). However, the caveat attached to this advantage is that nations manipulate their currencies in order to receive a more aggravated price advantage (Collins, 2018).  Globalization “…also provides poor countries, through infusions of foreign capital and technology, with the chance to develop economically and by spreading prosperity, creates the conditions in which democracy and respect for human rights may flourish” (Collins, 2018). While many pessimists refer to this advantage as a mere “ethereal” goal and something that has yet to be achieved by most nations, one can’t help but acknowledge that progress has undeniably been made in both spreading prosperity, better respect for human rights and the dissemination of democratic principles.

Technology has been such an important aspect of modern globalization and of course, the Internet has shaped so much of how business is conducted today. There is now a global market for firms and customers who now have access to a range of nations they had never been able to interact with before. Even some of the smallest villages can begin to start their own businesses selling crafts and goods online: handmade baskets, necklaces, scarves etc. can all be made and sold online to people all over the world: there truly are endless possibilities. This is a huge change that has occurred in the world, because it honestly equates to economic freedom for so many people—most notably for girls and women all over the world who otherwise had no means of forging economic independence for themselves. This is a clear transformation to the way that people live and can reshape destinies, ensuring that more and more people have greater possibilities and are able to chart their financial paths and fate, no longer being dependent on farming alone.

One thing that globalization has always meant has been a greater sense of interdependence and inter-connectedness.  “Gradually there is a world power that is being created instead of compartmentalized power sectors. Politics is merging and decisions that are being taken are actually beneficial for people all over the world” (Collins, 2015). While this might be an overly optimistic viewpoint of what is happening in the world today, there is a higher level of consciousness that has occurred in conjunction with globalization that has ensured that powerful nations don’t merely think of themselves, but consider the bigger picture of their actions and how their actions make an impact on the greater world stage.

Another major benefit of globalization is that it forces there to a more intense exchange of information among nations, even nations that do not have anything particularly in common among them. This create more knowledge and ideally, greater understanding of nations all over the globe, and hopefully of America itself. For many decades, America has just been dismissed as a super-capitalist, fast-food nation, intent on materialism, gross foreign policy and saturating the rest of the world with its culture. There’s a far more nuanced perspective available of what America is like as a country, one that includes its promotion of individualism, world peace and a commitment to self-betterment. The greater the sense of understanding that can exist between nations, the greater an opportunity for there to be peace and mutual assistance. With greater information moving between nations, this opens the door for a greater cultural mingling (Collins, 2015). Sharing cultures, rituals, traditions with neighbors far and wide is another practice that can help build understanding. With greater understanding comes a bigger possibility to build world peace. This isn’t something that is going to happen overnight, but globalization in this manner can help sow the seeds. From a social perspective, one could argue that globalization has helped to forge a higher level of tolerance among people and among those who live differently than we do (Collins, 2015). Again this is another brick in the road towards world peace. When it comes to protecting and improving the environment, more governments around the world are working together to sort out ecological problems (Collins, 2015). While there haven’t been a greater deal of life-changing solutions that have emerged from these talks, the attempts have been made and the first steps are in motion to undo so much of the damage that has already been done.  This teamwork, however, has been a direct result of globalization, since globalization has cause more and more governments around the world to share financial interests. And finally, many people correctly view things like quick travel, rapid mass communication and the speedy dissemination of information via the Internet as one of the benefits of globalization (Collins, 2015). There have also been marked economic benefits of globalization, which will be discussed later.

One major disadvantage of globalization that has been cited again and again is that via the cultural exchange that occurs because of globalization, it has also created a destruction of cultural identities. “Culture sets the identity of one state to another; every country had its own main culture and subcultures, which represent that nation and symbolizes its society, character and way of life. In today’s world, we see three dominant world cultures; US, European Union and Japan. This cultural group sets the world’s agenda” (Sundby, 2018). When emerging nations such as Brazil, India and China come on the world stage, more and more people have argued that they are bending to the cultural influence of the big three.  However, supporters of globalization have argued that culture are continually changing and have evolved and adapted since the beginning of time—one shouldn’t necessarily blame globalization for that. The influence of cultures on one another is just more acute now.  However, these same critics of globalization argue that there’s a marked imbalance as America has such a profound influence on cultures all over the world, and to an unfair degree.

“Advancements in technology, has allowed dominance of American products in foreign countries, which is a threat to cultural identity of these foreign countries. American-based television, movies, music and literature are viewed worldwide. These often indoctrinate cultures into thinking the American way is the way to success and prosperity” (Sundby, 2018). The dominance of American way of life on the world stage, is a drawback of globalization as it can stifle and suffocate so many other cultural viewpoints. A Pew research study conducted in 2007 and which interviewed 47 nations found that 46 of them asserted that their traditional way of life was being erased (Sundby, 2018). Supporters of globalization argue that cultures of smaller nations aren’t being eradicated; they’re merely being forced to adapt to global forces more acutely and that this is a dynamic that is as old as time itself.

Another drawback of globalization revolves around the fact that may have argued that it leads to more mass migration and immigration, something that puts stress and burden on governments all over the world. “The dramatic increase in migration and influx of refugees had also brought new problems and pressures to many Governments and communities… Ever-expanding technological innovations allowed for automation of many tasks in industry and manufacturing and in services.  Workers were being displaced and unemployed” (un.org, 2016). Hence, this demonstrates one of the double-edged swords of globalization: while it gives more freedom to workers to travel around the world and market their skills, this tendency can alienate the existing labor market and put a downward pressure on wages (Collins, 2015).

The issue revolving jobs has been one of the biggest complaints about globalization. When factories move to lower cost nations that creates rife unemployment. “According to conservative estimates by Robert Scott of the Economic Policy Institute, granting China most favored nation status drained away 3.2 million jobs, including 2.4 million manufacturing jobs. He pegs the net losses due to our trade deficit with Japan ($78.3 billion in 2013) at 896,000 jobs, as well as an additional 682,900 jobs from the Mexico –U.S. trade-deficit run-up from 1994 through 2010” (Collins, 2015). These numbers reflect plainly how globalization can undermine the fiscal security of its people—even in developed nation like America. Even when workers in America don’t lose their jobs, they often have to deal with demands from employers for reductions in pay, when these same employers make threats to send these jobs overseas (Collins, 2015). Some have argued that globalization has essentially created a “culture of fear” for many workers around the world. Other have argued that the expansion of labor to cheaper nations is also what enables certain evils such as child labor and human trafficking.

Moreover, one of the most common complaints about globalization is that it heightens economic inequality: the rich become wealthier and the poor become more disadvantaged. “During the most recent period of rapid growth in global trade and investment, 1960 to 1998, inequality worsened both internationally and within countries. The UN Development Program reports that the richest 20 percent of the world’s population consume 86 percent of the world’s resources while the poorest 80 percent consume just 14 percent” (Collins, 2015). Anyone can see that this is just another manifestation of injustice and unless big changes are made, such economic inequality is just going to……..

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Globalization is as old as time itself. For as long as nations have existed they have interacted with one another. This is the way it has always been and it is not going to change any time soon. In order to have a more just and peaceful world, the disadvantages of globalization need to be better managed. However, globalization brings so many benefits and possibilities to the world it should not be scapegoated in the way that it currently is. Globalization, at its core, is simply trade and the after effects of trade, and this is a dynamic that we want to preserve between nations.

The benefits of globalization are clear: it offers massive economic benefits and greater understanding among nations, something that can ultimately lead to world peace. While the drawbacks of globalization are clear as it can cause inequality and labor issues, if managed properly these concerns can be overcome.

Baker, S. A., & Lawson, R. A. (2002, August 1). The Benefits of Globalization: An Economic Perspective. Retrieved from https://www.elca.org/JLE/Articles/934

Baldwin, R. (2018, April 30). Globalization is close to its ‘holy cow? moment. Retrieved from http://review.chicagobooth.edu/economics/2018/article/globalization-close-its-holy-cow-moment

Collins, M. (2015, May 6). The Pros And Cons Of Globalization. Retrieved from https://www.forbes.com/sites/mikecollins/2015/05/06/the-pros-and-cons-of-globalization/#3770fdbccce0

Globalpolicy.org. (2018). Globalization. Retrieved from https://www.globalpolicy.org/globalization.html

Sundby, L. (2018). Advantages and Disadvantages of Globalization | LYNDIE SUNDBY. Retrieved from http://blogs.mtroyal.ca/lynd/foundations-and-icd/advantages-and-disadvantages-of-globalization/

SUNY Levin. (n.d.). What Is Globalization? | Globalization101. Retrieved from http://www.globalization101.org/what-is-globalization/

UN.org. (2016, October 7). Drawbacks of Globalization, Technology Expansion among Topics Highlighted, at Second Committee, Economic and Social Council Joint Meeting | Meetings Coverage and Press Releases. Retrieved from https://www.un.org/press/en/2016/gaef3451.doc.htm

This globalization looks at the most common definitions of globalization, along with the history of globalization and how globalization has transformed itself in the modern age. This essay has taken a long hard look at the benefits and drawbacks of globalization and the challenges it presents in the modern era.

Subsequent essays on globalization should explore more workable solutions regarding the best ways to manage the drawbacks of this phenomenon. Once the imbalances of globalization are better ironed out, it will be able to benefit more people.

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