...Abstract Globalization is the buzzword of today. Globalization means bringing the world together, making the world interactive and effective. The economies of the world are being increasingly integrated. It is very debatable issue since it affects every single human being in this earth and plays a major role in every second and in every issue of the entire universe. Mobile phones and Internet have brought people closer. The world is becoming a smaller place. It brings the local market and the global market in a bond which creates new ideas and thoughts to both the market. Goods, which were once confined to western countries, are available across the globe. Work can be outsourced to any part of the world that has an Internet connection. Because of improvements in traffic infrastructure one is able to reach one’s destination in a relatively short span of time. This paper clearly speaks about the impact of globalization and the challenges faced by it in the world. It speaks about the impact in developed and developing countries of the world. Table of Contents CHAPTER 1 5 Definition of Globalization 5 Globalization trend in the past golden years 5 CHAPTER 2 8 Positive impact of Globalization 8 Challenges faced due to Globalization 9 Comparison between Benefits and Challenges 11 CHAPTER 3 13 Impact on developed countries 13 Impact on developing countries 14 Conclusion 15 Case Study 15 References 16 CHAPTER 1 Definition of Globalization As a term globalization...
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...ACC704 Business Ethics and Governance Lecture Guide Week 6 (Ref. Ferrell et al. Chapter 10; Mander, J., Baker, D. and Korten, D. Does Globalization Help the Poor?) Business Ethics in a Global Economy Does Globalization Help the Poor? by Jerry Mander, Debi Baker and David Korten IFG Bulletin, 2001, Volume 1, Issue 3, International Forum on Globalization During the past few years, we have heard steady proclamations emanating from the advocates of economic globalization and leaders of the Bretton Woods institutions - the World Bank, the International Monetary Fund (IMF), the World Trade Organization (WTO), et. al. - that their deepest purpose in pushing economic globalization is to help the world's poor. More specifically, they contend that removing barriers to corporate trade and financial investments is the best path to growth, which they say offers the best chance to lift the poor from poverty. They also assert that the millions of people who have visibly opposed the economic globalization model are harming the interests of the poor. Everyone should please back off and leave it to corporations, bankers and global bureaucracies to do the planning and solve the world's problems. Such claims are routinely replayed in the media. One prominent national columnist, for example, says, "protesters are choking the only route out of poverty for the world's poor." In other words, if the protests would stop, the IMF, the World Bank, the WTO, Nike and Monsanto would save the...
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...Globalization Linnie New PHL/220 Critical Thinking and Decision Making PHL/320 January 26, 2015 Carolyn Smith Globalization Losing your job is not a good feeling for anyone. In today’s economy, you may ask yourself the question, Am I next on the list? Losing high paying jobs to other countries seems like a rough deal. On the other hand, economic globalization has brought people from all over the world together. The Internet has changed the business environment and has enables corporations to improve their competitive horizons and boost productivity. Globalization is the exploration for retailers to sell products and services at the maximum price and the exploration for gaining products and services at the minimum price. China has materialized in the globalization paradox in terms of drawing employment for its citizens and drawing foreign assets. If the nationwide economy loses high-paying jobs, who is going to purchase all the goods and services made in the economy and preserve high living requirements? Globalization Wealth and Poverty (1, Premise) Globalization is the cause of many of the sufferings of modern world today, but that would not be the case if the (1, Conclusion) appropriate complementary policies and institutions are in place. At the same time, globalization is celebrated for bringing remarkable success, growth and wealth in the US and Internationally. People used to be stable on their jobs but today we live in constant fear of losing our...
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...Globalization for Businesses Sahar Aziz Critical Thinking and Decision Making in Business - 320 Monday, May 18th, 2015 Professor Jim Scholes Globalization for Businesses Globalization has been taking its course in the world for many, many years. It can be dated back to the times of Genghis Khan and the Silk Road. Trading has been occurring for hundreds of years, even though some may say that globalization didn’t exist until the last few decades. Whichever way or view one decides to look at it, globalization is inevitable, however, the positivity and growth that come with the implementation of globalization far outweigh any negative effects, for both businesses and consumers. (1, Premise) Globalization comes with a wide variety of positive effects. (1, Conclusion) It offers increased competition amongst businesses, thus leading to a better quality production of products and services. It offers improvements in organizations, goods and services. (2, Premise) Worldwide trading gives companies and businesses the opportunity to outsource their employees in other countries. (2, Conclusion) In turn, this assists in providing a vast amount of better job opportunities in developing countries, while cutting the costs of their businesses at the same time. Competition (3, Premise) Due to globalization, the widespread competition amongst businesses has increased...
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...Sir, It is indeed our pleasure to submit the report titled ‘Impact of Globalization on Developing Countries Income Distribution’to you for your kind appraisal.During information collection, we got support by many other sources and we also got huge amount of support from you when we prepared the report. The experiences we have gathered will be very helpful in our professional life. We believe, this report will be quite interesting and fulfill your expectation. We have tried to give our best efforts to prepare a comprehensive report. We will be grateful if you accept our report and your kind consideration will be highly appreciated. Sincerely Yours, Group Members of "Group No: 03" Acknowledgement This report would not have been possible without the dedication and contribution of all the researchers of our group members. In IUB we studied the subject “International Business” as a part of our course. We went through the textbook, according to the syllabus. Hence, we are grateful to our course instructor Mr.Mehadi Mansur for describing the topics clearly and repeatedly in the class. A clear concept is the first step to be involved in making any kind of report and practical analysis. While preparing this report it was very helpful for us to work with the topic. Moreover, without Sir,Mehadi Mansur assistance and guideline completing the report was not possible whatsoever. Introduction Globalization means the worldwide...
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...International Business What is globalization? G lobalization is a process providing connections between countries, in terms of imports, exports, machinery, education, trade, labor and so on. The main aspect of globalization is financial relations between countries. When considering globalization in economic terms, opening up the boarders of a country in order to free trade, as well as capital flow and labor is crucial. Thomas L. Friedman in his book named “The World Is Flat” defined globalization as a flat world. He says that in this world, people should run faster to stay in place and not fall behind. He states that governments, companies and people have no choice but to adapt to this situation (Friedman). Globalization has had many benefits for countries. It has produced millions of jobs in poor countries, transferred capital from rich to poor countries, and provided opportunities for governments to learn from others how to start the development path for their country. For instance, let’s assume that we have a city and a village separated by a river. By connecting the two through a bridge, all different kinds of trade can take place. The villagers might have a comparative advantage in producing their factor endowment that can be milk, and the city has an advantage in producing tractors. By trading, both parties will be better off. Proponents of globalization believe that this is a positive -sum game. Both enjoy the benefits, and as the whole share grows, the share of each...
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...assignment #1 Globalization is a worldwide trend, which generally refers to various phenomina that have elements such as cutting across national boundaries and resulting in higher intergration or interdependence of human societies. In terms of economic impacts, globalization provides benefits to individual economies by making markets more efficient, increasing competition, limiting military conflicts, and spreading wealth more equally around the world. However it also causes risks which tend to even outweigh the benefits. By outlining, some of the benefits of globalization include: * FDI (Foreign Direct Investment): boost technology transfer, industrial restructuring, and growth of global companies * Technological innovation: competition increased from stimulate technology, outputs improved by more efficient processes * Economies of scale: costs and prices reduced And some of the risks of globalization include: * Interdependence: regional or global instabilities from interdependence between nations * National sovereignty: rise of national states, multinational, global firms, and other international organisations * Equity distribution: national or international conflicts from inequalities of benefits The overall picture is that because of the world interconnectedness, what might have been considered to be a local problem can quickly become a global problem. Due to internaltional lending and trading, which has come as the result of globalization, the health...
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...Does the process of Globalisation help or hinder wealth creation in developing countries? Globalisation – the procedure of creating an integrated global economy, polity, and society – is an inevitable subject of much of today’s academic literature. It’s a term used in all fields, ranging from economics, sociology, and politics. Scholars address questions of what globalisation is, how it is occurring and who benefits and who loses out (Mold, A. 2007: 67). Some argue that it has helped the world, and more specifically, developing countries. On the other hand, others argue it has held back economic growth and wealth creation in developing countries. This essay will compare between these two arguments; and of course, resulting in my answer in the conclusion. But first, the causes will be described briefly, and consequences of globalisation will be examined in greater detail. After looking at the general impact it has made, it will specify on developing countries. To show evidence, case studies will be used, such as in Argentina, China, India, Morocco and sub-Saharan Africa as a whole; perceptibly linking to the explosion of globalisation that has shrunk the world. It was not until the 1960s that the term – globalisation - started to be widely used by economists and other social scientists. The phrase has since then attained general use in the mainstream press by the later half of the 1980s. Since its initiation, the concept of globalisation has stimulated frequent competing...
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...Globalization Over many centuries, human societies across the globe have established progressively closer contacts. Recently, the pace of global integration has dramatically increased. Unprecedented changes in communications, transportation, and computer technology have given the process new impetus and made the world more interdependent than ever. Multinational corporations manufacture products in many countries and sell to consumers around the world. Money, technology and raw materials move ever more swiftly across national borders. Along with products and finances, ideas and cultures circulate more freely. As a result, laws, economies, and social movements are forming at the international level. The globalized world sweeps away regulation and undermines local and national politics, just as the consolidation of the nation state swept away local economies, dialects, cultures and political forms. Globalization creates new markets and wealth, even as it causes widespread suffering, disorder, and unrest. It is both a source of repression and a catalyst for global movements of social justice and emancipation. The great financial crisis of 2008-09 has revealed the dangers of an unstable, deregulated, global economy but it has also given rise to important global initiatives for change. According to Wikipedia, globalization is the process of international integration arising from the interchange of world views, products, ideas, and other aspects of culture. To put in simple terms...
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...Impact of Economic Globalization on India Sabrina Mallavarapu University of Maryland, College Park Impact of Economic Globalization on India Many people fail to realize that it was only 69 years ago that India gained independence from British rule. India is generally thought of as very poor country but it is because it is still a new country. India has undergone major socio-economic changes since its independence from Great Britain. While India did not fair well under Great Britain’s rule, India benefitted from Britain in terms of creating an infrastructure and industry that is still in use today. While India still has many problems, India has benefitted from economic globalization because it has resulted in major economic growth that led to it having the fastest growing GDP of any nation. With the power of the East India Trading Company, the British already had control of several ports, as the company had been a major presence in India since the 1600s, even with the Mughal Empire ruling India. The British had immense power in India’s economy, creating settlements known as Madras, Bombay, and Calcutta, which are now major modern cities in India. Britain’s military power led to its ability to have a monopoly on trade, but also later establish their rule in India. In the early 1700s, South Asia saw the decline of the Mughal Empire as it weakened from repeated wars, rebellions, and invasions (Embree, 2006). India was fighting the remnants of the Mughal Empire when the...
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...How have changes in technology contributed to the globalization of markets and production? Would the globalization of production and markets have been possible without these technological changes? Answer: Changes in technology have contributed to the globalization of markets and production by bringing the world closer. I believe that improvements of technology in internet, microprocessors, and transportation not only make our lives more convenient, but also enable the growth of globalization of production and markets. For example, improvements in transportation technology have made it easy for companies like Coca-Cola, Levi Strauss, Sony and McDonalds to make their products available worldwide (Charles W.L. Hill, 2013). Changing technology; has also increased the rate of production, allowing goods to be produced and distributed more efficiently. Similarly, if communication does not exist, people around the world will not get the opportunity to connect and do business together. The ability to negotiate around the world has facilitated by improved communications technology. Moreover, the decreasing cost of communication makes coordinating and controlling global environment even more effective and efficient (Charles W.L. Hill, 2013). Most importantly, the impact that Information Technology has created has been tremendous. Companies now market worldwide by creating a website on the Internet. I strongly believe, that the globalization of production and markets may have been possible...
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...What is Globalization? Globalization refers to the global distribution of the production of goods and services, through reduction of barriers to international trade such as tariffs, export fees. Globalization leads to economic growth in developed and developing countries through increased specialization. It also refers to the mixture of ideas, languages and cultures. Globalization leads to decreasing inter-cultural contact while increasing the possibility of international and intra-national conflict throughout the globe. It is like moving towards living in a borderless world. * WTO (world trade organization) is an organization who laid down guide lines or code of conduct to the economies those are in developing phase or developed as well .WTO provides a platform where economies can freely trade there commodities without any manipulation. * IMF (international monetary fund) is an international organization with 146 members, which also includes the United States. The main functions of the International Monetary Fund are to lend funds to their member nations to overcome their solution of payment and financial problems temporarily and to increase the race of Globalization in the economies that are today behind this world, and to promote the nations that are in scarcity or in need of help from developed economies which also help in the growth of international trade system. Determinants of globalization:- * Tourists/Migration * Trade ...
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...Globalization is the system of interaction among the countries of the world in order to develop the global economy. In a Global market different nations work together in a single market and do international trade. Globalization refers to the integration of economics and societies all over the world. Globalization involves technological, economic, political, and cultural exchanges made possible largely by advances in communication, transportation, and infrastructure. In other words, it is an elimination of barriers to trade, communication, and cultural exchange. The main theory behind globalization is that worldwide openness will promote the economic wealth of all nations. As every coin has two sides likewise some people think that globalization is beneficial for an economy and some of them think that it increases the interference of developed countries in underdeveloped nations and affect the decision making and growth of underdeveloped countries. Arguments against Globalization: 1. In Globalization countries do business in a single large market that could lead to few dangers. Earlier, if any nation is not able to do well financially or made some mistakes, that specific country used to bear the losses. However, in today’s Global economy where different countries are doing business in a same single market, if one nation is not able to do well all other countries’ economies also gets affected. For instance, we have seen that due to financial downturn in American economy...
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...Globalization has witnessed the world change from being compromised of several segregated communities to one whereby people from all over the world becomes very much connected. Increased trade between various regions has enhanced the economy whereas social and cultural exchange has also improved through advancements in technology and communication methods. Globalization has been observed as one of the driving forces for development throughout the world. Although it is undeniable that the benefits outweigh the drawbacks of this phenomenon, the rewards enjoyed by the developed world are largely at the expense of developing nations. The economic benefits of globalization have empowered developing countries to solve many ongoing concerns like unemployment and fall in Gross Domestic Product (GDP) growth. This has been made possible by the fact that globalization is drawing more multinational companies (MNCs) from developed countries who wants to tap into the potential offered by the less developed nations. Economists Jeffrey Sachs and Andrew Warner asserted that this economic integration has been prominent especially in the past 10 years (Ghemawat, 2007) However, this does not necessarily lead to equal distribution of wealth among populations around the world. That is to say that the benefits of globalization are not inclusive and have created a drift between the developed and developing countries. According to The Globalization Index (2007), at the Group of Eight Summit in 2005...
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...THE GLOBALIZATION RORSCHACH TEST: INTERNATIONAL ECONOMIC INTEGRATION, INEQUALITY AND THE ROLE OF GOVERNMENT NANCY BRUNE and GEOFFREY GARRETT* November 2004 Forthcoming in Annual Review of Political Science vol. 8, 2005 In this review essay, we address the three principal questions that have dominated the debate over the distributive effects of globalization. First, how has globalization affected inequality among countries? Second, how has globalization affected inequality within countries? Third, how has globalization affected the ability of national governments to redistribute wealth and risk within countries? We conclude that despite the proliferation of social science research on the consequences of globalization, there is no solid consensus in the relevant literatures on any of these questions. This is because scholars disagree about how to measure globalization and about how to draw causal inferences about its effects. Keywords: globalization, inequality, economic growth, government spending, privatization ___________________________________________________________ * Nancy Brune is a doctoral candidate at Yale University. She can be reached at nbrune@isop.ucla.edu. Geoffrey Garrett is Vice Provost and Dean of the International Institute, Director of the Ronald W. Burkle Center for International Relations, and Professor of Political Science at UCLA. He can be reached at ggarrett@international.ucla.edu. The authors Alexandra Guisinger, David Nickerson and Jason Sorens...
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