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Details:What is globalization? Is it new? When did globalization
begin? What are some of the problems that accompany globalization
today? What are some of the ways globalization works? What are some
possible solutions to these problems? Discuss how globalization
affects you, both pro and con. I want to know what you think.
Here’s a snippet of the essay.
Globalization simply means extending to other parts of the world. It is the integration and movement towards trade, economic, financial and communication on a worldwide scale. Globalization refers to doing business and exchange of capital, goods and services beyond national boundaries into other parts of the globe. Trade is done on an international scale thus connecting the various parts of the world. Globalization is not a new concept and has been around for generations. The beginning of globalization cannot be dated back to a specific date only estimates of the particular period. According to Horst Kohler, globalization began back in the 11th century with the Venetian republic. Large scale globalization was however witnessed from the 19th Century.
Process of globalization
Globalization is the free flow of resources, communication, technology, information capital and knowledge across nations in the world. Firms are able to conduct trade both in their host countries and in foreign countries with limited challenges due to globalization. Investors can also invest in firms in foreign countries. People can move freely in any part of the world leading to the flow of knowledge, and culture across all parts of the world. People can also choose to work in any part of the world they please and firms can source employees from any part of the world. Businesses are also free to expand and open up chains in other parts of the globe other than their host countries.
Negative impacts of globalization
Globalization involves interconnection of various nations through economic and social activities. Trade is being conducted beyond the nation itself meaning that in case of an economic disruption in one part of the world, other areas will experience the same. An economic downturn in one country is likely to have a ripple effect on others. Globalization has also led to formation of international bodies like the World Trade Organization that limit the sovereignty of both individuals and nations. Globalization contributed to the increased flow of jobs, both skilled and unskilled, from developed countries to third world countries. Firms in developed countries are outsourcing labor from the third world countries in order to cut down on costs. Labor in the third world countries is cheap thus making it more favorable for firms that want to cut down on costs. Globalization has also led to increased competitiveness in the global market, forcing firms to engage in unethical practices for survival. Globalization promotes interconnectivity between nations in the globe that enables free movement from one part to another. The free movement allows people with ill intentions to move freely and engage in criminal activities such as terrorism. It also promotes the spread of diseases across borders with a good example being AIDS which originated from one section of the globe and has managed to be transmitted to all other parts of the world. The increasing gap between the rich and the poor can among other things be attributed to globalization. It has led to creation of wealth that ends up being possessed by corporate and corrupt governments leaving the poor in the same state. Globalization has also led to environmental degradation with the worst hit being the developing countries. Industries set up in developing countries dump their garbage waste in the towns causing accumulation and pollution. The raw materials and resources needed to run the industries also cause depletion of the natural reserves in the planet. These problems could be solved by empowering all countries including the developing ones with the necessary knowledge to compete fairly in the highly competitive global market. The concept of globalization needs to be freshly understood since over the years it has become complex and ambiguous. Strategies that ensure everyone gets a fair share of the benefits of globalization then need to be formulated (Boudreaux 9).