What Is “Globalization”?
Globalization is the growth, expansion and integration of different systems such as economics, culture and politics on a global scale.
Western countries went to third world countries and persuaded their citizens by blaming their economical and social problems on their technological backwardness rather than the exploitative nature of their political system. By accomplishing this, the western countries gain entry into the nations and trade technology for resources and labour force. This ultimately leads to westernization of the third world nations (James Ferguson 2001 , 407).
Westernization is the assimilation of Western culture. It is the social process of becoming familiar with or converting to the customs and practices of Western civilization.
What are the Effects of Globalization on the World Today?
Globalization is perhaps the only phenomenon that effects today’s world as intimately and permanently as evidence that is available now suggests. It has tremendous potential for helping the state of the planets ecology, economy, and education systems to improve, and it does, but it also has an incomprehensible ability to bring ruin to the world like nothing else can, and it does.
Globalization helped the production markets go global. When production markets went worldwide, foreign products became more easily accessible and readily available to the consumers and companies. This brought about trade on a larger scale between the countries national boundaries for goods and materials. An example of how Globalization brought about a positive change in the world.
Globalization gave birth to the worldwide financial markets and helped make access to external financing more readily available for borrowing consumers internationally. Unfortunately, the emergence of these global structures was more rapid than any regulatory control system that was or could have been implemented to ease this global transition. Resulting in degradation of the financial infrastructure of the world and causing the global financial crises that the world is suffering from today. An example of how Globalization gave birth to a horrible global crisis.
Due to globalization, the competition in the global market has increased substantially. Global business markets have to constantly upgrade their technology and products, while improving productivity simply in order to match footing with the competitive market only so they can survive.
The interconnected nature of the global common market, which permitted the free exchange of goods and capital between markets, also is the reason why a collapse in the economy of any country, has undeniable effects on the economies of all the other countries taking part in the common market.
Globalization is employed as a political tool to create institutions of governments (e.g. World Bank); whose only purpose is to regulate the relationship between the governments, and helping to provide rights that are become essential...