Globalisation: The Implications And Impacts Of Globalization

1352 Words6 Pages
“Globalization is one of the most used, but also one of the most misused and one of the most confused words around today” (Dicken, 2007,p.1) . In addition Dicken (2007) indicated that it has been one of the most discussed topics of politician’s academics, business or labour union leaders etc. “Globalization is the process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world” (Harvard University, 2002). Lechner & Boli, (2012) similarly mentions that globalization relates to the process when more people across large distances become connected in several ways. Furthermore this clarifies the ongoing process through the way countries and people communicate and integrate. In which has caused impacts to the world in numerous of ways i.e. socially, economically and culturally. For instant globalisation is seen as a means for economic development. This refers to the integration of “the domestic economies with the world and the inevitable consequential increase in economic interdependence of the countries through trade, financial and investment flows, freer factor movements and exchange of technology and information.” (Ogbabu & Ameh, 2012, p.49). This demonstrates how countries are coming together as one big economy, in order to make trading globally much easier. It builds up economic efficiency, creates jobs, and lowers consumer prices, increases choice and economic transfer’s functions. “Using

More about Globalisation: The Implications And Impacts Of Globalization

Open Document