Globalisation and Its Challenges for the Second Decade of the 21st Century

Globalisation is the growing collectiveness of our world economy, tending towards functioning as a singular entity opposed to multiple separate constituents (Longman,2002). Globalisation is not a modern process, and has been taking place for a considerable length of time as stated by Ellwood (2001:12) ‘Globalisation is a new word which describes an old process’. The process itself is fuelled by human innovation and technical progress, this in turn is spearheaded by sizable companies referred to as multinational or transnational companies (MNCs or TNCs), in an effort to expand their operations these businesses expand their global reach in search of new business opportunities, resulting in an interconnectedness between an expansive range of economies. This essay aims to assess the causes of globalisation as well as analysing its effects, not just economically but on a cultural and political level.

Globalisation has considerably changed the face of how economies and countries operate in today’s world, enabling the openness of transactions with one another. It is due to the humanistic desires for the pursuit of prosperity that the concept of globalization paves a pathway to which economies can achieve this – facilitating the capacity to strengthen and condition existing relations between these countries.

The International Monetary Fund (IMF) was created in the mid-1940s as a direct result of the chaos created by the individual central banks before and during the Great Depression. With the advent of economic globalization, it became clear that the uncoordinated policies of individual central banks was becoming a hindrance to global growth and financial stability. In December 1944, the IMF formally came into existence with 29 members, each agreeing to cooperate on the international stage to stabilize exchange rates and

First of all, globalisation is defined as a process of exchanging of good and services, labour and

This is the integration of economies, industries, markets, cultures and policy-making around the world. [1]. Globalisation describes a process by which national ...

Globalisation is a complex and multifaceted set of processes having diverse and widespread impacts on human societies worldwide. Despite widespread interest in its emergence and impact there is only a limited consensus in the literature on what precisely globalisation actually is (Saker et al. 2004). Reviews of existing literature has identified some of the key defining features of globalisation. Globalisation can be defined as a set of processes that are: “changing the nature of human interaction across a wide range of spheres including the economic, political, social and technological environment. The process of change

Throughout the years, globalisation has developed into, not just a technique of market approach but rather a necessity. With ever increasing improvements in transport, communication, and reduced trade barriers, international trading which was once considered a luxury is now a necessity in many sectors (Vrontis, D. et al 1999).

The theory of globalization today is a field of intensive debate as the efforts towards defining globalization most often highlight its individual aspects. According to Held and McGrew (1999), “globalisation is an idea whose time has come, yet it lacks precise definition”. Despite the ambiguity of the term “globalisation,” the use of the term, according to Held and McGrew, reflects increased interconnectedness in political, economic and cultural matters across the world creating a shared social space. Given this inter-connectedness, globalisation may be defined as: “a process which embodies a transformation in the spatial organisation of social relations and

‘Globalization: What’s new? What’s not? (And so what)’, portrays the speed in which globalism has increased through many different factors; economically, military, environmentally and socially. This is an idealist analytic approach, not set in stone. This leads on to

Globalisation can be defined as the movement toward economic, financial, trade, and communications integration by countries and their populations globally. It is a constant process and it has resulted in the intertwining and generalisation of the needs and wants of people

In this essay I will give a detailed explanation of what sociologists mean by the term ‘globalisation’ and how they have tried to explain it.

This world is a very small place, which has been made possible by Globalisation. Most popular in the 1980’s although the word “global” is over 400 years old. It is “the most important change in human history” (Bauman 2003). Globalisation is a shift of knowledge and ideas, goods and money across national border that has connected the world 's populations not only economically “the global marketplace” as used mostly but also politically, socially and culturally. It links the “traditional" societies with the "Western" industrialized ones. This essay deals with a very popular heated debate, whether globalisation has good or bad effect on developing countries, further analysing the impacts of globalisation with some relevant examples from South east Asia, Africa and other developing countries.

The International Monetary Fund—also known as the “IMF” or the “Fund”—was conceived at a United Nations conference convened in Bretton Woods, New Hampshire, U.S. in July 1944. The 45 governments represented at that conference sought to build a framework for economic cooperation that would avoid a repetition of the disastrous economic policies that had contributed to the Great Depression of the 1930s.

In the year of 1327, Kind Edward III of England defaulted on his Italian debts. This caused the banks of Bardi and Peruzzi in Florence to collapse. Who would know that over 650 years later, the world would still have these types of problems? After World War II, the need for an organization like the IMF was finally realized. After the war, politicians and economists began to work on blue prints for a postwar world. They envisioned a liberal international economic order, based on stable world currencies and revived world trade. The International Monetary Fund (IMF) finally came into existence on December 27, 1945. On this date, twenty-nine

A definition of “Globalisation” would be that : “Globalisation typically refers to the process by which different economies and societies become more closely integrated3.”