The main aim of writing this essay is to explore the term globalization. The article gives a brief description of globalization as well as explains its meaning. It looks into the history of globalization, and lastly, the article explores the various dimensions of globalization in the world.
Globalization refers to that process where there is an increase in interconnections in the world due to the massive increase in cultural and trade exchange. Production of services and goods has been raised by globalization. The huge companies in the world are not just referred to as national firms, but they have acquired a new title of Multinational corporations that pride themselves in having different branches in many nations.(“ BBC – GCSE Bitesize: What is globalization?”,2016). When markets integrate into an economy globally, then this is referred to as Globalization. Such markets may be inclusive of financial markets which include money and credit markets, capital markets, and commodity and insurance markets. (Globalisation, 2016).
This type of integration is beneficial to the people and enables them to travel, communicate and invest all over the world. Companies are also able to market what they produce widely through globalization as well as being able to acquire material and human resources effectively and efficiently. It also enables such companies to share technology that is advanced in addition to enjoying significant economies of scale. (Wells, Shuey, & Kiely, 2001).
Being real process globalization commenced during the massive movement of people of African origin to other regions of the world. Through such action whether on long or short distances, merchants and migrants have always taken with them the customs, ideas, and products that they possess to these new destinations. The adaptation, borrowing, and melding of such influences brought from the outside can be traced in many spheres of human life. (“The History of Globalization,” 2016).
Some of the dimensions of Globalisation are inclusive political, economic, ecological, and cultural. Economic Globalisation refers to all the interrelations connected to the economy throughout the world while political Globalisation includes political interrelations expansions worldwide. (“What are the dimensions of globalization?” 2016). Political Dimension of Globalisation mostly looks into the arrangements that have been made politically outside a state. (Steger, 2013). Cultural Globalisation involves the movement of people in multiple directions while looking at the role that is played by the media in shaping ideas and identities that are usually changing. Ecological Globalisation is all concerned with food access, the growth of the population, biodiversity reduction in the world, climate change that has been induced by human beings, and degradation of the environment. (“What are the dimensions of globalization?” 2016).
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