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Key Aspects Of Globalization

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1. Globalization
The term “globalization” in the context of economics is a historical procedure, an outcome of the collaboration between current technological advancement and human creativity. It describes the ever-growing integration of economies, mainly via trade of goods, capital and other related services between countries all around the world. The term may also describe the transfer of knowledge (technology) and people (manpower) between countries. Globalization has several aspects, which include environmental, political and cultural dimensions.
It was the year 1980 when “globalization” became a widely used term. Back then, it was used to refer to the technological advances which helped make international transaction processes easier, …show more content…

This type of specialization enabled economies as well as people to pay attention to and advance towards only those areas which they consider themselves experts in. Thanks to global markets, people can now be a part of markets that are bigger and more diversified all across the world. This leads to people gaining better access to the latest technology, more capital, reasonable imports and greater export markets. However, markets make no attempt to make sure that the advantages of better efficiency are shared by everyone. Every country must prepare to face any challenge and meet every requirement they may have to. If a country is not too strong financially, it should look for ways to collaborate internationally, seeking help from the international community while ensuring that the preparations are not …show more content…

For example, innovators could make use of an idea that was once successfully implemented and revamp the same idea however they wish to, basically taking a leaf out of someone else’s book (Ritzer, 2011). Even better, they could either ignore or completely revamp ideas that have completely failed in the past. However, a Nobel laureate named Joseph Stiglitz, who is also a known globalization critic has claimed that globalization “has lowered the overall sense of isolation noticed in a majority of the developing world, and has granted a number of people from developing nations access to the kind of knowledge not even the wealthiest from any countries might be aware of a hundred years

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