Impact Of Globalization In South Africa

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THE IMPACT OF GLOBALISATION IN SOUTH AFRICA “Globalization” is always a popular word in news and TV. It has also become a key thought for economic theory and practice, and entered academic argues. However, what people say by “globalization” is often confusing and contradictory. Here we explore some important themes in the theory and the experience of globalization. “Globalization” is mostly used as a “shortcut” of describing the trend and connectedness of production, communication and technologies across the world. That spread has involved the intertwisting of economic and cultural activities. The research focuses on exploring some of the main processes within what is popularly called globalisation, in an attempt to better understand its…show more content…
However, many people believe the present situation is a fundamentally different order to what has gone before. The speed of communication and exchange, the complexity and size of the networks involved, and the sheer volume of economy, interaction and risk give what we now label as “globalization” a particular force. For some, globalization has been an instrument for progress; it has created wealth, expanded opportunities and provided a nurturing environment for entrepreneurship and enterprise. For others, globalization has created unemployment, poverty, and marginalization and is thus seen as the institutionalization of social crises. The concept of globalisation is one with meaning faces, incorporating the economic, cultural, technological, social and political dimensions. However as Dickens explains, the development of a global economy is a process with deep roots in history (Kennect, 2001) According to Anthony Giddens globalisation represents “ The intensification of worldwide social relations which link in such a way distant localities as events that occur locally are seen through the eyes of others similar, occurring many miles away vice versa” (Giddens,…show more content…
For developing countries, they conclude that the more relevant factors are social standards, labour market institutions such as unions and lost wages, and macroeconomic conditions. The impact of globalisation on unemployment is that of the opponents of globalisation is arguing that the process of globalisation will lead to higher levels of unemployment in developing
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