What is globalization?
Importance of globalization?
Advantages and disadvantages of globalization?
Examples of globalization?
Globalization in UAE?
[In simple words]
Answers
Answer:
Globalization, or globalisation (Commonwealth English; see spelling differences), is the process of interaction and integration among people, companies, and governments worldwide. Globalization has accelerated since the 19th century due to advances in transportation and communication technology. This increase in global interactions has caused a growth in international trade and the exchange of ideas and culture. Globalization is primarily an economic process of interaction and integration that is associated with social and cultural aspects. However, conflicts and diplomacy are also large parts of the history of globalization, and of modern globalization.
Economically, globalization involves goods, services, data, technology, and the economic resources of capital.[1] The expansion of global markets liberalizes the economic activities of the exchange of goods and funds. Removal of cross-border trade barriers has made the formation of global markets more feasible.[2] Advances in transportation, like the steam locomotive, steamship, jet engine, and container ships, and developments in telecommunication infrastructure, like the telegraph, Internet, and mobile phones, have been major factors in globalization and have generated further interdependence of economic and cultural activities around the globe.[3][4][5]
Though many scholars place the origins of globalization in modern times, others trace its history to long before the European Age of Discovery and voyages to the New World, and some even to the third millennium BC.[6] The term globalization first appeared in the early 20th century (supplanting an earlier French term mondialization), developed its current meaning some time in the second half of the 20th century, and came into popular use in the 1990s.[7] Large-scale globalization began in the 1820s, and in the late 19th century and early 20th century drove a rapid expansion in the connectivity of the world's economies and cultures.[8]
In 2000, the International Monetary Fund (IMF) identified four basic aspects of globalization: trade and transactions, capital and investment movements, migration and movement of people, and the dissemination of knowledge.[9] Environmental challenges such as global warming, cross-boundary water and air pollution, and over-fishing have been linked to globalization. Globalizing processes affect and are affected by business and work organization, economics, sociocultural resources, and the natural environment. Academic literature commonly divides globalization into three major areas: economic globalization, cultural globalization, and political globalization.
What is globalization?
Globalization is a process of interaction and integration among the people, companies, and governments of different nations, a process
driven by international trade and investment and aided by information technology. This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world.
Importance of globalization?
The importance of this economic phenomenon can’t be stressed enough; arguably the most significant contributor to increasing a country’s GDP (standard of living) is foreign direct investment — that is, foreign companies who invest in your country.
A modern example of this is American company’s outsourcing labour to Mexico and China because labour costs are cheaper in these areas. This not only benefits the foreign companies (in this case, American companies like Apple) but also helps the countries being invested in by increasing their exports, creating jobs, closing the technology gap, and overall, improving quality of life.
When assessing the importance of Globalization, it’s good to look back to where it originated; Extent of the Silk Road and Spice trade routes blocked by the Ottoman Empire in 1453 spurred exploration and saw rise to international trade.
Diagram of the 15th-century silk road
Trade on the Silk Road played a significant role in the development of South-Asian countries.
Though silk was certainly the major trade item exported from China, many other goods were traded, and religions, syncretic philosophies, and various technologies. Diseases, most notably plague, also spread along the Silk Routes. In addition to economic trade, the Silk Road was a route for cultural trade among the civilizations along its network.
Today, we as a global society, benefit from Globalization not only in economic means, but in social, cultural, political, and environmental circumstances.
Basically, when we talk about Globalization, we aren’t just talking about the trade of goods and exchange of capital, we must realize the various social and cultural opportunities that have been realized with international trade.
Advantages and disadvantages of globalisation?
• Resources of different countries are used for producing goods and services they are able to do more efficiently.
• Consumers get the product they want at more competitive prices.
• Companies get access to much wider markets.
• It promotes understanding and goodwill among
different countries.
Examples of globalization?
• The Olympics began in ancient Greece and continue today.
• The FIFA World Cup has more viewers than any other sporting event in the world.
• Travel and tourism allows for the globalization of many things, like the exchange of money, cultures, ideas and knowledge.
Globalization in UAE?
Today UAE, especially Dubai is attracting many foreign investors because it provides all the facilities for business development. ... Globalization also permits UAE to expand its market. Its economy is not only depending on foreign trade but also on import and export market.
_______________________
bráîñlíst