What is globalization?
The term "globalization" describes the trend of nations coming together economically, socially, politically, and in terms of education, and seeing themselves as a part of the globe beyond their own national identities.
Types of Globalization
Economic: Nations that engage in extensive trade with few trade barriers are considered to be part of the globalized economy.
Social: ideas and information are shared across national borders via social networks and the internet.
Political: The degree of international cooperation in politics.
Causes of Globalization
Enhanced Interactions
The expansion of globalization has been greatly aided by the advancement of communication technologies like the Internet, email, and mobile phones, which enable MNCs (multinational businesses) to conduct business globally. The emergence of satellite TV networks, including BBC and CNN, has additionally opened up global marketing outlets for the idea and goods of globalization.
Better Transportation
The advancements in bulk shipping refrigerated and container transportation and enhanced air transportation have made it simple to carry large quantities of commodities over international borders. It promotes globalization.
Agreements on Free Trade
Global free trade has always been supported by MNCs and wealthy capitalist nations as a means of boosting their own income and power. Free trade is also supported by international organizations like the World Trade Organization and the International Monetary Fund.
Worldwide Banking
Large sums of money can move swiftly and freely throughout the globe thanks to modern communication technologies. Daily trading across international stock exchanges in New York, London, and Tokyo can reach up to $US1.3 trillion.
The MNCs' Growth
Globalization has two effects: it is a cause of the explosive rise in large multinational corporations (MNCs) like Microsoft, McDonald's, and Nike. A significant component of globalization is the investment made by MNCs in factories, mines, and farms throughout the world. MNCs may now manufacture goods and services and market their products globally on a vast scale because of globalization.
The Effects of Globalization
Modified Food Source
The seasons no longer affect the availability of food. Anywhere in the world, at any time of year, we can purchase food.
Partition of Work
Due to the fact that multinational corporations (MNCs) look for the lowest costs when manufacturing and assembling components, production processes may be shifted from developed to developing nations.
Reduced Job Safety
Jobs in the global economy are become increasingly precarious and transient. According to a poll of American workers, the average person works seven to ten jobs during their working lifetime.
Harm to the Natural World
More trade leads to increased transportation, which increases pollution and the consumption of fossil fuels. Our future is being threatened by climate change.
Cultural Influence
People all across the world are connected by websites like YouTube. Diverse cultures are being disregarded as the world grows more homogenized. Because they eliminate local competition and drive out local businesses, MNCs have the potential to establish a monoculture.
Protests against globalization have increased.
People are becoming more conscious of the drawbacks of globalization. People are starting to realize that communities can oppose globalization by standing up for one another in politics, business, and society as well as through public protests and lobbying.
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