benefits of globalization in essay

The Advantages of Globalization

Introduction, accessibility of technology, choice of culture, diverse culture products, sharing knowledge, reference list.

The world is fast becoming a global village, seemingly smaller than it was a decade ago. This scenario has resulted from the development of trade and transport systems, thus making it conducive for movement of people, goods, services, and ideas and creating diversity in social, economic, political, and cultural views across the world. The technological revolution has also played a critical role in advancing globalization.

Globalization is an age-old concept, even though it has elicited great discourses in contemporary times as compared in the past where the idea of a global village seemed farfetched. Globalization is the process of growth and interconnection of world economies and cultures, which are aided by transport and trade. This process has been in progress for hundreds of years although at a much slower pace than in recent years as aforementioned.

It affects the cultural, economic, and social spheres of society. As with every thing else, globalization has both advantages and disadvantages. This paper highlights some of the positive effects that globalization has on all spheres of human interaction including the sharing of cultural products such as music, sports, and movies, knowledge, technology, and foods from different cultures.

A few decades ago, the majority of the contemporary technology was non-existent in most developing countries. People had to do almost everything manually including basic tasks such as doing laundry, cleaning floors, and cooking. However, this scenario was different in most developed countries as they already had some of the technology needed to carry out such tasks with ease.

However, with the improvement and advancement in modes of transport in developing countries, developed countries found new markets in most parts of Africa and Asia and products such as vacuum cleaners, microwaves, and washing machines found their way to developing countries. The main advantage of this development is that it has drastically improved the quality of work done while reducing the amount of time spent doing the same.

This aspect consequently improves the lifestyles of the people using the machines (Rifkin, 2003, Spiritual Perspectives on Globalization, p.176). Nevertheless, western countries are constantly modifying these products and making them more efficient. Today, it does not take a decade for any new technology to be available to consumers in developing countries.

Globalization has opened boundaries across the world, and a new technology in the United States will only take a few months before hitting the market in developing countries. Also, the transport systems have drastically evolved from the use of steam engines and ships to using electric trains and airplanes.

Communication is also easier now with the introduction of hi-tech mobile telephones that connect people both in the same country and with people in different continents at the touch of a button (. The ultimate result of such developments is that people in different areas of the world are in a position to enjoy the benefits of products not ordinarily available to them in their own countries and have expansive markets in other parts of the world.

Marketing forums like Amazon, e-Bay and many other online trading forums enable consumers to purchase goods and services online regardless of one’s location (Pew Global Attitudes Project, 2007, p.177-178).

Globalization has led to the introduction of diverse cultural practices in places where originally there existed only one practice. A century ago, a certain culture was a specific aspect unique to a certain society. For instance, the Chinese culture was specific to people and residents of China, European culture was specific to people living in Europe and African culture specific to Africa.

However, ease of trade and travel has changed this dynamic by making most societies multicultural, with everyone having the freedom to embrace his or her culture of preference rather than being restricted to the culture of birth. For instance, it is Chinese culture that children should not buy food with their own money.

This cultural pursuit seeks to encourage children to eat whatever that their parents place before them, consequently encouraging healthy eating. Nevertheless, since the McDonalds opened its first branch in Beijing in 1992, this cultural requirement has changed drastically.

McDonald’s services, which include hosting birthday parties, appealed to children regardless of the fact that birthdays are not culturally celebrated in China either (The Levin Institute, n.d. Globalization and Culture: Globalization and local culture, p.180).

Also, the introduction of Starbucks, an American coffee retail enterprise, in Italy has given the people of Italy a choice between maintaining their culture of drinking coffee in small and relaxed establishments and ordering coffee at Starbucks to drink on the go at their convenience. There are also other restaurants established for the sole purpose of selling food associated with specific cultures.

There are restaurants that only make Italian cuisine, Chinese cuisine, Japanese cuisine, and French cuisine to mention but a few, while others take pride in being inclusive and serving cuisines from different cultures (Hastings, Thiel & Thomas, 2003, The deadly noodle, p.180). This aspect gives every individual a chance to either try something new or stick to what is familiar.

Another good example is fashion and how different cultures influence their trends. For instance, people associate the Kenyan Maasai kikoi with East Africa and the Ankara with West Africa. Therefore, a person may use any of the two fabrics or use them together to give an African feel to his or her outfit. The beauty of the freedom to choose elements from different cultures is that it creates diversity and nurtures an appreciation for different cultures.

It also creates opportunities to develop new and unique cultures made from the combination of cultures from different societies as well as a means to celebrate similarities. Sports are one such similarity, which is celebrated worldwide through the organization of events that bring different countries together to compete in various disciplines. The Olympics and the FIFA World Cup are examples of such events.

During these events, people from different cultures meet and exchange ideas and practices. Also, some sports are specific to some countries; for instance, the Chinese acrobatics, and through such events, other countries get to learn about these sports, which are specific to some cultures.

Apart from increasing the availability of consumer goods, globalization has increased production and trade of culture products and services such as music and movies. Cultural products and services are products and services that echo the lifestyles and cultural background of a given society. For instance, movies vary depending on the part of the world they come from and the culture in force in that particular part of the world.

For example, the United States developed the ‘Hollywood’ trademark for outstanding movies and other artistic displays that best defined what the culture is like in that part of the world(The Levin Institute, n.d. Globalization and Culture: Globalization and local culture, p.180). They packaged these performances and sold them as a commodity within the American borders.

As globalization progressed, other parts of the world such as Asia and Africa provided a ready market for this commodity. It also created a platform for different cultures around the world to share their experiences whether political, social-cultural, or economical.

It did not take long for Asia and Africa to start producing movies using the knowledge gained from the commodity they bought and incorporating their own cultural experiences into the stories.

Bollywood is the Asian version of this commodity while the Nollywood is the African version produced in the West African region.

Just like the example given earlier on regarding the choice of a culture where people establish restaurants serving specific foods from different parts of the world, the IMAX Company based in the United States is recorded to have opened six hundred and ninety-seven (697) movie theaters in fifty-two countries worldwide by September of 2012.

These theaters provide an avenue for people to enjoy the American movie-watching culture in an authentic American environment (The Levin Institute, n.d. Globalization and Culture: Globalization and local culture, p.180).

Air transportation has made it possible for people to leave one part of the world to learn and gain knowledge in another part of the world.

The Internet and by extension the social media platforms such as Facebook and Twitter have made haring of information, and consequently, knowledge easier and faster as information is relayed in real time to people all over the world (Knickerbocker, 2004, If Poor Get Richer; Does the World See Progress? page 185-186).

The Internet burst has facilitated knowledge sharing by a great margin, and even now, people in developing countries can undertake online studies offered in learning institutions in developing countries. Thanks to globalization, people can have cures to most of the diseases across the world.

A cure discovered in one part of the world now means a cure for the rest of the world. For instance, courtesy of the efforts of Dr. Jonas Salk in the early 1950s who invented the Polio vaccine the disease is now preventable. However, this achievement would not be possible without means of sharing information.

This information-sharing aspect is not only important in issues regarding medicine, but also in political, social, environmental and economic issues. As long as there is an interconnection of interests, through trade, for instance, it is crucial to ensure that there is a flow of information and knowledge.

A good example of why this element is important is the global financial meltdown that occurred throughout the world like a ripple effect to a credit crisis in Europe. Had there been information regarding the credit crunch on the onset, most of the countries with financial links to credit institutions in Europe would have taken necessary measures to prevent a global meltdown.

World leaders hold conventions in different places at different times of the year all over the world to discuss various ways of ensuring conservation and sustainability of the environment because what happens in one part of the world affects the rest of the world.

Carbon emissions, for example, affect the o-zone layer thus causing global warming across the world, regardless of the origin of the emissions (Knickerbocker, 2004, If Poor Get Richer; Does the World See Progress?, page 185-186).

Since every element has a negative side, globalization has numerous positive aspects that have changed the lives of many individuals across the world. The process is continuous and finds new ways of linking various parts of the world together.

Through globalization, culture has defied territorial boundaries, thus allowing the sharing of life-changing knowledge coupled with the development and sharing of technology. Globalization has created diversity in every part of the world and made people to appreciate both what is within and outside their territorial borders.

Hastings, M., Thiel, S., & Thomas, D. (2003). The deadly noodle. Newsweek, 141 (3), 180-182.

Knickerbocker, B. (2004). Globalization and sustainability: If Poor Get Richer, Does World See Progress? The Christian Science Monitor . Web.

Pew Global Attitudes Project. (2007). World publics welcome global trade-But not  immigration.  

Rifkin, I. (2003). Framing articles: What is globalization: Spiritual Perspectives on  Globalization. Woodstock, VT: Skylight Paths Publishers.

The Levin Institute State University. (n.d.). Globalization and Culture: Globalization and  local culture. Web.

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ENCYCLOPEDIC ENTRY

Globalization.

Globalization is a term used to describe the increasing connectedness and interdependence of world cultures and economies.

Anthropology, Sociology, Social Studies, Civics, Economics

Freight Trains

Freight trains waiting to be loaded with cargo to transport around the United Kingdom. This cargo comes from around the world and contains all kinds of goods and products.

Photograph by Bloomberg

Globalization is a term used to describe how trade and technology have made the world into a more connected and interdependent place. Globalization also captures in its scope the economic and social changes that have come about as a result. It may be pictured as the threads of an immense spider web formed over millennia, with the number and reach of these threads increasing over time. People, money, material goods, ideas, and even disease and devastation have traveled these silken strands, and have done so in greater numbers and with greater speed than ever in the present age. When did globalization begin? The Silk Road, an ancient network of trade routes across China, Central Asia, and the Mediterranean used between 50 B.C.E. and 250 C.E., is perhaps the most well-known early example of exchanging ideas, products, and customs. As with future globalizing booms, new technologies played a key role in the Silk Road trade. Advances in metallurgy led to the creation of coins; advances in transportation led to the building of roads connecting the major empires of the day; and increased agricultural production meant more food could be trafficked between locales. Along with Chinese silk, Roman glass, and Arabian spices, ideas such as Buddhist beliefs and the secrets of paper-making also spread via these tendrils of trade. Unquestionably, these types of exchanges were accelerated in the Age of Exploration, when European explorers seeking new sea routes to the spices and silks of Asia bumped into the Americas instead. Again, technology played an important role in the maritime trade routes that flourished between old and newly discovered continents. New ship designs and the creation of the magnetic compass were key to the explorers’ successes. Trade and idea exchange now extended to a previously unconnected part of the world, where ships carrying plants, animals, and Spanish silver between the Old World and the New also carried Christian missionaries. The web of globalization continued to spin out through the Age of Revolution, when ideas about liberty , equality , and fraternity spread like fire from America to France to Latin America and beyond. It rode the waves of industrialization , colonization , and war through the eighteenth, nineteenth, and twentieth centuries, powered by the invention of factories, railways, steamboats, cars, and planes. With the Information Age, globalization went into overdrive. Advances in computer and communications technology launched a new global era and redefined what it meant to be “connected.” Modern communications satellites meant the 1964 Summer Olympics in Tokyo could be watched in the United States for the first time. The World Wide Web and the Internet allowed someone in Germany to read about a breaking news story in Bolivia in real time. Someone wishing to travel from Boston, Massachusetts, to London, England, could do so in hours rather than the week or more it would have taken a hundred years ago. This digital revolution massively impacted economies across the world as well: they became more information-based and more interdependent. In the modern era, economic success or failure at one focal point of the global web can be felt in every major world economy. The benefits and disadvantages of globalization are the subject of ongoing debate. The downside to globalization can be seen in the increased risk for the transmission of diseases like ebola or severe acute respiratory syndrome (SARS), or in the kind of environmental harm that scientist Paul R. Furumo has studied in microcosm in palm oil plantations in the tropics. Globalization has of course led to great good, too. Richer nations now can—and do—come to the aid of poorer nations in crisis. Increasing diversity in many countries has meant more opportunity to learn about and celebrate other cultures. The sense that there is a global village, a worldwide “us,” has emerged.

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Impact of Globalisation (Revision Essay Plan)

Last updated 11 Jan 2022

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Here is a suggested answer to a question on the impact of globalisation on developed and developing countries.

Introductory Context

An estimated 9 percent of the global population still lives below the international poverty line of US$1.90 PPP a day.Success in reducing poverty in East Asia is clear with 7 percent of the population in the region living below the US$3.20 PPP line and 25 percent living below the US$5.50 PPP poverty line in 2018. However, almost 70 percent of Sub-Saharan Africa’s population lives on less than US$3.20 per day. Progress in cutting extreme poverty has been halted by the pandemic. The World Bank estimated that the pandemic pushed between 119 and 124 million people into extreme poverty around the globe in 2020. Many developing countries have limited resilience to the impact of economic shocks and threats from climate change.”.

Source: Adapted from the World Bank Poverty Report, 2021

To what extent have the economic benefits of globalisation favoured developed over developing countries? (25 marks)

KAA Point 1

Globalisation involves deeper integration between countries through networks of trade, capital flows, ideas, technologies and movement of people. One argument that globalisation has favoured high-income countries lies in the growing dominance of TNCs from advanced nations. TNCs base their manufacturing, assembly, research and retail operations across several countries, and many have become synonymous with globalisation namely Nike, Apple, Amazon, Google (Alphabet) and Samsung. Some have annual revenues many times higher than the GDP of smaller low-income countries and there has been fierce criticism of numerous TNCs for following tax avoidance strategies such as transfer pricing. This has reduced tax revenues for governments in developing nations which then hampers their ability to use fiscal policy to fund public services such as education and basic health care. The effect is to limit progress in reducing extreme poverty and improving human development outcomes.

Evaluation Point 1

A counter argument is that globalisation is associated with a steady reduction in import tariffs around the world which has then improved access to high-income markets for businesses from emerging countries. Many nations in east Asia have achieved reductions in extreme poverty driven by export-led growth. The extract says that only 7 percent of this region’s population now live below the US$3.20 PPP poverty line and continued high growth – as economies recover from the effects of the pandemic - will lead to improvements in per capita incomes and living standards. Indeed, sixty percent of the value of world GDP now comes from emerging market and developing economies and several countries have their own TNCs operating on a global scale. The recent success of countries such as South Korea, India and Vietnam is testimony to the opportunities that globalisation has offered developing nations who have developed competitive advantage across a range of industries.

KAA Point 2

A second argument supporting the question is that nations succeeding in a globalizing world have diversified economies, a workforce with flexible skills and governments with fiscal resources to overcome external shocks such as the pandemic. In contrast, poorer low-income countries rely heavily on the production and export of primary commodities or incomes from tourism, both of which have been hit by the global recession in 2020-21. Many poorer nations also haveinadequate infrastructure which increases the costs of trade and their direct tax revenues as a share of GDP are low because of sizeable informal economies and persistently low per capita incomes. This means that national governments rely heavily on external debt, and many have low currency reserves. They are therefore more exposed to economic, financial and public health shocks. This is evidenced by the differences in vaccination rates between rich and low-income countries. As of January 2022, only 9% of people in low-income countries have received at least one dose and per capita incomes may take years to reach pre-2020 levels.

Evaluation Point 2

In evaluation, the globalisation process has been a catalyst for economic reforms in low and middle-income countries. Consider the example of Vietnam which has transitioned to a socialist oriented market economy and successfully attracted inward FDI from companies such as LG and Samsung. FDIhas flowed in helped by low unit labour costs costs, improving infrastructure and human capital and a deregulated business environment whilst the Vietnamesegovernment has moved to a managed floating exchange rateto help reduce some of the risks from regional and global economic shocks. Vietnam is a good example of a country that has successfully progressed from a low income to a low-middle income nation over the last two decades. The valueof their external trade accounts for roughly 180% of national output, more than any other country at its level of per-person GDP. And their educational scores on standardized tests are on a par with Germany and Austria.

Final Reasoned Comment

Overall, it is hard to reach a firm view on this question because globalisation as a process is uneven and not inevitable. Before and during the pandemic, there was evidence of a switch towards “regionalisation” rather than full-throttled globalisation. For example, most sub-Saharan African countries have joined the African Continental Free Trade Area which seeks to boost intra-regional trade and investment and encourage economies of scale among African businesses so that they can better compete against the dominance of Western TNCs. Developing nations often struggle to compete with developed countries, therefore it is argued free trade benefits high-income economies more. Gains from globalisation will never be equitably distributed.And this sense of deepening inequality and opportunity risks a further shift to tariff and non-tariff barriers to trade and moves towards economic nationalism.

• Globalisation
• Deglobalisation
• Hyper-globalisation
• Transnational Businesses
• Developing countries

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Essay on Globalization for Students and Children

500+ words essay on globalization.

Globalization refers to integration between people, companies, and governments. Most noteworthy, this integration occurs on a global scale. Furthermore, it is the process of expanding the business all over the world. In Globalization, many businesses expand globally and assume an international image. Consequently, there is a requirement for huge investment to develop international companies.

How Globalization Came into Existence?

First of all, people have been trading goods since civilization began. In the 1st century BC, there was the transportation of goods from China to Europe. The goods transportation took place along the Silk Road. The Silk Road route was very long in distance. This was a remarkable development in the history of Globalization. This is because, for the first time ever, goods were sold across continents.

Globalization kept on growing gradually since 1st BC. Another significant development took place in the 7th century AD. This was the time when the religion of Islam spread. Most noteworthy, Arab merchants led to a rapid expansion of international trade . By the 9th century, there was the domination of Muslim traders on international trade. Furthermore, the focus of trade at this time was spices.

True Global trade began in the Age of Discovery in the 15th century. The Eastern and Western continents were connected by European merchants. There was the discovery of America in this period. Consequently, global trade reached America from Europe.

From the 19th century, there was a domination of Great Britain all over the world. There was a rapid spread of international trade. The British developed powerful ships and trains. Consequently, the speed of transportation greatly increased. The rate of production of goods also significantly increased. Communication also got faster which was better for Global trade .

Finally, in 20th and 21st -Century Globalization took its ultimate form. Above all, the development of technology and the internet took place. This was a massive aid for Globalization. Hence, E-commerce plays a huge role in Globalization.

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Impact of Globalization

First of all, Foreign Direct Investment (FDI) increases at a great rate. This certainly is a huge contribution of Globalization. Due to FDI, there is industrial development. Furthermore, there is the growth of global companies. Also, many third world countries would also benefit from FDI.

Technological Innovation is another notable contribution of Globalization. Most noteworthy, there is a huge emphasis on technology development in Globalization. Furthermore, there is also technology transfer due to Globalization. The technology would certainly benefit the common people.

The quality of products improves due to Globalization. This is because manufacturers try to make products of high-quality. This is due to the pressure of intense competition. If the product is inferior, people can easily switch to another high-quality product.

To sum it up, Globalization is a very visible phenomenon currently. Most noteworthy, it is continuously increasing. Above all, it is a great blessing to trade. This is because it brings a lot of economic and social benefits to it.

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Globalization: Definition, Benefits, Effects, Examples – What is Globalization?

• Publié le 21 January 2019
• Mis à jour le 25 March 2024

Globalization – what is it? What is the definition of globalization? Benefits and negative effects? What are the top examples of globalization? What famous quotes have been said about globalization?

What is Globalization? All Definitions of Globalization

A simple globalization definition.

Globalization means the speedup of movements and exchanges (of human beings, goods, and services, capital, technologies or cultural practices) all over the planet. One of the effects of globalization is that it promotes and increases interactions between different regions and populations around the globe.

• Related: Traveling Today And Tomorrow: Cities And Countries With More Travelers

An Official Definition of Globalization by the World Health Organization (WHO)

According to WHO , globalization can be defined as ” the increased interconnectedness and interdependence of peoples and countries. It is generally understood to include two inter-related elements: the opening of international borders to increasingly fast flows of goods, services, finance, people and ideas; and the changes in institutions and policies at national and international levels that facilitate or promote such flows.”

What Is Globalization in the Economy?

According to the Committee for Development Policy (a subsidiary body of the United Nations), from an economic point of view, globalization can be defined as: “(…) the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, the flow of international capital and the wide and rapid spread of technologies. It reflects the continuing expansion and mutual integration of market frontiers (…) and the rapid growing significance of information in all types of productive activities and marketization are the two major driving forces for economic globalization.”

• Related: Planet VS Economy: How Coronavirus Is Unraveling A Dysfunctional System

What Is Globalization in Geography?

In geography, globalization is defined as the set of processes (economic, social, cultural, technological, institutional) that contribute to the relationship between societies and individuals around the world. It is a progressive process by which exchanges and flows between different parts of the world are intensified.

Globalization and the G20: What is the G20?

The G20 is a global bloc composed by the governments and central bank governors from 19 countries and the European Union (EU). Established in 1999, the G20 gathers the most important industrialized and developing economies to discuss international economic and financial stability. Together, the nations of the G20 account for around 80% of global economic output, nearly 75 percent of all global trade, and about two-thirds of the world’s population.

G20 leaders get together in an annual summit to discuss and coordinate pressing global issues of mutual interest. Though economics and trade are usually the centerpieces of each summit’s agenda, issues like climate change, migration policies, terrorism, the future of work, or global wealth are recurring focuses too. Since the G20 leaders represent the “ political backbone of the global financial architecture that secures open markets, orderly capital flows, and a safety net for countries in difficulty”, it is often thanks to bilateral meetings during summits that major international agreements are achieved and that globalization is able to move forward.

The joint action of G20 leaders has unquestionably been useful to save the global financial system in the 2008/2009 crisis, thanks to trade barriers removal and the implementation of huge financial reforms. Nonetheless, the G20 was been struggling to be successful at coordinating monetary and fiscal policies and unable to root out tax evasion and corruption, among other downsides of globalization. As a result of this and other failures from the G20 in coordinating globalization, popular, nationalist movements across the world have been defending countries should pursue their interests alone or form fruitful coalitions.

How Do We Make Globalization More Just?

The ability of countries to rise above narrow self-interest has brought unprecedented economic wealth and plenty of applicable scientific progress. However, for different reasons, not everyone has been benefiting the same from globalization and technological change: wealth is unfairly distributed and economic growth came at huge environmental costs. How can countries rise above narrow self-interest and act together or designing fairer societies and a healthier planet? How do we make globalization more just?

According to Christine Lagarde , former President of the International Monetary Fund, “ debates about trade and access to foreign goods are as old as society itself ” and history tells us that closing borders or protectionism policies are not the way to go, as many countries doing it have failed.

Lagarde defends we should pursue globalization policies that extend the benefits of openness and integration while alleviating their side effects. How to make globalization more just is a very complex question that involves redesigning economic systems. But how? That’s the question.

Globalization is deeply connected with economic systems and markets, which, on their turn, impact and are impacted by social issues, cultural factors that are hard to overcome, regional specificities, timings of action and collaborative networks. All of this requires, on one hand, global consensus and cooperation, and on the other, country-specific solutions, apart from a good definition of the adjective “just”.

When Did Globalization Begin? The History of Globalization

For some people, this global phenomenon is inherent to human nature. Because of this, some say globalization begun about 60,000 years ago, at the beginning of human history. Throughout time, human societies’ exchanging trade has been growing. Since the old times, different civilizations have developed commercial trade routes and experienced cultural exchanges. And as well, the migratory phenomenon has also been contributing to these populational exchanges. Especially nowadays, since traveling became quicker, more comfortable, and more affordable.

This phenomenon has continued throughout history, notably through military conquests and exploration expeditions. But it wasn’t until technological advances in transportation and communication that globalization speeded up. It was particularly after the second half of the 20th century that world trades accelerated in such a dimension and speed that the term “globalization” started to be commonly used.

• Are we living oppositely to sustainable development?

Examples of Globalization (Concept Map)

Because of trade developments and financial exchanges, we often think of globalization as an economic and financial phenomenon. Nonetheless, it includes a much wider field than just flowing of goods, services or capital. Often referred to as the globalization concept map, s ome examples of globalization are:

• Economic globalization : is the development of trade systems within transnational actors such as corporations or NGOs;
• Financial globalization : can be linked with the rise of a global financial system with international financial exchanges and monetary exchanges. Stock markets, for instance, are a great example of the financially connected global world since when one stock market has a decline, it affects other markets negatively as well as the economy as a whole.
• Cultural globalization : refers to the interpenetration of cultures which, as a consequence, means nations adopt principles, beliefs, and costumes of other nations, losing their unique culture to a unique, globalized supra-culture;
• Political globalization : the development and growing influence of international organizations such as the UN or WHO means governmental action takes place at an international level. There are other bodies operating a global level such as NGOs like Doctors without borders  or Oxfam ;
• Sociological globalization : information moves almost in real-time, together with the interconnection and interdependence of events and their consequences. People move all the time too, mixing and integrating different societies;
• Technological globalization: the phenomenon by which millions of people are interconnected thanks to the power of the digital world via platforms such as Facebook, Instagram, Skype or Youtube.
• Geographic globalization: is the new organization and hierarchy of different regions of the world that is constantly changing. Moreover, with transportation and flying made so easy and affordable, apart from a few countries with demanding visas, it is possible to travel the world without barely any restrictions;
• Ecological globalization: accounts for the idea of considering planet Earth as a single global entity – a common good all societies should protect since the weather affects everyone and we are all protected by the same atmosphere. To this regard, it is often said that the poorest countries that have been polluting the least will suffer the most from climate change .

The Benefits of Globalization

Globalization has benefits that cover many different areas. It reciprocally developed economies all over the world and increased cultural exchanges. It also allowed financial exchanges between companies, changing the paradigm of work. Many people are nowadays citizens of the world. The origin of goods became secondary and geographic distance is no longer a barrier for many services to happen. Let’s dig deeper.

The Engine of Globalization – An Economic Example

The most visible impacts of globalization are definitely the ones affecting the economic world. Globalization has led to a sharp increase in trade and economic exchanges, but also to a multiplication of financial exchanges.

In the 1970s world economies opened up and the development of free trade policies accelerated the globalization phenomenon. Between 1950 and 2010, world exports increased 33-fold. This significantly contributed to increasing the interactions between different regions of the world.

This acceleration of economic exchanges has led to strong global economic growth. It fostered as well a rapid global industrial development that allowed the rapid development of many of the technologies and commodities we have available nowadays.

Knowledge became easily shared and international cooperation among the brightest minds speeded things up. According to some analysts, globalization has also contributed to improving global economic conditions, creating much economic wealth (thas was, nevertheless, unequally distributed – more information ahead).

Globalization Benefits – A Financial Example

At the same time, finance also became globalized. From the 1980s, driven by neo-liberal policies, the world of finance gradually opened. Many states, particularly the US under Ronald Reagan and the UK under Margaret Thatcher introduced the famous “3D Policy”: Disintermediation, Decommissioning, Deregulation.

The idea was to simplify finance regulations, eliminate mediators and break down the barriers between the world’s financial centers. And the goal was to make it easier to exchange capital between the world’s financial players. This financial globalization has contributed to the rise of a global financial market in which contracts and capital exchanges have multiplied.

Globalization – A Cultural Example

Together with economic and financial globalization, there has obviously also been cultural globalization. Indeed, the multiplication of economic and financial exchanges has been followed by an increase in human exchanges such as migration, expatriation or traveling. These human exchanges have contributed to the development of cultural exchanges. This means that different customs and habits shared among local communities have been shared among communities that (used to) have different procedures and even different beliefs.

Good examples of cultural globalization are, for instance, the trading of commodities such as coffee or avocados. Coffee is said to be originally from Ethiopia and consumed in the Arabid region. Nonetheless, due to commercial trades after the 11th century, it is nowadays known as a globally consumed commodity. Avocados , for instance, grown mostly under the tropical temperatures of Mexico, the Dominican Republic or Peru. They started by being produced in small quantities to supply the local populations but today guacamole or avocado toasts are common in meals all over the world.

At the same time, books, movies, and music are now instantaneously available all around the world thanks to the development of the digital world and the power of the internet. These are perhaps the greatest contributors to the speed at which cultural exchanges and globalization are happening. There are also other examples of globalization regarding traditions like Black Friday in the US , the Brazilian Carnival or the Indian Holi Festival. They all were originally created following their countries’ local traditions and beliefs but as the world got to know them, they are now common traditions in other countries too.

Why Is Globalization Bad? The Negative Effects of Globalization

Globalization is a complex phenomenon. As such, it has a considerable influence on several areas of contemporary societies. Let’s take a look at some of the main negative effects globalization has had so far.

The Negative Effects of Globalization on Cultural Loss

Apart from all the benefits globalization has had on allowing cultural exchanges it also homogenized the world’s cultures. That’s why specific cultural characteristics from some countries are disappearing. From languages to traditions or even specific industries. That’s why according to UNESCO , the mix between the benefits of globalization and the protection of local culture’s uniqueness requires a careful approach.

The Economic Negative Effects of Globalization

Despite its benefits, the economic growth driven by globalization has not been done without awakening criticism. The consequences of globalization are far from homogeneous: income inequalities, disproportional wealth and trades that benefit parties differently. In the end, one of the criticisms is that some actors (countries, companies, individuals) benefit more from the phenomena of globalization, while others are sometimes perceived as the “losers” of globalization. As a matter of fact, a recent report from Oxfam says that 82% of the world’s generated wealth goes to 1% of the population.

• Related: Globally, Business And Government Lack Trust, A New Survey Shows

The Negative Effects of Globalization on the Environment

At the same time, global economic growth and industrial productivity are both the driving force and the major consequences of globalization. They also have big environmental consequences as they contribute to the depletion of natural resources, deforestation and the destruction of ecosystems and loss of biodiversity . The worldwide distribution of goods is also creating a big garbage problem, especially on what concerns plastic pollution .

• How Air Pollution And Diabetes Kill Millions Every Year
• Changing Aircrafts’ Altitude To Reduce The Climatic Impact Of Contrails
• Are Avocados Truly Sustainable?

Globalization, Sustainable Development, and CSR

Globalization affects all sectors of activity to a greater or lesser extent. By doing so, its gap with issues that have to do with  sustainable development  and  corporate social responsibility  is short.

By promoting large-scale industrial production and the globalized circulation of goods, globalization is sometimes opposed to concepts such as resource savings, energy savings or the limitation of greenhouse gases . As a result, critics of globalization often argue that it contributes to accelerating climate change and that it does not respect the principles of ecology. At the same time, big companies that don’t give local jobs and choose instead to use the manpower of countries with low wages (to have lower costs) or pay taxes in countries with more favorable regulations is also opposed to the criteria of a CSR approach. Moreover, the ideologies of economic growth and the constant pursuit of productivity that come along with globalization, also make it difficult to design a sustainable economy based on  resilience .

On the other hand, globalization is also needed for the transitioning to a more sustainable world, since only a global synergy would really be able to allow a real ecological transition. Issues such as global warming indeed require a coordinated response from all global players: fight against CO2 emissions, reduction of waste, a transition to renewable energies . The same goes for ocean or air pollution, or ocean acidification, problems that can’t be solved without global action. The dissemination of green ideas also depends on the ability of committed actors to make them heard globally.

• What Are The Benefits Of Having A Network Of CSR Ambassadors?
• 5 Tips For Organizations To Develop Their CSR Strategy In 2020
• Top 10 Companies With The Best Corporate (CSR) Reputation In 2020

The Road From Globalization to Regionalization

Regionalization can also be analyzed from a corporate perspective. For instance, businesses such as McDonald’s or Starbucks don’t sell exactly the same products everywhere. In some specific stores, they consider people’s regional habits. That’s why the McChicken isn’t sold in India, whereas in Portugal there’s a steak sandwich menu like the ones you can get in a typical Portuguese restaurant.

Politically speaking, when left-wing parties are in power they tend to focus on their country’s people, goods and services. Exchanges with the outside world aren’t seen as very valuable and importations are often left aside.

• Related: Why Is It Important To Support Local And Small Businesses?

Globalization Quotes by World Influencers

Many world leaders, decision-makers and influential people have spoken about globalization. Some stand out its positive benefits and others focus deeper on its negative effects. Find below some of the most interesting quotes on this issue.

Politic Globalization Quotes

Globalization quote by the former U.S President Bill Clinton ??

No generation has had the opportunity, as we now have, to build a global economy that leaves no-one behind. It is a wonderful opportunity, but also a profound responsibility.

Globalization quote by Barack Obama , former U.S. president ??

Globalization is a fact, because of technology, because of an integrated global supply chain, because of changes in transportation. And we’re not going to be able to build a wall around that.

Globalization quote by Dominique Strauss-Kahn, former International Monetary Fund Managing Director ??

“We can’t speak day after day about globalization without at the same time having in mind that…we need multilateral solutions.”

Globalization quote by Stephen Harper , former Prime Minister of Canada ??

“We have to remember we’re in a global economy. The purpose of fiscal stimulus is not simply to sustain activity in our national economies but to help the global economy as well, and that’s why it’s so critical that measures in those packages avoid anything that smacks of protectionism.”

Globalization quote by Julia Gillard , Prime Minister of Australia ??

“My guiding principle is that prosperity can be shared. We can create wealth together. The global economy is not a zero-sum game.”

Other Globalization Quotes

Globalization quote by the spiritual leader Dalai Lama ??

“I find that because of modern technological evolution and our global economy, and as a result of the great increase in population, our world has greatly changed: it has become much smaller. However, our perceptions have not evolved at the same pace; we continue to cling to old national demarcations and the old feelings of ‘us’ and ‘them’.”

The famous German sociologist Ulrich Beck also spoke of globalization ??

“Globalization is not only something that will concern and threaten us in the future, but something that is taking place in the present and to which we must first open our eyes.”

Globalization quote by Bill Gates, owner and former CEO of Microsoft ??

“The fact is that as living standards have risen around the world, world trade has been the mechanism allowing poor countries to increasingly take care of really basic needs, things like vaccination.”

Globalization quote by John Lennon, member of the music band The Beatles ??

Imagine there’s no countries. It isn’t hard to do. Nothing to kill or die for. And no religion, too. Imagine all the people. Living life in peace. You, you may say I’m a dreamer. But I’m not the only one. I hope someday you will join us. And the world will be as one

Essay on Importance of Globalization

Students are often asked to write an essay on Importance of Globalization in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Importance of Globalization

Understanding globalization.

Globalization refers to the integration of countries and people worldwide. It involves sharing ideas, products, and cultural aspects across borders.

Benefits of Globalization

Globalization is crucial as it promotes international trade, leading to economic growth. It also encourages cultural exchange, fostering global harmony.

Globalization and Technology

Globalization has been boosted by advancements in technology, making communication and transportation easier and faster.

In essence, globalization is vital for economic and cultural progress. It bridges gaps among nations, promoting peace and prosperity.

250 Words Essay on Importance of Globalization

Globalization refers to the process of interaction and integration among people, companies, and governments worldwide. It’s driven by international trade, investment, and aided by information technology. This phenomenon has effects on the environment, culture, political systems, economic development, and human physical well-being in societies around the world.

Globalization and the Economy

Globalization has played a pivotal role in fostering economic growth. It has allowed countries to partake in international trade, leading to the expansion of market frontiers. Globalization encourages the free movement of goods, services, and labor, promoting economies of scale and efficient allocation of resources.

Cultural Exchange and Globalization

Globalization has also spurred cultural exchange. Through the diffusion of ideas, languages, and cultural practices, societies have become more diverse and enriched. It has led to a greater understanding and tolerance of different cultures, fostering global unity.

The advent of technology has accelerated globalization. Information technology, in particular, has made it possible to instantaneously communicate and conduct business, regardless of geographical distance. This has led to the creation of a global village, further enhancing economic and cultural ties.

The Flipside of Globalization

Despite its benefits, globalization has its drawbacks. It has often been criticized for widening the wealth gap and promoting cultural homogenization. Therefore, it’s essential to strike a balance, harnessing the advantages of globalization while mitigating its potential downsides.

In conclusion, globalization is a double-edged sword. While it has the potential to bring about economic prosperity and cultural exchange, it also carries the risk of exacerbating income inequality and cultural erosion. Therefore, a balanced approach towards globalization is crucial for sustainable development.

500 Words Essay on Importance of Globalization

Introduction to globalization.

Globalization is a phenomenon that has transformed our world into a global village. It is the process of integration and interaction among people, companies, and governments worldwide. This phenomenon has been driven by international trade and investment and aided by information technology.

The Economic Impact of Globalization

Globalization has a profound impact on the economic sphere. It has led to the opening up of world trade, development of advanced means of communication, internationalization of financial markets, growing importance of MNCs, population migrations, and more interconnected markets. This has allowed for the free movement of goods, services, capital, and labor, leading to economies of scale and fostering economic growth.

Globalization and Cultural Exchange

Culture is another area profoundly impacted by globalization. The worldwide spread of ideas, languages, or popular culture happens through globalization. It has led to the diffusion of cultural practices, leading to a global culture. However, it’s a double-edged sword as it also risks the obliteration of local cultures and traditions.

Globalization and the Environment

Globalization has significant environmental implications. On one hand, it has led to increased pollution and environmental degradation due to industrialization. On the other hand, it has also spurred global cooperation to tackle environmental issues. International treaties and global environmental movements are a testament to this.

The technological revolution is both a driver and a product of globalization. The rapid spread of technology and information has not only made globalization possible, but it is also continuously accelerated by it. The internet, for instance, has broken down geographical barriers, allowing instant communication and access to information across the globe.

Globalization and Politics

Globalization has reshaped political landscapes worldwide. It has led to the rise of international political institutions like the UN, EU, and WTO, which govern international relations. While these organizations foster cooperation and peace, they also raise questions about national sovereignty.

Conclusion: The Dual Nature of Globalization

In conclusion, globalization is a complex and multifaceted phenomenon with both positive and negative implications. It has interconnected the world, leading to economic growth, cultural exchange, and global cooperation. However, it also brings challenges such as cultural homogenization, environmental degradation, and political tension. Understanding and managing these dynamics is crucial for harnessing the benefits of globalization while mitigating its challenges. Therefore, the importance of globalization, in all its complexity, cannot be overstated.

That’s it! I hope the essay helped you.

If you’re looking for more, here are essays on other interesting topics:

• Essay on Global Environmental Issues
• Essay on How to Reduce Global Warming
• Essay on How to Prevent Global Warming

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IELTS Essay, topic: The advantages and disadvantages of globalization

• IELTS Essays - Band 8

Even though globalization affects the world’s economies in a very positive way, its negative side should not be forgotten. Discuss.

Globalization is such a commonly used term in the century. It simply means that the world has become integrated economically, socially, politically and culturally through the advances of technology, transportation and communication. It is undeniable that globalization has resulted in both positive and negative effects which must be addressed accordingly.

Secondly, several companies from the more developed countries have already ventured to establish foreign operations or branches to take advantage of the low cost of labor in the poorer countries. This kind of business activity will provide more influx of cash or investment funds into the less developed countries.

However, one cannot deny the negative effects which derived from globalization. One crucial social aspect is the risk and danger of epidemic diseases which can easily be spread as the transportation becomes easier and faster in today’s advanced society. This is evidenced in the recent birds flu disease which has infected most Asian countries over a short period of time.

As large corporations invest or take over many offshore businesses, a modern form of colonization will also evolve which may pose certain power pressure on the local governments of the less developed countries. Unemployment rates in the more developed regions such as Europe may also escalate as corporations choose to outsource to the cheaper work force from Asian countries.

In conclusion. to reiterate that globalization is inevitable and we must urge individuals, companies and governments to use a more balanced approach by taking the appropriate steps to deal with matters relating to the financial or economical gains verses the social, political or ecological concerns of the world.

This essay is too long, 318 words instead of 250-265. Otherwise (except for some minor grammatical errors) it is a very nice work. It covers the task, has the right structure, the paragraphs are coherent and are logically connected by elegantly used linking words, the structure of sentences is fine and so is your vocabulary. Seems worthy of Band 7.5 or 8.

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✍️Essay on Globalisation: Samples in 100, 150 and 200 Words

• Updated on  
• Oct 25, 2023

Globalisation means the combination of economies and societies with the help of information, ideas, technology, finance, goods, services, and people. It is a process where multinational companies work on their international standing and conduct operations internationally or overseas. Over the years, Globalisation has had a profound impact on various aspects of society. Today we will be discussing what globalisation is and how it came into existence with the essay on globalisation listed below.

Table of Contents

• 1 How Globalisation Came Into Existence?
• 2 Essay on Globalisation in 100 Words
• 3 Essay on Globalisation in 150 Words
• 4 Essay on Globalisation in 200 Words

How Globalisation Came Into Existence?

For all those unaware, the concepts of globalisation first emerged in the 20th century. Here are some of the key events which led to the development of globalisation in today’s digital world.

• The ancient Silk Route as well as the maritime routes led to the exchange of goods, ideas and culture in several countries. Although these were just trade routes, but later became important centres for cultural exchange.
• Other than this, the European colonial expansion which took place from the 15th to the 20th century led to the setting up of global markets where both knowledge and people were transferred to several developing countries. 
• The evolution and exchange of mass media, cinema and the internet further led to the widespread dissemination of cultures and ideas.

Also Read: Essay on the Importance of the English Language for Students

Essay on Globalisation in 100 Words

Globalization, the interconnectedness of nations through trade, technology, and cultural exchange, has reshaped the world. It has enabled the free flow of goods and information, fostering economic growth and cultural diversity. However, it also raises challenges such as income inequality and cultural homogenization. 

In a globalized world, businesses expand internationally, but local industries can suffer. Moreover, while globalization promotes shared knowledge, it can erode local traditions. Striking a balance between the benefits and drawbacks of globalization is essential to ensure a more equitable and culturally diverse global community, where economies thrive without leaving anyone behind.

Also Read: Essay on Save Environment: Samples in 100, 200, 300 Words

Essay on Globalisation in 150 Words

Globalization is the process of increasing interconnectedness and interdependence among countries, economies, and cultures. It has transformed the world in various ways.

Economically, globalization has facilitated the flow of goods, services, and capital across borders. This has boosted economic growth and reduced poverty in many developing nations. However, it has also led to income inequality and job displacement in some regions.

Culturally, globalization has resulted in the spread of ideas, values, and cultural products worldwide. While this fosters cultural exchange and diversity, it also raises concerns about cultural homogenization.

Technologically, globalization has been driven by advances in communication and transportation. The internet and smartphones have connected people across the globe, allowing for rapid information dissemination and collaboration.

In conclusion, globalization is a complex phenomenon with both benefits and challenges. It has reshaped the world, bringing people closer together, but also highlighting the need for responsible governance and policies to address its downsides.

Also Read: Essay on Unity in Diversity in 100 to 200 Words

Essay on Globalisation in 200 Words

Globalization, a multifaceted phenomenon, has reshaped the world over the past few decades. It involves the interconnectedness of economies, cultures, and societies across the globe. In this essay, we will briefly discuss its key aspects and impacts.

Economically, globalization has led to increased international trade and investment. It has allowed companies to expand operations globally, leading to economic growth in many countries. However, it has also resulted in income inequality and job displacement in some regions.

Culturally, globalization has facilitated the exchange of ideas, values, and traditions. This has led to a more diverse and interconnected world where cultures blend, but it can also challenge local traditions and languages.

Socially, globalization has improved access to information and technology. It has connected people across borders, enabling global activism and awareness of worldwide issues. Nonetheless, it has also created challenges like cybercrime and privacy concerns.

In conclusion, globalization is a double-edged sword. It offers economic opportunities, cultural exchange, and global connectivity, but it also brings about disparities, cultural tensions, and new global challenges. To navigate this complex landscape, the world must strive for responsible globalization that balances the interests of all stakeholders and promotes inclusivity and sustainability.

Related Articles

The movement of goods, technologies, information, and jobs between countries is referred to as globalisation. 

Globalization as a phenomenon began with the earliest human migratory routes, or with Genghis Khan’s invasions, or travel across the Silk Road.

Globalisation allows wealthy nations to access cheaper labour and resources, while also providing opportunity for developing and underdeveloped nations with the jobs and investment capital they require.

For more information on such interesting topics, visit our essay-writing page and follow Leverage Edu ! 

Malvika Chawla

Malvika is a content writer cum news freak who comes with a strong background in Journalism and has worked with renowned news websites such as News 9 and The Financial Express to name a few. When not writing, she can be found bringing life to the canvasses by painting on them.

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To save globalization, its benefits need to be more broadly shared

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Stay up to date:, inclusive growth framework.

Economists tend to be advocates of globalization. The benefits of specialization and exchange are evident within a country’s borders: no one would seriously suggest that impeding the flows of goods, labour and capital within a country would raise national welfare. Globalization extends the possibilities of specialization beyond national boundaries. Recent work suggests, however, that while globalization is great in theory, vigilance is needed about it in practice.

The three main components of globalization - goods, labour, and capital - are associated with different costs and benefits. The preponderance of the evidence suggests that trade has positive impacts on aggregate incomes, but many people do lose out. The economic benefits of migration are very high, but it too has distributional consequences and impacts on social cohesion.

The case for globalization is weakest when it comes to free flows of capital across national boundaries (“financial globalization”). The growth benefits claimed for these policies have proven elusive. At the same time, they are associated with an increase in inequality. Hence they pose a dilemma for proponents of globalization.

There are also interactions between financial globalization and other policies. In particular, financial globalization binds the conduct of domestic fiscal policy and leads to greater consolidation, which also has distributional effects.

Aggregate and Distributional Effects of Financial Globalization

As many have argued, economic theory leaves no doubt about the potential advantages of capital account liberalization. It can allow the international capital market to channel world savings to their most productive uses across the globe. Developing countries with little capital can borrow to finance investment, thereby promoting their economic growth without requiring commensurate increases in their own saving. But equally, there is little doubt about the existence of genuine hazards of openness to foreign financial flows. This duality of benefits and risks is simply a fact of life in the real world.

The experience of countries with financial opening/openness bears this out. As Ostry and others (2009) and many subsequent studies have shown, the link between financial globalization and economic growth turns out to be complex. While some capital flows such as foreign direct investment boost long-run growth, the impact of other flows is weaker and critically dependent on a country’s other institutions (the quality of its legal framework; protection of property rights; level of financial development; quality of financial supervision) and how openness is sequenced relative to other policy changes.

Moreover, openness to capital flows has tended to increase economic volatility and the frequency of crises in many emerging markets and developing economies. As a recent study (Ghosh, Ostry, and Qureshi, 2016) has shown, about 20% of the time, surges end in a financial crisis, of which one-half are also associated with large output declines—what one might call a growth crisis (see chart). The ubiquity of surges and crashes gives credence to the claim by Harvard economist Dani Rodrik that “boom-and-bust cycles are hardly a sideshow or a minor blemish in international capital flows; they are the main story.”

Capital Surges and Financial Crises

Notes: The chart at the top shows the total number of surges ending in a given year and those that end in a financial crisis. The second chart compares capital flow reversal and growth between surges that end in a crisis and those that do not. The analysis is based on data for 53 emerging market economies over 1980-2014.

Source: Ghosh, Ostry and Qureshi (American Economic Review, vol. 106 (5))

While the drivers of surges and crashes are many, increased capital account openness consistently figures as a risk factor—it raises the probability of a surge and of a post-surge crash. In addition to raising the odds of a crash, openness has distributional effects, raising inequality, especially when a crash ensues (Ostry, Loungani, and Furceri, 2016).

Financial globalization also interacts with other policies, notably fiscal policy. The desire to attract foreign capital can trigger a ‘race to the bottom’ in effective corporate tax rates, lowering governments’ ability to provide essential public goods. Fiscal consolidation has been shown to increase inequality.

Such direct and indirect distributional effects could set up an adverse feedback loop: the increase in inequality might itself undercut growth, which is what globalization is intent on increasing in the first place. There is now strong evidence that inequality lowers both the level and the durability of growth (Ostry et al., 2014). Hence, the existence of such a loop is not a theoretical curiosum but a very real possibility (Ostry, 2014).

The way forward: These findings suggest several steps to re-design globalization. The first step is to recognize the flaws in globalization, especially in relation to financial globalization. The adverse effects of financial globalization on macroeconomic volatility and inequality should be countered. Among policymakers today, there is increased acceptance of capital controls to restrict foreign capital flows that are viewed as likely to lead to—or compound—a financial crisis. While not the only tools available, capital controls may be the best option when it is borrowing from abroad that is the source of an unsustainable credit boom (Ostry and others, 2012).

Beyond this, in the short run , the extent of redistribution could be increased. This can be done through some combination of increases in tax rates (greater progressivity in income taxes; increased reliance on wealth and property taxes) and programs to help those who lose out from globalization.

· In the case of trade, programs of adjustment assistance do exist. That such programs have not always worked well in the past is an argument for fixing them, not for discarding them. “Trampoline” policies—including job retraining and assistance with search—to help workers bounce back from job displacement are essential.

· In the case of migration too, compensation to potential losers could be expanded by targeting areas of high entry of foreign workers. This can be done through more generous unemployment insurance benefits and greater resources devoted to active labor market policies to match displaced workers to jobs.

In the longer run , the solutions lie not in redistribution but in mechanisms that achieve ‘pre-distribution.’ More equal access to health, education, and financial services ensures that market incomes are not simply a function of peoples’ starting point in life. This does not ensure that everyone will end up at the same point. But the provision of opportunities to do well in life regardless of initial income level, combined with the promise of redistribution for those who fall behind, is more likely to build support for globalization than will simply ignoring the discontent with it.

The Inclusive Growth and Development Report 2017 is available here .

Ghosh, Atish, J.D. Ostry and M. Qureshi, 2016, “When Do Capital Inflow Surges End in Tears?,” American Economic Review , Vol. 106 (5).

Ostry, Jonathan D., A. Prati and A. Spilimbergo, 2009, Structural Reforms and Economic Performance in Advanced and Developing Countries , Occasional Paper 268 (International Monetary Fund, Washington, DC).

Ostry, Jonathan D., P. Loungani, and D. Furceri, 2016, “Neoliberalism: Oversold?,” Finance and Development , Vol. 53 (2).

Ostry, Jonathan D., A. Berg and C. Tsangarides, 2014, “Redistribution, Inequality and Growth,” Staff Discussion Note 14/02 (International Monetary Fund, Washington, DC).

Ostry, Jonathan D., “We Do Not Have To Live With the Scourge of Inequality,” Financial Times , Oped, March 3, 2014.

Ostry, Jonathan D., A. Ghosh, M. Chamon and M. Qureshi, 2012, “Tools for Managing Financial-Stability Risks from Capital Inflows,” Journal of International Economics , Vol. 88., 407-21.

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• Essay On Globalisation

Globalisation Essay

500+ words essay on globalisation.

Globalisation can be defined as a process of integration of the Indian economy with the world economy. Globalisation has been taking place for the past hundred years, but it has sped up enormously over the last half-century. It has increased the production and exchange of goods and services. Globalisation is a positive outcome of privatisation and liberalisation. Globalisation is primarily an economic process of interaction and integration associated with social and cultural aspects. It is said to be an outcome of different policies to transform the world towards greater interdependence and integration. To explain, in other words, Globalisation is a concept or method of interaction and union among people, corporations, and governments universally.

The top five types of globalisation are:

1. Cultural globalisation

2. Economic globalisation

3. Technological globalisation

4. Political globalisation

5. Financial globalisation

Impact of Globalisation on the Indian Economy

After urbanisation and globalisation, we can witness a drastic change in the Indian economy. The government-administered and established economic policies are imperative in planning income, investment, savings, and employment. These economic policies directly influence while framing the basic outline of the Indian economy.

Indian society is critically impacted by cross-culture due to globalisation, and it brought changes in different aspects of the country in terms of political, cultural, economic and social.

However, the main factor is economic unification which contributes maximum to a country’s economy into an international economy.

Advantages of Globalisation

Labour access: Due to globalisation, nations can now access a broader labour pool. If there is any shortage of knowledgeable workers in any developing nation, they can import labour from other countries. On the other hand, wealthier countries get an opportunity to outsource their low-skill work to developing nations with a low cost of living to reduce the cost of goods sold and move those savings to the customers.

High standard of living: After Globalisation, the Indian economy and the standard of living have increased. The change can be observed in the purchasing behaviour of an individual, especially those associated with foreign companies. Hence, most cities are upgraded with a better standard of living and business development.

Resource Access : The primary reason for trade is to gain access to the resources of other countries. It would have been impossible to produce or manufacture luxurious goods if the flow of resources across countries was not permissible—for example, Smartphones.

Impact of Globalisation

Globalisation in terms of economy is associated with the development of capitalism. The introduction of Globalisation has developed economic freedom and increased the living standard worldwide. It has also fastened up the process of offshoring and outsourcing. Due to outsourcing, transnational companies got an opportunity to exploit medium and small-sized enterprises intensively at a low price worldwide. As a kind of economic venture, outsourcing has increased, in recent times, because of the increase in quick methods of communication, especially the growth of information technology (IT).

Privatization of public utilities and goods, such as security, health, etc., are also impacted by Globalisation. Other goods, such as medicines or seeds, are considered economic goods and have been integrated into recent trade agreements.

This essay on Globalisation will help students to understand the concept more accurately. Students can also visit our BYJU’S website to get more CBSE Essays , question papers, sample papers, etc.

Frequently Asked Questions on Globalisation Essay

What are the benefits of globalisation.

Globalisation gives countries access to foreign cultures and technological innovation from more advanced countries. It provides improved living standards to people. The global exposure it gives has resulted in the emergence of new talent in multiple fields.

What are the main elements of globalisation?

Principle elements of globalisation are international trade, foreign investment, capital market flows, labour migration, and diffusion of technology.

What are the different types of globalisation?

Political, economic and cultural globalisation are the main types of globalisation.

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Home — Essay Samples — Sociology — Globalization — Criticism and Controversial Benefits of Globalization

Criticism and Controversial Benefits of Globalization

• Categories: Critical Theory Globalization

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Published: Apr 15, 2020

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Do the Benefits of Globalization Outweigh the Costs?

The term globalization has become recently popular in the modern world describing a wide range of economic, social and political trends. Globalization can be described as the integration of societies, economies and cultures through a worldwide network developed from communication, trade and transportation.

Although there are many description of the term, it has generally been accepted that globalization is a term that best describes the contemporary world that exists now. Globalization has extensive implications for almost every aspect of human life.

This has sparked numerous debates about the impacts of globalization and whether it has caused more harm than good. Considering the various developments in the recent world, it is evident that globalization offers more advantages than disadvantages economically or otherwise.

Globalization is mainly used to describe the integration of worldwide economies through foreign investments, trade and technological exchange. Globalization has led to the development of a global market whose foundation is the freedom of exchange.

Countries that were once cut off from the world can now access goods and services easily from foreign countries. Companies are also able to reduce their cost of production by locating their companies in countries with cheap labor cost. This has led to cheaper goods that can be accessed by different people from all over the world.

Globalization has also enabled the transfer of skills. Third world countries and developing countries can learn from multinational companies and in the process develop their own economies from the acquired knowledge. Critics of globalization argue that globalization has led to loss of jobs through outsourcing. Critics also argue that globalization has led to the spread of sweatshops and exploitation of workers from third world countries.

While these claims may be true, it should be noted that cases of unemployment are very high in third world countries and through globalization these workers may get a chance to get a livelihood. Companies mainly invest in these countries for cheap labor, and the moral dilemma that arises due to “unfair” wages is unfounded as without these foreign companies, the workers are stuck in poverty without a way out.

Globalization has also led to integration of military power and political alliances. This has led to the development of a common international legal framework that seeks to protect human rights and promote peace throughout the world. Through globalization, crime importation has become possible and cooperation of law agencies all over the world has enabled the improvement of international crime fighting efforts.

Globalization also led to the formation of the international criminal court that has enabled political and human rights criminals to be tried fairly and justly, which would otherwise be impossible in their home countries.

Globalization has also led to military cooperation aimed at fighting impunity, promoting democracy and elimination of terrorism threats. This is one of the major advantages of globalization as countries that were once oppressed and in turmoil can now receive help from the international community. However, critics of globalization argue that it has led to the erosion of national borders and infringement of national sovereignty.

They have argued that national politics and issues that are only of national concern have been infringed upon by the international community with some countries trying to control how another country is governed or how it carries out its activities, a situation that has been dubbed neocolonialism. However, the formation of global administrative laws and other international relations law has ensured that the individual sovereignty of a country is preserved regardless of the situation.

International cooperation has also enabled countries to receive help when in need such as the case of Haiti early this year. Cases of genocide, civil wars and oppression can now be avoided or mitigated mainly due to international cooperation brought about by globalization.

During the Rwanda genocide, the international community chose not to take action and the country was almost destroyed. It was only after the international community intervened that the situation was brought under control. It can thus be seen that politically, globalization has brought more good than harm.

Infusion of cultures has also been one of the major impacts of globalization. Multiculturalism has spread to virtually all corners of the world with people enjoying better access to foreign cultures, beliefs and traditions. Some critics argue that foreign cultures have led to the extinction of local cultures.

However, it can be argued that multiculturalism has enabled better understanding between people from different regions of the world thus promoting peace. Foreign cultures are also usually secondary to local culture and although dilution of cultures may result, people gain a better understanding of the world and are more tolerant towards each other.

Globalization has also resulted in the increase of tourism and international travel. Tourism not only improves the economy of the local population but it also helps the country to educate others about its people and its resources.

Through globalization, people now have better access to education from foreign countries. Although this may lead to brain drain, those who return to their home countries bring new ideas and skills that can be used to solve problems faced by the country and improve the overall economy of the country.

Globalization has also led to the development of the international society where people communicate and solve each other’s problems. Social sites such as FaceBook have enabled people from different regions of the world to befriend each other and communicate in real time.

Globalization is a term that is used to describe the modern world. Almost every aspect of human life is in one way or another affected by globalization. Various debates have been help about the actual and potential impacts of globalization. Although it has several disadvantages, globalization has brought many advantages.

Economically, the development of the free market has been by far the most important advantage brought about by globalization. The spread of multiculturalism and better international governance have also been brought about by globalization.

Kofi Annan once said that opposing globalization is like opposing the laws of science. One of the reasons why globalization has become so influential is that it offers infinite opportunities to all. In the past, the issue of globalization was shrouded in controversy mainly due to poor regulation measures and poor understanding of the concept. However, through education and better international globalization, it has become evident that globalization is a positive force in the world.

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IvyPanda. (2023, October 31). Do the Benefits of Globalization Outweigh the Costs? https://ivypanda.com/essays/the-advantages-of-globalization-far-outweighs-its-disadvantages/

"Do the Benefits of Globalization Outweigh the Costs?" IvyPanda , 31 Oct. 2023, ivypanda.com/essays/the-advantages-of-globalization-far-outweighs-its-disadvantages/.

IvyPanda . (2023) 'Do the Benefits of Globalization Outweigh the Costs'. 31 October.

IvyPanda . 2023. "Do the Benefits of Globalization Outweigh the Costs?" October 31, 2023. https://ivypanda.com/essays/the-advantages-of-globalization-far-outweighs-its-disadvantages/.

1. IvyPanda . "Do the Benefits of Globalization Outweigh the Costs?" October 31, 2023. https://ivypanda.com/essays/the-advantages-of-globalization-far-outweighs-its-disadvantages/.

Bibliography

IvyPanda . "Do the Benefits of Globalization Outweigh the Costs?" October 31, 2023. https://ivypanda.com/essays/the-advantages-of-globalization-far-outweighs-its-disadvantages/.

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