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Economic Globalisation: Positive And Negative Aspects Of Globalization

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Arguments for Globalisation

Globalisation is a term that means that the local phenomena is transformed into a global one. Globalisation refers to different countries connecting together to link information and money. In addition to products and services produced in one part of the world are no readily available all over the world. This transformation has brought about positive and negative aspects to the world and the society we live in today. This paper will discuss the positive and negative aspects of globalisation. According to Simon, (2002) globalisation refers to an increase in global relationships related to culture, people and economic activities. Globalisation presents itself in a way that links itself to the distribution of goods and services.

In the twentieth century globalisation is viewed upon in relation to the economy and technology. This perception is therefore linked to the internet and international markets linked to global institutions for example the IMF and WTO. Globalisation has a huge impact on the economies today worldwide. This can be in the developing or developed countries. An important factor that must be discussed here is economic liberalisation. To define economic liberalisation it is important to note that it is a process for achieving unobstructed economic activities. Basically, its main aim is to remove all barriers in relation to trade and investment while at the same time offering freedom from the economic activities (Onyekpe, 2001:52,
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After the Cold War, the field was sowed for globalism to be planted among the countries of the world. Its roots grew and were used to bring together a world that was separated. In the eyes of historians, globalism is seen as a double edged sword that has benefits and drawbacks in a nation’s economy, environment, and social structure. According to ABC-CLIO, the definition of globalism is “...the growth of systems and activities of economic and commercial production, trade, and services on a global scale” that is a result of collaboration between nations.

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INTRODUCTION Globalization has an impact on everyone. From the food people eat and what they wear, those products came from all around the world and is a product of globalization. That globalization is the international integration of ideas, products, and culture. But these products, ideas, and culture could come to a loss though these things are all very beneficial. Although there are times when globalization has costs in terms of deadly viruses is true, but the benefits do outweigh the costs when new ideas are introduced.

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Globalization has many negative effects in our world. The first problem with globalization is that international trade is exacerbating income inequalities between industrialized and nonindustrialized nations. Secondly, Global commerce is dominating the corps that want to maximize profits without a regard for the development of the country. Lastly, the countries involved with globalization lower their environmental standards in order to attract foreign business investments. In order to reform globalization, the government should change the ‘rules’ because they are unequal.

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The idea of “Globalisation” has successfully brought people and nations of the world together by the increased of non-territorial social activities, the growing speed of transportations and communications, and the rise of cross-border interconnections. Globalisation is everywhere, it is a combination of environment, culture, society, politics and economy. Economic globalisation is one of the most influential aspects to globalisation in this modern society, which introduces free trade, marketisation, liberalisation and the movement of labour. However, local and international may share different economic views, as to contrast this, two same news items on August 20th, 2014 covered by The Moscow Times (Reuters 2014) as local perspective and The Wall Street Journal (Hansergard 2014) as international perspective, are being used for the study. European markets are affected by the conflict between Russia and the West over Ukraine, especially the beer industries are now further suffering low consumer spending in Russia since last year restriction on beer.

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The term “Globalization” has been in existence for the past 50 years. It is one of the major causes of the increase in international trade. The Oxford Dictionary defined Globalization as “the process by which businesses or other organizations develop international influence or operate on an international scale”. It is a phenomenon that has been in the front burner for several years. Certain individuals opine that it serves as an advantage for the developing countries to compete in the global market while others were of the opinion that it favors the developed countries by making them richer (Giddens, A. 1999).

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The exceptionally notoriety of the word 'globalization’ signals a require for caution. The word was barely utilized some time recently the late 1980s, indeed in scholarly circles, but nowadays you can barely open a daily paper without experiencing the term. It might effortlessly show up to is an elegant name utilized to assign wonders around which one has as it were the vaguest thoughts. However to dispose of the concept of globalization, and the huge consideration agreed the marvels it envelops, on such grounds, would be silly. There is a genuine require for a common, non-specific term to portray the complex, multi sided ways in which the world is inter-connected, and progressively so.

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Globalisation is a process whereby flows, exchanges and interactions are transboundary in nature. People, goods, services, ideas and information are being exchanged globally with intensification and acceleration. These exchanges are worldwide and real time. The results of globalisation are interconnectivity, integration and interdependence. With globalisation, many global citizens have greater mobility, which allows them to seek better opportunities overseas.

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Introduction Globalization is a fact of Economic Life – Carlos Salinas De Gortari. Globalization is not a new thought. This process of interaction and integration among the companies, people and government of different countries is happening from ages. Technology has been the major driver of globalization. Economic life has been transformed dramatically by the advances in information technology.

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What can be defined by economic globalisation is the increasing economic integration and interdependence of national, regional and local economies across the world through an intensification of cross-border movement of goods, services, technologies and capital. Whereas globalisation is a broad of set of processes concerning multiple networks of economic, political and cultural interchange, contemporary economic globalisation is propelled by the rapid growing significance of information in all types of productive activities and by the developments in science and technology. Some theorist also defined Globalisation as a historical stage of accelerated expansion of market capitalism, like the one experienced in the 19th century with the

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Globalization is a process of linking the world through many aspects, from the economic to the culture, the political. in different nations. This process uses to describe the changes in society and in the world economy, by creating a linkage and increasing exchange between individuals, organizations or nations in cultural perspective, economics on global scale (Globalization 101, n.d.). A process of creating many opportunities but also causes many challenges for all the nations in the world, particularly for developing countries. There are so many advantages that globalization brings to developing countries like free trade, technology transfer and reducing unemployment.

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Economic globalization refers to the free movement of goods, capital, services, technology and information around the world. Since the 1990s, due to the improvement of advanced communication technologies and the rapid expansion of multinational corporations, economic globalization has become an important trend of the world economic development. This trend not only provides a broader space for international markets for all countries, but also aggravates the competition among countries for market and resources. Economic globalization is an inevitable result of the development that no country can evade. In this paper, we will discuss that economic globalization is beneficial or not to developing countries.

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Nowadays, in the light of the development in technology, especially in transportation and media, trade and communication has increased rapidly among countries. This trend is called globalization. Generally speaking, globalization has its own advantages and disadvantages. The development in international trade and communication has created employment and opportunities for millions of people, but it has also made poor countries poorer. In my opinion, globalization has both positive and negative aspects.

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