Globalisation, a result of social development, can be described as the increase in cross-broader trade and influence on the economic and social behaviour of nation states (David Begg, 2003:272). This process has affected the world widely and deeply, principally in economics, industrial, technological, political and cultural aspects.
Today’s world can be described as a ‘global village’ (Marshall McLuhan,1962) in where business transactions, instantaneous movements of information and human migrations have pushed physical and conceptual boundaries away and thus contributed to the process of international integration. In 2004 Crafts defined globalisation as “a process of integration of goods and capital markets across the world in which barriers to international trade and foreign investment are reduced”.
In today’s fast-moving world, globalisation is much more than outsourcing labor-intensive production to lower-wage countries. Previously globalisation has been more about the free movement of people, now that technology has improved the focus has now shift. Today there is a heavy focus on “knowledge intensive” goods, which has led to a lot of investment and research to develop highly skilled labour. The empowerment of people and companies is the main difference between today’s globalisation vs historically. Globalisation also explains why people are taken out of their comfort zone and challenged to adapt their approaches to evolving consumer demand.
Globalisation is evident in our everyday living, and is inescapable; as it portrays many forms and directly influences each individual. Maston (p.4, 2014) defines globalisation as an ‘increasing interconnectedness of different parts of the world through common processes of economic, environmental, political and cultural change’. This complex global system can be incorporated, embraced or rejected by a local culture. However, throughout humanity’s existence, unique locations, beliefs, values and way of living are disturbed by the proliferation of change from other customs. Physical, social and cultural elements are reshaped which can result in a sense of detachment and loss of place and culture. The process of globalisation,
There is a widespread belief that the world at the beginning of the twenty-first century is changing more rapidly and dramatically than ever before. Generally, many of those changes are also believed to be connected with something called “globalisation”. Globalisation, as David Held(2002) pointed out, is defined as “a shift or transformation in the scale of human
Globalisation is a multifaceted concept including political, economic and social elements. It refers to to the connectedness at continental distances through the flow of people, information, capital and goods (Clark 2000, as cited in Potrafke 2015: 510). It is also linked to universalising markets and production, technological innovation, privatisation of state agencies, trans-national organisations and spread of common culture (Urzua 2000: 421). Wood (2006: 29) stated that globalisation is not a new phenomenon and that the potential effects, both positive and negative, where somewhat predicted by Marx and Engels. They expressed concepts such as rapid change and uncertainty, integrated global supply chains and spread of common cultures across all nations, which is remarkably similar to the world we live today.
In today’s world, globalisation is the primary factor that drives the development of the economy. The concept includes all the entities that operate in the economy whether it is the common consumer or the nation’s government. Globalisation has a significant impact on the society; the relationships formed in the labour world are quite different as there is a complete new set of rules to deal with (Tallman; 2002); for instance, people often migrate into new cities for jobs, people come from all over the world with various social backgrounds, and constant change in technology are just some aspects which are changed and dynamic in the labour world due to globalisation. There are many shifting forces in the international business world where there is increasing connectivity in a myriad of ways; here, globalisation is causing a system of interdependence where the economies, societies, technologies, governments, and institutions are integrated (Narula, 2014). Essentially, the force of globalisation reduces the barriers that nations have between one another where global markets are formed. As a result, there is immense pressure for all entities to conform to the global standards set by globalisation.
It is both a fact and a process – the ongoing shrinking of time and space, or slightly, more elaborately, the acceleration and intensification of interaction and integration among people, business, other organizations and governments. (Curtis, 2008) It is commonly measured through trade liberalisation—the removal of trade restrictions to direct an increase in the volume of transactions in goods and services and of international capital flows (Osland, 2003). Globalisation has become an increasingly controversial topic, and as with all economic change, it is a trade-off with winners and losers (Osland, 2003). Its presence and benefits is unquestioned by many while in other circles, scholars such as Karl Polanyi, Arthur Schlesinger, Jr., and politicians, particularly in the
The emergence of the global market, the convergence (coming together) of lifestyle, social values and preferences, the wearing away of state sovereignty, the interconnectedness of human activities as well as global economics and business interdependence. If studied intently it will be discovered that the progression of this key phrases also point to the history of globalisation. I will also have the many dimensions of globalisation evident to construct a definition fit for purpose.
Traditional international trade involves a complex system of trade barriers to ensure the protection of domestic industry and its workers interests. The trade impediments and subsidies include protective tariffs, import quotas, non-tariff barriers such as licensing, and export subsidies. Originally, a country’s economy acted independently of other nations. The growing trend since the establishment of GATT in 1947 is globalization.
Globalisation has made up enormously over the last half-century after taking place for hundreds of years. Globalisation development of the increasingly interconnected which results massively increased trade and culture exchange. This production has had an increase of goods and services; the biggest companies are now multinational corporations with subsidiaries in many countries (Bbc.co.uk, 2016).
The term ‘globalisation’ has many meanings depending on what academic discipline you belong to. Many scholars have asked whether we are living in a globalised world or whether it should be renamed internationalism, with nations driving the interlinking through governments. Others claim that globalisation has nothing to do with government control but rather is controlled by market forces, led by the multi- national corporations (Held & McGrew 2003).
As the subject for this Paper I choose Globalisation. The main reason for this choice is my fascination with the subject as well as the fact that in the last few years globalisation has become a much-discussed issue. In this Paper I will attempt to explain the meaning of the word globalisation and I will analyse the advantages and the drawbacks of a global world. Globalisation has changed the face of
Economic globalisation has been defined by (Cloke, Crang and Goodwin, 2013 p.414),” As the growing integration and interconnectedness of a range of different dimensions of the world economy”. (Cloke, Crang and Goodwin, 2013) talk
Globalization is the process in which we as humanity are coming together to form a global economy around all sorts of different infrastructures. “The globalization process implies the incorporation of national economies, cultures, political systems and various identities of capitalist system which require the removal of all hurdles to cross-national interaction and exchange often created earlier by protectionist states” (Aamir, 1). Globalization is the greatest thing to happen to us as humans, we will form together instead of being pushed apart. Companies trade with each other from different countries, this allows a wider market for both participants and makes more jobs on both sides of the trade, giving economic structors for countries in poverty. This joining of countries will allow a hermans period of our history and become the beginning of a new age where we do not fight each other for resources but work together to gain more than land or wealth. Many are concerned that these changes will leave the poor behind to become dust in the wind, but there are many global institutions that are helping to keep this from happening. Some of these Institutions like the World Bank(WB) help by giving money to countries in poverty to allow them to grow and prosper like other countries and become part of this global phenomenon. Along with these Institutions, countries that are more fortunate are attempting to help the global trade process by creating promising treaties and methods of