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Globalization

Autor:   •  November 14, 2013  •  Essay  •  2,013 Words (9 Pages)  •  550 Views

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Question 1 Section A

Globalization is the process of increasing interdependence and connectivity of global economy and social interaction; trough trade, politics and a continuous capital and labour movement among nations. With globalization national ideals of one country are easily accepted by another, as a gradual understanding in the advantage of integrating, heavy similarity of national policies can form a tight social familiarity among countries, subsequently establishing a union between these countries, leading to a more connected and manageable national affairs, within their borders. As these countries, procure governmental decision for its pupils, based on the directives of a central body officially formed based on unilateral agreement between countries of association.

With globalization the economies of countries have become more interrelated than previous generation, leading to a global economy that forms a web, which influences every individual country; procuring to rise of financial institutions (World Bank and IMF) for regulating the global economy. With such, an ever increasing connectivity, economic instability of one country forms a ripple effect, that burdens countries that have economic interest in this particular country, however the severity of such an event is directed from the scale and magnitude of the country effected with economic unrest; it is more evident when the more developed and wealthier countries are wretched with this negativity. Lest, such connectivity can provide its advantages as the freedom of exchange of goods and capitals tells us that the interrelated market and any kind of economic collapse in one country could be managed by others.

Globalization has benefited the industrial segment of countries, with the reduction of international trade barriers such as tariffs, export fees, and import quotas and the reduction of restrictions on capital movement and on investment. Enables Corporation, in establishing franchises at foreign lands, thus creating new economic prospect for its business; resulting from the increase of customers. This has helped in facilitating with the movement of goods and materials between and within the national boundaries, thus, benefitting the host country commercially. However, such an event is not without its flaws, as corporation seek countries that are willing to accept a lower minimum wages for its pupils, directly influences, an increase of unemployment at home country, since jobs are transferred to cheap labourers or sweatshops.

As corporations, grow and have an increasing threshold on national and foreign economies, they are able to significantly influence with regard to policy formation in many national governments and in transnational bodies such as the European Union and the World Bank

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