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Impacts of Globalization in the World Report


Abstract

Globalization is the process by which people from different geographical regions exchange ideas, products, information and other resources. The world is more connected than ever before because of advances made in technology, transport, communication systems and education.

Globalization has made it easy for different people to share political ideas, trade links and cultural resources. This has increased trade volumes between different countries because many countries have opened up their economies to foreign investments.

Globalization has made some countries to influence global politics on a larger scale because of the power they wield internationally.

Multinational corporations have also become more powerful because of the role they play in international trade. Microsoft, Samsung, Apple, Coca Cola and Walmart have a large influence on global trade and commerce.

Introduction

Globalization is the exchange of ideas between people in different regions which enables the sharing of political, economic and cultural resources. Globalization influences important global systems and has enabled many countries in the world sustain good bilateral relations with other countries.

The end of the cold war increased the rate of globalization because more countries realized the importance of participating in international trade. The advent of mobile phones, internet and other technologies, has increased the level of connectivity in the world.

This has opened up different regions in the world because people can communicate more easily compared to the past. This paper will discuss globalization and its impacts in the world.

Economic Globalization

This form of globalization can be seen through increase in foreign trade, commerce and foreign investments in different countries.There has been a reduction in trade barriers, which in the past made it difficult for some countries to take part in international trade.

Economic globalization has made some countries implement favorable domestic policies to make their goods more competitive in the international market.

China, Brazil, Malaysia, South Korea and India, are some of the nations that have implemented favorable policies, that encourage foreign investors to set up their operations there.

These countries export large volumes of goods to many regions in the world because their products are priced competitively (Ritzer, 2011, p. 89).

They also have large manufacturing industries, which provide employment opportunities to their citizens. They are considered emerging economies because of the big influence they have on international trade..

Imported crude oil in the US in 2011 worth 332 billion dollars

Figure showing imported crude oil in the US in 2011 worth 332 billion dollars. Source: US Census Bureau 2011.

Globalization has also made the global financial system to be more connected than ever before. This has led to the rise of major financial hubs with active financial institutions. Investors are able to trade and monitor prices of stocks through the internet in different stock markets across the world.

Many financial institutions are inter -connected through modern technologies, which makes it easy for them to share crucial information regarding financial matters.

Globalization has also made it possible for some countries and cities to be recognized as major financial hubs. London, Dubai, Hong Kong, Singapore and New York, are some of the most active financial hubs in the world. These cities have large financial institutions which carry out many financial transactions (Ritzer, 2011, p. 97).

Globalization of Politics

Globalization has also made multinational corporations become more influential globally. Companies such as Coca Cola, Microsoft, Apple, Nestle, Barclays Bank and McDonalds, have operations in different countries across the world.

These companies hire a lot of employees and their brands are easily recognized by consumers in different global markets. Their products influence specific consumption patterns in different markets across the world.

Many consumers are driven by the need to stay modern and sophisticated, which makes them purchase products sold by multinational corporations. Steger (2009) reveals that this has a major impact on consumer behavior in different regions across the world (p. 76).

There is also an increase in the number of consumers who are sensitive about environmental, labor and human rights issues. They reject any merchandise produced by companies which do not conform to good labor and environmental practices.

Globalization of politics has had a big influence on the spread of different ideas in the world. This has made it possible for some countries to form regional bodies to promote integration between countries which have similar objectives.

The European Union, G8, BRICS and the WTO, have a major influence on different political issues, which have an impact on the way nations relate with each other. Therefore, some countries are more influential internationally because of various factors, which make them set the global political agenda.

China, Russia and the US, are very influential because they wield veto power in the United Nations (Steger, 2009, p. 84). They support or reject key U.N resolutions based on their own strategic interests. They also have strong military and economic capabilities, which make them more powerful.

Influence of the Internet

The internet influences the way people interact and exchange information. It has made it possible for people to get connected through a variety of digital communication platforms. These platforms have become more popular because they make it easy for people in different locations to perform many useful activities.

More people are able to access information from different parts of the world through online newspapers, TV stations and video sharing websites. You Tube is one of the most popular video sharing websites because it allows users to upload and view videos through the internet.

Social networking websites such as Facebook, Twitter and Linked In, encourage people to interact and share their experiences with their peers. The growth of the internet has had a dramatic effect on the way people live in different societies across the world ( Lechner, 2011, p. 65).

The internet has made it possible for people to engage in activism because in some countries, mainstream media platforms are heavily censored. Some people have become exposed to Western- style democratic ideas, which have made them demand for political freedoms from their governments.

Lechner (2011) reveals that this has led to a rise in activism by different individuals and civil organizations, demanding for more accountability from their political leaders (p. 70). For instance, the Occupy movement has raised more awareness through the internet on different issues that affect a lot of people in the world.

This movement protests against corporate greed, income inequalities and exploitation of the poor by large corporate firms. Social media activists are credited with encouraging people to come out in large numbers to protest against authoritarian regimes in Tunisia, Egypt, Libya and Syria.

Many protesters, majority of whom were youth, managed to force their authoritarian leaders out of power in North Africa.

Increase in Tourism

Globalization has increased the number of tourists who travel to different countries for different purposes. Many tourists are interested in unique cultural practices, which encourage them to travel to different foreign destinations to experience them.

For instance, some people attend film and music festivals in different parts of the world to get entertained. There is also an increase in the number of people who visit other countries for safaris, business, health reasons and sports.

Improvements in air transport have made it easy for people to move from one country to another, which has increased the number of people traveling to foreign destinations.

Some countries are known for their high quality tourist attractions, and this helps them obtain high revenues from a wide range of tourist activities (Lechner, 2011, p. 89).

Conclusions

In conclusion, globalization will continue to shape different issues which affect many countries in the world. It influences the way people live and interact in different regions across the world.

References

Lechner, F. (2011). The Globalization reader. New York, NY: Wiley.

Ritzer, G. (2011). Globalization: The essentials. New York, NY: John Wiley & Sons.

Steger, M. (2009). Globalization. New York, NY: Sterling Publishing.

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Reed, K. (2020, January 16). Impacts of Globalization in the World [Blog post]. Retrieved from https://ivypanda.com/essays/world-globalization/

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Reed, Kayson. "Impacts of Globalization in the World." IvyPanda, 16 Jan. 2020, ivypanda.com/essays/world-globalization/.

1. Kayson Reed. "Impacts of Globalization in the World." IvyPanda (blog), January 16, 2020. https://ivypanda.com/essays/world-globalization/.


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Reed, Kayson. "Impacts of Globalization in the World." IvyPanda (blog), January 16, 2020. https://ivypanda.com/essays/world-globalization/.

References

Reed, Kayson. 2020. "Impacts of Globalization in the World." IvyPanda (blog), January 16, 2020. https://ivypanda.com/essays/world-globalization/.

References

Reed, K. (2020) 'Impacts of Globalization in the World'. IvyPanda, 16 January.

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