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The Strengths Of Globalization

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Globalization is a procedure of interaction and integration among the people, companies, and governments of different countries, a procedure pushed by international trade and investment and aided by information technology. In its exact sense, globalization can be seen as the process of transformation or rebirth of local or regional phenomena into global or global ones. It is an enduring process for the integrity of regional economies, companies and cultures through worldwide networks of exchange. Globalization is frequently used to refer to economic globalization, that is, “amalgamation of national economies into the international economy through trade, foreign direct investment (by corporations and multinationals), short-term capital flows, …show more content…

When practiced in an economic context, it refers to the reduction and removal of barriers between national borders in order to ease the flow of goods, capital, services and labor. Globalization is not a one-dimensional phenomenon. According to Amartya Sen, a Nobel-Prize winning economist, globalization “has enriched the world scientifically and culturally, and benefited many people economically as well” . The United Nations has even predicted that the strengths of globalization may have the ability to eliminate poverty in the 21st C. It started in the late nineteenth century, but its spread slowed during the period from the beginning of the First World War until the third quarter of the twentieth century. This lag can be ascribed to the inward-looking policies pursued by a number of states in order to protect their respective industries, however, the pace of globalization picked up rapidly during the fourth quarter of the twentieth century.
But agreeing to some other researchers, the emergence of globalization can be drawn back to ancient civilization. The illustration of the earlier pattern of globalization is the trade network between the Sumerian culture and the Indus Valley Civilization. Later on this historic period, various trade links were connected between various states, like India, Egypt, Greece and Roman Empire and many more. And then there were regular routes between the Parthian …show more content…

The Industrial Revolution opened up a rapidly widening income gap between Europe and America on one hand, and the rest of the world on the

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