Category: Economics Essay

Globalization is explained as the increasing unifying the world’s economic order through the reduction of any barriers to trade internationally. The barriers may include import quotas, export fees, and tariffs. The main objective is to accelerate services, goods, and material wealth through various efficiencies attributed to competition, specialization and international relations. It is a process that focuses on lifting the present barriers hindering the progress and development of a given economy. Globalization describes the entire process by which cultures, societies, and regional economies have gradually become integrated through trade, transportation, and communication. In most cases, this term is closely associated with other terms but mostly economic globalization. This is the integration of state (national economies) into the general international economy through migration, trade, capital flows, military presence, the spread of technology, and foreign direct investment. However, globalization has been stereotype recognition for being driven by a collection of biological, economic, socio-cultural, technological, and political factors.

The term has also been used to define the transnational circulation of ideas, popular culture, or languages through acculturation. This paper seeks to lay emphasis on the need for individuals to go global, and the various impacts that the globalization elements have on the trends of daily activities that the individuals have. Globalization has been viewed differently in terms of its impacts or implications in the world and in world affairs. This is due to the fact that its impacts are not one dimensional. They are social, economic and political. Whereas some analysts and scholars argue that it has been central to bringing international development in all those perspectives, others differ and cite the negative implications of this phenomenon. In this essay, I will give the two implications of globalization in a manner of positives and negatives. This is because the truth lies in the visible findings of both schools of thought. The benefits are political, social and economic as follows.

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Broken down into little pieces, globalization has brought economic development in terms of quicker means of conducting business through mobile banking, the use of international courier services to relay information, use of the internet to conduct online business such as those of the stock markets. The improvement of technology has enabled ease of communication between merchants and their customers. It has also enabled the expansion of business enterprises and increasing markets around the globe due to the quick access of information that has enabled advertising services to be possible. This has also increased due to the mobility of financial markets through technological advances. It has also enabled quicker means of communication and provided a global village that exhibits quicker and faster means of sending and receiving information. In conjunction with such developments, it has created a lot of jobs which include interstate and intercontinental connections that have enabled the provision of online jobs to many people in the world. Politically, globalization has enabled democracy through international, continental and regional organizations like the United Nations (U.N), Commonwealth, European Union (E.U) and smaller organizations like the Economic Community of West Africa (ECOWAS).

Through intergovernmental links and organizations, the sustainability of peace and security has been enabled. All these have led to firm bases for the advancement of liberal democratic ideas of free markets, democracy and multi-party politics all around the world. In terms of global tackling of crises, globalization has made it easier for countries to intervene in the affairs of neighboring countries. For instance, the recent wave of political violence in sub-Saharan Africa has been quelled by foreign intervention from states who shared the goodwill of the innocent citizens of the affected countries. This aspect has also enabled the world to act jointly to fight such incidents like terrorism, hunger, natural disasters, and political upheavals.

Socially, globalization has increased social integration among the people around the world. This has been made possible by improvements in the communication links in the globe. Through the internet, social networking sites like facebook, twitter among others have been discovered to keep people in touch with each other. The use of planes and underground trains has enabled people to move in and out of various countries within a short duration of time. This improvement of the transport system has increased not only the mobility of the people but also of goods and services. This has also created job opportunities for the people working in those vessels of transport. Education across various borders has been made possible. For instance, there are various students in Europe who live in one country and study in the other, for instance, student X lives in Holland and studies in Belgium. This is possible due to the presence of electric trains. Globalization has facilitated the concept of outsourcing in various fields of the economy. Work including that of marketing, customer support, software development, insurance, and accounting is outsourced to both developed and developing countries like India and Russia. So, the organization that outsources the factors of produc