...People around the world are connected to each other than ever before. It is much easier for people to travel, communicate and do business internationally. This whole phenomenon has been called globalisation. Globalisation is the interaction between countries in order to develop the global economy. It has also been encouraged by trade liberalisation and financial market deregulation. It relates to the economy, politics, culture, society, and generally, with everything we deal with in our everyday lives. Spurred on in the past by merchants, explorers, colonialists and internationalists, globalisation has in times that are more recent been increasing rapidly due to improvements in communications, information and transport technology. There are two types of global integration and they are positive and negative integration. The positive integration deals with homogenising international economic laws and policies and the negative integration deals with eroding of trade or protective barriers such as tariffs and quotas. The economic aspect of globalisation deals with the “increasing occurrence, speed and intensity of production, trading and financial exchange between individuals and bodies across global distances” (Fabian Global Forum, no date: 14). Other economic aspects, which have surfaced over the last thirty years, are multinational companies; technological progress and new financial techniques; authority of umbrella organisations like the World Trade Organisation (WTO), the...
Words: 1186 - Pages: 5
...Does the term ‘globalisation’ deserve the significance it has acquired in recent years? Introduction Globalisation conjures a myriad of ideas in the mind of individuals due to the varying experiences it has presented over the years. It has become very significant in the 21st century with a deep rooted historical background dating as far back as the 19th century. It is possible to assert that globalisation has transformed our world giving rise to many opportunities although there are numerous risks. However, globalisation has much significance as it affects all our lives. It has benefited many as barriers have been lowered and it has fostered the increased integration of economies. According to Allen and Thomas (2000) ‘Globalisation is a ‘process which embodies a transformation in the spatial organization of social relations and transactions- assessed in terms of their extensity, intensity, velocity and impact-generating transcontinental or interregional flows and networks of activity, interaction, and exercise of power’(Allen and Thomas,2000, p.348). This essay will argue that the term globalisation does deserve the significance it has acquired in recent years, by exploring four themes through the lens of technological advancement, capitalism, the economic dimensions and the impact on the British economy. Globalisation as a concept is not particularly new but it has a historical background which predates 1870 and can be traced even further to earlier periods. Contemporary...
Words: 1767 - Pages: 8
...Economic globalisation Globalisation has largely benefited the Australian economy. Australia has an abundance of natural resources that our population of 20 million people cannot use, therefore we sell the surplus to other countries that have a demand for the resources, giving us a world market of over 6.5 billion people. Australia's main exports have come from our primary industry, that is, raw materials such as minerals and produce. Our primary industry accounts for approximately 50 percent of our exports and includes coal, uranium, and iron ore as well as other minerals; cereal, such as wheat and rice; and meat and animal products, such as beef and wool. The other 50 percent of our exports are secondary goods and tertiary services. Secondary goods are those that have been processed or manufactured, such as machinery and food products, while tertiary exports are services, including education and tourism. See image 2 Australia imports a number of primary, secondary and tertiary products and services. Crude petroleum makes up the bulk of the primary imports, while computers and cars make up the majority of the secondary goods we import. Most of our tertiary imports are travel-related, including travel, transportation and insurance. See image 3 Importation has negatively affected some local industries. The hardest hit industries are secondary, such as manufacturing, because the cost of labour in Australia is quite high due to our higher standard of living compared to other...
Words: 1813 - Pages: 8
...companies operate in the macro and micro environments. Coca-Cola is an example of a company that has successfully cultivated its international business, with more than 70 percent of its income originating from non-U.S. sources. The various strategies that Coca-Coca uses to achieve this include developing a global consumer market, establishing transnational corporations to reduce production costs, product branding and positioning, competition-based pricing, and more. The Coca-Cola Company has responded well to globalization. However in order to remain competitive in the future, the company must identify and evaluate strategies to respond to the changes that may occur in the internal and external environments in which it operates. 2.0 Globalisation and its features 2.1 General ‘Globalization is the process which is bringing societies that were previously economically, politically, and culturally diverse into convergence. This is being achieved by a combination of the success of capitalism, the growth of a common mass culture (Mc Luhan and Powers (1989) Global Village) and the wish of...
Words: 300 - Pages: 2
...Globalisation does not really have an exact origin. It has been here since the beginning of human existence. From the moment people began migrating and exploring the world, they traded and exchanged ideas and techniques, ultimately giving birth to the idea of globalisation. However Theodore Levitt in 1983 introduced the term globalisation to the world. Globalisation in the past couple of years has been a prevalent topic. Look in any newspaper, magazine or television show, and in some way you will see globalisation occurring. Globalisations definition can be liquidated as the rapid exchange of a country’s goods, services, and culture using trade, transportation, and or communication with another country and or multiple countries. (Economic News Articles, 2011) Everything has its advantages and disadvantages. Globalisation is no exception. Examining economy, technology, and culture this essay will assess the advantages and disadvantages of globalisation, and how it possibly is affecting the United Kingdom. The economy today has been greatly affected by globalisation. The world is constantly evolving. Globalisation from an economic perspective is something that needs to be examined carefully. A disadvantage of globalisation on the economy is that as companies expand they are forgetting about the less fortunate countries. The prosperity that countries acquire from globalisation is not evenly distributed among other countries. (The Business Environment, 2009) Some advantages globalisation...
Words: 1163 - Pages: 5
...trade. Any country can participate to set up, acquire, merge industries, invest in equity and shares, sell their products and services in India. Therefore, globalisation should not be considered in isolation, but should be considered in totality with liberalisation of the industrial policy towards lifting of trade control and restrictions, influence of trade block and simultaneous privatisation. Global market treats the world as a single market. With the advent of information technology and its strategic application, the world is focussed as a global village and all traders are therefore globalised. The Earlier (pre 1990s) concept: Before 1990s India followed a patch of restricted trade. Such restrictions were that certain products would not be allowed to be imported as they were manufactured in India. For example, General Engineering goods, Food items, toiletries, Agricultural products etc. were in the banned list of import. Some other kinds of products which were produced in restricted quantity in the country or are expensive and categorised as luxuries were subjected to heavy import duty to make them costlier in order to dissuade flow of foreign exchange and give protection to local producers. For example, VCR, Music sets, Air-conditioners, Computers etc., these items were subject to 150% import duty. Globalisation in India: In the 1990s due to change in world economic order and...
Words: 1535 - Pages: 7
...Globalisation is the integration of a country to a global level. In this current century, people’s views are no longer between “country and them” but in fact are more likely to be the “world and them”. Kenichi ohmae, writer of “The borderless World” once mention in his book that globalisation that created a borderless world among country (Ohmae 1999). While globalisation has positive, innovative, dynamic aspects, it also has negative, disruptive, marginalizing aspects (UNDP 1999). Over the past 30 years, globalisation had brought new dimensions to the traditional economic thinking around trading trade. The existing of globalisation causes impacts in economic, political and social in the 21st century. Globalisation had rise tremendously since the advance of technology, science, and transport. Industries are moving to different country every second just from the help of these advanced technologies. Countries had lowered their barriers for international trade and welcoming foreign investment and trade. Corporation now have the flexibility of operate across borders and thus increase foreign investment in other country. Foreign investment will increase economic growth in many developing countries. A research done by African Economic Research Consortium for Nigeria proves that foreign direct investment positively affects their economic growth and needs to be encouraged (African economic research consortium 2007). China is the top ranked destination for foreign investors since year...
Words: 1549 - Pages: 7
...Globalisation is the process by which businesses or other organizations develop international influence or start operating on an international scale. The world is undergoing rapid globalization as the population rises and there are developments in the information technology industry and as major TNC’s are growing causing their to be larger factories and larger infrastructure. Globalisation has been caused by many things, improvements in transportation means that there are larger cargo ships, this means that the cost of transporting goods between countries has decreased. Economies of scale mean the cost per item can reduce when operating on a larger scale. Transport improvements also mean that goods and people can travel more quickly. There has also been the removal of many trade barriers allowing their to be a free trade system, this means that governments don’t get involved when international trade is occurring. There is a large dispute whether globalisation is good for the world or bad and there are many advantages and disadvantages for it. Globalisation has many advantages as it is making everyone in the world more interconnected and making it easier for people across the world to communicate. The large TNC’s are developing faster than anything else; they are providing employment for people in less developed countries like India and Bangladesh. TNCs bring wealth and foreign currency to local economies when they buy local resources, products and services. The extra money...
Words: 533 - Pages: 3
...Globalisation The example of the term 'Globalisation', in new terminology, is like the example of the Jilbab in garments or the example of the "Trojan Horse" in military technology. It hides that which it contains in order to conceal it from the people. Indeed globalization conceals a great deal. There is nothing more indicative of this than what took place in Beirut towards the end of 1997 when the Centre for the Study of Arab Unity, one of the leftovers of Arab nationalists, held a conference to study globalisation and determine what stance should be adopted regarding it. It seems that they saw in globalisation a contradiction and threat to the idea of nationalism. It was mentioned in the viewpoint of the call to the conference that the subject matter under discussion was: Globalisation and the way for the Arab to deal with its understanding and manifestation in the areas of economics, culture and politics. Its historical, current and future role. Of particular interest is how the United States would deal with globalisation, especially after the collapse of the former Soviet Union and the end of the Cold War; its effect on the economy and investment in the Arab countries in addition to their cultural environment and identity. Many scholars and university professors were invited to the Conference and they contributed their understanding of globalisation and the stance that should be adopted regarding it. The local papers published briefs of the dissertation put forward by...
Words: 2962 - Pages: 12
...Using material form Item A and elsewhere, assess the view that the growth of religious fundamentalism is a reaction to globalisation The view that the growth of religious fundamentalism is a reaction can be seen as true. The issue of religious fundamentalism has emerged as a major area of media and political concern in recent decades. Fundamentalism is religion based on an unquestioning belief in the literal truth of a scared text. Giddens, argues that fundamentalists are traditionalists who seek to return to the basics or fundamentals of their faith. They believe in the literal truth of scripture and that it provides answers to all life’s important questions, from politics to family life. Fundamentalists believe theirs is the only true view of the world. They refuse to engage in dialogue with others, they justify their views by reference to dogma and scare texts rather than rational arguments. Giddens notes that the term ‘fundamentalism’ is a relatively new one and he its growth as a product of and reaction to globalisation. However, Cosmopolitanism contrasts with fundamentalism. Cosmopolitanism is tolerant of the views of others and open to new ideas. Moreover, Giddens sees fundamentalism as the enemy of cosmopolitanism religion and spirituality. Religion, however, as argued by Bruce is used as cultural defence. This is where religion serves to unite a community against an external threat. Religion has special significance for its followers because it symbolises the...
Words: 590 - Pages: 3
...constant changes under the effects of globalisation. The effects of globalisation on education bring rapid developments in technology and communications are foreseeing changes within learning systems across the world as ideas, values and knowledge, changing the roles of students and teachers, and producing a shift in society from industrialisation towards an information-based society. In the research paper an effort is made to highlight the positive and negative implications of Globalisation on education and also remedies to the challenges faced by it. On moving towards its positive aspects it is evident that due to globalization there is explosion of knowledge. Access to knowledge has been made easier through Information Technology, satellites, supersonic travel etc, No country can afford to erect walls around it. A country like India for example, has no reason to discard globalisation because it has a large potential for natural resources, large national market, strong industrial base, a powerful R & D infrastructure and above all a highly knowledgeable and skilled manpower that can stand on its own in global competition and rise to any challenge. Employment based education was the most precious gift of gobalisation. Education can... [continues] Read full essay Cite This Essay APA (2012, 10). Impact of Globalisation on Education. StudyMode.com. Retrieved 10, 2012, from http://www.studymode.com/essays/Impact-Of-Globalisation-On-Education-1134762.html MLA MLA...
Words: 378 - Pages: 2
...Globalisation is a phenomenon that poses great opportunities and should be pursued while recognising and addressing the costs. Globalisation takes various forms, yet defined here within the economic scope due to its strong contemporary prominence and impact. Economic globalisation entails the interactions and interdependence of global markets, due to increased mobility of goods, services, capital and communications. Globalisation is driven by many factors, including technological advancements and deliberate neo-liberalist policy. It is not a new phenomenon, yet contemporary globalisation differs dramatically in scale, penetrating more people and remote areas than ever before. Globalisation has many benefits such as economic growth and poverty reduction, yet on a domestic scale economies must be allowed to adapt, and the global economy must be managed on an international scale. Economic interdependence and advances leads to a safer, more democratic world. The forces of globalisation have been set in motion and are not able to be reversed, hence the world must recognise globalisation as inevitable, and work to reap the benefits. Globalisation is an encompassing term, taking various forms that describing the vast social, economic, cultural and political changes that arise due to interaction and integration of people, institutions and governments of different states. Due to contemporary impact, globalisation here is defined within the scope of economic globalisation, it is a process...
Words: 2343 - Pages: 10
...Globalisation Understanding the different aspects and impacts of globalisation in today’s business is essential for nations and organisations in order to make the proper decisions in respect to its advantages and disadvantages. Hundreds of definitions for the term Globalisation are available, with every one of them having a different way of analysing it. Donald J. Boudreaux has provided a simple and clear definition in his book Globalisation: “Globalisation is the advance of human cooperation across national boundaries”. To better grasp such definition, globalisation can be seen as a process and a phenomenon. As a process, it includes integration between individuals, companies, and governments of different nations. Such processes are driven by international trade and investment, and aided by information technology. As a current phenomenon, it is based on factors such as growth of technology and information flows, trade liberalization, and free movement of capital and labor. Globalisation has various impacts on different businesses, organisations, and even on nations. The process is accompanied by a number of positive effects, such as offering lower prices to consumers, increasing the possibilities of knowledge dissemination, increasing regions competitiveness by harnessing resources, and providing better conditions for producers and consumers. In parallel, concerns are raising in different countries of the world, notably due to a number of issues such as: the ...
Words: 998 - Pages: 4
...Globalisation Differences between countries become less evident each year. Nowadays, all over the world people share the same fashions, advertising, brands, eating habits and TV channels. Do the advantages outweigh the disadvantages of this? It is undoubtedly the case that the world today has become a global village. One of the effects of this is that increasingly people in all corners of the world are exposed to similar services and products and adopt similar habits. My view is that this is largely a beneficial process and in this essay I will explain why. The first point to make is that there are some downsides to this process of cultural globalisation, but these are relatively minor. The most significant of these disadvantages is that it can weaken national culture and traditions. For example, if people watch films and television programmes produced in the United States, sometimes they adopt aspects of the lifestyle of the American characters they see on television. Typically, however, this only affects minor details such as clothing and does not seriously threaten national identity. When we turn to the other side of the argument, there are two major points to make in favour of this process. The first of these is that the more we share habits, products and services, the better we understand each other and this reduces prejudice against other nations. The other point relates to modernity. It is a sign of progress in a society that people no longer are restricted to...
Words: 333 - Pages: 2
...Question: How does Globalisation affect you as an International Business Student? 1.0 Introduction I’d like to begin this discussion by first asking a few questions. What is globalisation? What does a global world mean? Is it the fast movement of people which means greater interaction? Does it simply mean that due to internet revolution and other technological advances the world is now a village? Does globalisation represent the consumer and open up markets worldwide to their choice and preference? Does it mean countries are free to trade with each other without red tape and other barriers and tariffs? Though the precise definition of globalisation is still unavailable a few definitions worth viewing, Stephen Gill: defines globalisation as the reduction of transaction cost of transborder movements of capital and goods thus of factors of production and goods. Guy Brainbant: says that the process of globalisation not only includes opening up of world trade, development of advanced means of communication, internationalisation of financial markets, growing importance of MNC's, population migrations and more generally increased mobility of persons, goods, capital, data and ideas but also infections, diseases and pollution. As an international business student globalisation has opened up the world to me. The world is now on my fingertips, I am able to use the world’s resources, learn from fortune 500 companies. I am able to interact with international leaders who would otherwise be...
Words: 2068 - Pages: 9
