...Globalization Outline: • Introduction. • Historical background of the concept. • Tools of globalization. • Different levels or aspects of globalization. • Negatives of globalization • Positives of globalization. • Suggestions. • Conclusion. Globalization is an irreversible and irresistible phenomenon. It is very famous all over the world. While dilating on the subject, it is important to note that globalization not only affects us as a citizen but also as “producer-consumer in the global economy”. In the modern contemporary world, intense debate revolves around the term “globalization”, which is even today a continuous issue. Before exploring the concept, we should take a look over the different definitions of the phenomenon. Globalization can be defined as “closely interrelated integration of market in terms of goods, services and capital”. It can also be defined as “gradual erosion of boundaries between states through increased economic interdependence and interlinkages can be termed as globalization. From the above mentioned definitions, we can assume that globalization is the mutual sharing of goods, services and capital between or among states. It is also gradually making states closer and integrated. There are different theories about the beginning of the concept of globalization. Some are of the view that it started from the mid of 20th century with woods conference 1944. While the others are of the view that this concept was properly started with the establishment...
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...PART-1 1. Concept of globalization: Globalization means the coming together of different societies and economies via cross border flow of ideas, finances, capital, information, technologies, goods and services. The cross border assimilation can be social, economic, cultural, or political. But most of the people fear cultural and social assimilation as they believe this would have a negative impact on the existing culture of their society. Globalization therefore has mostly narrowed down to economic integration and this mainly happens through three channels; flow of finance, trade of goods and services and capital movement. Globalization is a term that includes a wide range of social and economic variations. It encompasses topics like the cultural changes, economics, finance trends, and global market expansion. There are positive and negative effects of globalization - it all comes as a package. Globalization helps in creating new markets and wealth, at the same time it is responsible for extensive suffering, disorder, and unrest. The great financial crisis that just happened is the biggest example of how negative globalization can turn. It clearly reveals the dangers of an unstable, deregulated, global economy. At the same time, this gave rise to important global initiatives, striving towards betterment. Globalization is a factor responsible for both repression and the social boom. What happens when there is a growing integration of economies across the globe? Majorly...
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...Globalization By HEBSMB49 Workshop 1 assignment Due January 18, 2011 Submitted January 18, 2011 Globalization Introduction Modern technology has permanently and dramatically altered the landscape in which businesses operate. Advances in computers and telecommunications have enabled businesses to operate around the clock, reducing the amount of resources wasted, while maximizing efficiency and providing maximum results to shareholders and consumers alike. What is Globalization? Globalization refers to the process by which barriers to trade between countries are reduced or eliminated, advances in transportation and communication make distances between countries immaterial, and national economies are gradually merging into an integrated world economy (Hill, 2009, p. 4). Globalization allows countries to produce and export the goods and services at which they are most efficient, while importing the goods and services from other countries at which those countries are most efficient. This allows goods and services to be produced and offered at the lowest possible prices for the consumer. Several international trading theories support the concept of globalization, including the globalization of markets and the globalization of production. Globalization of markets refers to the trend of multi-national companies selling their products in countries where they previously had no presence. A prime example of this is the world-wide expansion of McDonald’s...
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...global interconnectedness among people, globalization has been appeared. Globalization refers the integration of global economies, societies and cultures through the communication, transportation and trade. During this period of this process, one question has been raised whether is globalization bad or good? And according to this question, it is proved that globalization is playing a fundamental role to make progress to many sections including economies, culture and religion, public services and living standard, and technology. In economics, Globalization refers to the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, flow of international capital and wide and rapid spread of technologies. It shows the market expansion and integration, and it is an unchangeable tendency for international economic development. In economy, globalization is playing a significant role to make advancement to this sector over the world. Globalization has created widely the international economy, integration of markets and the flow or movement in the world, all of which make escalations in global movement. There are many importance of globalization on economy for many years. Improvement in technology has a essential effect in decreasing the costs of transportation, communication and commodity also lowering the price of data processing and information storage. There is a sign of the modern technology like electric mail, the internet...
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...Analyze the Effects of Financial Globalization on China's Financial System Introduction With the development of financial globalization, the free flow of international capital contributes a lot to the development of the world economy, however, many short-term speculative capital wandering around the world with rapid speed and complex means have impacted on developing countries’ financial markets, which constantly induce financial instability and crisis. And fluctuations due to capital flows also makes the international financial turmoil have a huge ripple effect and zoom effects. Financial globalization has exacerbated the instability and the risk of global economy and financial development, so financial security is increasingly becoming an important part of national security .In this essay, we are going to talk about the impact of financial globalization on China’s financial market and what the measures will be taken to ensure the security of China’s economy. The main performance of financial globalization 1. Globalization of capital flows is the most prominent manifestations of financial globalization. Since the 1980s, the scale of international capital flows has continueally expanded, while financial technology and financial innovation and the development of various financial derivative helps accelerate the speed of cross-border flows of international capital. By using computer and modern finncial technology, on one hand hundreds of millions of funds can move...
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...John Razel A. Mapaye BSA –IV Accounting Synthesis Case Name: “The Vatican Bank: Conforming to Caritas in Veritate?" By Richard Hudson Facts: The Institute for Religious Works (IOR), commonly known as the Vatican Bank is one of the most secretive and controversial financial institutions in the world. Since the inception of the modern Bank in 1943, the Vatican Bank has faced a series of scandals relating to its role in the Second World War, accusations of money laundering and its role in the collapse of Banco Ambrosiano in 1982. However, what makes these scandals and accusations particularly interesting is that the Vatican Bank operates within the Catholic Church, an organization with its own tradition of financial ethics developed over multiple centuries. Pope Benedict XVI’s encyclical, Caritas in Veritate represents the most recent expression of Catholic thought relating to financial ethics. This article considers whether these scandals directly contradict the ethical stance of the encyclical and whether this in turn undermines the Vatican Bank’s ethical standing. The Vatican Bank: What is it and how does it work? The name ‘Vatican Bank’ is a somewhat misleading name as it implies the Vatican Bank is heavily integrated into the Holy See (the microstate consisting of Vatican City). In fact, the Vatican Bank is a privately held bank, rather than a state-owned bank, and therefore its assets are not directly connected to the Holy See. Despite the Vatican Bank’s...
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...negative impact that IT Revolution has had on various areas within modern day society. The positive and negative impact that IT Revolution has had on various areas within modern day society. Content Pages 1.0 Abstract ……………………………………… 3 1.1 Introduction ……………………………………… 3 - 6 1.2 Information Technology ……………………………………… 6 - 8 1.3 Issues in IT ……………………………………… 9 1.4 Negative effects of IT ……………………………………… 10 - 13 1.5 Positive effects of IT ………………………………………. 14 - 17 1.6 Conclusion ………………………………………. 18 - 19 1.7 References ………………………………………. 20 - 22 1.0 Abstract The main goal of this document is to examine the IT (Information Technology) revolution and the concept of globalization as they effect developing countries. Globalization as one of the reasons for possible widening of the gap between the poor and the rich nations was examined and the emerging concept of "digital slavery" was carefully evaluated. The wide gap in availability and use of ITs across the world and the influences ITs exert on globalization at the expense of developing countries were carefully examined...
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...Globalization and me: what impacts could it be? According to Word Power Dictionary, globalization comes from word globalize which means develop (business, society, etc.) so as to make international influence or action possible. Other than that, globalization can be define as the increasing connectivity and interdependence of the world’s economies, societies, and cultures because of advances in communications, technology, trade, international investment movement of currency, and migration. In my opinion, technology is the big roles or function that brings the globalization. Same as Kenichi Ohmea words, globalization as a borderless world seeks to change the world into a single unit only. This process is easier with the advances in communication technology. There are numerous ways in which globalization has impacted the world. The globalization has impacted on education, economic, culture, language, food and others. Globalization also means the phenomenon that makes the world seem smaller in terms of human relations due to the speed of development of information technology. Human easily get information and difficult to filter the negative elements that permeate the hearts and minds. Some terms such as “borderless worlds” and “open skies” make such as trade, the development of political and economic power towards the development of civilization. Education is the process of receiving and giving systematic instruction, especially at school and university. There are positive and...
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...Name: Tanvi Verma Guide: Prof. Ashok B. Lall Title: ‘ .’ The role of patrons in the attempt to correct the breaking continuity in Indian architecture INTRODUCTION Architecture has a history of over 5000 years, there is an important role played by the patrons of architecture. Over the years, there has been a shift in the style of architecture with the shifting patronage. It is the patron of architecture who brings about historical changes, other developments in architecture lead to evolutionary changes. In earlier times, the patrons where the kings or the rulers, the architecture that time was autocratic and power centric in nature. When India was colonized, British rulers gained dominance and the role of the older patrons got diluted with time. Colonial architecture was power centric and showed dominance. Post independence the patrons became the government agencies who wanted a modern national identity for the country. Later, this shifted to the private agencies and the nature of architecture also shifted from public sponsored to private. With the advent of globalization in the 1990’s, rapid socio cultural changes started taking place. With social, cultural and economic changes, the patronage also shifted to the ever increasing public sector that brought about a major change in the architecture, both its style and functions. The architecture of today is based on economy, efficiency, modern and progressive lifestyle and aspirations of people. With the shifting...
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...wistful, I closed the book of Vermeer’s Hat, wondering how Timothy Brook, the author, can depict the 17th-century 1 world trade history in such an unexpected manner! Seven artworks are carefully selected, including five paintings from Johannes Vermeer2. Details in each of them open up a door for us to seek the path of widely transported commodities, furthermore, to generate a complete view of the globalized trade during that period of time. In this article, I will start with identifying two major arguments the author raises, with explanation from book contents: globalization takes form early in 17th century and China plays a major role in such trend. What follows is an analysis on the writing method. Then I will focus on the evaluation of the two arguments, talking about the favorable related theories as well as objections or complements. Central arguments: emergence of globalization in 17th century & China’s role in it The first argument conveyed in the book is, early as 17th century, the world was already closely connected together and the effect of connection penetrated into daily life. Using the metaphor of Indra’s net3, Timothy introduces multiple pearls, which weave and string the entire world together. One shining pearl is the objects he finds in the paintings. In officer and laughing girl, an extravagant beaver hat discloses its route from Native American tribes to European household in exchange for firearms. A china dish in Woman reading a letter let out the fanatic...
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...idea is that from information and economic aspects the world is “flat”. In the modern age, individuals and countries have greater access to technological advances, which help level the playing field in terms of communication and gathering information. He presents his ideas through specific stories, interviews, and conversations had with executives in different countries who have similar ideas about globalization. The Next Convergence, written by Michael Spence, expresses the idea that prior to World War II the rich countries were getting richer and the poor were getting poorer. This is the idea of divergence; modern convergence is Spence’s main claim throughout this book. Convergence is the shift in the global economy in which developing countries have experienced rapid growth. He has the idea that fairly soon the developing countries will be on par with the countries with advanced economies. Ultimately, both books have similar messages, but the messages are presented in different ways. A key aspect of Friedman’s book is that globalization occurred rapidly. The Berlin Wall collapse, occurring during the end of 1989, was his first of ten “forces” that flattened the world. Throughout thousands of years of human existence and multiple economies, I do not believe any have experienced a rapid increase in technology which then sparked a quick change in the global economy. This idea of rapid globalization is seen in Spence’s work. The pattern change towards convergence began after...
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...globalisation has positively impacted IR and 2 ways in which its impact has been negative. Please be as specific as possible about the cause and effect relationship you are describing.” The global economy as a worldwide economic system began ca. 1500 with the rise and spread of commercialism and has evolved into an expanding system of industrial capitalism. The primary driver of globalization is rapid technological change in core countries and their ability to dominate production of consumer goods to the rest of the world. It involves the increasing interdependence of national economies, financial markets, trade, corporations, production, distribution, and consumer marketing. By its very nature, globalization draws attention to the economic and technological aspects of life, and to change at the level of culture or identity. Globalization draws attention to the role of transnational corporations in creating a global market and system of production; to capital markets in creating an integrated financial system; and to bodies such as the International Monetary Fund (IMF) in disseminating a particular view of the state's role within the international economy. The idea of globalization is the object of controversy. Some of the more dramatic and simplistic versions of the globalization thesis have been challenged by scholars and journalists who are skeptical about the actual extent of transnationalized economic activity. The hyperglobalist perspective contends that history and economics...
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...Globalization Globalization is an ongoing process of integration and interaction amongst companies, governments and people. It is driven by invention of new technologies and forms of communications, international trade and investment. In addition to economic aspects, globalization plays an important part in other fields. It can also be defined as the integration of economic, cultural, political, ecological and social systems through internationalization and interconnectedness. Globalization is the principally new step in the development of the long-term process of internationalization (transnationalization) of the economic, political, cultural, legal and other aspects of the society's life, at the point when interrelationships between the national socials have reached such a level, when some drastic changes within the entire world community gradually transforming into the integral society institute, became inevitable. The level of economic, scientific, technological, legal and informational interrelationships of the national industries have reached a point, when at least three principally novel features are imminent. First, the world's economic community, formerly seen as loosely connected multiple countries, is gradually transforming into the integral economic system, with national societies now representing the constituents of the integral world's economic body. Second, while conditions of globalization, national and global economic issues are swapping...
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... Dr. Rugger The Rapid Change of International Business 4. Discuss the forces that are leading international firms to globalization of their sourcing, production, and marketing. (a) Political forces has lead to increasing trend toward multilateralism (in which the United Nations plays a key role) and toward the emergence of national and international nongovernmental organizations that act as watchdogs over governments and have increased their activities and influence. Political forces are also setting a trend towards unification and socialization of the global economy (Moghadam, 2010). (b) Technological forces play a fundamental part in making globalization possible. Without airplanes, telephones, satellites, computers and televisions it would not be possible to transfer information from one place to another, thus allowing for the speed and the intensity which characterize the modern world. These technological advances give rise to a rate of diffusion and transfer of knowledge which is greatly superior to that of the past. In other words, it was the new technologies that allowed the emergence of the “global village”. (c) Market forces combines the promotion and selling of goods and services with an increasingly interdependent and integrated global economy. It makes companies feel if they are without walls with the Internet an integral marketing and cultural tool. Understanding consumer needs within target countries helps formerly...
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... 3 1. The concept and essence of globalization 1. What is globalization 5 2. History of globalization 11 3. Different types of globalization 13 2. Effects of globalization 2.1 Positive effects of globalization 19 2.2 Negative effects of globalization 21 Conclusion 23 Endnotes 24 Bibliography 25 3 Introduction Today it is really difficult to find a more fashionable and a discussion topic as globalization. Dozens of conferences and symposia, hundreds of books and thousands of articles are devoted to it. It is discussed and debated...
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