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Globalization Definitions

In: Business and Management

Submitted By julietol
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Global economic issues
Globalization in Economics and Its Consequences
Introduction
The contemporary world is slowly getting more integrated socially, economically and politically. Economic globalization encompasses the entire world and a growing amalgamation of the global production, consumption and the fiscal markets with a simultaneous harmonization of global cultures. Globalization of the transitional monetary system was manifest after WWII and the Great Depression of the 30s in US. The evolution of Multinational enterprises was a resultant phenomenon of globalization. In principle, globalization on the fiscal front submits to the assimilation of merchandise, prices, labour incomes, revenue rates and proceeds toward industrialized nation standards (Garrett, 2000). The emergency in the volume of business between industrialized nations and the developing nations, augment in cross-border dealings, increase in immigration and transfer of skill are fundamental issues of globalization. In simple words globalization is analogous to making the entire world function as a huge country.
Globalization: The term globalization can broadly be defined as a process through which global networking of communication, trade, and transport leads to integration of regional economies and cultural societies. The process is a result of a combination of factors like culture, technology, politics, and economics. Economic globalization refers to “the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and the spread of technology” (Bhagwati 5).
The process of globalization has various positive impacts in both developed and developing economies. Industrially, globalization has led to the creation of a global market that has made it easier to access different products from different economies. Goods and...

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