Globalisation

Globalization is referred to the process of going to a more interconnected world. It can also be interpreted as the transition from regional or national economies to global economies. In this networking of trade and transportation, communication plays a vital role. There is also a term economic globalization where the integration national economies into international economies come into play.

Digging the history of globalization, Oxford English Dictionary states that word “globalization” was first put into action in 1930. It was then used in education to denote a holistic view of human experience in education. Charles Taze Russell, the American entrepreneur-turned-minister was the first one to give a description for globalization. In 1897, he coined the term ‘corporate giants’ which was used by the social scientists and economist only in the 1960s.

Though globalization means the reduction and eradication of barriers between national borders to enhance a free flow of services and goods, this term can be used in a number of ways. The pace of globalization which was begun in the nineteenth century was slowed by the impact of the First World War. Since many countries wanted to protect their economies they started looking into their economies attributing to an inward-looking policy. However, globalization started to boom in the fourth quarter of the twentieth century.

Analyzing the effects of globalization, one can look in to the industrial, financial, economical, political, informational, and the ecological aspects of globalization.

The worldwide production has emerged as a result of globalization which created broader access to a range of products from different countries. The movement of goods between national boundaries has been improved which promised a significant growth in the international trade. For instance, if you look in to the China’s trade with Africa in recent years it has been rose sevenfold which shows the wonder of globalization.

The worldwide financial markets emerged creating better access to external borrowers. For example, to support the extended levels of trade and investment $1.5 trillion in national currencies were traded.

In term of the economic relations, world is presumed as a global village where there should freedom of exchange of goods and capitals. The only drawback in linking the markets of different countries is that the economic collapse in a particular country may affect all other countries.  There will also be a shift of jobs to locations where there are lowest wages which may result in least work protection and health benefits for the employers.

In terms of politics, globalization is meant to create a world government which will monitor the relationships among governments and promise the rights of the social and economical globalization.

Questions

• What are the effects of globalization?
• What is globalization?