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Perceptions and realities of globalization.

The reality of "globalization" is that it is a continuous economic process driven both by fundamental economic policy changes by individual governments and by technological innovation. New countries and sources of supply of and demand for an ever-increasing number of goods and services are being integrated at an accelerating tempo into a hitherto OECD-centric global economy. As such, it is an inclusive process through which emerging countries like China and India join the developed nations as increasingly integrated "equal partners" in a now truly global economy. The fact that in the global IT services industry, for instance, Indian multinational companies such as TCS or Infosys are now—less than ten years after they first ventured outside India on any scale—competing head-on globally against established US and European multinational companies like IBM or SAP for high value-added service contracts is testament to the novelty, speed, and broad scope of today's globalization.

However, the perception of "globalization" among the European public and certainly as expressed by many voters in America's current election cycle is very different. Among large groups of the traditional middle classes on both sides of the Atlantic, "globalization" is rather perceived as a transfer of existing jobs, know-how, and wealth from developed countries to the new and rapidly growing economies, especially China and India. In other words, not an integrative process, which new participants join, but rather a zero-sum type process of transferring "opportunities for an economically secure life" from one part of the world to another.

In recent years numerous public polls have documented how public support for free trade has plummeted, especially in the United States. While such polling is invariably heavily affected by the precise wording of the questionnaire—the words "globalization" and "free trade," for instance, elicit a very negative response among the American public while conceptually largely synonymous notions such as "world integration" and "free markets" score far better—the political headwinds faced by supporters of globalization have become tangibly stronger. Whether it is expressed by Die Linke in Germany or blatantly protectionist (usually Democratic) members of the US Congress, increasingly elections are won on outright "antiglobalization" platforms. This is a big change from the 1990s.

Few voters probably truly like the kind of economic change that entails increased competition for their own jobs, even if they at the same time save a few percent annually on goods and services purchased and enjoy interest rates 50 basis points lower. Exponents of free trade and globalization, therefore, face a perennial political challenge of having to "sell a case" for a process of economic change that unambiguously enhances wealth and welfare in the aggregate, but one in which individual voter gains are small and very widely distributed, while potential losses are large and heavily concentrated.

Nowhere is this more pertinent than when the pros and cons of globalization are evaluated exclusively through the lenses of "jobs"; globalization is great if it creates jobs, and utterly unacceptable if it destroys them. While certainly recurrent in Europe, too, this view is expressed most strongly during elections in the United States. And that is no coincidence. The relatively less comprehensive and largely employment-based social safety net in America—where employees' pensions and especially healthcare coverage are dependent on having a job—makes this inevitable. The loss of a job in the United States can often have both quick and catastrophic consequences for individuals. Americans out of a job might suddenly find themselves without access to required medical treatments. Given Europe's universal and overwhelmingly government administered healthcare systems, this type of destructive individual outcome potentially directly linked to globalization simply does not occur. Europe's universal healthcare systems thus provide a crucial protection for individuals against some of the worst fallouts from globalization—a very personal safety net that remains missing in the United States.

And this is what has started to increasingly matter in the US political debate surrounding globalization in recent years. The globalization process itself is hardly new—international economic integration and gradually freer trade has created both economic winners and losers for centuries. The laws of economics and comparative advantage remain very much valid today. But the version of globalization described at the beginning—one in which literally billions of new workers and consumers, as a result of dramatic policy U-turns in the world's most populous countries and technological innovation, are now able to compete—does up the ante and suddenly affect far more Americans and Europeans in new economic sectors and occupations. This 21st century version of globalization, therefore, requires a new political response to guarantee continued public support and the aggregate welfare gains it entails.

The new required policy response does, however, look quite dissimilar in character on either side of the Atlantic. As evidenced by both Germany's erstwhile Agenda 2010 and the European Union's ongoing and broader Lisbon Agenda, Europe has—in fits and starts—begun to fundamentally reform many of its long-standing government and market institutions and introduce increased flexibility into its social model. In the face of globally integrating markets, this is an attempt by Europe's leaders to both raise the continent's economic growth and make this growth more inclusive by bringing into the economic mainstream many previously excluded groups such as younger people, women, and immigrants.

US policymakers face a different challenge. In response to global economic integration and the ensuing public anxiety, America must reform its domestic institutions in a manner that ensures that its public is more adequately protected against the worst personal outcomes potentially arising from globalization and the loss of jobs. This means first and foremost a reform of America's ailing healthcare system. No candidate in this year's election can hope to restore public support for globalization without alleviating the increasing uncertainty of healthcare coverage and costs for America's middle class.

Another, longer-term, challenge increasingly looms for US policymakers striving to reform America for the age of globalization—that of educational standards. America rose to global economic prominence and superpower status in the 20th century on the shoulders of the most highly skilled and best educated workforce in the world. Now-aging baby-boomers—2008 is the first year in which Americans born after World War II can retire with a public pension—were the best educated workers in the world when they entered the US workforce some 30 years ago. Building on earlier visionary policies like the GI Bill of 1944, college-level graduation rates for American baby-boomers reached almost 40 percent during this period, far exceeding the 20 to 25 percent graduation rates enjoyed by contemporary British, French, German, or Japanese baby-boomer generations in the late 1960s and 1970s.

As such, in the latter part of the 20th century, no one would have been in a better position to take advantage of precisely the trade liberalization and the opening up of global markets that globalization entails than this group of Americans. Sadly, the situation today looks very different.

Almost uniquely in the OECD (in fact only Germany is in the same wretched position) and the direct result of 30 years of educational stagnation, college-level graduation rates among present day US labor market entrants age 25–34 years of age is the same as that of their retiring baby-boomer parents aged 55–64. For the first time in perhaps a century, the natural entry and exit occurring in America's workforce will thus no longer improve its skill composition.

Meanwhile, the rest of the world has not stood still. Over 50 percent of young Canadians, Japanese, and Koreans obtain tertiary education and today's American youth barely make the global skills top ten. Precisely at the time when globalization makes education matter more than ever, America's former lead is rapidly eroding. Without fundamental reform of the country's education system, it is increasingly uncertain that coming generations of Americans will reap the same vast economic benefits of globalization that their parents did. As a result, one should not be too surprised if their political support for globalization were to dampen.

Far-reaching domestic policy reforms are therefore required in both Europe and the United States to prevent today's public perception of globalization from causing a self-destructive political backlash against it. Strong political leadership will be required to address this issue before it becomes a crisis. So far in 2008, it has been lacking.

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The Rise of Globalization, a Story of Human Desires

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By William Grimes

• May 30, 2007

Globalization has a bad image problem. It is a conceptual tar baby to which every perceived ill in the world attaches: depressed commodity prices, Asian sweat shops, child labor, fast-food imperialism, American cultural hegemony, outsourcing and global warming. A low point for the world’s most unstoppable trend came on Sept. 10, 2003, when Lee Kyung-hae, a distraught Korean farmer protesting at the World Trade Organization summit in Cancún, Mexico, plunged a knife into his own heart after shouting “Death to W.T.O.”

In “Bound Together” Nayan Chanda, the director of publications for the Yale Center for the Study of Globalization, offers an alternative description of the term. Rather than a synonym for late capitalism, he argues, globalization is an expression of human desires that date back to the dawn of time, when the first humans left their African homeland and set out in search of a better life.

Globalization, as Mr. Chanda describes it, is not a scheme dreamed up by a few Western finance ministers, corrupt industrialists and the International Monetary Fund. It is an age-old drive as natural as breathing: “Essentially, the basic motivations that propelled humans to connect with others — the urge to profit by trading, the drive to spread religious belief, the desire to exploit new lands and the ambition to dominate others by armed might — all had been assembled by 6000 B.C.E. to start the process we now call globalization.”

Mr. Chanda, who in his varied career covered the Vietnam War as a reporter and edited The Far Eastern Economic Review, takes a sweeping view of his subject, covering millenniums of global exploration, conquest, trade and communication in lively fashion, drawing connections between the ancient caravan traders and FedEx, or the ancient trade in obsidian and his own adventure ordering an iPod over the Internet.

Globalization, perceived by its critics as a radical break with the past, looks to Mr. Chanda like a very familiar phenomenon. The traders, preachers, adventurers and warriors who acted as agents of globalization in ages past now wear different clothes and have access to new technologies. The Spanish missionaries of the 16th century find their modern counterparts in idealists spreading a secular gospel of social justice, like Amnesty International, or aid workers bringing relief to third-world countries.

But the game remains the same, as Mr. Chanda constantly points out with telling examples, like the counterfeit Greek wines made by Italians thousands of years ago and exported to India in authentic Greek amphorae, much as Chinese factories turn out knock-off Rolexes today.

Mr. Chanda does not analyze; he describes. His book is a recitation of events, a refresher course in the long march from early agrarian societies to the 21st-century world of telecommunications, silicon chips, international trade agreements and simmering discontent with the poorly understood phenomenon of globalization, whose main outlines, Mr. Chanda seeks to show, should be instantly recognizable to anyone with a basic understanding of history. We are living through a new chapter in a very old story.

Mr. Chanda has a lively mind, and he writes with a bright pen, but his descriptive approach has its drawbacks. Most of his historical journey takes the reader over very familiar terrain. For long stretches the scenery out the window looks pleasant enough, but the passenger occasionally wonders, where is this heading?

Often, nowhere in particular. A long discussion of plagues throughout the ages supports the contention that disease knows no borders. The discovery of the concept of zero as a numeral immensely aided international trade and exploration. Mr. Chanda does not mind belaboring the obvious. His book, in a sense, is an extended exercise in proving a thesis that no one has ever doubted: the world is a small place, and it is getting smaller every day.

The long view, enlivened by savory details and the author’s sharp eye for unexpected historical parallels, gives “Bound Together” its value. By unbundling the attributes of modern globalization and linking them to an almost endless chain of historical precedents, Mr. Chanda demystifies a phenomenon invested by its enemies with nearly satanic properties.

“Globalization is not a morality play on a world scale,” he writes. Rather, he insists, “it is a never-ending saga in which the striving for a better life and greater security by millions of individuals manifests itself in the search for profit, for a livelihood, for knowledge, for inner peace, for protection for oneself, one’s dear ones and one’s community.”

There have been losers and winners along the way. Mr. Chanda carefully weighs the costs as well as the gains of globalization, coming down with a certain optimism, as well as fatalism, on globalism’s side. (He is scathing about the enormous subsidies doled out by developed countries to their farmers.) The plight of Lee Kyung-hae, a rice farmer impoverished when protectionist barriers dropped, is balanced by the new opportunities for poor rice growers in Thailand and Vietnam. Traveling through the Mekong Delta in 2005, Mr. Chanda saw new homes, television antennas and bustling markets.

“Farmers now can afford to send their children to school and enjoy a living that would have been unimaginable a few years ago,” he writes.

In any case, globalization is here to stay. It coincides with deep human aspirations and transcends the power of individual governments. Mr. Chanda has a word of advice to the protesters who gather at economic summit meetings. They are missing something important.

“Calls to shut down globalization are pointless,” he writes, “because nobody is in charge.”

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Essay on Globalisation

List of essays on globalisation, essay on globalisation – definition, existence and impact (essay 1 – 250 words), essay on globalisation (essay 2 – 250 words), essay on globalisation – in india (essay 3 – 400 words), essay on globalisation – objectives, advantages, disadvantages and conclusion (essay 4 – 500 words), essay on globalisation – for school students (class 6,7,8,9 and 10) (essay 5 – 600 words), essay on globalisation (essay 6 – 750 words), essay on globalisation – for college and university students (essay 7 – 1000 words), essay on globalisation – for ias, civil services, ips, upsc and other competitive exams (essay 8 – 1500 words).

The worldwide integration of people, services and interests is what globalisation is all about. Since the last decade, there has been a tremendous focus on globalisation with everyone trying to have a reach at even the remotest locations of the world. This has probably been possible due to the advancement in technology and communication.

Audience: The below given essays are especially written for school, college and university students. Furthermore, those students preparing for IAS, IPS, UPSC, Civil Services and other competitive exams can also increase their knowledge by studying these essays.

The word ‘Globalization’ is often heard in the business world, in corporate meetings, in trade markets, at international conferences, in schools, colleges and many other places. So what does globalization symbolize? Is it a new concept or did it exist earlier? Let’s see.

Definition:

Globalization refers to the integration of the world nations by means of its people, goods, and services. The statement – ‘ globalization has made the world a small village ’ is very true.

Countries inviting foreign investment, free trade and relaxation in the visa rules to allow seamless movement of people from one country to another are all part of globalization.

In a nutshell, globalization has reduced the distance between nations and its people.

Many among us refer to the current period that we live in as ‘The Era of Globalization’ and think that the process of globalization has started only recently. But the real fact is that globalization is not a new phenomenon . The world was moving towards globalization from a very long time. The term globalization was in existence since mid-1980s. But it was only from the early 21 st century that globalization picked up momentum due to the advancements in technology and communication.

Impact of Globalization:

Globalization has more positive outcomes than the negative ones. The impact of globalization on the developing countries such as India, China and some African countries are overwhelming. Foreign investments have created a lot of employment opportunities in the developing countries and have boosted their economy. Globalization has also enabled people to interchange their knowledge and culture.

Conclusion:

Although the world is not completely globalized, we can very well say that globalization is the best way to achieve equality among nations.

In simple words, globalization means the spreading of a business, culture, or any technology on an international level. When the boundaries of countries and continents matter no more, and the whole world becomes one global village in itself. Globalization is an effort to reduce the geographical and political barriers for the smooth functioning of any business.

There are four main factors that form the four pillars of globalization. These are the free flow of goods, capitals, technology, and labors, all across the world. Although, many of the experts that support globalization clearly refuse to acknowledge the free flow of labor as their work culture.

The international phenomenon of global culture presents many implications and requires a specific environment to flourish. For instance, it needs the other countries to come to a mutual agreement in terms of political, cultural, and economic policies. There is greater sharing of ideas and knowledge and liberalization has gained a huge importance.

Undoubtedly, globalization helps in improving the economic growth rate of the developing countries . The advanced global policies also inspire businesses to work in a cost-effective way. As a result, the production quality is enhanced and employment opportunities are also rising in the domestic countries.

However, there are still some negative consequences of globalization that are yet to be dealt with. It leads to greater economic and socio-cultural disparities between the developed and the developing countries. Due to the MNC culture, the small-scale industries are losing their place in the market.

Exchanges and integration of social aspect of people along with their cultural and economic prospects is what we term as Globalization. It is considered as a relatively new term, which has been in discussion since the nineties.

Initial Steps towards Globalization:

India has been an exporter of various goods to other countries since the earlier times. Hence Globalization, for India, is not something new. However, it was only around in the early nineties that India opened up its economy for the world as it faced a major crisis of severe crunch of foreign exchange. Since then, there has been a major shift in the government’s strategies while dealing with the PSUs along with a reduction in the monopoly of the government organisations perfectly blended with the introduction of the private companies so as to achieve a sustainable growth and recognition across the world.

The Measurement of Success:

The success of such measures can be measured in the form of the GDP of India which hovered around 5.6% during the year 1990-91 and has been now around 8.9% during the first quarter of 2018-19. In fact, in the year 1996-97, it was said to have peaked up to as high as 77.8%. India’s global position is improved tremendously due to the steady growth in the GDP thus furthering the impact of globalization on India. As on date, India is ranked as the sixth biggest economy in the world. This globalization leading to the integration and trade has been instrumental in reducing the poverty rate as well.

However, given the fact that India is the second most populated country of the world, after China, this growth cannot be considered as sufficient enough as other countries such as China have increased their growth rates at much faster pace than India. For instance, the average flow of FDI in India, over the past few years has been around 0.5% of the GDP while for countries such as China it has been around 5% and Brazil has had a flow of around 5.5%. In fact, India is considered among the least globalized economy among the major countries.

Summarily, there has been a tremendous increase in the competition and interdependence that India faces due to Globalization, but a lot is yet to be done. It is not possible for a country to ignore the developments and globalization occurring in the rest of the world and one need to keep the pace of growth at a steady rate or else you may be left far behind.

The twentieth century witnessed a revolutionary global policy aiming to turn the entire globe into a single market. The motive of globalization can broadly define to bring substantial improvement in the living condition of people all around the world, education, and shelter to everybody, elimination of poverty, equal justice without any race or gender consideration, etc. Globalization also aims to lessen government involvement in various development activities, allowing more direct investors/peoples’ participation cutting across border restrictions thus expected to reap reasonable prosperity to human beings.

Main Objectives of Globalization:

The four main aspects of globalization are; Capital and Investment movements, Trade and Transactions, Education and Spread of knowledge, along with Migration and Unrestricted Movement of People.

In simpler terms, globalization visualizes that one can purchase and sell goods from any part of the world, communicate and interact with anyone, anywhere in the world and also enables cultural exchange among the global population. It is operational at three levels namely, economic globalization, cultural globalization, and political globalization. Right from its inception, the impact of globalization has both advantages and disadvantages worldwide.

Advantages of Globalization:

As the word itself suggests, this policy involves all the nations across the globe. The lifting of trade barriers can have a huge impact especially in developing countries. It augments the flow of technology, education, medicines, etc., to these countries which are a real blessing.

Globalization expects to create ample job opportunities as more and more companies can extend their presence to different parts of the world. Multinational companies can establish their presence in developing countries. Globalization gives educational aspirants from developing and underdeveloped countries more quality learning opportunities. It leads not only to the pursuit of best higher education but also to cultural and language exchanges.

Globalization also enhances a faster flow of information and quick transportation of goods and services. Moreover one can order any item from anywhere merely sitting at home. Another plus point of globalization is the diminishing cultural barriers between nations as it offers free access and cultural interactions . Also, it has been observed that there is a considerable reduction of poverty worldwide due to globalization . In addition to this, it also enables the effective use of resources.

Disadvantages of Globalization:

Globalization turned out to be a significant threat to the cottage and small-scale industries as they have to compete with the products of multi-national companies. Another dangerous effect of globalization is the condition of weak sections of the society, as they are getting poorer and the rich are getting richer. The situation leads to the domination of economically rich countries over emerging countries and the increase of disparity.

The actions of multi-national companies are deplorable and always facing criticism from various social, government and world bodies as they are incompetent in offering decent working conditions for the workers. Irrational tapping of natural resources which are instrumental in causing ecological imbalance is another major accusation against multi-national companies.

Globalization is also blamed to have paved the way for human trafficking, labor exploitation and spread of infectious diseases too. In addition to all these, if any economic disaster hit a country and if they subsequently suffer from economic depression, its ripples are felt deeply in other countries as well.

Despite all its disadvantages, globalization has transformed the entire globe into a single market irrespective of its region, religion, language, culture, and diversity differences. It also leads to an increase in demand for goods, which in turn calls for more production and industrialization. Our focus should be to minimize the risks and maximize the positive outcome of global policy, which in turn can help for a sustainable long-standing development for people all around the world.

Introduction:

Globalization is the procedure of global political, economic, as well as cultural incorporation of countries . It lets the producers and manufacturers of the goods or products to trade their goods internationally without any constraint.

The businessman fetches huge profit as they easily get low price workforce in developing nations with the concept of globalization. It offers a big prospect to the firms who wish to deal with the global market. Globalization assists any nation to contribute, set up or amalgamate businesses, capitalize on shares or equity, vending of services or products in any country.

How does the Globalization Work?

Globalization benefits the international market to the entire deliberate world like a solitary marketplace. Merchants are spreading their extents of trade by aiming world as a worldwide community. In the 1990s, there was a limit of importing some goods that were already mass-produced in India such as engineering goods, agricultural products, toiletries, food items, etc.

But, in the 1990s the rich countries pressurize the WTO (World Trade Organization), World Bank (affianced in improvement financing activities), and IMF (International Monetary Fund) to let other nations spread their trades by introducing market and trade in the deprived and emerging countries. The process of liberalization and globalization in India began in the year 1991 below the Union Finance Minister Mr. Manmohan Singh.

After numerous years, globalization has fetched major uprising inside the Indian marketplace when international brands arrived in India such as KFC, PepsiCo, Mc. Donald, Nokia, IBM, Aiwa, Ericsson, etc., and began the delivery of an extensive variety of quality goods at low-cost rates.

The entire leading brands presented actual uprising of globalization at this time as a marvellous improvement to the economy of an industrial sector. Rates of the quality goods were also getting low owing to the cut-throat war happening in the marketplace.

Liberalization and globalization of the businesses in the Indian marketplace is submerging the quality of imported goods but influencing the local Indian businesses badly in large part causing the job loss of illiterate and poor labors. Globalization has remained a goldmine for the customers, but it is also a burial ground for the small-scale manufacturers in India.

Positive Influences of Globalisation:

Globalization has influenced the education sectors and students of India predominantly by making accessible the education material and enormous info on the internet. Association of Indian universities with the overseas universities has fetched a massive modification in the education business.

The health industries are too influenced enormously by the globalization of health observing electronic apparatuses, conventional drugs, etc. The trade globalization in the agricultural sector has provided a range of high-quality seeds possessing disease-fighting property. But, it is not beneficial for the underprivileged Indian agriculturalists owing to the reason of expensive seeds as well as agricultural equipment.

Globalization has given an enormous rebellion to the occupation sector by increasing the growth of trades related to the handloom , cottage, artisans and carving, carpet, jewellery, ceramics, and glassware, etc.

Globalization is definitely required by the people and nation to progress and turn into an established society and country. It benefits in expanding our visualization and thoughts. It also aids in endorsing the philosophy that we fit in a huge crowd of persons, i.e., the humankind. Once the two nations congregate, they flourish by sharing their beliefs, thoughts, opinions, customs, and behaviors. People come to know new things and also acquire a chance to discover and get acquainted with other values.

Globalization has provided many reasonably priced valued goods and complete economic welfares to the emerging nations in addition to the employment. But, it has also given growth to the crime, competition, terrorism, anti-national activities, etc. Thus, along with the pleasure it has supplied some grief too.

Globalization is a term that we hear about every now and then. Question is; do we really know what it is all about? Globalization is defined as the process of integration and interaction among people, cultures and nations who come together in order to get things done easily through contact. Globalization began with the migration of people from Africa to different parts of the world. Global developments have been achieved in various sectors through the different types of globalization. The effects of globalization have been felt in every part of the world and more people continue to embrace it. Globalization has some of its core elements that help in the process.

Types of Globalization:

Globalization does not just transform a sector unless the strategies are related to that specific sector. The first type of globalization is financial and economic globalization whereby interaction takes place in the financial and economic sectors especially through stock market exchange and international trade. The other type is technological globalization which involves the integration and connection of different nations through technological methods like the internet. Political globalization transforms the politics of a nation through interactions with adoption of policies and government that cut across other nations. Cultural globalization is basically the interaction of people from different cultures and sharing. Ecological globalization is the viewing of the earth as one ecosystem and sociological globalization is on equality for all people.

Elements of Globalization:

Globalization works with characteristic elements. Trade agreements is one of the components that significantly benefits the economic and financial globalization. These trade agreements have been designed to promote and sustain globalization by preventing barriers that inhibit trade among nations or regions. Another element is capital flow that is concerned with the measures of either a decline or a rise in domestic or foreign assets. Migration patterns is a socio-economical and cultural element that monitors the impacts of immigration and emigration actively. The element of information transfer involves communications and maintains the functioning of the markets and economies. Spread of technology is an element of globalization that facilitates service exchanges. Without these elements, globalization would have faced many challenges, which would even stagnate the process of globalization.

Impacts of Globalization:

The impact of globalization is felt differently among individuals but the end result will be either positive or negative. Globalization has impacts on the lives of individuals, on the aspects of culture, religions and education. The positive impacts of globalization include the simplification of business management through efficiency. In business, the quality of goods and services has increased due to global competition. Foreign investment has been facilitated by globalization and the global market has been able to expand. Cultural growth has been experienced through intermingling and accommodation. Interdependence among nations has developed and more people have been exposed to the exchange program between nations. Improvement of human rights and legal matters has improved through media and technology sharing. Poverty has been alleviated in developing countries due to globalization and also employment opportunities are provided. Through technology, developments have been positively influenced in most parts of the world.

Although globalization has positive impacts, the negative impacts will remain constant unless solutions are sought. One of the negative effects of globalization is job insecurity for some people. Through globalization, more innovations are achieved, for e.g., technology causes automation and therefore people get replaced and they lack jobs. Another negative impact is the frequent fluctuation of prices of commodities that arises from global competitions. On the cultural side, the fast food sector has become wide spread globally, which is an unhealthy lifestyle that was adopted due to globalization. Also, Culture has been negatively affected for people in Africa because they tend to focus more on adopting the western culture and ignore their cultural practices.

Possible Solutions to the Negative Impacts of Globalization:

Globalization has impacted the society negatively and some of the solutions might help to mitigate the impacts. When adopting cultures from other people, it is important to be keen on the effects of the culture on the people and the existing culture being practiced. For example, Africans should not focus more of the western culture such that they ignore their own culture.

In conclusion, it is evident that globalization results in both negative and positive consequences. The society should embrace the positive and mitigate the negative impacts. Globalisation is a dynamic process which involves change, so flexibility among people is a must.

The buzzword befitted to describe the growth of Modern Indian economy is ‘Globalization’. But what exactly is Globalization? Globalization can be defined as integrating the economy of a country with the rest of the countries of the world. From the Indian perspective, this implies encouraging free trade policies, opening up our economy to foreign direct investment, removing constraints and obstacles to the entry of multinational corporations in India, also allowing Indian companies to set up joint ventures abroad, eliminating import restrictions, in-short encouraging Free Trade policies.

India opened its markets to Global Trade majorly during the early Nineties after a major economic crisis hit the country. New economic reforms were introduced in 1991 by then Prime Minister Shri. P V. Narasimha Rao and Finance Minister at the time, Dr. Manmohan Singh. In many ways, the new economic policies positively contributed to the implementation of the concept of Globalization in India.

It’s Impact:

1. Economic Impact :

Globalization in India targets to attract Multinational Companies and Institutions to approach Indian markets. India has a demography with a large workforce of young citizens who  are in need of jobs. Globalization has indeed left a major impact in the jobs sector. Indian companies are also expanding their business all over the world. They are driving funds from the bigwigs of the Global economy.

The Best example in today’s time is OYO Rooms, a budding Indian company in the hospitality sector. OYO Rooms recently made headlines when it declared to raise a fund close to $1 Billion from Japan’s Soft Bank Vision Fund. Globalization has also led the Indian Consumer market on the boom. The Giant of FMCG (fast-moving consumer goods) sector WALMART is also enthusiastic and actively investing in the India market.

2. Socio-Cultural impact on the Indian Society:

The world has become a smaller place, thanks to the social networking platforms blooming of the internet. India is a beautiful country which takes immense pride in “Unity in Diversity” as it is home to many different cultures and traditions. Globalization in India has left a lasting impression on the socio-cultural aspect of Indian society.

Food chains like McDonald’s are finding its way to the dining tables. With every passing day, Indians are indulging more and more in the Western culture and lifestyle. But Globalization in India has also provided a vibrant World platform for Indian Art, Music, Clothing, and Cuisine.

The psychological impact on a common Indian Man: The educated youth in India is developing a pictorial identity where they are integrating themselves with the fast-paced, technology-driven world and at the same time they are nurturing the deep roots of Indian Culture. Indians are fostering their Global identity through social media platforms and are actively interacting with the World community. They are more aware of burning issues like Climate Change, Net neutrality, and LGBT rights.

Advantages:

India has taken the Centre Stage amongst the Developing Nations because of its growing economy on the World Map. Globalization in India has brought tremendous change in the way India builds its National and International policies. It has created tremendous employment opportunities with increased compensations.

A large number of people are hired for Special Economic Zones (SEZs), Export Processing Zones (EPZs), etc., are set up across the country in which hundreds of people are hired. Developed western countries like USA and UK outsource their work to Indian companies as the cost of labour is cheap in India. This, in turn, creates more employment. This has resulted in a better standard of living across the demographic of young educated Indians. The Indian youth is definitely empowered in a big way.

Young lads below the age of 20 are now aspiring to become part of global organizations. Indian culture and morals are always strengthening their roots in modern world History as the world is now celebrating ‘International Yoga Day’ on 21st June every year. Globalization in India has led to a tremendous cash flow from Developed Nations in the Indian market. As a positive effect, India is witnessing the speedy completion of Metro projects across the country. Another spectacular example of newly constructed High-end Infrastructure in the country is the remarkable and thrilling ‘Chenani-Nashri Tunnel’, Longest Tunnel in India constructed in the State of Jammu and Kashmir. Globalization has greatly contributed in numerous ways to the development of Modern India.

Disadvantages:

As there are so many pros we cannot turn a blind eye to the cons of Globalization which are quite evident with the Indian perspective. The worst impact is seen in the environment across Indian cities due to heavy industrialization. Delhi, the capital of India has made headlines for the worst ever air pollution, which is increasing at an alarming rate.

India takes pride in calling itself an Agriculture oriented nation, but now Agriculture contributes to fragile 17% of the GDP. Globalization in India has been a major reason for the vulnerable condition of Indian Farmers and shrinking Agriculture sector. The intrusion of world players and import of food grains by the Indian Government has left minimal space for Indian farmers to trade their produce.

The impact of westernization has deeply kindled individualism and ‘Me factor’ and as a result, the look of an average Indian family has changed drastically where a Nuclear family is preferred over a traditional Joint family. The pervasive media and social networking platforms have deeply impacted the value system of our country where bigotry and homophobia are becoming an obvious threat.

One cannot clearly state that the impact of Globalization in India has been good or bad as both are quite evident. From the economic standpoint, Globalization has indeed brought a breath of fresh air to the aspirations of the Indian market. However, it is indeed a matter of deep concern when the Indian traditions and value system are at stake. India is one of the oldest civilizations and World trade has been the keystone of its History. Globalization must be practiced as a way towards development without compromising the Indian value system.

Globalisation can simply be defined as the process of integration and interaction between different people, corporations and also governments worldwide. Technology advancement which has in turn advanced means of communication and transportation has helped in the growth of globalisation. Globalisation has brought along with it an increase in international trade, culture and exchange of ideas. Globalisation is basically an economic process that involves integration and interaction that deals also with cultural and social aspects. Important features of globalisation, both modern and historically are diplomacy and conflicts.

In term of economy, globalisation involves services and goods, and the resources of technology, capital and data. The steamship, steam locomotive, container ship and jet engine are a few of the many technological advances in transportation while the inception of the telegraph and its babies, mobile phones and the internet portray technological advances in communications. These advancements have been contributing factors in the world of globalisation and they have led to interdependence of cultural and economic activities all over the world.

There are many theories regarding the origin of globalisation, some posit that the origin is in modern times while others say that it goes way back through history before adventures to the new world and the European discovery age. Some have even taken it further back to the third millennium. Globalisation on a large-scale began around the 1820s. Globalisation in its current meaning only started taking shape in the 1970s. There are four primary parts of globalisation, they are: transactions and trade, investments and capital movement, movement and migration of people and the circulation of knowledge and information. Globalization is subdivided into three: economic globalisation, political globalisation and cultural globalisation.

There are two primary forms of globalisation: Archaic and Modern Globalisations. Archaic globalisation is a period in the globalisation history from the period of the first civilisations until around the 1600s. Archaic globalisation is the interaction between states and communities and also how they were incepted by the spread by geography of social norms and ideas at different levels.

Archaic globalisation had three major requirements. First is the Eastern Origin idea, the second is distance, the third is all about regularity, stability and inter-dependency. The Silk Road and trade on it was a very important factor in archaic globalisation through the development of various civilisations from Persia, China, Arabia, Indian subcontinent and Europe birthing long distance economic and political relationships between them. Silk was the major item from China along the Silk Road; other goods such as sugar and salt were also traded.

Philosophies, different religious beliefs and varying technologies and also diseases also moved along the Silk Road route. Apart from economic trade, the Silk Road also was a means of cultural exchange among the various civilisations along its route. The cultural exchange was as a result of people’s movement including missionaries, refugees, craftsmen, robbers, artists and envoys, resulting in religions, languages, art and new technologies being exchanged.

Modern globalisation can be sub-divided into early modern and Modern. Early modern globalisation spans about 200 years of globalisation between 1600 and 1800. It is the period of cultural exchange and trade links increasing just before the modern globalisation of the late 19 th century. Early modern globalisation was characterised by Europeans empires’ maritime of the 16 th and 17 th centuries. The Spanish and Portuguese Empires were the first and then we had the British and Dutch Empires. The establishment of chartered companies (British East India Company and the Dutch East India Company) further developed world trade.

Modern Globalisation of the 19 th century was as a result of the famed Industrial Revolution. Railroads and steamships made both local and international transportation easier and a lot less expensive which helped improve economic exchange and movement of people all over the world, the transportation revolution happened between 1820 and 1850. A lot more nations have embraced global trade. Globalisation has been shaped decisively by the imperialism in Africa and in Asia around the 19 th century. Also, the ingenious invention in 1956 of the shipping container has really helped to quicken the advancement of globalisation.

The Bretton Woods conference agreement after the Second World War helped lay the groundwork for finance, international monetary policy and commerce and also the conception of many institutions that are supposed to help economic growth through lowering barriers to trade. From the 1970s, there has been a drop in the affordability of aviation to middle class people in countries that are developed. Also, around the 1990s, the cost of communication networks also drastically dropped thus lowering the cost of communicating between various countries. Communication has been a blessing such that much work can be done on a computer in different countries and the internet and other advanced means of communications has helped remove the boundary of distance and cost of having to travel and move from place to place just to get business done.

One other thing that became popular after the Second World War is student exchange programmes which help the involved students learn about, understand and tolerate another culture totally different from theirs, it also helps improve their language skills and also improve their social skills. Surveys have shown that the number of exchange students have increased by about nine times between 1963 and 2006.

Economic globalisation is differentiated from modern globalisation by the information exchange level, the method of handling global trade and expansionism.

Economic Globalisation:

Economic globalisation is just the ever increasing interdependence of economies of nations worldwide caused by the hike in movement across borders of goods, services, capital and technology. Economic globalisation is basically the means of increasing economic relationships between countries, giving rise to the birth of a single or global market. Based on the worldview, Economic globalisation can be seen as either a negative or positive thing.

Economic globalisation includes: Globalisation of production; which is getting services and goods from a source from very different locations all over the world to gain from the difference in quality and cost. There is globalisation of markets; which is the coming together of separate and different markets into one global market. Economic globalisation includes technology, industries, competition and corporations.

Globalisation today is all about less developed countries and economies receiving FDI (Foreign Direct Investment) from the more developed countries and economies, reduction in barriers to trade and to particular extent immigration.

Political Globalisation:

Political globalisation is going to on-the-long-run drop the need for separate nation or states. Institutions like the International Criminal court and WTO are beginning to replace individual nations in their functions and this could eventually lead to a union of all the nations of the world in a European Union style.

Non-governmental organisations have also helped in political globalisation by influencing laws and policies across borders and in different countries, including developmental efforts and humanitarian aid.

Political globalisation isn’t all good as some countries have chosen to embrace policies of isolation as a reactionary measure to globalisation. A typical example is the government of North Korea which makes it extremely difficult and hard for foreigners to even enter their country and monitor all of the activities of foreigners strictly if they allow them in. Citizens are not allowed to leave the country freely and aid workers are put under serious scrutiny and are not allowed in regions and places where the government does not want them to enter.

Intergovernmentalism is the treatment of national governments and states as the major basic factors for integration. Multi-level governance is the concept that there are many structures of authority interacting in the gradual emergence of political globalisation.

Cultural Globalisation:

Cultural globalisation is the transmission of values, ideas and meanings all over the world in a way that intensify and extend social relations. Cultural globalisation is known by the consumption of different cultures that have been propagated on the internet, international travel and culture media. The propagation of cultures helps individuals to engage in social relations which break regional boundaries. Cultural globalisation also includes the start of shared knowledge and norm which people can identify their cultures collectively; it helps foster relationships between different cultures and populations.

It can be argued that cultural globalisation distorts and harms cultural diversity. As one country’s culture is inputted into another country by the means of globalisation, the new culture becomes a threat to the cultural diversity of the receiving country.

Globalisation has made the world into one very small community where we all interact and relate, learn about other cultures and civilisations different from ours. Globalisation has helped improve the ease of doing business all around the world and has made the production of goods and services quite easy and affordable. Globalisation isn’t all good and rosy as it can be argued that Globalisation is just westernisation as most cultures and beliefs are being influenced by the western culture and belief and this harms cultural diversity. Nevertheless, the good of globalisation outweighs the bad so globalisation is actually a very good thing and has helped shape the world as we know it.

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Globalization in Context: Diminishing Religious Differences

How it works

The idea of globalization doesn’t just apply to the modern day spread of economic and political benefits to individual countries, but it also applies to the diffusion of culture or even the combination of cultures. It is known that globalization isn’t static, as it promotes change, but also creates more awareness in areas.

An example of a cultural attempt to assimilate is the Cherokee who began merge into western society, however all attempts of pluralism or resisting the influence of the west, as the Cherokees were forced out of their land (video).

However, language also plays a part in the act of the globalization process, for it allows complex communications between individuals in a culture. Some examples of the globalization of languages is English as it is considered a global lingua franca language or commonly used language that allows the interaction of business to be simplified instead of different languages (Greiner 113).

As different languages in business would delay the ability to have economic benefit or even political benefit. In which this idea can be connected to homogenization in that many parts of the world have a decrease in difference of second language despite differences in first language. Although English isn’t considered a universal language it still has decreased diversity among language usage around the world for economic purposes. However in some fashions this could also make a dependency on a Lingua Franca language as it.

Having global dominant language such as English can gradually kill other languages whose ethnic groups or cultures has shrunk as result of globalization or other factors such as assimilation. Languages also converge because of globalization and may even accelerate this process such as pidgin languages when “a language combines vocab or grammatical practices from two or more languages that have come in contact” (Greiner 112).

This is also a result of globalization as more cultures come in contact and must communicate due to possible political or economic factors. However, on a global context, some language leaves a mark regardless of where it stands in the world. This is known as toponym when a location name is used in a language to represent an aspect of a culture or ethnic group which can be connected to the idea neolocalism where the uniqueness of a location is preserved. Outside of language diffusion neolocalism also applies to religion such as sacred spaces.

As these locations become resistant to global changes as those locations become symbols or sacred locations of a religious rituals, and such examples include Jerusalem, Mecca, and Medina. Religion can also play a role in homogenization or even polarization across the world. In that some religions such as universalizing religions such as Christianity, Islam, and Buddhism.

In which this plays role in decreasing religious differences across cultures around the world, however as globalization isn’t static this means the potential homogenization properties of universalizing religions face possible fragmentation in regions where the religion branches off into similar but not the same belief system. It may also play role in promoting polarization as differences could cause ethnic conflicts.

• Greiner (2014) “Visualizing Human Geography”. 
• Pounder (2003) Race: The Power of an Illusion. 

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When did globalization begin? The answer might surprise you

Our obsession with globalization's modern impact overlooks its deep roots in human history. Image:  Unsplash

.chakra .wef-1c7l3mo{-webkit-transition:all 0.15s ease-out;transition:all 0.15s ease-out;cursor:pointer;-webkit-text-decoration:none;text-decoration:none;outline:none;color:inherit;}.chakra .wef-1c7l3mo:hover,.chakra .wef-1c7l3mo[data-hover]{-webkit-text-decoration:underline;text-decoration:underline;}.chakra .wef-1c7l3mo:focus,.chakra .wef-1c7l3mo[data-focus]{box-shadow:0 0 0 3px rgba(168,203,251,0.5);} Vanshica Kant

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“Globalization” is the 21st century’s favourite buzzword. It is part of our current zeitgeist: we are witnessing an unparalleled compression of time and space, as goods, services, people and information move more quickly than ever before. Yet, instead of being a modern-day concept, globalization has been around since the beginning. In recognition of the theme of the World Economic Forum Annual Meeting 2019 at Davos – Globalization 4.0: Shaping a Global Architecture in the Age of the Fourth Industrial Revolution – I'd like to turn back the pages of history and take a closer look at how human beings have travelled, migrated and traded through the ages.

The obsession with globalization in its contemporary form has meant that the entire debate around it lacks awareness of its previous forms across time and space. This has led to the simplistic assumptions that globalization, firstly, entails the rise of the West and the fall of the East and, secondly, has been mainly driven by technology. Taking my lead from E.H. Carr, who described history as “an unending dialogue between past and present”, I will here attempt to reclaim the lost depth in the globalization narrative.

Globalization is as old as mankind itself. Since the beginning of recorded time, key actors such as rulers, adventurers, traders and preachers have travelled in a bid to expand their political power, enhance their quality of life, proselytize their faiths or simply quenching the human thirst for curiosity. Through myriad encounters, interactions and clashes, they exchanged four key ingredients: people, ideas, commodities and capital. Through the lens of four globalization stories, we will deconstruct and decode the link between these different stakeholders and factors.

Our DNA reflects our ancestral expeditions, beginning as early as when Homo sapiens first set foot outside the African continent. Almost every continent, over time, has become home to modern man in his search for better food, secure shelter and more land. This quest ultimately led to us to shift from foot to wheel, from open skies to roofs and from hunter-gatherer lifestyles to settled agricultural existences. In an unconquered and borderless world, sapiens explored the unexplored and charted the uncharted.

Everything was trial and error, from discovering fire to inventing the wheel to creating written scripts. The coming of iron, in particular, was one of the biggest breakthroughs, as new geographies and demographies were colonized and domesticated. These string of “accidental forwards” – the cognitive, agricultural and written revolution – led to a series of events, simultaneous and subsequent, carrying humanity into the future.

As cropping patterns diversified, agricultural surplus laid the foundation for the earliest civilizations of Mesopotamia and the Indus Valley, leading to the rise of cities, occupational specialists and social stratification. This historical narrative of mankind reflects our collective experience of primitive globalism.

Sipping a cappuccino at Starbucks, little might Negasi, a 21-year-old Ethiopian-American student studying at New York University, know that the origins of coffee, a favourite drink of the civilized world, lie in his very own country. The world’s most cosmopolitan beverage, coffee has travelled through territories as diverse as South America, Europe, the Middle East and the Far East.

Legend has it that it was first discovered by a Sufi goatherd, Kaldi , after some magic beans energized his goats. As word moved east, coffee reached the Arabian peninsula. With thousands of pilgrims visiting the holy city of Mecca each year from around the world, knowledge of the “wine of Araby” spread further.

By the 17th century, coffee had made its way to Europe. Some reacted to this new beverage with suspicion, calling it the “bitter invention of Satan”. Nevertheless, it was so satisfying that Pope Clement VIII allegedly gave it papal approval in Venice. Coffee houses quickly became centres of social and political activity in major cities in England, Austria and France.

In the mid 1600s, coffee was brought to New Amsterdam – later called New York by the British. Tea continued to be the favoured drink in the New World until 1773, when the colonists revolted against a heavy tax on tea imposed by King George III. The event, known as the Boston Tea Party, forever changed drinking preferences to coffee in the United States.

By the end of the 18th century, new nations were established on coffee economies. Missionaries, travellers and colonists continued carrying coffee seeds to new lands. The commodity came full circle when the British brought back coffee as a plantation crop to its home country, Ethiopia.

A third factor in discussing early globalization is the spread of religion. Over a period of a few hundred years, Islam expanded from its place of origin in the Arabian peninsula all the way to modern Spain in the West, and northern India in the East. Sometimes, it was carried in great caravans and sea vessels traversing vast trade networks on land and sea; at other times, it was transferred through military conquest and the work of missionaries. As Islamic ideas travelled along various trade and pilgrimage routes, they mingled with local cultures and took on new forms.

As with all factors of globalization, their spread is attributed to multiple agents, not simply a monolithic driving force. Rulers doubled up as preachers and traders as missionaries. This has made Islam a religious and cultural force for 14 centuries.

It is important to note the trajectory of Islam. The Rashidun caliphate , the reign of the first four caliphs, from AD632–661, is credited with the military expansion of the religion. However, significant cultural exchange and complex political institutions had not developed at this point. It was only during the Umayyad dynasty , AD661–750, that Islamic and Arabic culture began to truly spread.

The medieval period was the era of the great Islamic empires. The Ottoman Empire in the Middle East emerged as a major military and political force by the 15th century. The other great dynasty overseeing remarkable artistic and architectural output was the Mughals. Founded by Babur, the Mughal dynasty ruled over the largest Islamic state in the history of the Indian subcontinent, from 1526 to 1858.

This case exemplifies how all major world religions spread from a core origin area to new peripheral lands. This has ensured that even the remotest corners of the world have a mosque, church or temple now.

Last but not least, we come to capital. The age of empires can be divided into old and new imperialism. The former refers to early expeditions undertaken by western nations between 1450 and 1750, undertaken for “God, gold and glory”, and focusing mainly on systems of trade. New or high imperialism, which came afterwards, was the search for fresh lands to conquer in the late 19th century. Britain’s colonies in Africa, Asia and South America provided neverending supplies of men, money and raw material for fuelling their domestic industries, and ready-made markets for their manufactured goods. It was no coincidence then that Britain’s industrial revolution occurred during its imperial expansion; they were two sides of the same coin.

This “age of gadgets” was a result of myriad causes. Processes such as the Renaissance and scientific revolution provided the perfect setting domestically. Inventions by the Arabs and Chinese in the East – printing, gunpowder, porcelain, spinning machines, the compass, the stirrup and the blast furnace – were being perfected in the West. Nevertheless, there were three Cs – the discovery of coal, the creation of colonies and the production of cotton – that disproportionately tilted the geopolitical and economic balance towards the West. Rather than European exceptionalism, the events revolving around these three empowering Cs were pivotal for the British Empire’s primitive accumulation of capital.

By weaving together a selection of globalization stories, this article has attempted to provide a peep into the history of the phenomenon. Each example is different in spirit or form. After all, history is, as the philosopher Paul Valéry once claimed, the science of what never happens twice. As we have seen, globalization has not merely been the flow of goods, capital, ideas and people from the “West” to the “rest”. Exchanges have always been a mutual and layered process.

Have you read?

An alternative view of globalization 4.0, and how to get there, globalization 4.0 will help us tackle climate change. here’s how.

The multiple waves of globalization in the Anthropocene epoch have been accelerated by adventurers, traders, rulers and preachers. Andrew Revkin, a leading American science and environmental author, writes : “Two billion years ago, cyanobacteria oxygenated the atmosphere and powerfully disrupted life on Earth. But they didn’t know it.” He reminds us that, “We’re the first species that’s become a planet-scale influence and is aware of that reality. That’s what distinguishes us.”

We must engage with how we, as humans, have become the first consciously globalized species. It is important for us to be aware of our cosmopolitan roots rather than identify with an insulated antecedent time. In the age of globalization 4.0, it is time to pause and rewind – in order to gain lessons from our past and guidance for our future.

Vanshica Kant is currently with the United Nations in India. She has a master’s degree in global and imperial history from the University of Oxford and is a World Economic Forum Global Shaper .

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Globalization Cycles

• Research Paper - Keynote
• Published: 08 February 2020
• Volume 6 , pages 1–12, ( 2020 )

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Mark Twain is reputed to have remarked that history does not repeat itself, but it often rhymes. While the Global Financial Crisis of 2008–2009 was not a catastrophe on the order of World War I, there is a broad similarity in the sequelae to both of these events—a failed attempt to return to pre-trauma normalcy, followed by a process of international economic disintegration in the face of changed geopolitical realities. In this essay, I explore three questions that this similarity raises. Does globalization inherently foster domestic or international dynamics that eventually lead to political backlash? If so, are these dynamics inevitable, or can complementary economic policies nurture a stable globalization? And finally, since policies are endogenous, when are policy approaches and institutions that complement and support globalization likely to arise?

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Source : Catão and Obstfeld ( 2019 )

Source : Catão and Obstfeld ( 2019 ), from calculations supplied by François Bourguignon based on Bourguignon ( 2015 )

Source : Migration Data Portal based on UN Department of Economic and Social Affairs Population Division data; accessed December 3, (2019)

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Essay on Globalization for Students and Children

500+ words essay on globalization.

Globalization refers to integration between people, companies, and governments. Most noteworthy, this integration occurs on a global scale. Furthermore, it is the process of expanding the business all over the world. In Globalization, many businesses expand globally and assume an international image. Consequently, there is a requirement for huge investment to develop international companies.

How Globalization Came into Existence?

First of all, people have been trading goods since civilization began. In the 1st century BC, there was the transportation of goods from China to Europe. The goods transportation took place along the Silk Road. The Silk Road route was very long in distance. This was a remarkable development in the history of Globalization. This is because, for the first time ever, goods were sold across continents.

Globalization kept on growing gradually since 1st BC. Another significant development took place in the 7th century AD. This was the time when the religion of Islam spread. Most noteworthy, Arab merchants led to a rapid expansion of international trade . By the 9th century, there was the domination of Muslim traders on international trade. Furthermore, the focus of trade at this time was spices.

True Global trade began in the Age of Discovery in the 15th century. The Eastern and Western continents were connected by European merchants. There was the discovery of America in this period. Consequently, global trade reached America from Europe.

From the 19th century, there was a domination of Great Britain all over the world. There was a rapid spread of international trade. The British developed powerful ships and trains. Consequently, the speed of transportation greatly increased. The rate of production of goods also significantly increased. Communication also got faster which was better for Global trade .

Finally, in 20th and 21st -Century Globalization took its ultimate form. Above all, the development of technology and the internet took place. This was a massive aid for Globalization. Hence, E-commerce plays a huge role in Globalization.

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Impact of Globalization

First of all, Foreign Direct Investment (FDI) increases at a great rate. This certainly is a huge contribution of Globalization. Due to FDI, there is industrial development. Furthermore, there is the growth of global companies. Also, many third world countries would also benefit from FDI.

Technological Innovation is another notable contribution of Globalization. Most noteworthy, there is a huge emphasis on technology development in Globalization. Furthermore, there is also technology transfer due to Globalization. The technology would certainly benefit the common people.

The quality of products improves due to Globalization. This is because manufacturers try to make products of high-quality. This is due to the pressure of intense competition. If the product is inferior, people can easily switch to another high-quality product.

To sum it up, Globalization is a very visible phenomenon currently. Most noteworthy, it is continuously increasing. Above all, it is a great blessing to trade. This is because it brings a lot of economic and social benefits to it.

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