The Effects of Globalization

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Effects of Globalization Globalization involves "shrinking" or reduction of the world as well as an increased consciousness in regards to the world as a whole. Globalization is a term which is used in the description of changes in societies and the economy of the world which results in a dramatic increase in investment, cross border trade s well as cultural exchange. Globalization is dominated by nation states, economies of national and the cultural identities of nations. Globalization creates an interconnected world with a global mass culture which is commonly referred to as a global village (Egnatz, 2011). South Africa is integrated highly into the world economy. South Africa is the strongest African economy and has attained positions like being a member of G8 .All these are as a result of globalization. Globalization has had an impact on the economy, the government and social nature resulting to some effects. The paper will look at how globalization has affected South Africa under several categories. It will also give an explanation on the actions of successful global business leaders on improving conditions that have been worsened by globalization. Equality Whether inequality is measured in terms of disparities between social groups, per capita income or gross domestic product or even by poverty and wealth levels in terms of accessing food or health care South Africa can be termed as a grossly unequal country. Globalization has brought about inequality in many
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