Global UnderstandingWhat is Globalization?Globalization is driven by international trade, investments, and technology. Consequently, the process integrates people, companies, governments, and nations. As a result, the environment, cultures, political systems, economic development, and societal well-being are affected globally. Globalization is not contemporary since nations have traded goods for centuries. Over great distances, the Silk Road connected China and Europe during the Middle Ages, and ships imported spices and goods from the “New World.” For several decades, policy and technological developments have prompted cross-border migration and non-government organizations. In the post-World War II Era, many nations adopted capitalism, especially during the past two decades. As a result, manufacturing increased and there were new opportunities for international trade and investments. Moreover, governments negotiated a reduction to trade barriers and established international agreements promoting goods, services, and investments. Corporations moved their factories abroad and established production and marketing arrangements with foreign partners. Thus, a defining aspect of globalization is an international, industrial business structure. Technology and communications are the principal driver of globalization as technological advancements transform nations. Particularly, information technology creates economic opportunities including transferring assets, and collaborating with partners, while analyzing economic trends. However, globalization is also deeply controversial. Proponents argue that globalization allows poor countries to develop economically and raise peoples’ living standards. But opponents claim that globalization benefits multinational corporations at the expense of local enterprises, cultures, and people. Finding the right balance between benefits and costs is challenging. To understand globalization and its impact, Globalization101.org provides an analysis of the issues and controversies Taken from iStudent101.com – Globalization defined Feedback We welcome any questions, feedback, or suggestions you may have regarding this website or other resources. Please contact us. |
