Concept of Globalization

In: Business and Management

Submitted By selyn
Words 388
Pages 2
The concept of globalisation is one of the most debated issues since the collapse of communism. The rapid acceleration of globalisation has for long been associated with technological advancement and the international market. I will argue that globalisation is not a new phenomenon as its history can be traced back to the feudal period. This work examines the negative and positive aspects of globalisation with regards to Ghana.

To begin with, even though, globalisation is a positive or powerful force for the improved material well-being of humankind, that would aid developing countries to “create better economic environments” improve their access to technology; speed development and enhance global harmony”, its effects on the political, economic, social and cultural nerves of the weaker member states cannot be ignored without severe consequences. This is particularly so in that, globalisation affects developmental thinking and actions of the developing polities; relegates ethical equity and social concerns behind market consideration and reduces the autonomy of the independence states. Indeed, globalisation is an awesome and terrifying phenomenon for Ghana.

It is therefore, a need for an appropriate response to emerge from Ghana with a view to understanding the dynamics that will hopefully help to evolve measures that will reduce the devastating effects of globalisation. The Political identification and human interaction are increasingly crossing national boundaries to create new global connections. De-regulation of financial and other markets and the integration of markets for goods, services and capital such as the European community. It has also made government increasingly less able to control the flow of capital, information and technology across all boarders. It has also led to the production of goods and services acceptable to the global market and the…...

Similar Documents

Globalization What Is Globalization, and What Are Some of the Traditional International Trade Theories That Support the Concept of Globalization? Globalization Is Defined as a Shift Towards an Integrated World Economy (

...Globalization What is globalization, and what are some of the traditional international trade theories that support the concept of globalization? Globalization is defined as a shift towards an integrated world economy (Hill, 2009). Globalization can be explained in many ways, one is the globalization of production. For example, computer hardware or software, cell phones, food, and music are all products that are distributed globally. Globalization is the process in which economies of countries all over the globe become integrated over time leading to organizations having access to a larger market base and customers having access to a greater variety of goods and services. Globalization is also a method of communication and integration among the consumers, organizations, and governments of different nations, which is driven by international trade and investment and assisted by information technology. This process has effects on the environment, culture, political systems, economic development, and on human nature in societies around the world. Supporting the concept of globalization are several traditional international trade theories, including Free Trade, New Trade, and Mercantilism. List the major drivers of globalization and give three examples of each. Several drivers underline the continued trend of globalization in today’s popular culture. The first is the decline in barriers to the free flow of goods, services, and capital (Hill, 2009).......

Words: 276 - Pages: 2

Globalization

...MGMT 422 – Management Concepts Term Paper Dr. Rogers Group: Globalization By: Troy Tolson Jr Romel Reaves Hector Gray Demonte Alston Globalization Globalization is the process of increased interconnectedness among countries most notably in the areas of economics, politics, and culture. Put in simpler words, globalization is growth on a global scale. A more common example of globalization is the fast food industry; sweeping across our nation especially, fast food, which has quickly become one of the richest corporations in the world. From first-hand experience, one can prove that through the years eating out, or eating on the go, has become far more common amongst American citizens as well as those in neighboring countries. The strength of need, or global demand for a product or service plays a major role in its global distribution. There is no exact date when globalization was said to have started but most studies claim it started around the 19th century. Although there is no set date, the history of globalization can be broken down into three waves or periods. The first wave began in 1870 and ended at the beginning of World War 1 in 1914. It was characterized by a decrease in trade barriers and an advancement in transportation technologies. This resulted in a major migration of about 10% of the world’s population. The second wave occurred from 1950 to 1980 during which multiple trade agreements occurred between developed nations,...

Words: 1690 - Pages: 7

Globalization

...Globalization and Bangladesh According to Oxford Dictionary “Globalization is the fact that different cultures and economic systems around the world are becoming connected and similar to each other because, of the influence of large multinational companies and of improved communication”. According to Wikipedia (an web encyclopedia) Globalization refers to increasing global connectivity, integration and interdependence in the economic, social, technological, cultural, political, and ecological spheres.    Shahzaman Mozumdar (IT Professional and Freedom Figher) says, "Globalization evokes different feelings to different people. Some look at globalization as "the panacea,"-the elixir that will eradicate all poverty, remove disparity, and enable the global citizens to enjoy a decent lifestyle-the lure of globalization. Others view globalization as "the evil" that will further enslave them to the rich” In the broadest sense, Globalization implies integration of economies and societies across the globe through flows of technology, trade and capital. Integration of production, accelerated cross-border investments and more trade are the logical outcomes of this process. It is a phenomenon of 21st century.    When I think of globalization in the context of Bangladesh, I think of a person like Hosne Ara Begum, a 40-year-old garments worker at Dekko Apparels Ltd. Hosne Ara, living with her unemployed husband and two children, was driven out of her village in Comilla......

Words: 935 - Pages: 4

Globalization

...PART I: GLOBAL OUTLOOK Part I: Global outlook 15 GLOBALIZATION: A HISTORICAL AND MULTIDIMENSIONAL PERSPECTIVE CHAPTER 1 Chapter 1 Globalization: a historical and multidimensional perspective In the past decade the concept of globalization has been employed widely in academic and political debate, but the meanings attributed to the term are far from consistent. In this document it is used to refer to the growing influence exerted at the local, national and regional levels by financial, economic, environmental, political, social and cultural processes that are global in scope. This definition of the term highlights the multidimensional nature of globalization. Indeed, although the economic facet of globalization is the most commonly referred to, it acts concomitantly with non-economic processes, which have their own momentum and therefore are not determined by economic factors. In addition, the tension that is generated between the different dimensions is a pivotal element of the process. In the economic sphere but also —and especially— in the broadest sense of the term, the current process of globalization is incomplete and asymmetric, and is marked by major shortcomings in the area of governance. The dynamics of the globalization process are shaped, to a large extent, by the fact that the actors involved are on an unequal footing. Developed-country governments, together with transnational corporations, exert the strongest influence, while developing-country governments...

Words: 6144 - Pages: 25

Globalization

...development of Internet, transportation and closer relationship between countries, nowadays we heard of “globalization” more frequently in the daily life. Different countries and the people from different places have more connection and communication with each other than before. This is a human social phenomenon. In this big world stage, more relation not only means more opportunities, but also more competition. To research the advantages and disadvantages of globalization can help to catch the chance and avoid the risk and maintain a momentum of healthy development. I will briefly talk about what is globalization and its effects to different areas at the beginning. Furthermore, the advantages and disadvantages will be presented to show how these factors influence the developed and developing country respectively. II. What is globalization? The globalization is just a concept which generally means an increase of global connections, the human life based on the global scale and an increase of global consciousness. The politics and economic trade rely on each other. The globalization can be recognized as the integration of the world. Actually, Globalization is not a new phenomenon, which not happened in recent years. In ancient time, China exported tea and silk to Europe. That the west Europe started colonial times can be considered as the beginning of the globalization. It began at the end of the nineteenth century, but it slowed down during the period from the start of......

Words: 1225 - Pages: 5

Globalization

...Globalization today is far more important now than it has been in the past. With the US economy struggling and the war sapping resources managers have to weigh globalization carefully when assessing the functions of management. The European Union has become more unified to create a more competitive Europe and it has largely succeeded. China is a major concern because it has the largest economy in the world and is sapping resources from everyone. The planning phase of management has to engage the ever-changing economies of the world especially if outsourcing is considered as a production method. There are many facets of globalization that directly affect the bottom line of an organizations end product. The EU has had a modest growth in its economy but many companies are sending manufacturing facilities to the eastern portion of Europe. This is because of the fertile production environment there. It consists of relatively low wages, trained workers and access to markets. In China and the Pacific Rim managers have to consider Japan, which has the third largest export market in the world. This is due largely to the effectiveness and efficiency the Japanese have made a trademark with. The planning stage has to consider this market and failure to do so will most likely affect the overall project. In China lies the largest economy in the world and it is waking up so to speak. China has the largest population in the world therefore it also has the largest workforce.......

Words: 1031 - Pages: 5

Globalization

... Culture, economics and politics appear to come together across the globe through different ways of information, ideas and knowledge, and the investment strategies of global corporations. Globalization can be defined as a process of international integration arising from interchange of world views, products, ideas and other aspects of culture. Suarez-Orozco and Qin-Hillard (2004) claim that globalization defines our era, it is what happens when the movement of people, goods or ideas among countries and region accelerates and globalization tends to dispatch social practices and cultural formations from localised territories. There are so many other definitions of globalization and there a four key concepts according to David Held which interprets globalization, these concepts are; Stretched social relations, intensification of flows, increasing interpenetration and global infrastructure. i. Stretched social relations is the existence of cultural, economic and political networks of connection across the world, these are all stretched across nations of the world and this leads to regionalization which can be defined as the interconnectedness between ‘geographically contiguous states’ that border each other, for example Europe, (Held,2004,p.15). ii. Intensification of flows is a concept associated with stretched social relations; it is increased density of interaction across the globe which implies that the impacts of events are felt strongly than before. iii.......

Words: 1571 - Pages: 7

Globalization

...Globalization Impact on Fashion Industry Globalization is a word that has many different definitions. All together, it is a process of cultural integration, comprising with global labor division, production resources, as well as the removal of borders between cultures of various countries and tariffs. Fashions connection to globalization has significantly expanded within the last decade, with its evolvement several more designers have become universally accepted for their high-end designs soaring into popularity. Global fashion designers such as Dolce & Gabbana, Christian Dior, Versace, and Roberto Cavalli have in a way united people through clothes: fashion. Each of these designers come from a range of different backgrounds, cultural, and practices helping express several different styles in their clothing lines, appealing to a larger audience than intended. By acknowledging these well renowned designers, we look into deciphering the impacts and effects that fashion takes on the world. For global retailers, it is important to understand globalization affect on the fashion industry and its impact on cultural views and the consumption patterns gathered from different countries (Daye et al., 2008). Clothing is manufactured in nearly every country throughout the globe, mainly in developing nations. Because of globalization the production process has changed entirely with no plans of going back. Its changes include the location of where things are being made, sold and as......

Words: 1636 - Pages: 7

Globalization

...Globalization Globalization is the shift towards a more integrated and inter-dependent world economy (Hill, 2009). Due to falling barriers to cross-border trade and investment companies are able to move goods, services, and investments faster and more consistent to consumers located in many parts of the world. International Trade Theories Some of the traditional international theories that support the concept of globalization are the Absolute Advantage Theory and the Comparative Theory. The Absolute Advantage Theory was created by Adam Smith in 1776 (Hill, 2009) and stated that a country that produces a product efficiently has an absolute advantage over other countries and should trade the product. Smith also argued a country that can purchase a product at a lower cost should never produce at home. According to Hill (2009), the Comparative Advantage Theory was developed by David Ricardo in 1817. However, Ricardo expanded on Smith’s theory of comparative advantage and suggests that although a country is efficient in producing a good or services, it will be cost effective to purchase the same goods/services from another country at lower opportunity cost. The theory also suggested that unrestrictive free trade increases world production. Drivers of Globalization The two macro factors that are major drivers of globalization are declining trade barriers and changes in communication, information, and transportation technologies. Falling trade barriers make it easier......

Words: 649 - Pages: 3

Globalization

...and international norms. This theory aims to achieve positive impacts on the environment, consumers, employees, and the communities. Under the force of globalization, this theory has been challenged by the diminishing different roles of the government and firms, especially when the power of multinational companies is rising. Most corporations, especially multinational corporations (MNCs) have already adopted CSR policy despite the fact that there are still debates over the concept. Under globalization, states power has weakened whereas the power and influence MNCs have significantly strengthened, making them become more state-like. This expansion of role played by MNCs in society has urged the rise of concern groups to pressurize on them to take up more social responsibility. As Amaeshi, Osuji and Nnodim (2006) argues, although the MNCs do not bear legally any responsibilities for the practices of its suppliers, they have a deontological duty to use power responsibly and influence the weaker parties by setting codes of conduct and standards. In electronics industries, as Good Electronics, a Dutch-origin concern group on human rights issue in electronics, has stated that the lack of effective regulations and inadequate corporate CSR initiatives have caused exploitation of workers. Under globalization, many corporations have outsourced their products manufacturing process to other countries, mainly developing countries. In those countries,......

Words: 602 - Pages: 3

Globalization

...Globalization is necessary in the world. Different theories on the concept of globalization provide distinct reasons on the need for globalization. The world’s advancements and technology help drive the need for globalization. Communities and organizations alike are affected by globalization, and smaller countries benefit from the generosity of larger participants in the world’s market. Globalization, in the business sense, is to make a product or service available in the global market. Any investment that is across national borders is also part of globalization.... [tags: Business International Globalization] 1326 words (3.8 pages) $6.95 [preview] The Implications of Hyperglobalist Globalization on World Regions - Even though the globalization skeptics and the transformationalists both have viable interpretations of globalization, I believe that the hyperglobalist perspective is the most accurate. The evidence for hyperglobalization is found all over the world, but for the purposes of this paper, I will focus on the expansion of NAFTA, the 2004 Indian Elections, and the increasing global outsourcing of labor. I will then outline the implications of hyperglobalist globalization on world regions and the regional approach.... [tags: Globalization ] :: 4 Works Cited 1208 words (3.5 pages) $19.95 [preview] Globalization and Interconnectivity - Fast Globalization and interconnectivity create the major driving force in creating and enhancing chance. Therefore, the......

Words: 537 - Pages: 3

Globalization

...Globalization: Based on several definitions, my view of globalization is the process of integration which brings the globe together through the exchange of ideas, concept, product between different nations and their acceptance and penetration into every corner of the globe. Availability of commodity has been encouraged by globalization. I am originally from India and globalization has a deep impact in my life. Though I have family and friends in other parts of the world, due to the advancements in communication and availability of technology which has been possible only due to globalization, it has been very easy for maintaining the long distance communications. Then, on a more materialistic basis, take a look at 5 random different things, unrelated to each other, in/ around your house and fill out the following table: Item Manufacturer/Distributor Country headquartered Country Made in Any other international aspect iPhone/ Smartphone Apple California, USA China Handbag Coach NYC, USA Various locations (mostly Asia) Constantly evaluate manufacturing unit to determine cost effective methods based on global demand, foreign exchange, labor cost, raw material cost, etc. Appliance –Refrigerator Frigidaire Charlotte, N.C Northern Mexico and USA Laptop Dell Round Rock, TX Various locations (USA and Texas) Organic Juice Apple and Eve LLC Port Washington, NY Locations in USA Globalization helps in manufacturing of products in a more cost effective method and......

Words: 318 - Pages: 2

Globalization

...Globalization MGT 448 July 19, 2011 Globalization What is globalization, and what are some of the traditional international trade theories that support the concept of globalization? Globalization is defined as a shift towards an integrated world economy (Hill, 2009). Globalization can be explained in many ways, one is the globalization of production. For example, computer hardware or software, cell phones, food, and music are all products that are distributed globally. Globalization is the process in which economies of countries all over the globe become integrated over time leading to organizations having access to a larger market base and customers having access to a greater variety of goods and services. Globalization is also a method of communication and integration among the consumers, organizations, and governments of different nations, which is driven by international trade and investment and assisted by information technology. This process has effects on the environment, culture, political systems, economic development, and on human nature in societies around the world. Supporting the concept of globalization are several traditional international trade theories, including Free Trade, New Trade, and Mercantilism. List the major drivers of globalization and give three examples of each. Several drivers underline the continued trend of globalization in today’s popular culture.......

Words: 695 - Pages: 3

Globalization

...1 TOPIC it means, globalization is going to happen. The world is going to get more connected, and thus increases communication, transportation and technologies. Arguing against it seems pointless, we all can't go back to being isolationists. The term ‘Globalization' has become skewed from its original meaning. In essence, it means the increasingly global scope of everything from travel to trade. In describing this globalizing trend, former UN Secretary General Kofi Annan states that, "Arguing against globalization is like arguing against the laws of gravity." Annan is claiming that the power to globalize, whether for humanitarian or corporate reasons, is such that no one and nothing can resist the urge to grow and learn. He is, in fact, describing universal and human nature.  The universal forces of attraction, or gravity, cause any body with inherent mass to both attract and be attracted by other bodies with inherent mass, with the result that the smaller ones are drawn toward or are engulfed by the larger ones. Annan's comparison of these forces to those of globalization creates a very clear image of regional and national affairs gravitating toward or becoming international ones. He is referring to the corporate takeover of one company by another or the merging of several to become a conglomerate. He is referring to an airplane assembly line using parts made from 57 different companies in as many countries. He is referring to the capacity to engage in overseas......

Words: 2923 - Pages: 12

Globalization

...Globalization and PPQ Parts Global Marketing Unit 1 IP Abstract Multinational companies may encounter many obstacles when attempting to operate business from foreign locations. Globalization managers and decision makers may develop strategies in order to make transition happen smoothly. This paper discusses some pros and cons that are included in the process. Introduction Companies should thoroughly research their desired location for doing business. Searching for indicators such as high economic status will increase chances of the company doing well in that location (AIU Media). Inasmuch the customs and laws of the country should be integrated into all projects of success. Some of the issues the host foreign country could face as a result of the expansion are mist trust from its colleagues within their country, outcry from native business owners and problems with governance ,as it relates to being receptive of the origin of concepts and or/operations that are to be introduced to their country.. Some FDI also believe that their original business sites will loose capital as a result, of venturing to another country (Lipsey). Inasmuch companies who wish to expand must be concerned with and resolve all of the matters which counteract production and globalization of markets as those are the main concerns (AIU Media) Host countries also generally pay higher wages to foreign companies in contrast to those at their home location. At times this...

Words: 1215 - Pages: 5