The Benefits Of Globalization

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“Globalisation” as an idea is somewhat a new phenomenon, and certainly is a word that has become a sort of commonplace in society over the last two decades. But the process of globalisation is not one which is a new ‘player’ to the field, although it is the increase in the exchange of knowledge, trade and capital around the world, driven by technological innovation which has thrust the term to the forefront . But still many people today often find themselves asking what exactly globalisation is. Often the first association that springs to mind for a large part of the world’s population upon hearing the term are large corporations such as McDonald’s and Coca Cola. These are just associations to make, as by definition “‘Globalisation’ is the process by which the world is becoming increasingly interconnected as a result of massively increased trade and cultural exchange” , which gives way to the global recognition of many multinational corporations not just in the “developed” world but also in less economically developed countries (LEDCs) too. The major companies are no longer national firms but international corporations with subsidiaries in many countries. Some see globalisation as a benefit to global society. According to Amartya Sen, a Nobel-Prize winning economist, globalisation “has enriched the world scientifically and culturally, and benefited many people economically as well” . The United Nations has even predicted that the power of globalisation may eradicate poverty

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