is globalization good or bad essay

An economist explains the pros and cons of globalization

Piling up: Global trade has increased, but has it been a positive or negative force? Image:  REUTERS/Tyrone Siu

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Every industrial revolution has driven a wave of globalization. The first wave was driven by innovations such as the steam engine and the industrial weaving machine; the second by the assembly line, the car and the plane; and the third by the digital revolution.

As we enter the fourth wave of globalization, driven by the digital revolution, there is renewed debate over whether it is a beneficial force: powering economic growth, and allowing the spread of ideas to improve people’s lives; or whether it erodes communities, and widens the gap between the elites and the rest of the world.

Globalization results in increased trade and lower prices. It heightens competition within domestic product, capital, and labour markets, as well as among countries adopting different trade and investment strategies.

But how do these impacts net out? What are the positive and negative effects of globalization? The below is an edited transcript of a conversation with Gita Gopinath, Chief Economist of the International Monetary Fund (IMF).

Overall, what are the advantages of globalization?

The advantages of globalization are actually much like the advantages of technological improvement. They have very similar effects: they raise output in countries, raise productivity, create more jobs, raise wages, and lower prices of products in the world economy.

What might be the advantages of globalization that someone would feel in their day-to-day life?

I think something that's not sufficiently appreciated about, for instance, international trade is that it reduces the prices of goods that they consume. So if you look at day-to-day things that you purchase, in terms of washing machines, or cars, or even clothing, because of international trade we've had a decline in prices of these goods, so they have become far more affordable for a lot of people in the world.

How have the benefits played out in advanced economies versus poorer ones over the last three decades?

Both advanced economies and developing economies have benefited overall in terms of having higher productivity, more job creation, and higher wages. As we've always known, and this is true again with technology, there are always some winners and losers. So there are communities and there are workers who lose out when there is more trade integration. That is what we're seeing right now in terms of discontent with international trade.

Who have been the biggest losers?

The biggest losers from international trade are always those whose skills have a cheaper competitor in a different market. So, in the case of the US, it's been those who work in the manufacturing sector because jobs in the manufacturing sector have been outsourced to countries where labour is far cheaper.

On the other hand, in developing countries, more capital-intensive goods get imported more cheaply from the outside. So if you're a manufacturer of a capital-intensive good in a developing country you tend to lose because of that competition.

This is how it is with international trade: production goes to wherever it is most efficient to produce. So, when people in any country are exposed to this kind of competition, some win and some lose.

Is it possible as an economist to come up with a verdict? Has this wave of globalized trade been a net positive or a net negative?

If you say, I'm going to look at it from a measure of overall effect on a country's income, on its purchasing power, on the prices that its people pay, overall I think the evidence that we have all points to it being a net positive.

Now, if you frame the question as, has international trade been good for the manufacturing worker in the US? Then the answer to that would be “not fully”; it's been very costly in terms of jobs and wages for them.

How optimistic are you that this next wave of globalization offers a better future?

I would make a couple of points. First, the previous waves of globalization have been quite successful in lifting a large number of people out of poverty and so we should appreciate that.

The second thing is that any form of globalization will generate winners and losers. So even if you have the perfect, most optimal international trade agreements, there will always be those who lose out because of competition, in the exact same way that people lose out whenever there's a new technology being developed.

And so if we want to make sure that the next wave of globalization is even more successful, it has to be complemented with good, sound domestic policies that help those who are getting left out.

How optimistic are you that the trade war between the US and China will be swiftly resolved?

It's absolutely essential that it be resolved, and it gets resolved in a way that's long lasting. The world economy has lived with the uncertainty about trade tensions for a while now and if there is any solution and there is a sense that the solution is only transitory and something can again get triggered in the future, I think that's very costly.

I'd say I'm mildly optimistic because I think leaders in the world are recognizing that these trade tensions are having a negative effect on their economies and so it would make sense to sit down and resolve it.

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Globalization – Good or Bad, Essay Example

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Globalization is the buzz of the new millennium. The quality and impact of globalization has been the subject of extensive debate and concern in economic circles since the mid-1990s. The proponents and opponents construe major theories and examples to evolve the theology of globalization on grounds of being attributed as ‘good’ or ‘bad’.

Proponents of globalization consider the goodness of the term and consider it as an analogy of information exchange- which is responsible for higher standards of living, increase in purchasing power (West), better scope of cultural development and triumph of democracy over communism. While the opponents consider is as another form of imperialism- a mechanism that encourages corporations to relocate their factors in pursuit of cheap labor as well as flexible environmental laws. Moreover, they argue that even in the developed world, adverse globalization leads to insecurity of unskilled workers as the corporations shift their base to low wage economies (Broad & Cavanagh 22)

There is nothing new about globalization, if by that we mean the patching together of different regions of the earth through economic and cultural exchange; or political domination and alliance. Immanuel Wallerstein, whose book  The Modern World-System  marks an important point of departure for recent thought on globalization, argues that the system became firmly established in the sixteenth century, at the time when European hegemony began its long process of entrenchment (Wallerstein 4).

Globalization as a concept and as an empirical phenomenon has coagulated endless debate. How is Globalization defined? When did Globalization begin? Whether the impact of Globalization on local societal, economic, and cultural structures are good or bad? There are four divergent views of globalization. Some critics consider globalization as an ideology, a myth, for nation-states, while some critics argue that globalization is nothing new, for as Rick Wolf contends in Europe and the People without History, the process of globalization began with the beginning of the world. According to Wolf, the Neolithic Age already had global trade routes: Polynesian products traveled to Africa and Asian pottery pieces were scattered all over the world. Some scholars argue that globalization began with the emergence of colonial capitalism—or in the year of 1492. Still others take globalization as a fairly new historical phenomenon, whose inauguration is marked by the end of Cold War (Wang & Xie 1)

Globalization can be defined as the starting point of a truly modern world-system. Another definition though not so praiseworthy is that it is the prodigal outcome of the brutal world wars in this century and was enough to ascertain that the earth has been for some time undergoing a process of increasingly intense integration. In the sense, it is an intense coherence that has been immeasurably enhanced and made an intimate fact of everyday life by advances in transportation and communication (Buell 5). Globalization is the shift towards a more integrated and interdependent world economy. It has two basic components: the globalization of markets and the globalization of production. Today it is an overarching international system shaping the domestic policies and foreign relations of virtually every country, and we need to understand it as such.

The globalization of markets refers to the merging of historically distinct and separate markets into one huge global marketplace. The globalization of production refers to the tendency among firms to source goods and services from locations around the globe to take advantage of national differences in the cost and quality of factors of production (such as labor, energy, land and capital). By doing so companies hope to lower their overall cost structure/ or improve the quality or functionality of their product offering, thereby allowing them to compete more effectively (Katsioloudes & Hadjidakis 20)

The proponents of globalization celebrate it as an invigorating form of modernity that leads to universal prosperity, progress, and democracy as well as to new structures of feeling, imagination, and subjectivity. The opponents of globalization perceive it as a phenomenon that  originated and perpetuated by the centers of capitalist power, emerges as a rerun of Western imperialism via TNCS, IMF, Hollywood films, computer technology, American values and lifestyles, all of which work together to re-subjugate the previous third and second worlds to the first world’s domination. Those who embrace a Hegelian dialectical view of globalization processes embrace globalization as historically inevitable while at the same time condemning it as overpowered villains that purge negative effects on social life.

Bad: Of all the debates on globalization, the most important and productive is the interest on its effect on economics, politics, and culture – how globalization seems to concern the consequences of interaction between the local and the global that is, the change of local or unique cultures under the impact of the global exchange of information, capital, ideology, technology and values. For culture, as Raymond Williams has taught us, is a whole way of life, and everyone adopts a certain way of life or wants to have a changed way of life. A general anxiety permeates these discussions: the anxiety that ongoing globalization would threaten to eradicate various historically formed local cultures. In this particular debate, each side seems to be resistant or opposed to the perceived prospects of disappearing indigenous or local cultures. Some critics believe that globalization means the Americanization or the unification of the world culture; some insist that that globalization is not necessarily Americanization or cultural homogenization; instead it encourages and creates cultural diversity and protean difference.

Let for example if comparison is made on the effect of globalization in third world countries- What does globalization means to them? Globalization to them is more than a transpiration – a rapid inflow of culture, systems, abhorrence and influence, which percolates easily in the hearts and minds of individual. Here, instead of treating globalization as a methodology, it receives the treatment of a fantasy, an illusion that leads to indiscrete aping of the West. People forego eating their staple food and adhere to burger and fast food, relent to styles and clothing cloning the west and changing their aptitudes in consortium of West. The result is an aboriginal group of people, in loose correlation to their culture- striving and copying the western culture in its most crude form.

It is in view of this perceived global situation that critics like Fredric Jameson, Masao Miyoshi, and Samir Amin argue that US-centered global capitalism is colonizing both the unconscious and the previous third world, recreating the world after its own image, converting lands into territories of the global Empire, people into its appendages, and things into commodities. In the moment of global capitalism, Jameson argues, the distinction between economics and culture has disappeared, for “commodification today is also an aestheticization” and, together with weapons and food, “the entertainment business in itself is one of the biggest  and the most profitable exports of America” (Jameson 53).

In his view, American postmodern culture, due to the constant expansion of American military and economic forces, is aggressively penetrating into every corner of the world. It is in this sense that Marxist critics see capitalist globalization as threatening to lead to cultural homogenization–world cultures homogenized or unified by the logic of commodity and reification. It needs to be pointed out that these critics’ views of globalization as Americanization are radically different from Francis Fukuyama’s Americanist globalism. In critiquing global capitalism, Marxist critics like Amin, Jameson, and Miyoshi also take globalization for Americanization; however, they see it as vicious, bloody American expansionism. In describing globalization as standardization or Americanization in manufacture, market, and consumption, they, unlike Fukuyama, do not celebrate or propagate the idea of Americanization. Rather, what they do is to map out an objectively happening reality, and their ultimate purpose is to expose the vices of global capitalism, calling upon the violently and unequally globalized to imagine utopian alternatives to the existing social order defined by social disintegration, atomization, and commodification (Wang & Xie 1).

Good: The most austere and spectacular aspect of globalization is perhaps is that it can free people from the geographical boundaries.  Just because someone was born in India does not mean they circumscribe and limit their creativity in their birth country. Globalization gives wings to the aspirations and dreams of an individual, bringing him outside of his domain to a universal culture and interaction. Diverse culture, creativity and talent help flourish economic and universal prosperity. People are more connected and interactive, with information and money flowing in succession. Products that are produced in one part of the world reach to the other easily.

The free movement of capital, flexibility of commercial market that works beyond boundaries, flow of capital that allows investment to percolate in untapped areas, reduction of global space (internet, TV etc) by new global communication systems, mutual dependence among nations, reduction of warfare, free international trade across countries, competition increases product quality, ushers open economy, technological improvements and reduces cultural blockages (Economy Watch)

Globalization also offers a higher standard of living for people in the rich countries and is envisaged as the only plausible exit out of poverty for the poor nations of the world. Pro-globalization groups like the World Economic Forum and World Trade Organization profess that- globalization eradicates poverty and enhances international co-operation to solve the environmental and social problems. According to Freidman, “Globalization can be incredibly empowering and incredibly coercive. It can democratize opportunity and democratize panic.” It is said to make the whales bigger and the minnows stronger. It leaves one behind faster and faster- while on the other hand homogenizing cultures, enabling people to start their unique individuality farther and wider. Though globalization has an ugly side, condemned by various critics and organizations- it also has immense benefits and opportunities in its bag. Just as capitalism requires a network of governing systems to keep it from devouring societies, globalization requires vigilance and the rule of the law.

Thus globalization is a more open and comprehensive process, with a good intention of universal interaction and amalgamation. However, if it is treated as a weapon by the powerful nations to maneuver their economic and political interests- it purges the real essence of the term globalization. Thus, globalization has its share of good and bad. It is on the individual to take a positive stride in the direction of healthy globalization and countries should differentiate globalization and imperialism.

Works Cited

Broad, R & Cavanagh, J (1996) “Don’t neglect the Impoverished South.” Foreign Policy, Winter.

Wallerstein, I (1974)  The Modern World-System: Capitalist Agriculture and the Origins of the European World-Economy in the Sixteenth Century , New York: Academic Press.

Wang, F & Xie, S (2003) “Introductory notes: dialogues on globalization and indigenous cultures.”

Buell, F (1994)  National Culture and the New Global System , Baltimore: Johns Hopkins UP

Katsioloudes & Hadjidakis (2007) “International Business: A global perspective”, Butterworth- Heinemen

Jameson, F (2000) “Globalization and Political Strategy” New Left Review , 4 , pp 49-68. Economy Watch, nd, retrieved from http://www.economywatch.com/economics-theory/globalization/advantages.html

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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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Sociological Imagination Am I Supposed to

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Good and Bad Impact of Globalization

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Globalization's Theories and Effects in The Modern World

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.

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)

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• Sociological Perspective
• Modern Society
• Social Change
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• Social Justice
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• Globalisation Essay

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 Globalisation Essay

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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IELTS Essay, topic: The advantages and disadvantages of globalization

• IELTS Essays - Band 8

Even though globalization affects the world’s economies in a very positive way, its negative side should not be forgotten. Discuss.

Globalization is such a commonly used term in the century. It simply means that the world has become integrated economically, socially, politically and culturally through the advances of technology, transportation and communication. It is undeniable that globalization has resulted in both positive and negative effects which must be addressed accordingly.

Secondly, several companies from the more developed countries have already ventured to establish foreign operations or branches to take advantage of the low cost of labor in the poorer countries. This kind of business activity will provide more influx of cash or investment funds into the less developed countries.

However, one cannot deny the negative effects which derived from globalization. One crucial social aspect is the risk and danger of epidemic diseases which can easily be spread as the transportation becomes easier and faster in today’s advanced society. This is evidenced in the recent birds flu disease which has infected most Asian countries over a short period of time.

As large corporations invest or take over many offshore businesses, a modern form of colonization will also evolve which may pose certain power pressure on the local governments of the less developed countries. Unemployment rates in the more developed regions such as Europe may also escalate as corporations choose to outsource to the cheaper work force from Asian countries.

In conclusion. to reiterate that globalization is inevitable and we must urge individuals, companies and governments to use a more balanced approach by taking the appropriate steps to deal with matters relating to the financial or economical gains verses the social, political or ecological concerns of the world.

This essay is too long, 318 words instead of 250-265. Otherwise (except for some minor grammatical errors) it is a very nice work. It covers the task, has the right structure, the paragraphs are coherent and are logically connected by elegantly used linking words, the structure of sentences is fine and so is your vocabulary. Seems worthy of Band 7.5 or 8.

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Essay: Globalization is good or bad?

Business / Samples May 10, 2011

Sample Essay

Globalization is considered as a modern economic trend and it is known as a collective approach in which the people of the world are combined and unified together in a single society that functions together. The different trends of globalization are technological, socio-cultural, political, economic and etc. The attitudes towards globalization are mixed and different individuals have different perceptions about this phenomenon. However, in a broader sense it can be said that globalization is a good phenomenon and individuals are getting richer because of this.

This phenomenon is spreading in the world and it allows individuals to collaborate with each other and because of this collaboration individuals, societies and economies are benefitting from it in both the short and the long run. It stresses on the core principles of international understanding and customers have more choice because of that (Stiglitz, 2007). Customers can attain quality goods at a cheaper rate and because of this their purchasing power is enhancing. Although globalization possess certain negatives but on a broader scale the positives of globalization are more than its negatives.

Economies are merging together, international trade is fostering, newer markets and players are entering which are benefitting the final customer and certain more reasons are there that easily depicts that globalization is a favourable phenomenon for our societies. That is the reason why one can conclude that because of mutual collaboration and understanding globalization is a beneficial approach in both the short and the long run. Countries and individuals should focus on this phenomenon to reap maximum benefits.

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Globalization as a positive factor Essay

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Introduction

Globalization is defined as the integration of ideas, values and culture among different nations across the globe. People around the world share ideas in the different fields of practices such as technology and economy. Since the emergence of globalization, nations have realized its importance in the different spheres of life. It has facilitated the movement of people across the world and has made it easy for people to interact.

Through globalization, nations have been able to realize many benefits associated with the globalization of the economy. The essay therefore explains the importance of globalization, the economic impact on individuals and countries and how the international security system has been affected as well as the factors that have supported the growth of globalization.

Benefits of globalization

The introduction of globalization across the world has yielded many positive results that have helped in the development of individuals and nations. The benefits of globalization are therefore discussed as follows.

Due to globalization, many companies have been able to source employees for better productivity in the companies. This is because companies with employees from different backgrounds increase the productivity due to the pool of ideas.

Developed countries have been able to create employment opportunities for people from developing countries and this has given them an opportunity to explore the untapped resources in the developing countries hence being able to invest in the emerging markets (Shiva 2005, 1).

Increased competition

Due to globalization, producers have faced stiff competition in the market and this has contributed to easy accessibility of products and services at affordable prices. The stiff competition in the market has led to the production of high quality products and services since domestic companies have no option rather than producing quality goods and services for them to gain advantage in the market.

Individuals from different nations enjoy the variety of products and services in the market because companies are compelled to generate new products and services, which are unique for them to survive in the market.

This has therefore increased the living standards of people worldwide and improved the economy of countries since they do not spend a lot of their resource in achieving what they need if it can be acquired cheaply from other countries (The Economist 2011, 1).

Investment and capital flow

Many companies have invested in countries where there are opportunities hence increased their capital flow. Most developing countries have high chances of increasing their capital flow since they are able to invest in developing countries, which have resources but lack enough capital to explore them.

Globalization has given developed countries an edge to excel in the market due to improved technologies which many companies in developing countries lack and this has given them greater opportunities to invest (Shiva 2005, 1).

Foreign trade

Globalization has made foreign exchange easy among countries due to the agreement on how to operate the business. The set rules and regulations have given people opportunities to operate in different spheres of business without any panic as compared to ancient times when people could snick products to other countries.

This has again increased the living standards of individuals since they are able to acquire what they require without much strain and at cheaper prices as compared to the era when foreign trade was not legalized.

Foreign trade has therefore become friendly to all individuals even to the uncivilized since there are organizations like the World Trade Organizations (WTO), which unite them hence operating comfortably (International Monetary Fund 2000, 1).

Technological knowledge

Globalization has greatly contributed to the sharing of knowledge, which has led to the innovations among nations. Initially, the knowledge of technology and innovation was in the western countries but later spread to other countries, which has led to improved health facilities in developing countries. The political as well as the economic knowledge has developed better methods of agriculture hence increased productivity.

In the section of politics, most countries have achieved democracy, which has resulted to better economy in different nations since individuals are well informed about political matters. This has also made other countries to be more powerful since they are able to exert pressure on the political systems of other countries (Stiglitz 2008, 1).

Integration of culture

Through globalization, people have been able to become citizens of other countries due to search for employment or opportunities to invest. People of different backgrounds have different cultures and when they interact, they are forced to leave some of their beliefs and adopt new values from other culture, which are of benefit to the development.

Due to the free interaction between people of different cultures societies just like individuals have developed new cultures due to influence from other cultures and dropped their own which they feel are not of any value such as dressing styles, cooking styles and other values of culture like music and art (Romer 1986, 6).

Globalization has accelerated the growth of education across the world. Individuals are free to move from one country to another in search of the better forms of education to acquire the necessary knowledge and skills for the chosen career paths.

People are also able to carry out research on various projects in other countries to acquire the necessary knowledge to develop the home countries. For example, Japan is well known for efficiency and high quality and many countries send their people to learn there and apply the knowledge in their countries (Pankaj 2007, 6).

Legal and ethical effects

Before globalization, countries had hard times to prosecute the criminals because of the jurisdictions that existed among nations and criminals could therefore escape the law once they sought refuge in other countries. Due to globalizations, the problem has been solved through the introduction of the international courts of justices, which handle cases of such criminals by bringing them forward for the law to be imposed on them.

Countries have also been able to join hands together and fight against terrorism since there is mutual understanding between the security agencies. This has assisted to curb such cases of crimes hence creation of security (Ritzer 1993, 36).

Environmental and social concerns

Globalization has contributed to the formation of organizations that cater for the environment as well as the social activities. Nations have joined hands to form organizations, which monitor the climate and the environment such as UNEP (United Nations Environmental Programmed), and many other organizations, which have assisted in the reduction of production fluctuations in countries.

Globalization has therefore resulted to better resolutions across the globe in reference to technology, economy and culture. The effect of economic integration and globalization has created many changes in the face of individuals and countries.

For this aspect of economic integration to come to reality, technology has contributed in terms of communication and transportation for business to take place among the countries. Economic integration has contributed to the following benefits (Mulgan 1998, 46).

Creation of financial opportunities

Globalization has made many people realize their dreams in the businesses since they are able to acquire the financial support they need. Before the emergence of globalization, many companies were not able to access the funds they required to develop their businesses since they were limited to local sources for their capital but due to globalization, companies have been able to access money from other developed countries.

For instance, the World Bank is an international organization, which enables companies, and developing countries receive loans for developing at friendly rates (World Bank 1999, 1).

The small business enterprises are also able to access loans to develop their businesses since there are groups, which lend money to people at a non-profit rate, and individuals across the world are able to access them.

In the global economy, the companies can seek foreign investors from any country to invest in their businesses. This has increased the economy of countries as well as improving the living standards of individuals (IMF Issues Brief 2008, 1).

Language changes

Economic globalization has resulted to changes in language since people of different communities with different languages are involved in the business. Before the introduction of foreign trade, many people used to speak in their native languages since trade was done within their territories. Due to globalization, many people have learnt other foreign languages for easy communication.

This has therefore made some languages to be recognized as international like English, which is used as a professional language.

This has led to better ways of communication, which has facilitated unity among nations since people are able to understand one another and the appreciation of other languages that people never recognized. For instance, the Mandarin Chinese is a language that has become of interest among the Americans (Naim 2009, 1).

Cultural impact

Economic integration has created changes in the culture of different countries and communities. Through foreign trade, people have been able to buy new products from other countries, which are designed according to their cultures, and this has led to the appreciation of different cultures.

Many countries have adopted different cooking styles especially in developing countries’ hotels to be able to accommodate people from other developed countries whom they trade with like the Americans and the Japanese. This has therefore resulted to unity among the nations (Castells 2001, 45).

Commercial advances

Due to economic integration, many commercial advances have been realized in different countries. Through this integration, various products and consumer items have gained an edge in the market as compared to the ancient times before economic integration where people could not appreciate goods and other consumables from some foreign countries.

Companies like Coca Cola, Sony and many others have managed to manipulate themselves across the world. This has contributed to the popularity of some products, which were not recognized in some countries hence increased income that increases the economy of a country as well as improving the living standards of individuals (Foreign Policy 2002, 2).

Globalization is accepted by different political arenas due to its benefits to the members. Globalization has therefore been accepted and is likely to continue surviving due to the following factors.

Improved technology in communication and transportation

Due to improved technology in the field of communication and transportation, people have been able to communicate to each other and move across the world with easy.

Through the introduction of internets and phones across the world communication has been made easy that people from different geographical places can communicate as if they are talking face to face when making business deals. Through such devices, people are able to share ideas, which help them develop (Cogburn 1998, 2).

Improved technology in transportation has accelerated the growth of globalization since people from different countries are able to move from one place to another for conferences to discuss globalization issues. Improved transport has also enabled the movement of products from one country to another.

Governments have therefore helped in the realization of globalization by constructing airports and seaports for smooth running of businesses across the world since people are able to move from one country to another within the shortest period (Cha 2000, 3).

Economic liberalization has assisted in the growth of globalization by signing agreements, which enable individual and companies to trade.

Many nations have therefore signed policies like free trade agreements, accepted investors into their countries without any restriction and this has accelerate the rate of globalization growth. Through such treaties, countries have improved their economies and the living standards of the citizens (Bhagwati 2008, 1).

Through human migration

Countries have allowed free movement of people from one nation to another and this has led to the sharing of ideas, technology and cultural values.

Due to search of employment in foreign countries and opportunities for investment, people have been able to share the cultural values since they drop some of the values and adapt new ones to fit in the environment. Through such movements, people are able to improve on technological ideas that contribute to globalization (Giddens 1990, 56).

Through capitalism, individuals are able to pursue their own interest without restriction. For instance, when someone want to develop his/her career he or she is free to choose the institution, which has made it easy for people of different background mingle and stay as one family (Freidman 2005, 1).

Due to democracy, countries have been able to implement laws and regulations, which protect the interests of individual as well the right of the minorities in societies. Such laws have therefore led to the growth of globalization since individuals are able to exercise the authority for instance moving to a different country, or buying of products from other countries even if they are produced within the home country (Bhagwati 2011, 1).

Popular culture

The popularity of music, movies or actors has increased the change in cultural values since people listen to music or watch movies of different cultures, which has led to the appreciation of other people’s cultures. By appreciating a different culture, many people end up adapting it and this has led to globalization (Klein 1999, 1).

Globalization has become wide spread across the world since many individuals and countries are able to benefit. It has led to improved economic status of countries since they are able to export the products and services to receive money for developing their countries as well as reducing the cost of production through importation of the products.

Individuals have also improved their living standards through the creation of employment and easy way of accessing goods and services at a reduced price.

Bibliography

Bhagwati, Jagdish. 2011. Multinational corporations and development: Friends or foes. Web.

Bhagwati, Jagdish. 2008. “ Why the Critics of Globalization are Mistaken ” Handelsblatt . Web.

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• Globalization Positive and Negative Impacts
• Globalization and Development
• Concept and History of the Economic Globalization
• Effects and Nature of Globalization
• Globalization and its influences
• The strategic alliance
• Impact of globalization on the market power
• Globalization Impact on Life Career and Future
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Is Globalization Good or Bad?

The real goal of Globalization during the late twentieth century was meant to establish a single market over the entire globe in hopes to improve the living conditions for all people throughout the world. Consumerism and economic nationalism would shift market and marketing power into an equal level of education, shelter, equal justice and poverty. There four main points that globalization was to address, Migration, Education, Trade, and Investments.

The government would take a step back in their involvement and allow more people to participate in various activities of local sanctions.

Globalization began to emerge as self-serve shopping arrived during the 1920-30’s. Discount stores, large supermarkets, and the first Wamart (Waltons) opened in Rogers Ar. with a new strategy of everyday low price-low profit margin, but rapid turnaround and high sales volume. A supply chain began to emerge with warehousing, logistics, taking orders and credit. Walmart was unfairly attacked by several critics. As the concept spread throughout the world small business owners were affected and some even had to close, but ecominest believed the theory was good for the world by allowing anyone to purchase any goods from any part of the world.

During the mid 70’s economics of globalization began to materialize. Banks began loaning money to third world developing countries investing nearly 33%. Through the next several years the world economy would suffer through Secured and unsecured loans, adjusted loans, and unemployment. An attempt was made by the Obama administration to save the banks with a 700 billion relief and a 787 billion stimulus package to get people working and recovery.

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Idealists began to rethink globalization, it could either be rapid growth or a complete disaster. It was a demand driven production, the public would determine the production. Consumerism would now spread free trade and technology to create markets. The IMF promotes international financial stability and monetary cooperation by facilitating trade, employment and growth reduce world poverty. However, in order to belong one must respect the copyrights, patents, and trademarks of each other. China refused to respect.

The question remains does the global economy and global regulation really bring stability and equality? Some critics will argue that we need to reign in globalization. Is it good or bad? Maybe both. According to the World Bank the poverty level dues increase from 1981 to 2001 but only increasing 389, Is this enough? The world bank does not account for public goods and services. Transportation of products and information allows for a faster understanding of what is traditional to a certain area and breaks down barriers in the cultural understanding between nations. As a result, some statists show that the poverty level has dropped and it would appear that nearly 400 million people worldwide. How do we measure human life?

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Is Globalization Good Or Bad Essay

Show More Globalization: The Good, the Bad, the Ugly As a beginning business student, I have yet to determine whether or not globalization can be considered positive or negative for the world markets. To me the idea of something being good for business would be simply something that increases the profitability of the business. However, when talking about large concepts such as globalization , it is hard to definitively say that it is good or bad. By understanding the pros and cons of globalization, I hope to shed a better light on globalizations role in the greater scheme of world economics. Globalization has impacted the world greatly, the aspects of national autonomy most greatly influenced by globalization are financial, industrial, technological, political and cultural. The Bad and Ugly In the 1980’s, when the World Bank and the …show more content… The widespread availability of global goods, services and ideas positively impacts the lifestyles of globalized countries citizens. Advocates claim that globalization benefits individuals by providing (Premise 5) more opportunities for work and travel abroad (Conclusion 5) due to liberal immigrant laws and foreign worker programs, better access to external financing, greater consumption of worldwide entertainment (e.g. music, sports and fads), and the rapid exfiltration of consumer products (e.g. food, clothing brands). Conclusion Many of the arguments for and against globalization are well founded but definitely depend on your personal perspective, or at least the perspective of where you are at in the proverbial food-chain. There are many, many examples of “good” globalization results (increased global trade) as well as “bad” results (drug cultivation). With the advent of the internet, globalization is here to stay and will continue to weave its way deeper and deeper into global

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• International trade
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