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Essay On Globalization

1665 words - 7 pages

Globalisation is a multi-dimensional manifestations, a process of interaction and integration within the world, and is a highly discussed and contested topic in today’s context. Globalization includes aspects like: economics, politics, ideas, knowledge, culture, society, environment, health, social etcetera. Though globalization can be traced back into time immemorial, but the extent and magnitude of present globalization is unprecedented. The integration and interdependence of globalization implies that today local event can have global impact and vice-versa. With the ongoing globalization process, it raises concerns about international security. Academic debate of whether globalization ...view middle of the document...

Globalization is multidimensional process, and “is best understood as the creation of a variety of trans-boundary mechanisms for interaction[s] that affect and reflect the acceleration of economic, political, and security interdependence.” Scholars like Zevin and Wade argue that globalization is nothing new, and prevailed even in ancient time. In fact, Steger has traced globalization 12,000 years back. However, many scholars like Drucker, King and Schneider considers present form of globalization as a completely new phenomenon. Nevertheless, Carmel suggested that present age is the 2nd great age of globalization which started after WWII, while first great age prevailed in the early years of 20th century. Economic globalization is one of the principal forms of globalization and some of the academics argue that globalization indeed is a series of economic phenomena. Economic globalization can be defined as “a set of processes leading to cross-border integration of factor, intermediate products, and final products markets along with an increasing salience of multinational corporations in economic activity.” Major aspects of economic globalization are cross border trade, flow of capital and integrated financial transaction. As per World Investment Report’ 13, 60% of world trade is on intermediate goods and services amounting almost $ 20 trillion, which is directly linked with globalization. Economic globalization is gradually transforming the world into an interdependent and integrated single global village. Production cycle of Ford’s Lyman car is a true example of economic globalization. It is designed in Germany, its pump comes from USA, gearing system comes from South Korea, and engine comes from Australia while being marketed all over the world.
Development in science and technology and concept of open market economy are the two most significant driving forces for economic globalization. Development in science and technology has reduced the cost of transportation and communication to a great extent, thus influencing economic globalization. Comparing with 1930, shipping cost has been reduced by 100%, airfreight by 600% and telecommunication cost by 10,000%. These have offered shrinkage effect in time and space and made cross border, network-based economic activities possible. Besides, with the increase in reputation, more and more countries are welcoming open market economy through market-oriented reforms. Thus, the advancement in technology and open market economic reforms have helped converting political boundary meaningless for economic activities.
Developed countries are the main proponent, contributor and beneficiaries of economic globalization, and multinational companies (MNC) can be considered as the main agent of economic globalization. With economic globalization, there is a boom in number of these MNCs and their economic power. In 2005, there were more than 75,000 MNCs in the world. In 2000, a study shows that, out...

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