Globalization Essay

Decent Essays

Globalization is defined as “The worldwide movement toward economic, financial, trade, and communications integration” by the Business Dictionary. In the past couple of years this word has been everywhere. Globalization has been the center of talk in a bunch of business and social subjects, whether you knew it or not. I say this because the effects of Globalization is everywhere in our daily lives. Some examples of this would be when you contact a friend from overseas by a press of an app or the login of an online profile. Or when you buy clothes from a company based in Spain, whose cloths are made in turkey. Globalization even affects your ability to get certain fruits and vegetables year round even though you should technically only be …show more content…

Lastly was Phase three of Globalization that allowed individuals to interact and share information worldwide. Friedman believed this was the most important phase because it was also the phase were power was shifted from predominantly USA and European markets to markets all over the world. Friedman believes Globalization is making the world a lot smaller, and at the same time giving a level playing field for everyone to try and share their information. The following document labeled “A smaller World” explains how the Hypothesis “death of Distance” is false. The document which was written by the OECD Observer, goes on to talk about how no matter the technological advances, transportation will always be a big cost in the overall selling of product. The document goes on to say that despite all the technological advances, cost of transportation has not gone down at all. That it has actually gone up with time. The Study in the document goes on to support by saying “10% increase in distance still reduces trade by around 10%- the same rate as 30 years ago”. Later in the document it talks about how being close to other wealthy economical countries can help GDP while being isolated could hurt the GDP. The OECD Observer wants to get the point across that no technological advance will ever truly bring down the cost of transportation of goods, and that policymakers should realize that. That trade between closer

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