The Economic Aspect Of Globalization

Globalisation is expressed in transcontinental flows and networks of activity, interaction and power between countries, irrespective of geographic distance. It establishes and maintains economic, political and socio-cultural relations. This interaction helps economies through growth in international trade, investment and capital flows. Some factors that have acted as the driving force of globalisation include technological innovation as it had made transport and communication around the world easier, capitalism and trade have also played an important role in encouraging globalisation. Trade

Company Overview: The Australia and New Zealand Banking Group Limited (ANZ Bank) was first opened as Bank of Australia in Sydney in 1835. It then established an office in Melbourne in 1838 which is where its current headquarters is located. ANZ operates in 33 markets globally with representation in Australia, New Zealand, Asia, Pacific, Europe, America and the Middle East. ANZ is the 3rd largest bank in Australia, the largest banking group in New Zealand and Pacific, and among the top 20 banks in the world. It provides a range of banking and financial products and services to over 9 million customers and employs over 50,000 people worldwide.

This research finds and evaluates the connection between globalization and saliency of national identities by disaggregating globalization to find the most interactive component: human migration, technological/communicative, or economic globalization. Existing literature looks at the interaction globalization has with ethnic conflicts, and some identities, but none look at globalization disaggregated and its interaction with the saliency of national identity. Disaggregating globalization is necessary to see separate ramifications from human migration, communication and technology, and economic globalization on saliency of national identities in Africa. Additionally, case studies look at countries in Europe and Latin America, but few look at the continent of Africa. Additionally, this research addresses a divergence in literature over whether national identity or global identity is growing more important with globalization.

As international business cannot make profit in a new market if remained unchanged in this wave of fast-changing globalization, localization helps them adapt to their new international markets and effectively gain the most out of this process. If localizing in the era of globalization is so helpful, why can’t countries as a whole also learn from it to better adapt to the macro-environment of economic globalization? Glocalization, as stated by sociologist Roland Robertson, “the simultaneity – the co-presence – of both universalizing and particularizing tendencies,” can be applied beyond business to reduce existing income inequalities in the world caused by disparity among countries’ development. To promote glocalization, local government should understand its country’s internal factors so that it can enact changes to its infrastructure to adapt to economic globalization and solve accompanying challenges such as increased income inequality within the country.

My first recommendation to promote better allocation of resources at the global level is to form a new development strategy focused on the needs of each individual nation state. This strategy relies on a total disregard of the Washington Consensus’ overgeneralized liberal development policies. The World Economic Forum needs to form committees for every under-developed country dedicated to the specific needs of each nation. Each committee must focus on the complex interrelatedness of social, political, economic, cultural, and natural factors unique to each nation. This individual tailored approach to development is time consuming, but it is a critical component of truly tackling the issue of development. This approach to development relies on the disintegration of globalization. The needs of many countries do not align with capitalist polices, and thus undermine the concept of a globalized capitalist market. My plan relies on an individual country-by-country development plan.

Globalization is the proximate and multidimensional set of political, economic, social, and technological integration around the globe. The increasing interconnectedness among countries can be seen through the prism of globalization. Essentially, the lives of people living in distant cities like Bangalore and Silicon Valley are brought closer as a result of this phenomenon. Drivers of this adjacent include; the expansion of trade, technological exchange, labor movement and investments (Stearns 2017). The discourse of globalization encompasses several multidisciplinary themes. The paper, however, concentrates on the economic factors, “which, entails the closer economic integration of countries of the world through increased flow of goods, services, capital and even labor.” (Stiglitz 2007: 4). The paper focuses on economic globalization and elucidates whether the globalization has reduced poverty and inequality or had reproduced the reversed implications. Meanwhile, the paper reveals if the developing world has benefited from the set. This seems to be the central question that policymakers, development economists, and politicians have been grappling with for years. The paper is presented in three parts. Part one reflects on the historical context of the problem statement. The second part compiles literature and juxtaposes with cases to corroborate the globalization-poverty-inequality triangle. Finally, the conclusion represents the author’s viewpoint on the

How can we keep our community identity intact when globalization redefines our history and democracy? As community members and citizens of the world we should understand how globalization is effecting our cityspace and realize vital components of a prosperous city are diversity, neighborhoods, and local governance. To understand these issues we will break down the economics and sustainability of globalization and further define these vital components.

Having good historical context is very important in dictating the needs of a state. It is essential in knowing what certain trends and cultural roots a society may have. For example, Brazil received a huge boost in its economic development when globalization first occurred because they now became a central trading hub in South America. ‘Why is Brazil “Underdeveloped” and what can be done about it?’ states, “From 1913 to 1980, Brazil experienced sustained growth, interrupted only briefly in the early years of the Great Depression, at nearly two percent per year from 1913 to 1950 and nearly four percent from 1950 to 1980. In this period of nearly seven decades, Brazil had the fastest growing economy in the western hemisphere. Per capita GDP increased over eight hundred percent, from $678 in 1900 to $5570 in 2000, measured in 1990 dollars. Brazil’s economy gained on the U.S. economy, rising from only ten percent of US GDP per capita to over 20 percent.” This goes to show that clearly there is some benefit to having yourself involved in the world market which was created as a result of globalization. Although, it is also important to note that this also had an adverse effect on them later when their global market was no longer as valuable. This article later mentions, “Excessive centralism in the nineteenth century prevented municipal and state governments from borrowing abroad, or at home, to invest in needed infrastructure, such as road, ports, railroads, utilities, schools,

Globalization, for it or against it, this is a topic you cannot escape. The influences of globalization are impacting every country around the world. Fred Hu and Michael Spence wrote "Why Globalization Stalled: And How to Restart It" published in the July/August 2017 issue of Foreign Affairs. They argue that globalization is a necessary evil that needs to be addressed on many levels to create a sustainable global order that meets the needs multilaterally. They make a successful case as to why we would be better off reforming globalization by touching on the issue many countries are struggling with, which is increasing trade growth while balancing wage inequality and trying to find a balance of protectionism and nationalism. Some people think if we ceased globalization in the United States it would increase our national equality, however, that could not be farthest from what we need. To preserve our spot as number one we need to work on issues here in the United States because foreign trade policies are not progressing with advances in technology, there are inequalities that are creating a sizable gap in our economy, and politicians are focusing on nationalism and protectionism to boost their own agenda's rather than address the real issues.

Globalization is a process through which different organizations connect and coordinate with people and governments bodies of different countries for the international business through exports and imports, investments using technology across the world (Globalization 101, 2016).

Globalization, the process by which businesses or other organizations develop international influence, is a very important aspect in the operation of a company. Globilzatoin encourages companies from around the world to compete in the global market, which also impacts the growth and value of an international corporation. Internationalization is a company is costly and time consuming for a company because it requires extensive strategic planning, implementation, and analysis of a given global market, opputunities and threats. However increased involvement in foreignl investments is a strong portfolio asset for a company, and can ultimately lead to big opputunitiy pay offs and increased profits for any company. Some international businesses also benefit from the advantages of globalization, making it more manageable in other areas of their business including: operational expenses, labor expenses, and low cost resources by the processes of Offshoring and Outsouring certain sectors of their business and its operations. Of all the possible benefits of merging a business into the global market, the impact it has on branding for a company is most important, Brands like Louis Vuitton, Apple, & Macy’s are all prime examples of companies that have expanded their products into global markets by strategically planning, implementing stratagegy, and constantly researching and analyzing the international market structure. Tapestry Inc, is an example of a company in the intancy stages of

Globalisation is subject that has been well discuss over the years and there have been many different definitions of it. for example, some describe it as “a process by which the world is becoming increasingly interconnected because of massively increased trade and cultural exchange” (BBC). Another definition is that “a process of interaction and integration among the people, companies, and governments of different nations” (Globalization 101). However, globalisation is not a new phenomenon or something that has just been happening for a few years, people have been trading for thousands of years, one example is the famous Silk Road which runs across Central China and connected China and Europe in the Middle Ages (globalization 101), but it is in the last century that this globalisation phenomenon has been growing at a fast pace (Nassar 2007:2). Therefore, we can all agree that the term Globalisation has been use to describe the integration of different topics such as the market, values, environmental and political concerns that different nation may have across the globe, for example the technological and economic development which help western manufacture companies to produce their goods using cheap labour from Asia, or the political issues which helps to regulate “international corporations and the privatization of state assets in order to meet the requirements of the IMF and World Bank” (Aas, Katja Franko. 2013:3, Nassar 2007:2). One of the main reason for globalization or global integration is to generate higher profits and the desire for greater economic success and better future for everyone. (Nassar 2007:2)

When we think of globalization historically, should we apply it within the frame works of archaic, proto and modern? A. G. Hopkins who wrote Globalization in World History tends to think we should. He defines archaic globalization as before to the industrious revolution and the creation of the modern state prior to 1500. For Hopkins, this time period planted the seeds of what would become the proto period. In proto-globalization, from 1500-1800, arose the beginnings of the state and the dilation of the global economic system by increased efficiency in revenue exploitation and the revolution of military fiscalism. Lastly, modern-globalization began to emerge in the mid 1800s to the mid 1900s. What defined this period separately from proto global periods was the ascent of the nation state and the aggrandizement of industrialization.

Economic globalization has become the most important feature and a general trend of present world economic development. Globalization is a phenomenon and also a process of development of mankind and human society (Hamilton, 2008). It is the essential feature of the modern age. Globalization is the cross-border flows of capital and goods, including capital, labour, technology and natural resources (Bożyk, Misala & Puławski, 2002). Economic globalization is a historical process, and the germination of it could date back to the 16th century. After the industrial revolution, capitalist commodity economy, modern industry and transportation have been developing rapidly. The world market was fast expanded and the foreign trade was

Economic globalization has voluminous positive influences on international security as well. The most important effect of economic globalization is that it curbs the authority of state. It also reduces states’ dependence on military based security and ultimately reduces states’ monopoly on security. This effect is considered by many, a prime factor contributing towards peace and stability. There are number of factors associated with economic globalization which affects states authority.