The Major Challenges Of Globalization

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Globalization Globalization is omnipresent and one of the most significant changes of human history. It is essential to understand globalization as an economic phenomenon arbitrated by cutting-edge communication and information technologies. The transformative potential of globalization reaches invasively into all dimensions of contemporary social life. The factors that play a significant role in the concept of globalization are concentration, acceleration and expansion of worldwide relations. Although globalization earns a significant place among the major concepts of human development, debates related to globalization are one of the major reasons that there is no other topic today, which is more difficult to get one’s head around. While the…show more content…
The growth of foreign direct investment to eight fold during the 1990s has brought skilled personnel and modern technology to poor countries. Banking and other related sectors have also prospered during these years. There has been an increasing willingness among the foreign investors to send their capital to the poor countries in the recent years due to the miracles made by globalization. However, while direct foreign investment boosts the emerging markets, capital flows pose serious risks in the short-term. One of the major challenges of globalization is the risk of currency depreciation. The depreciation of local currencies triggers a devastating wave of bankruptcies. Due to similar events, there has been a collapse in the exchange rates and banking systems of Argentina, Russia and…show more content…
It has led to technical revolution due to which, the entire world centers around information technology. New social interactions and social changes have emerged as a result of globalization. English has become the dominant language all over the world with the advances in internet and cultural interactions among people. The globalization of media has resulted in the transmission of news irrespective of geographical boundaries. Global media, such as the CNN and BBC have dominated the airwaves by transmitting news all across the world. Various international corporations, such as McDonalds, Reebok, Coca-Cola, Pizza Hut and many others have entered the global markets, expanding their customer base. Globalization has also spread to the fields of arts, sports and music. Cricket and football have become global games played across the

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