Globalization in a Global Economy

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Introduction

It has been noted that, for economies to thrive successively in the current world market; they need to work as a group in order to help each other grow economically, socially and technologically. In this case therefore, world economies and societies have come together to work as a global economy by having common means of transportation, communication and marketing. On this basis, what is happening in one country is somehow common with what another country in the world is undertaking especially in terms of economics (Rodrik, 1997).

With this knowledge, we can define globalization as a process where by; world countries, cultures and societies have been incorporated through an international system of marketing, transportation and communication. Economically, the term globalization denotes the incorporation of nationwide countries into the worldwide financial system through marketing, overseas direct ventures, flow of resources, migration and spread of new forms of expertise. It should be noted that, globalization is commonly acknowledged as being brought about by an amalgamation of financial, industrial, socio-cultural, political and biological factors (Rodrik, 1997).

On the other hand, globalization as a term may be used to denote the intermediary flow of thoughts, languages or traditions through a process of acculturation. With this in mind, it can be argued that, globalization has led to development of economy, technology, traditions and trade world wide; as an invention in one country belongs to the whole world through their level of integration. Politically, globalization plays a major role as developed countries usually advise the less developed countries on steps to follow in order to reduce corruption; and even impose bans to make sure that corruption and dictatorships are completely done away with. It is of importance to note that; globalization is a process that makes all the undertakings done in any country become international matters. A good example here is the American 2008 general election when President Barrack Obama was elected. At this time, the whole world was eager to see what the worlds super power would portray as far as political matters are concerned (Rodrik, 1997).

A point worth noting is that, globalization has become a trend through which economies join together financially, academically, socially and politically and start considering themselves not only as national distinctiveness but as global entities. This is evident because, throughout the whole world; there are only few places an individual from whichever country cannot travel or get information from. On the basis of advanced modes of transport and communication, citizens of any country are more cognizant of the international matters; and as a result are influenced by other traditions in different and separate ways (Rodrik, 1997).

It is of importance to note that, globalization has been useful through a number of ways which include; reduction of poverty, promotion of technology access in less developed and developing countries, promotion of world peace, promotion of women and childrens rights and in raising life expectancy. In terms of reducing global poverty, globalization has promoted trade and marketing systems in nations and also has increased employment opportunities to many citizens all over the world. In this case, through globalization, developed countries have invested heavily in less developed countries in terms of industries and banks; hence providing employment opportunities to the citizens of these countries who work in these industries and banks. Additionally, when these industries are constructed in less developed countries, there is usually transfer of technology and expertise (Rodrik, 1997).

In terms of promoting trade and marketing systems, globalization has allowed any country to import or export its products either manufactured or raw to any country of choice. On this basis, as a result of free market economy, many countries have benefited by exporting and importing goods with less restrictions. Additionally, globalization has promoted communication and cooperativeness across countries whereby; countries can communicate through fax or internet which take the shortest time possible. A good example of country cooperativeness is Asia Pacific economic Cooperation, European Union, and African Union among others (Rodrik, 1997).

On the other hand, globalization has its shortcomings whereby it is rejected by countries that do not recognize trends in international society. A good example here is the case of Fundamentalist Islamic nations that view globalization as representing the desires of westernization. Moreover, globalization has allowed the developed to rule the less developed countries by dictating what is to be done like in the case of America and Iraq. (Rodrik,1997).

Another argument against globalization may come from less developed economies because they feel threatened by developed countries as the labor costs in developed countries are lower. This has made the less developed countries companies to loose to the less expensive foreign companies. Additionally, globalization has increased the gap between the most developed and the least developed economies resulting to the development of superior and 4^th world economies. Further, globalization has resulted to loss of cultural identity as many economies want to copy western way of life (Rodrik, 1997).

Conclusion

To wind up, despite the arguments against globalization, it has helped in many ways especially economically, academically and technologically. In this case, people from all over the world can learn and practice inventions of technology from any country within the least time possible. On this basis therefore, globalization has liberated developing countries in terms of political, social, cultural, economic, academic and technology.

Reference list

Rodrik, D. (1997). Has Globalization Gone Too Far? Institute for International Economics Publishers.

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Globalization in a Global Economy

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