Globalization is the process or the tendency of integration and increasing interaction among governments, companies, states, people and countries driven by growth of ideas, culture and international flow of funds. The process is driven by investments and trade internationally and helped by information technology. It is affected by cultural and social aspects.
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In certain fields like business it resides in the economic interaction and integration of world markets. It involves technology, capital, data, services and goods. Back in 1820’s, that’s when large-scale globalization was globally felt for the very first time. It is traced from those years. Globalized societies offer forces of web that summon people, beliefs, markets, cultures and practices onto larger proximity to each and one another.
According to Maria Jerskey book on Globalization, she clearly states that as we all step into an era of increased and more global connection, we should be ready to accept much participation as that’s what the age entails (Jerskey, Maria, np). The large number of people from different destinations worldwide access information that’s far and beyond their nation borders and opportunities to make contributions on own opinions and insights. This is aided by the internet access via mobile phones and electronic computers. Failure of an investing bank was witnessed in the US as a result of unwanted subprime loans, this is said to have altered globalization in that it depressed the interbank lending globally, e.g. collapse of Iceland economy impacting the British consumers due to their deposits located on the Iceland banks. A problem or an idea in a single entity affects the globalization of all participating constituents (Jerskey, Maria, np). The unexpected Arab Spring outbreak impacted on globalization in the Middle East adversely in 2011, none had predicted such would have to do with Tunisia. To understand keenly our connected world on matters regarding globalization we require different skills and this is what promotes globalization due to the unique roles each plays. Via al-Jazeera Tunisia citizens managed to get the information on protests going on within their country, thanks to globalization.
A major paradox to this age of connection and globalization, it has become so easy in sharing important information from very different parts of the globe (Jerskey, Maria, np). Vietnam’s war was transported by air from Asia, edited in the USA and later broadcasted. This supports sharing of information via satellite. Print media’s pace has accelerated a lot, with publishing of fresh and new information in-form of news break. This is evident growth since papers have much fresh stories as compared to years down the line. A rise in the internet connectivity will lead to understandings globally, hence new ties will be built and maintain existing ones. Search engines have also developed over time, however they can only tell us what we all want to grasp and not the information we really need (Jerskey, Maria, np). Those who are expected to thrive with globalization according to the articles are the ones who learn to view broadly and find solutions to emerging mysteries globally.
In other words it is said that sharing arguments to do with globalization is like having arguments against the laws of nature. It is stated that at least 34% of all the shoes and clothing in the United States of Americas are products of China (Ritzer, George, np). This globalization is very beneficial to individual country economies all over the globe. This is possible due to the increased economy competition hence less conflicts between nations and states, this promotes the distribution of equal wealth portions (Ritzer, George, np). It embraces net benefits for a nation as a whole. It associated with much benefits namely, promotes technology innovation as a result of the competition that calls for improve or adoption of new technology available in the world market to keep up pace in developments. More and more global companies are boosted and grow at a rapid rate (Ritzer, George, np).
Globalization is the root of the interdependence between nations. However, the same rise of different state poses threats to the international sovereignty, this is the core reason behind xenophobic leaders in the globe. This same reason has impacted several aspects of our modern life and still in being a thriving force in the economy globally (Steger, Manfred, np). It is net beneficial and unstoppable to the entire globe’s economy, it is ranked as the best common solution into maintaining and shaping world economic growth.
In conclusion, the long run benefit of globalization is much inevitable even though the bumps all along its ride are termed as uncomfortable. The vision still focuses on its major benefits that are the backbone for today’s very rich and stabilized economy. The global cooperation that exists between nations enabling and supporting international business and trade to improve individual’s status of life and the country’s financial and social growth.
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