The article is all about globalization and the effects it has on our lives.
Globalization means the transformation of the world into a single society where there are very few barriers in terms of culture, economic or otherwise.
Economic globalization means the free movement of resources across the world. These include goods and service, people, capital and technology. In other words it means integrating hundreds of small markets and economies into a single very large market or economy.
Effects of globalization
If you visit several countries, you can easily feel the effect globalization has on our daily lives. The following are some of the most significant effects of globalization.
Industry: The world has become a huge market where you can buy and sell things produced in any part of the world. There are a lot of international brands operating worldwide. These include McDonald’s, Nestle, Gillette, Toyota and Next.
Culture: Globalization means a decrease in the cultural diversity that used to exist in the world earlier. You can find people in several countries dressing up like Westerners. Food is another good example. Young people especially are eating more of American or Chinese foods then their own cultural dishes. The way people speak is also changing. For example teenagers in the Middle East are much influenced by the way the black Americans speak. They think its “cool”.
Legislation: There has been an increase in the establishment of International courts of justice where someone accused could be dealt with in any part of the world. Interpol is another example of International law enforcement agency.
Language: With increased globalization, people tend to forget their mother tongue and use English instead as there is an idea that it makes them superior in some way. This might also help them in job searches etc.
Information: With the wide use of Internet and other kinds of information technology, it has become much easier and faster to share information worldwide. Live TV channels are another good example of quick information sharing.
Finance: Globalization has made it easier to raise finance through individuals and firms outside the country. The International Monetary Fund is a good example of an International Institute which lends money to countries in need for finance
Politics: Powerful countries and individuals nowadays have political control over the whole world, not only their country. The United States is an example of a country that influences the whole of the world politics.
I believe globalization is a positive development generating more trade and hence welfare of the whole world. Nevertheless it also has some significant disadvantages which should not be forgotten. These include:
- Increasing trends in migration of labor to developing countries as large firms shift their production to developing countries.
- Some powerful people and countries control the whole world
- Loss of jobs in countries that cannot compete with larger firms
- Increased dependency on each other. The recent financial crisis is a good example of that.