What is globalization and culture? What effect or impact has globalization had on culture? Globalization is the inclination of speculation assets and organizations to move past local and national markets to different markets the world over, subsequently expanding the interconnection of the world. Globalization has had the impact of particularly expanding worldwide exchange and social trade. Also, because of globalization international business grown, improved and removed a lot of obstacles when interacting with international markets.
‘’Globalization is a widely and somewhat loosely used term intended to describe the recent and rapid process of intercontinental economic, social, and political integration. This worldwide integration allows people to communicate, travel and invest internationally, and helps companies market their produces widely, acquire capital human and material resources more efficiently share advanced technology, and enjoy economics of scale. While many benefit from globalization, others are hurt economically, some cultures may be harmed, and local environments may suffer.
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
Globalization has empowered monetary advancement, social and political impact. Though globalization is advantageous to the individuals who have worldwide systems while others are barred. The counter globalization development surveys the importance of globalization.
Through these, it helps to have more international trading and increasing employment rate. By embracing globalization and international finance, it will make any countries across the globe to be better and allowing more trading and investments from foreigners to help the economy of any country. In real life, businesses faces increasing competition, because of this, its workers may also be discouraged because of such. There are reasons according to Tverberg (2013), why globalization can be a huge problem. Globalization quickly uses limited resources.
Transportation is done freely and those depend on the global economy. At this point, political globalisation is happening since it countries through trading system. Cultural globalisation explains the phenomenon of exchange of ideas, such as having reputations influencing other countries. As globalisation happens, countries are interconnected to each other. Throughout globalisation, individual states are facing several problems, class notes.
In this globalization era with fast development in many things make us to open to many fields, start from political side, knowledge and technology, social and culture, and no exception for economy. Globalization indirectly forces us to follow every changes and every development that happen around us. The definition of globalization itself according to WHO is increased interconnectedness and interdependence of peoples and countries, is generally understood to include two interrelated elements: the opening of borders to increasingly fast flows of goods, services, finance, people and ideas across international borders; and the changes in institutional and policy regimes at the international and national levels that facilitate or promote such flows (“WHO | Globalization,” 2016). Cannot be denied, globalization in economy side is really impact to trading. This is what we call as Economic Globalization.
I am convinced that globalization provides many benefits for us as individuals but also for every country in the world. Many professionals, economists and politicians align that the process of globalization is a huge benefit for economies worldwide. Through this process different trade markets are getting more competitive but also efficient at the same time. It balances the unequally between different countries and prevent eventually some military conflicts. The Milken Institute’s Globalization of the World Economy reports that even if there are many benefits regarding the globalization, there are still several risks which should not be underestimated by investors or governments.
Economic globalization refers to “the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, flow of international capital and wide and rapid spread of technologies.”(Gao, 2000). Since the outset of economic globalization, free trade has been established. Free trade has reduced the trade barrier between nations.
Globalization is a process of the ever-increasing impact of different elements of global significance on the social reality throughout numerous countries around the world that include closer economic and political relations, cultural and information exchange. The primary factor of globalization is economic, that is presented within the existence of multinational corporations operating in the great number of countries and using new historical circumstances to their advantage. However, globalization is not related to a kind of a mixture of heterogeneous processes. Globalization is an objective process, which determines the qualitative changes in the global space, increase interconnectivity and uniqueness of individuals or civilizations in general.