Advantages and Disadvantages of Globalization - 1098 Words

Globalization is an inevitable process which has led to integration amongst different people and countries. It strives to bridge the existing gap between nations by trying to foster healthy trade and investment relationships amongst them. An economist, Thomas Friedman has described today’s globalization as â€Å"farther, faster, cheaper and deeper† [1]. Nobel Laureate Joseph Stiglitz defines globalization as â€Å"the closer integration of the countries and peoples of the world which has been brought about by the enormous reduction of costs of transportation and communication, and the breaking down of artificial barriers to the flows of goods, services, capital, knowledge, and (to a lesser extent) people across borders† [2]. Many countries such as China and India have benefitted majorly due to globalization. According to the World Bank, poverty rates in China fell from 60% to 16% between 1990 and 2005 and the poverty rate in India has reduced to 50% of what it or iginally was, in the past 2 decades. Uganda also witnessed a drop in the poverty levels by 40% and school enrollments doubled in that period [3]. In my opinion, the key factor influencing globalization is the improvement in the technology over the last century. I believe that since technology is constantly evolving, it is a major driving force behind globalization. Technology has contributed to globalization by enabling people to widen their horizon and by providing them with access to unlimited knowledge through the internet.Show MoreRelatedThe Advantages and Disadvantages of Globalization1439 Words   |  6 PagesThe Advantages and Disadvantages of Globalization Prepared by Ummul Wara November 2012 Content 1. Introduction - What is Globalization?............................................1 2. Advantages of globalization†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦2 3. Disadvantages of globalization†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦..4 4. Conclusion – to globalize or not to globalize†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.6 5. References Introduction - What is globalization? Globalization can be defined as ‘international integration’, which can be described asRead MoreGlobalization Advantages and Disadvantages695 Words   |  3 PagesWhat Is Globalization? Globalization means increasing the interdependence, connectivity and integration on a global level with respect to the social, cultural, political, technological, economic and ecological levels. Globalization is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology. This process has effects on the environment, on culture, on politicalRead MoreAdvantages And Disadvantages Of Globalization2225 Words   |  9 Pagesdoesn’t happen uniformly, and it impacts people in profoundly different ways often dependant on whether they live in core or periphery regions. Globalisation has advantages and disadvantages to people, the process of globalisation may mean that there is advantages to people in some places whilst other places are experiencing disadvantages. It could be argued that globalisation transforms people and places by making them both more interconnected or ‘closer’ together, although globalisation cannot changeRead MoreAdvantages and Disadvantages of Globalization in the Philippines2445 Words   |  10 PagesADV ANATGES AND DISADVANTAGES OF GLOBALIZATION ON THE PHILIPPINE ECONOMY __________________________________________________ A Term Paper Presented to: ANTHONY R. VILLANUEVA Economics Teacher ____________________________________________________ As a requirement for the Fourth Quarter in Economics subject _______________________________________________ Presented by: Adrian R. Ocampo IV-I _______________________________________________ March 2011 STATEMENT OF PROBLEMRead MoreAdvantages And Disadvantages Of Globalization Of Finance1761 Words   |  8 PagesContagion and the Global Financial Crisis According to Schmukler (2004), financial globalization is not a new concept from the historical viewpoint. However, lately, the concept has grown exceptionally in its scope. Peckham (2013) defines globalization of finance as the degree to which various countries are in interrelated through inter-border financial holdings. Schmukler (2004) notes that financial globalization has various potential benefits as well as risks. Therefore, it is important to highlightRead MoreDiscussion on the Advantages and Disadvantages of Economic Globalization651 Words   |  3 PagesDiscussion on the advantages and disadvantages of economic globalization At present, economy globalization, which can be defined as the expanding world integration through trade, financial flow and knowledge, has significant effect on developed and developing countries. We are living in a world where people can communicate efficiently and enjoy the freedom of exchange of goods and capital. Due to the economic globalization, the material life today is more colorful than before. However, there areRead MoreEvaluate the Advantages and Disadvantages of Globalization for Business1101 Words   |  5 Pagesnot be done, if there was no understanding of cooperative activities of the individual and the concept of teamwork. In this essay we are going through the importance of teamwork in organizations as developed by related authors, to find out the advantages and how this concept can make a business more profitable. To begin with, in a business which working in a team is very important to construct an effective teamwork rather than ineffective. This will be accomplished if there is a true organizationRead MoreAdvantages and Disadvantages of Globalization on South Africa767 Words   |  4 PagesGlobalization is the shrinking of the world and the increased consciousness of the world as a whole. It is a term used to describe the changes in societies and the world economy that is a result of dramatically increased cross-border trade, investment, and cultural exchange. Globalization has been dominated by the nation-state, national economies, and national cultural identities. The new form of globalization is an interconnected world and global mass culture, often referred to as a global villageRead MoreAdvantages and Disadvantages of Globalization on Development in Developing States2028 Words   |  9 PagesAdvantages and Disadvantages of Globalization on Development in Developing States Globalization brings more economic advantages to developing countries than disadvantages, even though this statement is arguable for many. But the simple effect of enabling developed countries and developing countries to compete in the same â€Å"Global arena† is already a gain, not only for DCs but for LDCs as well. The increased interaction among actors promoted by Globalization facilitates free trade which in turn provideRead MoreCompare and Contrast the Current Era of Globalization with the First Age of Globalization (1850s-1920s). What Are the Advantages and Disadvantages of Globalization in Its Current Context?1720 Words   |  7 Pagescurrent era of globalization with the first age of globalization (1850s-1920s). What are the advantages and disadvantages of globalization in its current context? Word count: 1530   Unit Coordinator: Dr Tony Ramsay I am going to contrast the current era of globalization with the first age of globalization in many different aspects, in the mean time analysis the merits and demerits of　globalization in its current context. John and Kenneth (2012, p. 28) find that the concept of globalization means the