GLOBALIZATION 7

Running Head: GLOBALIZATION 7

Globalization

Globalization is a diverse term that has been defined in different ways over time. It is a process of integrating the systems and patterns of different countries into a single system. These patterns and systems include political, cultural and economic systems. The process is driven by international trade and investment. A simple example of globalization is whereby a company has its offices in different countries of the world, such as the McDonalds. The technological ability to communicate and interact with people all over the world is a case of globalization (Jürgen Osterhammel, 2009). There are Four key concepts mark globalization and these are; Stretched social relations; the connection of cultural, political and economic networks across the globe, Intensification of flows; this implies that there has been a significant increase in interaction across the world making the impact be felt strongly, increasing interpenetration; increased diversity since societies and different cultures are connecting and meeting at the local level.

Global infrastructure; these are the arrangements necessary for globalization networks to take place.

The key drivers to globalization are; policies and technology. Countries have adopted these policies that have created job opportunities in the global market hence enabling free trade. On the other hand, technology has created a more comfortable and faster way for the economic participants to engage in their activities. These include new methods of identifying economic activities, faster ways of analyzing economic trends and patterns across the globe, new ways of handling data related to a company and business and easy methods of reaching out to clients and partners (Eriksen, 2014).

There are various types of globalization. Countries interact with other countries for various reasons. There is a wide range of relationship that countries may be interested in hence the diverse classification of globalization (Bella, 2009). Below are types of globalization explained:

Economic globalization; This is stretching the economic connections. An excellent example of economic globalization is the use of international monetary fund that was formed to control money transactions all over the world (Sampat, 2009).

Social globalization; Exchange of ideas and information has increasingly come up with the help of social media and the internet. People communicate from different parts of the world making it easy to spread information and connect with other social groups (Smith, 2018).

Technological globalization; countries are now connecting and sharing technological ideas. Everything happening in other countries is aired on television or heard in radio stations and communications through telephones and cell phones has advanced (David Pretel, 208).

Cultural globalization; This is the sharing of different cultural ways from one country to the other. A nation like America has adopted different cultures from different parts of the world. And vice versa many parts of the world have adopted America’s cultural ways hence the quote Americanization of the world. Countries around the world have adopted the western ways and lifestyle which seems inevitable. Some parts of the world have tried to fight against cultural globalization. An example of one part is Iran who have attempted to stop cultural imperialism by banning satellite dishes and quotas from imported technological gadgets. Cultural globalization has been contributed by the power of technology that communicates easily all over the world.

Political globalization; Political interactions are now shared with different countries. This led to global political governance and global political systems. A good example is the League of Nations (Yunker, 2007).

Ecological globalization; Countries have come together to deal with environmental issues. The world is one ecosystem and global citizens share it.

Globalization today compared to years back; Countries are now more connected and engaging in businesses than before. The reason behind this is because countries have realized the power of an individual nation to determine their economic status, political status and cultural status and destinies have declined. When countries are interdependent with other countries knowledge and technology is shared and this advances information. Individual countries end up benefiting from globalization and gain more power over an economic, social and political structure. Globalization is a process that countries cannot evade from even though some have tried to narrow the chances. This is because the more advanced technology is getting the more our ideas are shared all over the world by just click of a button (Metz, 2013).

Importance/Benefits of globalization; Globalization opens up international opportunities

When a business runs its business within its own country it is restricted to the Countries boundaries. Globalization enables a business to target international markets and is not restricted to one country. Through technological platforms such as website, social media and mobile marketing sites businesses expanded by creating branches in potential parts of the world and also advertising globally.

Rise in the world GDP and development of new industries. Economic transactions increase globally as more businesses and countries expand into the global market. This leads to a positive impact on the global economy.

Cultural diversity; Globalization has impacted on cultural growth from one nation to the rest of the world. This is beneficial to developing countries because they will adopt cultures from developed countries. A good example is the media market, in many underdeveloped countries the market is saturated with productions from the western and northern developed countries.

Globalization leads to healthy competition among business; When a business joins a global-market they meet competition from different businesses with the same products and services. This makes business to become creative and find competitive advantage so that they can stand out from the rest. This competition is healthy for businesses that are growing. Globalization also levels the chances available in the market for small businesses to manipulate. The increased business competition also leads to technology innovations. Particularly when foreign direct investments grow they stimulate new technology development.

In global markets, there are rules and regulations set by the World trade organization and other bilateral trade agreements. This offers businesses with free trade and communications between countries. This leads to increased cross-country investments and the formation of alliances.

Challenges of globalization; Globalization is faced with challenges despite its benefits to individual countries. These challenges come up due to various factors that are limited to international markets. Below are some of the significant challenges faced by globalization (Torp, 2014).

Public relations are significant challenges that countries or businesses faced when getting into the international market. Build an image in new environments is a challenge to most of the business. Public relations are critical components in the global market.

Loss of cultural identity. Globalization poses threats to cultures that adopt different cultures. This is most common with undeveloped countries that adopt western cultures from developed countries. This leads to loss of global diversity. Globalization also creates a common culture in the global market that dominates in some of the countries. This dominance outdoes the countries culture.

Environmental degradation; developed countries often take advantage of undeveloped country’s resources and manipulate them. The need for food, timber, papers and other natural resources leads to exploitation of the ecosystem. Underdeveloped countries have weak environment regulatory laws and hence are easily broken.

Small-scale businesses often pull out of business due to lack of resources and infrastructure to compete with multinational companies.

In Conclusion, Globalization is inevitable hence it has its benefits and challenges for any business. Globalization has seen to have better results in overall economy of an individual country and its partners. Global market should set rules and regulations that will help small business and at the same time large businesses such as those set by world trade organization.

Reference

Bella, L. L. (2009). How Globalization Works. The Rosen Publishing Group, Inc.

David Pretel, L. C. (208). Technology and Globalisation: Networks of Experts in World History. Springer.

Eriksen, T. H. (2014). Globalization: The Key Concepts. A&C Black.

Jürgen Osterhammel, N. P. (2009). Globalization: A Short History. Princeton University Press.

Metz, F. (2013). Globalization. Advantages and Disadvantages. GRIN Verlag.

Sampat, P. (2009). Economic globalization today. Books for Change.

Smith, K. E. (2018). Sociology of Globalization: Cultures, Economies, and Politics. Taylor & Francis.

Torp, C. (2014). The Challenges of Globalization: Economy and Politics in Germany, 1860-1914. Berghahn Books.

Yunker, J. A. (2007). Political Globalization: A New Vision of Federal World Government. University Press of America.

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