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What Is Globalization in Business?

• 22 Jun 2021

As technology and transportation have advanced, business has become increasingly global. In addition to new challenges and international tensions, purposeful expansion has brought new jobs, customer audiences, and economic opportunity.

What Is Globalization?

Globalization is the increase in the flow of goods, services, capital, people, and ideas across international boundaries, according to the online course Global Business .

“We live in an age of globalization,” says Harvard Business School Professor Forest Reinhardt, who teaches Global Business. “That is, national economies are ever more tightly connected with one another than ever before.”

Whether you’re looking to learn more about your international company or thinking of expanding your business into other countries, you need a strong foundation in the basics of globalization in business. Here’s a primer on what it means to be an international business, factors to consider when approaching the global business landscape, and how to build your knowledge.

Access your free e-book today.

What Does It Mean to Be an International Business?

An international business is any company that operates and produces or sells goods between two or more countries. There are three ways a business can be considered international:

• It produces goods domestically and sells domestically and internationally.
• It produces goods in a different country but sells domestically.
• It produces goods in a different country and sells domestically and internationally.

If your business falls into one of these categories, there are two types of international business models to consider: transnational and multinational.

Transnational corporations have offices in multiple countries, each responsible for a different facet of the organization. For instance, marketing may be based in London, research and development in Bogota, and software development in New York.

An example of a successful transnational corporation is Nestlé, which splits business operations for each of its brands by region. There are over 100 Nestlé offices worldwide with distinct responsibilities. For instance, the Nestlé Research Center is located in Switzerland, which acts as the hub that oversees each brand-specific research and development center, of which there are 23. All Nestlé offices operate under the company’s headquarters in Switzerland.

Multinational corporations also have offices in multiple countries, but unlike transnational corporations, each is a microcosm of the larger organization. This means each office has, for example, its own leadership, marketing, sales, research and development, technology, and human resources teams. An example of a multinational corporation is PepsiCo, which has 32 offices across 24 countries.

If you’re considering which international business model to implement for your growing company, know that each has its pros and cons. Transnational corporations typically have the benefit of everyone on a specific team being located in the same office, although this may change with the rise of remote work . Being in the same office can decrease miscommunication and reinforce the idea that each office is an integral part of the larger company. Multinational companies may not beget this same mindset, but they benefit from having someone from every team present in each office. This can enable them to collaborate and tailor efforts to the audience in their specific location without juggling time differences and language barriers to collaborate with other teams.

There’s no one-size-fits-all approach to globalization; only you can decide what works best for your business.

Related: Why Study Global Business? 5 Benefits to Consider

Facets of Global Business to Consider

Globalization doesn’t just refer to the location of a firm’s offices and customers—it also encompasses the nuances and economic factors of conducting business internationally and existing in a global economy. Even if your company operates domestically, globalization can influence the way you do business. Here are a few factors to consider when thinking about how global business impacts your organization:

• Politics and laws : International politics can color relationships between nations and regulate what products are allowed in and out of their borders. Keeping up with current events can help you prepare for the business impacts of shifts in policy and foreign affairs.
• The environment: There’s no global issue more pressing than climate change. Unfortunately, globalization can contribute significantly to its negative effects due to increased transportation of materials and products, business travel, and the number of factories. If you’re engaging in global business, keep sustainability in mind to avoid contributing to climate change.
• Macroeconomics: Principles of macroeconomics can allow you to compare countries’ financial health on a one-to-one basis and draw connections between trends. Some metrics to know include:
• Gross domestic product (GDP)
• Unemployment rate
• Inflation rate
• Degree of income inequality
• Currency exchange rate
• Human rights: Because laws dictating human rights—including labor laws—differ from country to country, operating as a global business requires research and critical thought to ensure you’re not exploiting people for labor, even if it’s technically legal. Ethics are required for making decisions that may cost your business money at the expense of protecting human rights.
• Cultural differences and language barriers: Operating a global business requires knowing and respecting other cultures. Without understanding the areas you do business in, you could unintentionally offend someone and harm your working relationships. In the case of language barriers, this may require you to hire translators and multilingual employees to bridge the gap.

Learning More About Globalization

If you’re interested in furthering your knowledge of the global business landscape, one easy way to do so is by reading international news. Try incorporating foreign cities’ local news into your daily intake to gain perspective on the state of their economies.

Additionally, consider taking an online course like Global Business . You’ll learn how to assess macroeconomic situations; gauge the short- and long-term effects of inflation, trade, and investment; and use insightful frameworks to plan the best global strategy for your organization.

Are you interested in exploring the nuances of the international business world? Learn more about our four-week online course Global Business and other Business in Society courses. If you aren't sure which course is the right fit, download our free course flowchart to determine which best aligns with your goals.

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What Is Globalization?

• How It Works
• Pros & Cons

The Bottom Line

• Macroeconomics

Globalization in Business With History and Pros and Cons

Globalization refers to the growing interconnection of nations' economies. It represents the flow of financial products, goods, technology, information, and jobs across national borders and cultures. In economic terms, it describes an interdependence of countries around the globe fostered through free trade .

Key Takeaways

• Globalization is the spread of products, technology, information, and jobs across nations.
• Corporations in developed nations can gain a competitive edge through globalization.
• Developing countries also benefit from globalization as they tend to be more cost-effective locations and therefore attract jobs.
• The benefits of globalization have been questioned as the positive effects are not necessarily distributed equally.
• One clear result of globalization is that an economic downturn in one country can have a domino effect on its trade partners.

Alex Dos Diaz / Investopedia

Understanding Globalization

Corporations gain a competitive advantage on multiple fronts from globalization. They can reduce operating costs by manufacturing abroad, buy raw materials more cheaply because of the reduction or removal of tariffs , and most of all, gain access to millions of new consumers.

What Globalization Means

Globalization is a social, cultural, political, and legal phenomenon. 

• Socially, it leads to greater interaction among various populations.
• Culturally, globalization represents the exchange of ideas, values, and artistic expression among cultures.
• Globalization also represents a trend toward the development of a single world culture. 
• Politically, globalization has shifted attention to intergovernmental organizations like the United Nations (UN) and the World Trade Organization (WTO) .
• Legally, globalization has altered how international law is created and enforced.

On the one hand, globalization has created new jobs and economic growth through the cross-border flow of goods, capital, and labor. On the other hand, this growth and job creation are not distributed evenly across industries or countries.

Specific industries in certain countries, such as textile manufacturing in the United States or corn farming in Mexico, have suffered severe disruption or outright collapse as a result of increased international competition.

Globalization's motives are idealistic, as well as opportunistic, but the development of a global free market has benefited large corporations based in the Western world. Its impact remains mixed for workers, cultures, and small businesses around the globe, in both developed and emerging nations .

Globalization has grown at an unprecedented pace, with public policy changes and communications technology innovations cited as the two main driving factors.

The History of Globalization

Globalization is not a new concept. Traders traveled vast distances in ancient times to buy commodities that were rare and expensive for sale in their homelands. The Industrial Revolution brought advances in transportation and communication in the 19th century that eased trade across borders.

The think tank Peterson Institute for International Economics (PIIE) states globalization stalled after World War I. Nations moved toward protectionism as they launched import taxes to guard their industries in the aftermath of the conflict. This trend continued through the Great Depression and World War II until the U.S. took on an instrumental role in reviving international trade .

One of the critical steps in the path to globalization came with the North American Free Trade Agreement (NAFTA) , signed in 1993. One of NAFTA's many effects was to give American auto manufacturers the incentive to relocate a portion of their manufacturing to Mexico where they could save on the costs of labor. NAFTA was replaced in 2020 by the United States-Mexico-Canada Agreement (USMC) .

Governments worldwide have integrated a free market economic system through  fiscal policies  and trade agreements in the 20th century. The core of most trade agreements is the removal or reduction of tariffs.

This evolution of economic systems has increased industrialization and financial opportunities in many nations. Governments now focus on removing barriers to trade and promoting international commerce.

Pros and Cons of Globalization

• Proponents of globalization believe it allows developing countries to catch up to industrialized nations through increased manufacturing, diversification, economic expansion, and improvements in standards of living .
• Outsourcing by companies brings jobs and technology to developing countries, which helps them to grow their economies. Trade initiatives increase cross-border trading by removing supply-side and trade-related constraints.
• Globalization has advanced  social justice  on an international scale as well, and advocates report that it has focused attention on human rights worldwide that might have otherwise been ignored on a large scale.
• One clear result of globalization is that an economic downturn in one country can have a domino effect on its trade partners. For example, the 2008 financial crisis had a severe impact on Portugal, Ireland, Italy, Greece, and Spain. All of these countries were members of the European Union , which had to bail out debt-laden nations, which were thereafter known by the acronym PIIGS .
• Globalization detractors argue that it has created a concentration of wealth and power in the hands of a small corporate elite that can gobble up smaller competitors around the globe.
• Globalization has become a polarizing issue in the U.S. with the disappearance of entire industries to new locations abroad. It's seen as a major factor in the economic squeeze on the middle class .
• For better or worse, globalization can reduce the cultural and social aspects unique to people and geographic areas around the world and increase product homogeneity. Starbucks, Nike, and Gap dominate commercial space in many nations. The sheer size and reach of the U.S. have made the cultural exchange among nations largely a one-sided affair.

A larger market for goods and services

Cheaper consumer prices

Outsourcing can benefit domestic firms and foreign labor

Increased standard of living

Concentrates wealth in richer countries

Some poorer countries can be left behind

Labor and the physical and intellectual resources of poorer countries can be exploited

Regions and cultures lose their uniqueness and products available around the world can become homogeneous

Why Is Globalization Important?

Globalization is important as it increases the size of the global market, and allows more and different goods to be produced and sold for cheaper prices. It is also important because it is one of the most powerful forces affecting the modern world, so much so that it can be difficult to make sense of the world without understanding globalization.

For example, many of the largest and most successful corporations in the world are in effect truly multinational organizations, with offices and supply chains stretched right across the world. These companies would not be able to exist if not for the complex network of trade routes, international legal agreements, and telecommunications infrastructure that were made possible through globalization. Important political developments, such as the ongoing trade conflict between the U.S. and China, are also directly related to globalization.

Is Globalization Good or Bad?

It depends. Proponents of globalization will point to the dramatic decline in poverty throughout the world for more than two decades after around year 2000, which many economists attribute in part to increased trade and investment between nations. Similarly, they will argue that globalization has allowed products and services such as cellphones, airplanes, and information technology to be spread far more widely throughout the world.

On the other hand, critics of globalization will point to the negative impact it has had on specific nations’ industries, which might face increased competition from international firms. Globalization can also have negative environmental impacts due to economic development, industrialization, and international travel.

How Does Globalization Impact Society?

Globalization has had a large impact on societies around the world, leading to massive migrations from rural to industrial or urban areas and to the rapid growth of cities and trade hubs. While this has meant an overall increase in incomes and a higher standard of living in general, it has also led to problems such as crime, domestic violence, homelessness, and poverty. Concepts of national identity, national or regional culture, and consumption patterns also change as goods from around the world become increasingly available and at low prices. The competitiveness of global capitalism may also lead to more individualistic ideals that contradict the cultural orientations of certain, more collectivist societies.

What Is an Example of Globalization?

A simple example of globalization would be a car manufactured in the U.S. that sources parts from China, Japan, South Korea, Sri Lanka, and South Africa. The car is then exported to Europe, where it is sold to a driver who fills the car's gas tank with gasoline refined from Saudi oil.

Globalization refers to the ongoing trend of increased interconnectivity of nations across the globe, as enabled by advancements in transportation and information technology, among others.

Globalization is facilitated economically by free trade agreements, which permit barrier-free imports and exports across borders. While globalization brings many advantages—including lower prices and higher standards of living to some—it also has drawbacks, including wealth concentration and cultural homogeneity.

Peterson Institute for International Economics. " What Is Globalization? "

Congressional Research Service. " The North American Free Trade Agreement ," Page 1.

Congressional Research Service. " The North American Free Trade Agreement ." Pages 16-17.

Office of the United States Trade Representative. " United States-Mexico-Canada Agreement ."

FasterCapital. “ Financial Bailout: PIIGS and Financial Bailouts: Lessons From the Crisis .”

Macrotrends. “ World Poverty Rate 1981-2024 .”

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Globalization →

• 21 May 2024
• Research & Ideas

What the Rise of Far-Right Politics Says About the Economy in an Election Year

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• 23 Jun 2020

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• 17 Mar 2020
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• 10 Mar 2020

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• 21 Jan 2020

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• 03 Jul 2019

The Controversial History of United Fruit

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• 15 May 2019
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• 11 Mar 2019

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globalization

globalization , integration of the world’s economies, politics, and cultures. German-born American economist Theodore Levitt has been credited with having coined the term globalization in a 1983 article titled “The Globalization of Markets.” The phenomenon is widely considered to have begun in the 19th century following the advent of the Industrial Revolution , but some scholars date it more specifically to about 1870, when exports became a much more significant share of some countries’ gross domestic product (GDP). Its continued escalation is largely attributable to the development of new technologies—particularly in the fields of communication and transportation—and to the adoption of liberal trade policies by countries around the world.

Social scientists have identified the central aspects of globalization as interconnection, intensification, time-space distanciation (conditions that allow time and space to be organized in a manner that connects presence and absence), supraterritoriality, time-space compression, action at a distance, and accelerating interdependence. Modern analysts also conceive of globalization as a long-term process of deterritorialization—that is, of social activities (economic, political, and cultural) occurring without regard for geographic location. Thus, globalization can be defined as the stretching of economic, political, and social relationships in space and time. A manufacturer assembling a product for a distant market , a country submitting to international law , and a language adopting a foreign loanword are all examples of globalization.

Of course history is filled with such occurrences: Chinese artisans once wove silk bound for the Roman Empire ( see Silk Road ); kingdoms in western Europe honoured dictates of the Roman Catholic Church ; and English adopted many Norman French words in the centuries after the Battle of Hastings . These interactions and others laid the groundwork for globalization and are now recognized by historians and economists as important predecessors of the modern phenomenon. Analysts have labeled the 15th to 18th century as a period of “proto-globalization,” when European explorers established maritime trade routes across the Atlantic and Pacific oceans and encountered new lands. Integration prior to this time has been characterized as “archaic globalization.”

What distinguishes the process of modern globalization from those forms of global integration that preceded it are its pace and extent. According to some academics, three distinct eras of modern globalization can be identified, each of them marked by points of sudden acceleration in international interaction. Under this scheme, the “first globalization” era refers to the period between approximately 1870 and 1914, during which new transportation and communication technology decreased or eliminated many of the drawbacks to distance. The “second globalization” era is said to have lasted from roughly 1944 to 1971, a period in which an international monetary system based on the value of the U.S. dollar facilitated a new level of trade between capitalist countries. And the “third globalization” era is thought to have begun with the revolutions of 1989–90, which opened the communist Eastern bloc to the flow of capital and coincided with the creation of the World Wide Web . Some scholars argue that a new period of globalization, the “fourth globalization,” is underway, but there is little consensus on when this era began or whether it is truly distinct enough to merit its own designation.

New levels of interconnectedness fostered by globalization are credited for numerous benefits to humanity. The spread of industrial technology and the resulting increase in productivity have contributed to a reduction in the percentage of the world’s population living in poverty. The sharing of medical knowledge has dramatically decreased the incidence of once-feared diseases and even eliminated smallpox. And economic interdependence among countries discourages war between them.

However, the implementation of globalization has been much criticized, leading to the development of the anti-globalization movement. Opponents of globalization—or at least, globalization in its present form ( see neoliberal globalization )—represent a variety of interests on both the political left and right. Labour unions disdain multinational companies’ ability to move their operations to countries with cheaper labour; Indigenous peoples rue the difficulty of maintaining their traditions; and leftists object to the neoliberal character of the new world economy, arguing that the capitalist logic on which they contend globalization is based leads to asymmetrical power relations (both internationally and domestically) and transforms every aspect of life into a commodity. Right-wing critics of globalization believe that it threatens both national economies and national identity. They advocate national control of a country’s economy and rigidly restricted immigration.

Globalization has also produced effects that are more universally worrisome. Expanded transportation networks facilitate not only increased trade but also the spread of diseases. Undesirable trade, such as human trafficking and poaching, has flourished alongside legitimate commerce. Moreover, the pollution generated by the world’s modernization has resulted in global warming and climate change , threatening Earth’s very habitability.

Whether globalization will adapt to these problems remains to be seen, but it is already changing again. For example, globalization began in the 19th century with an explosion in exports, but, even before the COVID-19 pandemic that swept through the world in 2020 resulted in global lockdowns, trade as a share of many countries’ GDP had fallen. It can be argued that the global supply chains today rely more on knowledge than on labour . And services now constitute a larger share of the global economy than goods. A “fourth globalization” might indeed be here—or at least on the way.

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.

Get the huge list of more than 500 Essay Topics and Ideas

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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Essay On Globalization and Business

In this essay we will discuss about Globalization and Business. After reading this essay you will learn about: 1. Introduction to Globalization and International Business 2. Globalization of Business – A Historical Perspective 3. Concept 4. Dimensions 5. Factors Influencing 6. Factors that are Used for Restraining 7. Methods to Measure 8. Reality or Myth 9. Major Arguments in Support and Others Details.

• Managing Business in the Globalization Era

Essay # 1. Introduction to Globalization and International Business:

The forces of globalization have hardly been as intense before as to be explicitly evident as influencing our daily lives. The advents in information and communication technology (ICT) and the rapid economic liberalization of trade and investment in most countries have accelerated the process of globalization. Markets are getting flooded with not only industrial goods but also with items of daily consumption.

Each day, an average person makes use of goods and services of multiple origins—for instance, the Finnish mobile Nokia and the US toy-maker’s Barbie doll made in China but used across the world; a software from the US-based Microsoft, developed by an Indian software engineer based in Singapore, used in Japan; the Thailand-manufactured US sports shoe Nike used by a Saudi consumer.

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The increased integration of markets—goods and financial—the mobility of people with transnational travels for jobs and vacations, and the global reach of satellite channels, the Internet, and the telephone all have virtually transformed the world into a ‘global village’.

‘Globalization’, one of the most complex terms used in international business, has wide connotations. Interestingly, ‘globalization’ is a term not only used and heard frequently, but also as often misused and misinterpreted. Globalization is used to refer to the increasing influence exerted by economic, political, socio-cultural, and financial processes across the globe.

Globalization not only offers numerous challenges to business enterprises but also opens up new opportunities. In the earlier era of restrictive trade and investment regimes with much lower degree of interconnectedness among countries, companies solely operating in their home markets were generally protected and isolated from the vagaries of upheavals in the international business environment.

Therefore, developing a thorough conceptual understanding of international business has become inevitable not only for the managers who operate in international markets, but also for those who operate only domestically.

Economic restrictions became pervasive around the world after World War I, leading to de-facto de-globalization. Besides, the import substitution strategies followed by most developing countries, which gained independence from colonial rule in the post-World War II era, considerably restricted international trade and investment.

A number of multilateral organizations set up after World War II under the aegis of the United Nations, such as the World Bank (WB), the International Monetary Fund (IMF), the General Agreement on Tariffs and Trade (GATT), and the World Trade Organization (WTO), facilitated international trade and investment.

Elucidating the conceptual framework of globalization, encompassing financial, cultural, and political aspects, besides the economic. Movers and restraining factors of globalization have also been examined at length.

The arguments both for support and criticism of glo­balization have also been critically evaluated. Globalization offers challenges and opportunities for business enterprises and firms are required to adopt the most effec­tive response strategy.

Essay # 2. Globalization of Business – A Historical Perspective:

Globalization is not a new phenomenon. In the initial years of human history, people remained confined to their communities, villages, or local regions. There were hardly any formal barriers, such as tariffs or non-tariff restrictions, for the movement of goods or visa requirements for people. The concept of globalization can be traced back to the phenomenon of a nation-state.

In the beginning of the Christian era, India was the most populated country with 75 million people constituting 32.5 per cent of the world population (Fig. 1.1), followed by China (25.8%) with 59.6 million, Italy (3%) with 7 million, France (2.2%),with 5 million, Spain (1.9%) with 4.5 million, Germany (1.3%) and Japan (1.3%) each with 3 million people, whereas the UK (0.34%) and the US (0.29%) inhabited merely 0.8 million and 0.7 million people, respectively, out of the total world population of 230 million.

Essay # 8. Globalization – Reality or Myth:

Rugman argues that globalization is a myth that never occurred anyway. The riots in Seattle in December 1999 during the WTO ministerial and subsequent protests, sometimes violent, were interpreted as defeat of free trade and globalization. It is also interesting to learn that 43 per cent (i.e., 107) of the world’s top 250 retailers have not yet ventured beyond their own borders.

An additional 35 companies operate in just two—typically contiguous—countries, such as the US and Canada, Spain and Portugal, or Australia and New Zealand. Foreign operations of the world’s top 250 retail companies, on average, still account for only 14.4 per cent of their total retail sales.

A country-wise analysis of the world’s top 250 retailers reveals the following astonishing facts:

i. Over half of the US-based companies (i.e., 49 of 93 retailers) operate only in a single country.

ii. Japan remains the most insular as two-thirds of the top 250 Japanese retailers operate only in Japan.

iii. Asian, Latin American, and North American retailers are the least likely to have foreign operations, although globalization is slowly accelerating.

iv. European and African retailers dominate in terms of the degree to which they operate internationally.

v. On an average, the top 250 European firms did business in 9.9 countries in 2005, generating 28.1 per cent of their sales from foreign operations.

vi. The five South African retailers in the top 250 list operated in an average of 8.8 countries, primarily throughout the African continent.

vii. French and German retailers are the most international in scope, primarily due to low consumer spending, fierce market competition, and the tough regulatory environment in home markets.

The sales analysis of the world’s largest 500 firms astonishingly reveals that 70 per cent or more of their sales takes place in their home triad rather than global sales. It leads to infer that the world’s largest companies hardly bother to be global; rather they act local (see Exhibit 1.4) to harness their core competencies. 

Essay # 9. Major Arguments in Support of Globalization:

Globalization means different things to different people and is considered to have both positive and negative impacts. Opinions vary widely on its influence on national economies.

(i) Maximization of Economic Efficiencies:

The global integration of economies has prompted a rapid rise in the movement of products, capital, and labour across the borders. It contributes to the maximization of economic efficiencies, including the efficient utilization and allocation of resources, such as natural resources, labour, and capital on a global scale, resulting in a sharp increase in global output and economic growth.

(ii) Enhanced Trade :

Besides rapid trade growth, new patterns on international trade are fast evolving. The creation of foreign-based affiliates by national firms and of host-country affiliates by foreign parent companies has led to a rise in intra-firm trade.

(iii) Increased Cross-border Capital Movement :

The economic liberalization across the world has paved way for FDIs even in a large number of developing countries that had a restrictive regulatory framework. This has opened up business opportunities for transnational corporations to expand their operations by way of ownership on one hand and benefited developing countries from increased flow of capital and other forms of finance on the other.

Direct investment is increasingly becoming crucial to companies’ international expansion strategies. This has led to the globalization of manufacturing and fragmentation of the production process into its sub-component parts in multiple countries.

(iv) Improved Efficiency of Local Firms :

The heightened competition by multinationals compels local businesses to adopt measures to cut down costs and improve quality for survival. On one hand, competition makes the survival of inefficient businesses difficult; on the other, it encourages firms to evolve innovative methods to improve productivity. As a result, business enterprises become more competitive not only domestically but also internationally at times.

(v) Increase in Consumer Welfare :

Consumers benefit by increased access to products and services from manufactures across the world. An import restriction in a large number of developing countries has deprived consumers of global brands and the quality thereof.

Besides the intensification of market, competition has also compelled domestic producers to reduce prices. As all domestic and multinational companies compete with each other to woo the customer, the consumer became the ultimate gainer.

Essay # 10. Major Grounds where Globalization is Criticised:

Globalization is often denounced by social organizations, NGOs, politicians, consumers, and even the general public on multiple grounds as the sole cause of all ills. It is often decried as just another term for Americanization and US global imperialism.

There have been numerous protests against globalization in various parts of the world. Contrary to general belief, the support for globalization is the lowest in the US and even in certain other developed countries, including France, Britain, and (Germany, whereas it is much higher in developing countries such as India and China (see Exhibit 1.5).

Essay on Globalisation

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The worldwide integration of people, services and interests is what globalisation is all about. Since the last decade, there has been a tremendous focus on globalisation with everyone trying to have a reach at even the remotest locations of the world. This has probably been possible due to the advancement in technology and communication.

Audience: The below given essays are especially written for school, college and university students. Furthermore, those students preparing for IAS, IPS, UPSC, Civil Services and other competitive exams can also increase their knowledge by studying these essays.

The word ‘Globalization’ is often heard in the business world, in corporate meetings, in trade markets, at international conferences, in schools, colleges and many other places. So what does globalization symbolize? Is it a new concept or did it exist earlier? Let’s see.

Definition:

Globalization refers to the integration of the world nations by means of its people, goods, and services. The statement – ‘ globalization has made the world a small village ’ is very true.

Countries inviting foreign investment, free trade and relaxation in the visa rules to allow seamless movement of people from one country to another are all part of globalization.

In a nutshell, globalization has reduced the distance between nations and its people.

Many among us refer to the current period that we live in as ‘The Era of Globalization’ and think that the process of globalization has started only recently. But the real fact is that globalization is not a new phenomenon . The world was moving towards globalization from a very long time. The term globalization was in existence since mid-1980s. But it was only from the early 21 st century that globalization picked up momentum due to the advancements in technology and communication.

Impact of Globalization:

Globalization has more positive outcomes than the negative ones. The impact of globalization on the developing countries such as India, China and some African countries are overwhelming. Foreign investments have created a lot of employment opportunities in the developing countries and have boosted their economy. Globalization has also enabled people to interchange their knowledge and culture.

Conclusion:

Although the world is not completely globalized, we can very well say that globalization is the best way to achieve equality among nations.

In simple words, globalization means the spreading of a business, culture, or any technology on an international level. When the boundaries of countries and continents matter no more, and the whole world becomes one global village in itself. Globalization is an effort to reduce the geographical and political barriers for the smooth functioning of any business.

There are four main factors that form the four pillars of globalization. These are the free flow of goods, capitals, technology, and labors, all across the world. Although, many of the experts that support globalization clearly refuse to acknowledge the free flow of labor as their work culture.

The international phenomenon of global culture presents many implications and requires a specific environment to flourish. For instance, it needs the other countries to come to a mutual agreement in terms of political, cultural, and economic policies. There is greater sharing of ideas and knowledge and liberalization has gained a huge importance.

Undoubtedly, globalization helps in improving the economic growth rate of the developing countries . The advanced global policies also inspire businesses to work in a cost-effective way. As a result, the production quality is enhanced and employment opportunities are also rising in the domestic countries.

However, there are still some negative consequences of globalization that are yet to be dealt with. It leads to greater economic and socio-cultural disparities between the developed and the developing countries. Due to the MNC culture, the small-scale industries are losing their place in the market.

Exchanges and integration of social aspect of people along with their cultural and economic prospects is what we term as Globalization. It is considered as a relatively new term, which has been in discussion since the nineties.

Initial Steps towards Globalization:

India has been an exporter of various goods to other countries since the earlier times. Hence Globalization, for India, is not something new. However, it was only around in the early nineties that India opened up its economy for the world as it faced a major crisis of severe crunch of foreign exchange. Since then, there has been a major shift in the government’s strategies while dealing with the PSUs along with a reduction in the monopoly of the government organisations perfectly blended with the introduction of the private companies so as to achieve a sustainable growth and recognition across the world.

The Measurement of Success:

The success of such measures can be measured in the form of the GDP of India which hovered around 5.6% during the year 1990-91 and has been now around 8.9% during the first quarter of 2018-19. In fact, in the year 1996-97, it was said to have peaked up to as high as 77.8%. India’s global position is improved tremendously due to the steady growth in the GDP thus furthering the impact of globalization on India. As on date, India is ranked as the sixth biggest economy in the world. This globalization leading to the integration and trade has been instrumental in reducing the poverty rate as well.

However, given the fact that India is the second most populated country of the world, after China, this growth cannot be considered as sufficient enough as other countries such as China have increased their growth rates at much faster pace than India. For instance, the average flow of FDI in India, over the past few years has been around 0.5% of the GDP while for countries such as China it has been around 5% and Brazil has had a flow of around 5.5%. In fact, India is considered among the least globalized economy among the major countries.

Summarily, there has been a tremendous increase in the competition and interdependence that India faces due to Globalization, but a lot is yet to be done. It is not possible for a country to ignore the developments and globalization occurring in the rest of the world and one need to keep the pace of growth at a steady rate or else you may be left far behind.

The twentieth century witnessed a revolutionary global policy aiming to turn the entire globe into a single market. The motive of globalization can broadly define to bring substantial improvement in the living condition of people all around the world, education, and shelter to everybody, elimination of poverty, equal justice without any race or gender consideration, etc. Globalization also aims to lessen government involvement in various development activities, allowing more direct investors/peoples’ participation cutting across border restrictions thus expected to reap reasonable prosperity to human beings.

Main Objectives of Globalization:

The four main aspects of globalization are; Capital and Investment movements, Trade and Transactions, Education and Spread of knowledge, along with Migration and Unrestricted Movement of People.

In simpler terms, globalization visualizes that one can purchase and sell goods from any part of the world, communicate and interact with anyone, anywhere in the world and also enables cultural exchange among the global population. It is operational at three levels namely, economic globalization, cultural globalization, and political globalization. Right from its inception, the impact of globalization has both advantages and disadvantages worldwide.

Advantages of Globalization:

As the word itself suggests, this policy involves all the nations across the globe. The lifting of trade barriers can have a huge impact especially in developing countries. It augments the flow of technology, education, medicines, etc., to these countries which are a real blessing.

Globalization expects to create ample job opportunities as more and more companies can extend their presence to different parts of the world. Multinational companies can establish their presence in developing countries. Globalization gives educational aspirants from developing and underdeveloped countries more quality learning opportunities. It leads not only to the pursuit of best higher education but also to cultural and language exchanges.

Globalization also enhances a faster flow of information and quick transportation of goods and services. Moreover one can order any item from anywhere merely sitting at home. Another plus point of globalization is the diminishing cultural barriers between nations as it offers free access and cultural interactions . Also, it has been observed that there is a considerable reduction of poverty worldwide due to globalization . In addition to this, it also enables the effective use of resources.

Disadvantages of Globalization:

Globalization turned out to be a significant threat to the cottage and small-scale industries as they have to compete with the products of multi-national companies. Another dangerous effect of globalization is the condition of weak sections of the society, as they are getting poorer and the rich are getting richer. The situation leads to the domination of economically rich countries over emerging countries and the increase of disparity.

The actions of multi-national companies are deplorable and always facing criticism from various social, government and world bodies as they are incompetent in offering decent working conditions for the workers. Irrational tapping of natural resources which are instrumental in causing ecological imbalance is another major accusation against multi-national companies.

Globalization is also blamed to have paved the way for human trafficking, labor exploitation and spread of infectious diseases too. In addition to all these, if any economic disaster hit a country and if they subsequently suffer from economic depression, its ripples are felt deeply in other countries as well.

Despite all its disadvantages, globalization has transformed the entire globe into a single market irrespective of its region, religion, language, culture, and diversity differences. It also leads to an increase in demand for goods, which in turn calls for more production and industrialization. Our focus should be to minimize the risks and maximize the positive outcome of global policy, which in turn can help for a sustainable long-standing development for people all around the world.

Introduction:

Globalization is the procedure of global political, economic, as well as cultural incorporation of countries . It lets the producers and manufacturers of the goods or products to trade their goods internationally without any constraint.

The businessman fetches huge profit as they easily get low price workforce in developing nations with the concept of globalization. It offers a big prospect to the firms who wish to deal with the global market. Globalization assists any nation to contribute, set up or amalgamate businesses, capitalize on shares or equity, vending of services or products in any country.

How does the Globalization Work?

Globalization benefits the international market to the entire deliberate world like a solitary marketplace. Merchants are spreading their extents of trade by aiming world as a worldwide community. In the 1990s, there was a limit of importing some goods that were already mass-produced in India such as engineering goods, agricultural products, toiletries, food items, etc.

But, in the 1990s the rich countries pressurize the WTO (World Trade Organization), World Bank (affianced in improvement financing activities), and IMF (International Monetary Fund) to let other nations spread their trades by introducing market and trade in the deprived and emerging countries. The process of liberalization and globalization in India began in the year 1991 below the Union Finance Minister Mr. Manmohan Singh.

After numerous years, globalization has fetched major uprising inside the Indian marketplace when international brands arrived in India such as KFC, PepsiCo, Mc. Donald, Nokia, IBM, Aiwa, Ericsson, etc., and began the delivery of an extensive variety of quality goods at low-cost rates.

The entire leading brands presented actual uprising of globalization at this time as a marvellous improvement to the economy of an industrial sector. Rates of the quality goods were also getting low owing to the cut-throat war happening in the marketplace.

Liberalization and globalization of the businesses in the Indian marketplace is submerging the quality of imported goods but influencing the local Indian businesses badly in large part causing the job loss of illiterate and poor labors. Globalization has remained a goldmine for the customers, but it is also a burial ground for the small-scale manufacturers in India.

Positive Influences of Globalisation:

Globalization has influenced the education sectors and students of India predominantly by making accessible the education material and enormous info on the internet. Association of Indian universities with the overseas universities has fetched a massive modification in the education business.

The health industries are too influenced enormously by the globalization of health observing electronic apparatuses, conventional drugs, etc. The trade globalization in the agricultural sector has provided a range of high-quality seeds possessing disease-fighting property. But, it is not beneficial for the underprivileged Indian agriculturalists owing to the reason of expensive seeds as well as agricultural equipment.

Globalization has given an enormous rebellion to the occupation sector by increasing the growth of trades related to the handloom , cottage, artisans and carving, carpet, jewellery, ceramics, and glassware, etc.

Globalization is definitely required by the people and nation to progress and turn into an established society and country. It benefits in expanding our visualization and thoughts. It also aids in endorsing the philosophy that we fit in a huge crowd of persons, i.e., the humankind. Once the two nations congregate, they flourish by sharing their beliefs, thoughts, opinions, customs, and behaviors. People come to know new things and also acquire a chance to discover and get acquainted with other values.

Globalization has provided many reasonably priced valued goods and complete economic welfares to the emerging nations in addition to the employment. But, it has also given growth to the crime, competition, terrorism, anti-national activities, etc. Thus, along with the pleasure it has supplied some grief too.

Globalization is a term that we hear about every now and then. Question is; do we really know what it is all about? Globalization is defined as the process of integration and interaction among people, cultures and nations who come together in order to get things done easily through contact. Globalization began with the migration of people from Africa to different parts of the world. Global developments have been achieved in various sectors through the different types of globalization. The effects of globalization have been felt in every part of the world and more people continue to embrace it. Globalization has some of its core elements that help in the process.

Types of Globalization:

Globalization does not just transform a sector unless the strategies are related to that specific sector. The first type of globalization is financial and economic globalization whereby interaction takes place in the financial and economic sectors especially through stock market exchange and international trade. The other type is technological globalization which involves the integration and connection of different nations through technological methods like the internet. Political globalization transforms the politics of a nation through interactions with adoption of policies and government that cut across other nations. Cultural globalization is basically the interaction of people from different cultures and sharing. Ecological globalization is the viewing of the earth as one ecosystem and sociological globalization is on equality for all people.

Elements of Globalization:

Globalization works with characteristic elements. Trade agreements is one of the components that significantly benefits the economic and financial globalization. These trade agreements have been designed to promote and sustain globalization by preventing barriers that inhibit trade among nations or regions. Another element is capital flow that is concerned with the measures of either a decline or a rise in domestic or foreign assets. Migration patterns is a socio-economical and cultural element that monitors the impacts of immigration and emigration actively. The element of information transfer involves communications and maintains the functioning of the markets and economies. Spread of technology is an element of globalization that facilitates service exchanges. Without these elements, globalization would have faced many challenges, which would even stagnate the process of globalization.

Impacts of Globalization:

The impact of globalization is felt differently among individuals but the end result will be either positive or negative. Globalization has impacts on the lives of individuals, on the aspects of culture, religions and education. The positive impacts of globalization include the simplification of business management through efficiency. In business, the quality of goods and services has increased due to global competition. Foreign investment has been facilitated by globalization and the global market has been able to expand. Cultural growth has been experienced through intermingling and accommodation. Interdependence among nations has developed and more people have been exposed to the exchange program between nations. Improvement of human rights and legal matters has improved through media and technology sharing. Poverty has been alleviated in developing countries due to globalization and also employment opportunities are provided. Through technology, developments have been positively influenced in most parts of the world.

Although globalization has positive impacts, the negative impacts will remain constant unless solutions are sought. One of the negative effects of globalization is job insecurity for some people. Through globalization, more innovations are achieved, for e.g., technology causes automation and therefore people get replaced and they lack jobs. Another negative impact is the frequent fluctuation of prices of commodities that arises from global competitions. On the cultural side, the fast food sector has become wide spread globally, which is an unhealthy lifestyle that was adopted due to globalization. Also, Culture has been negatively affected for people in Africa because they tend to focus more on adopting the western culture and ignore their cultural practices.

Possible Solutions to the Negative Impacts of Globalization:

Globalization has impacted the society negatively and some of the solutions might help to mitigate the impacts. When adopting cultures from other people, it is important to be keen on the effects of the culture on the people and the existing culture being practiced. For example, Africans should not focus more of the western culture such that they ignore their own culture.

In conclusion, it is evident that globalization results in both negative and positive consequences. The society should embrace the positive and mitigate the negative impacts. Globalisation is a dynamic process which involves change, so flexibility among people is a must.

The buzzword befitted to describe the growth of Modern Indian economy is ‘Globalization’. But what exactly is Globalization? Globalization can be defined as integrating the economy of a country with the rest of the countries of the world. From the Indian perspective, this implies encouraging free trade policies, opening up our economy to foreign direct investment, removing constraints and obstacles to the entry of multinational corporations in India, also allowing Indian companies to set up joint ventures abroad, eliminating import restrictions, in-short encouraging Free Trade policies.

India opened its markets to Global Trade majorly during the early Nineties after a major economic crisis hit the country. New economic reforms were introduced in 1991 by then Prime Minister Shri. P V. Narasimha Rao and Finance Minister at the time, Dr. Manmohan Singh. In many ways, the new economic policies positively contributed to the implementation of the concept of Globalization in India.

It’s Impact:

1. Economic Impact :

Globalization in India targets to attract Multinational Companies and Institutions to approach Indian markets. India has a demography with a large workforce of young citizens who  are in need of jobs. Globalization has indeed left a major impact in the jobs sector. Indian companies are also expanding their business all over the world. They are driving funds from the bigwigs of the Global economy.

The Best example in today’s time is OYO Rooms, a budding Indian company in the hospitality sector. OYO Rooms recently made headlines when it declared to raise a fund close to $1 Billion from Japan’s Soft Bank Vision Fund. Globalization has also led the Indian Consumer market on the boom. The Giant of FMCG (fast-moving consumer goods) sector WALMART is also enthusiastic and actively investing in the India market.

2. Socio-Cultural impact on the Indian Society:

The world has become a smaller place, thanks to the social networking platforms blooming of the internet. India is a beautiful country which takes immense pride in “Unity in Diversity” as it is home to many different cultures and traditions. Globalization in India has left a lasting impression on the socio-cultural aspect of Indian society.

Food chains like McDonald’s are finding its way to the dining tables. With every passing day, Indians are indulging more and more in the Western culture and lifestyle. But Globalization in India has also provided a vibrant World platform for Indian Art, Music, Clothing, and Cuisine.

The psychological impact on a common Indian Man: The educated youth in India is developing a pictorial identity where they are integrating themselves with the fast-paced, technology-driven world and at the same time they are nurturing the deep roots of Indian Culture. Indians are fostering their Global identity through social media platforms and are actively interacting with the World community. They are more aware of burning issues like Climate Change, Net neutrality, and LGBT rights.

Advantages:

India has taken the Centre Stage amongst the Developing Nations because of its growing economy on the World Map. Globalization in India has brought tremendous change in the way India builds its National and International policies. It has created tremendous employment opportunities with increased compensations.

A large number of people are hired for Special Economic Zones (SEZs), Export Processing Zones (EPZs), etc., are set up across the country in which hundreds of people are hired. Developed western countries like USA and UK outsource their work to Indian companies as the cost of labour is cheap in India. This, in turn, creates more employment. This has resulted in a better standard of living across the demographic of young educated Indians. The Indian youth is definitely empowered in a big way.

Young lads below the age of 20 are now aspiring to become part of global organizations. Indian culture and morals are always strengthening their roots in modern world History as the world is now celebrating ‘International Yoga Day’ on 21st June every year. Globalization in India has led to a tremendous cash flow from Developed Nations in the Indian market. As a positive effect, India is witnessing the speedy completion of Metro projects across the country. Another spectacular example of newly constructed High-end Infrastructure in the country is the remarkable and thrilling ‘Chenani-Nashri Tunnel’, Longest Tunnel in India constructed in the State of Jammu and Kashmir. Globalization has greatly contributed in numerous ways to the development of Modern India.

Disadvantages:

As there are so many pros we cannot turn a blind eye to the cons of Globalization which are quite evident with the Indian perspective. The worst impact is seen in the environment across Indian cities due to heavy industrialization. Delhi, the capital of India has made headlines for the worst ever air pollution, which is increasing at an alarming rate.

India takes pride in calling itself an Agriculture oriented nation, but now Agriculture contributes to fragile 17% of the GDP. Globalization in India has been a major reason for the vulnerable condition of Indian Farmers and shrinking Agriculture sector. The intrusion of world players and import of food grains by the Indian Government has left minimal space for Indian farmers to trade their produce.

The impact of westernization has deeply kindled individualism and ‘Me factor’ and as a result, the look of an average Indian family has changed drastically where a Nuclear family is preferred over a traditional Joint family. The pervasive media and social networking platforms have deeply impacted the value system of our country where bigotry and homophobia are becoming an obvious threat.

One cannot clearly state that the impact of Globalization in India has been good or bad as both are quite evident. From the economic standpoint, Globalization has indeed brought a breath of fresh air to the aspirations of the Indian market. However, it is indeed a matter of deep concern when the Indian traditions and value system are at stake. India is one of the oldest civilizations and World trade has been the keystone of its History. Globalization must be practiced as a way towards development without compromising the Indian value system.

Globalisation can simply be defined as the process of integration and interaction between different people, corporations and also governments worldwide. Technology advancement which has in turn advanced means of communication and transportation has helped in the growth of globalisation. Globalisation has brought along with it an increase in international trade, culture and exchange of ideas. Globalisation is basically an economic process that involves integration and interaction that deals also with cultural and social aspects. Important features of globalisation, both modern and historically are diplomacy and conflicts.

In term of economy, globalisation involves services and goods, and the resources of technology, capital and data. The steamship, steam locomotive, container ship and jet engine are a few of the many technological advances in transportation while the inception of the telegraph and its babies, mobile phones and the internet portray technological advances in communications. These advancements have been contributing factors in the world of globalisation and they have led to interdependence of cultural and economic activities all over the world.

There are many theories regarding the origin of globalisation, some posit that the origin is in modern times while others say that it goes way back through history before adventures to the new world and the European discovery age. Some have even taken it further back to the third millennium. Globalisation on a large-scale began around the 1820s. Globalisation in its current meaning only started taking shape in the 1970s. There are four primary parts of globalisation, they are: transactions and trade, investments and capital movement, movement and migration of people and the circulation of knowledge and information. Globalization is subdivided into three: economic globalisation, political globalisation and cultural globalisation.

There are two primary forms of globalisation: Archaic and Modern Globalisations. Archaic globalisation is a period in the globalisation history from the period of the first civilisations until around the 1600s. Archaic globalisation is the interaction between states and communities and also how they were incepted by the spread by geography of social norms and ideas at different levels.

Archaic globalisation had three major requirements. First is the Eastern Origin idea, the second is distance, the third is all about regularity, stability and inter-dependency. The Silk Road and trade on it was a very important factor in archaic globalisation through the development of various civilisations from Persia, China, Arabia, Indian subcontinent and Europe birthing long distance economic and political relationships between them. Silk was the major item from China along the Silk Road; other goods such as sugar and salt were also traded.

Philosophies, different religious beliefs and varying technologies and also diseases also moved along the Silk Road route. Apart from economic trade, the Silk Road also was a means of cultural exchange among the various civilisations along its route. The cultural exchange was as a result of people’s movement including missionaries, refugees, craftsmen, robbers, artists and envoys, resulting in religions, languages, art and new technologies being exchanged.

Modern globalisation can be sub-divided into early modern and Modern. Early modern globalisation spans about 200 years of globalisation between 1600 and 1800. It is the period of cultural exchange and trade links increasing just before the modern globalisation of the late 19 th century. Early modern globalisation was characterised by Europeans empires’ maritime of the 16 th and 17 th centuries. The Spanish and Portuguese Empires were the first and then we had the British and Dutch Empires. The establishment of chartered companies (British East India Company and the Dutch East India Company) further developed world trade.

Modern Globalisation of the 19 th century was as a result of the famed Industrial Revolution. Railroads and steamships made both local and international transportation easier and a lot less expensive which helped improve economic exchange and movement of people all over the world, the transportation revolution happened between 1820 and 1850. A lot more nations have embraced global trade. Globalisation has been shaped decisively by the imperialism in Africa and in Asia around the 19 th century. Also, the ingenious invention in 1956 of the shipping container has really helped to quicken the advancement of globalisation.

The Bretton Woods conference agreement after the Second World War helped lay the groundwork for finance, international monetary policy and commerce and also the conception of many institutions that are supposed to help economic growth through lowering barriers to trade. From the 1970s, there has been a drop in the affordability of aviation to middle class people in countries that are developed. Also, around the 1990s, the cost of communication networks also drastically dropped thus lowering the cost of communicating between various countries. Communication has been a blessing such that much work can be done on a computer in different countries and the internet and other advanced means of communications has helped remove the boundary of distance and cost of having to travel and move from place to place just to get business done.

One other thing that became popular after the Second World War is student exchange programmes which help the involved students learn about, understand and tolerate another culture totally different from theirs, it also helps improve their language skills and also improve their social skills. Surveys have shown that the number of exchange students have increased by about nine times between 1963 and 2006.

Economic globalisation is differentiated from modern globalisation by the information exchange level, the method of handling global trade and expansionism.

Economic Globalisation:

Economic globalisation is just the ever increasing interdependence of economies of nations worldwide caused by the hike in movement across borders of goods, services, capital and technology. Economic globalisation is basically the means of increasing economic relationships between countries, giving rise to the birth of a single or global market. Based on the worldview, Economic globalisation can be seen as either a negative or positive thing.

Economic globalisation includes: Globalisation of production; which is getting services and goods from a source from very different locations all over the world to gain from the difference in quality and cost. There is globalisation of markets; which is the coming together of separate and different markets into one global market. Economic globalisation includes technology, industries, competition and corporations.

Globalisation today is all about less developed countries and economies receiving FDI (Foreign Direct Investment) from the more developed countries and economies, reduction in barriers to trade and to particular extent immigration.

Political Globalisation:

Political globalisation is going to on-the-long-run drop the need for separate nation or states. Institutions like the International Criminal court and WTO are beginning to replace individual nations in their functions and this could eventually lead to a union of all the nations of the world in a European Union style.

Non-governmental organisations have also helped in political globalisation by influencing laws and policies across borders and in different countries, including developmental efforts and humanitarian aid.

Political globalisation isn’t all good as some countries have chosen to embrace policies of isolation as a reactionary measure to globalisation. A typical example is the government of North Korea which makes it extremely difficult and hard for foreigners to even enter their country and monitor all of the activities of foreigners strictly if they allow them in. Citizens are not allowed to leave the country freely and aid workers are put under serious scrutiny and are not allowed in regions and places where the government does not want them to enter.

Intergovernmentalism is the treatment of national governments and states as the major basic factors for integration. Multi-level governance is the concept that there are many structures of authority interacting in the gradual emergence of political globalisation.

Cultural Globalisation:

Cultural globalisation is the transmission of values, ideas and meanings all over the world in a way that intensify and extend social relations. Cultural globalisation is known by the consumption of different cultures that have been propagated on the internet, international travel and culture media. The propagation of cultures helps individuals to engage in social relations which break regional boundaries. Cultural globalisation also includes the start of shared knowledge and norm which people can identify their cultures collectively; it helps foster relationships between different cultures and populations.

It can be argued that cultural globalisation distorts and harms cultural diversity. As one country’s culture is inputted into another country by the means of globalisation, the new culture becomes a threat to the cultural diversity of the receiving country.

Globalisation has made the world into one very small community where we all interact and relate, learn about other cultures and civilisations different from ours. Globalisation has helped improve the ease of doing business all around the world and has made the production of goods and services quite easy and affordable. Globalisation isn’t all good and rosy as it can be argued that Globalisation is just westernisation as most cultures and beliefs are being influenced by the western culture and belief and this harms cultural diversity. Nevertheless, the good of globalisation outweighs the bad so globalisation is actually a very good thing and has helped shape the world as we know it.

Economics , Globalisation

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Home — Essay Samples — Sociology — Globalization

Essays on Globalization

Hook examples for globalization essays, "the global village" metaphor hook.

"In the age of globalization, our world has transformed into a 'global village.' Explore the implications of this metaphor and how it has reshaped our understanding of interconnectedness and cultural exchange."

The Impact of Digital Connectivity Hook

"In an era where a single tweet can reach millions, digital connectivity has revolutionized globalization. Delve into the profound impact of the internet, social media, and technology on global interactions."

The Paradox of Local vs. Global Hook

"Globalization blurs the lines between local and global identities. Analyze the paradox of preserving cultural heritage while embracing the globalized world and how this tension shapes our societies."

The Global Marketplace Hook

"Globalization has ushered in an era of unprecedented trade and economic interconnectedness. Explore the dynamics of the global marketplace, from multinational corporations to supply chains spanning continents."

Cultural Fusion and Identity Hook

"Globalization has led to a melting pot of cultures, but what happens to cultural identities in the process? Investigate how globalization impacts the preservation and evolution of cultural identities."

The Challenges of Globalization Hook

"While globalization offers numerous benefits, it also presents challenges. Examine issues such as income inequality, cultural homogenization, and environmental concerns that arise in a globalized world."

The Future of Globalization Hook

"As we stand on the brink of a globalized future, what can we expect? Join me in exploring the potential trajectories of globalization, from its impact on politics to the role of emerging technologies."

The Best Globalization Essay Topics

• The Impact of Globalization on Local Cultures: Integration or Erasure?
• The Impact of Globalization on Cultural Identity in Anthropological Studies
• Globalization and Economic Inequality: Bridging the Gap Between Rich and Poor
• The Role of Technology in Advancing Globalization and Its Social Implications
• Environmental Consequences of Globalization: Challenges and Sustainable Solutions
• Analyzing the Advantages and Disadvantages of Globalization
• The Influence of Globalization on Education and Cross-Cultural Exchanges
• Global Political Dynamics: How Globalization Affects Sovereignty and Governance
• Globalization and Health: The Spread of Diseases and Global Health Initiatives
• Consumer Culture and Globalization: The Homogenization of Global Markets

Globalization: a Double-edged Sword

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Difference Between Globalisation and Americanisation

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Globalization's Theories and Effects in The Modern World

The effects of globalization on health and medicine, a study on globalization and its various sides, overview of five articles about globalization, globalization: two sides of the arguments both for and against, globalization and its positive and negative sides for india, the advantages and disadvantages of the globalization process based on real-life examples, criticism and controversial benefits of globalization, globalization: importance of english nowadays, the impact of globalization, nationalism and protectionism on india, an overview of the overall impact of globalization, research of effects of globalization on the media in the world, globalisation as an economical, political and cultural process, pro globalist and anti globalist view from developed country perspective, how global issues impact individual states, electronic commerce in the globalization era, the effect of globalization and americanization on mass media, components of globalization: concept sociocultural and social globalizations, how the impact of globalization on illicit drug trafficking has affected international security, discussion of whether globalization is good or bad for the indian economy.

1. Halliday, T. C., & Osinsky, P. (2006). Globalization of law. Annu. Rev. Sociol., 32, 447-470. (https://www.annualreviews.org/doi/abs/10.1146/annurev.soc.32.061604.123136) 2. Fischer, S. (2003). Globalization and its challenges. American Economic Review, 93(2), 1-30. (https://www.aeaweb.org/articles?id=10.1257/000282803321946750) 3. Lang, M. (2006). Globalization and its history. The Journal of Modern History, 78(4), 899-931. (https://www.journals.uchicago.edu/doi/abs/10.1086/511251?journalCode=jmh) 4. Spring, J. (2008). Research on globalization and education. Review of educational research, 78(2), 330-363. (https://journals.sagepub.com/doi/abs/10.3102/0034654308317846?journalCode=rera) 5. Scott, A., & Storper, M. (2003). Regions, globalization, development. Regional studies, 37(6-7), 579-593. (https://www.tandfonline.com/doi/abs/10.1080/0034340032000108697a) 6. Jameson, F. (1998). Notes on globalization as a philosophical issue. In The cultures of globalization (pp. 54-78). Duke University Press. (https://www.degruyter.com/document/doi/10.1515/9780822378426-005/html?lang=de) 7. Frankel, J. A. (2003). The environment and globalization. (https://www.nber.org/papers/w10090) 8. Teeple, G. (2000). What is globalization?. Globalization and its discontents, 9-23. (https://link.springer.com/chapter/10.1057/9780333981610_2)

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The State of Globalization in 2023

• Steven A. Altman
• Caroline R. Bastian

Data disproves the notion that the world has become more regionalized in recent years.

Plummeting flows of trade, capital, and people at the beginning of the Covid-19 pandemic prompted a wave of speculation about the end of globalization, and Russia’s invasion of Ukraine brought even more predictions of a retreat toward national self-sufficiency. But, according to research for the latest DHL Global Connectedness Index, international flows show no signs of a sustained downturn. The data shows a broad pattern of decoupling between the U.S. and China, but the flows of countries that are geopolitically aligned with the U.S. and China do not — at least yet — indicate a broader split between rival blocs. Nor is there evidence that globalization is giving way to regionalization. While companies do need to adjust for heightened geopolitical tensions, they should not abandon global strategies. Corporate deglobalization, in fact, could be a riskier path than making focused adjustments to mitigate geopolitical risks.

Three key questions lie at the heart of debates about whether global crises and escalating geopolitical tensions have begun to reverse globalization: Has the growth of cross-border trade, capital, information and people flows gone into reverse? Are geopolitical tensions fracturing the world economy into rival blocs? And is globalization giving way to regionalization? The answer to all three questions — despite evidence of U.S.-China decoupling — is still “no.”

• Steven A. Altman is a senior research scholar, adjunct assistant professor, and director of the DHL Initiative on Globalization at the NYU Stern Center for the Future of Management .
• CB Caroline R. Bastian is a research scholar at the DHL Initiative on Globalization.

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Revealed: Harvard Business School’s New MBA Essays For Applicants

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Harvard Business School’s Baker Library.

With just 10 weeks before its first application deadline on Sept. 4th, Harvard Business School today (June 25) revealed a newly revised application for MBA candidates, including a new set of three short essays along with a refresh on how it will evaluate applicants for future classes.

The new prompts?

Business-Minded Essay : Please reflect on how your experiences have influenced your career choices and aspirations and the impact you will have on the businesses, organizations, and communities you plan to serve. (up to 300 words)

Leadership-Focused Essay : What experiences have shaped who you are, how you invest in others, and what kind of leader you want to become? (up to 250 words)

Growth-Oriented Essay : Curiosity can be seen in many ways. Please share an example of how you have demonstrated curiosity and how that has influenced your growth. (up to 250 words)

NEW HARVARD BUSINESS SCHOOL ESSAYS PUT THROUGH BY NEW MBA ADMISSIONS CHIEF

Eagerly awaited by thousands of prospective students and admission consultants, you can bet that the admissions pages of the HBS website were continually refreshed all morning for a glimpse at the new essay. The Harvard Business School essay prompt for the Class of 2027 was posted at 10:30 a.m. with the opening of the 2024-2025 application online.

This year’s change was put through by Rupal Gadhia , who joined the school as managing director of admissions and financial aid last October. A 2004 Harvard MBA, Gadhia came to the school with no previous admissions experience, having been the global head of marketing for SharkNinja robots.

In explaining the change in a blog post , Gadhia noted that “we have refreshed the criteria on which we evaluate candidates. We are looking for applicants who are business-minded, leadership-focused, and growth-oriented…This is your opportunity to discuss meaningful or formative experiences that are important to you that you haven’t had a chance to fully explore elsewhere in your application…Be authentic, be yourself.”

WHAT HARVARD BUSINESS SCHOOL IS REALLY LOOKING FOR IN THE NEW ESSAYS

The school added some context to its new criteria for admission, more clearly defining what it means by business-minded, leadership-focused, and growth-oriented.

Business-Minded

We are looking for individuals who are passionate about using business as a force for good – who strive to improve and transform companies, industries, and the world. We are seeking those who are eager to solve today’s biggest problems and shape the future through creative and integrated thinking. Being business-minded is about the interest to help organizations succeed, whether in the private, public, or non-profit sector. This business inclination can be found in individuals with a variety of professional and educational experiences, not just those who come from traditional business backgrounds.

In Your Application: We will look for evidence of your interpersonal skills, quantitative abilities, and the ways in which you plan to create impact through business in the future.

Leadership-Focused

We are looking for individuals who aspire to lead others toward making a difference in the world, and those who recognize that to build and sustain successful organizations, they must develop and nurture diverse teams. Leadership takes many forms in many contexts – you do not have to have a formal leadership role to make a difference. We deliberately create a class that includes different kinds of leaders, from the front-line manager to the startup founder to the behind-the-scenes thought leader.

In Your Application: Your leadership impact may be most evident in extracurriculars, community initiatives, or your professional work.

Growth-Oriented

We are looking for individuals who desire to broaden their perspectives through creative problem solving, active listening, and lively discussion. At HBS you will be surrounded by future leaders from around the world who will make you think more expansively about what impact you might have. Our case and field-based learning methods depend on the active participation of curious students who are excited to listen and learn from faculty and classmates, as well as contribute their own ideas and perspectives.

In Your Application: We will look for the ways in which you have grown, developed, and how you engage with the world around you.

TIGHTER TIMEFRAME FOR ROUND ONE APPLICANTS

The new essay prompts come  nearly two months after candidates to the school’s MBA program would more typically know what was expected of them. Some admission consultants say the delay over the prompt’s release, along with nearly a month’s slow down in releasing application deadlines, is “wildly insensitive” to applicants who will have less time than normal to prepare for the round one deadline of Sept. 4th.

That’s especially true because the most successful applicants to HBS have highly demanding jobs that consume the vast majority of their time. Many candidates go through multiple drafts of their essays to get them as close to perfection as humanly possible. MBA admission consultants are expecting a lot of up-to-the-deadline work this year to help prep candidates for Harvard and other top business schools.

The new application still preserves the post-interview reflection for applicants who are invited to a 30-minute admissions interview. Within 24 hours of the interview, candidates are required to submit a written reflection through the school’s online application system.

REACTION TO THE NEW CHANGE IS MIXED

Early reaction to the change suggests the likelihood of mixed reviews. “This is an uninspired and odd set of questions,” says Sandy Kreisberg, founder of HBSGuru.com and an MBA admissions consultant who closely reads the tea leaves of Harvard’s admissions process. “I don’t know how it’s different from what else do you want us to know about you, frankly,” he adds in a reference to last year’s single essay prompt.

“HBS has certainly moved from the abstract to the concrete,” believes Jeremy Shinewald, founder and CEO of mbaMission, a leading MBA admissions consulting firm. “Some applicants previously felt like they didn’t know where to start and some weren’t sure if they had answered the question, even when they were done. Now, the questions are quite straightforward and all have a cause and effect relationship — one where the applicant discusses the past to reveal the present or future. Smart applicants will understand how to share their experiences and, more importantly, how to relay their values. Some will mistakenly try to whack HBS over the head with stories of their epic feats, but the key isn’t to brag or embellish – the key is to simply create a clear relationship, via narrative, between past experience and true motivations.”

Shinewald found it astonishing that Harvard could not have made the change earlier. “It is, of course, surprising that HBS left applicants on edge until the last minute, all to create very traditional essays,” he adds. “As applicants learn in MBA classrooms, change can be hard and take time. The bottom line here is that these essays are somewhat of an applicant’s dream – they allow the savvy applicant to play to their strengths and draw on their best anecdotes and experiences to create a complete story. Some applicants will lament the absence of a ‘Why HBS?’ prompt, but my guess is that the admissions committee recognized that they would get an almost homogenous collection of essays touting the case method and other well known features. HBS gets some kudos for keeping the focus on the applicant.”

Adds Petia Whitmore of My MBA Path: “I think they reflect one of the traits of this new generation of candidates which is that they don’t handle ambiguity well. So it seems like Harvard had to spell out what they’re looking for way more prescriptively than in the past.”

Some, however, find the new essays a return to the past. “To me, the prompts feel quite regressive, and a return to the more formulaic approach that pervaded MBA applications two decades ago,” believes Justin Marshall, a New York-based MBA admissions consultant. “Because the previous prompt was so open ended, it forced applicants to be introspective and self-aware. You couldn’t just ramble for 900 words; you had to identify themes in your life to show how your personal experiences shaped your values, your leadership style, and your goals. Comparatively, these new prompts are much more paint-by-numbers. Applicants will likely cover the same ground in terms of topic, but there’s very little room for nuance and self-expression. I think it will be harder for applicants with less conventional backgrounds and experiences to differentiate themselves. I’m sure HBS grew tired of reading so many painfully earnest ‘life story’ essays, but I suspect they’ll soon find themselves yearning for essays that have a heartbeat and personality. 250 words just doesn’t allow for that unless you’re a very crafty writer.”

Whatever the case, getting into Harvard’s MBA program is still a daunting exercise. Last year, 1,076 of the 8,264 candidates who applied for admission to Harvard Business School gained admission, an acceptance rate of 13.2%, making HBS the second most selective prestige MBA program in the country after Stanford Graduate School of Business which had an admit rate of 8.4%. Harvard saw a 15.4% drop in MBA applications from the 9,773 it received a year-earlier.

Joint degree applicants for the Harvard Medical School, Harvard School of Dental Medicine, Harvard Graduate School of Arts and Sciences, Harvard Law School, and Harvard Kennedy School must provide an additional essay: How do you expect the joint degree experience to benefit you on both a professional and a personal level? (up to 400 words)

BIGGEST CHANGE IN HARVARD BUSINESS SCHOOL ESSAY IN NEARLY A DECADE

Joint degree applicants for the Harvard Paulson School of Engineering and Applied Sciences must provide an additional essay: The MS/MBA Engineering Sciences program is focused on entrepreneurship, design, and innovation. Describe your past experiences in these areas and your reasons for pursuing a program with this focus. (recommended length: 500 words). Applicants will also be able to respond to an optional essay.

In any case, it’s the biggest change in Harvard Business School’s application in nearly a decade. The last time HBS made a major switch, moving to the essay prompt it just eliminated, was in 2016. That change to just one essay with no word limit and a post-interview reflection was made by then admissions chief Dee Leopold.

When Leopold applied to Harvard as an MBA candidate in 1978, she had to write eight essays. Over her years as managing director of admissions, she first cut the essays down to four and then one, making it optional, and finally the one last prompt with a post-interview reflection, saying that applying to HBS should not be a writing contest .

OUR BUSINESS CASUAL PODCAST: The New HARVARD BUSINESS SCHOOL MBA Application:   Fortuna Admissions’ Caroline Diarte-Edwards and ApplicantLab’s Maria Wich-Vila join P&Q’s John A. Byrne to offer applicant advice on how to answer the new HBS essay prompts

DON’T MISS: 2024-2024 MBA APPLICATION DEADLINES or  HARVARD BUSINESS SCHOOL WILL NOW UPDATE ITS MBA ESSAY 

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Judge acquits 28 people accused in Panama Papers case, including law firm co-founder

FILE - Juergen Mossack, partner of the law firm Mossack-Fonseca, leaves the Supreme Court during the trial of the “Panama Papers” money laundering case in Panama City, April 8, 2024. On Friday, a Panamanian judge acquitted Mossack and 27 other people who were accused of money laundering in the notorious Panama Papers case. (AP Photo/Agustin Herrera, File)

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PANAMA CITY (AP) — A judge has acquitted 28 people accused of money laundering in an international case known as the Panama Papers, including the co-founder of a law firm that authorities say was at the center of a conspiracy to hide money linked to illegal activities.

Jürgen Mossack founded Mossack & Fonseca with then associate Ramón Fonseca, who died in May. Mossack was acquitted on Friday along with others after a Panamanian judge found that the evidence against Mossack didn’t comply with the chain of custody after authorities raided the office of the now defunct firm.

Prosecutors had accused Mossack, Fonseca and others of creating offshore companies and using complex transactions to hide money from illegal activities related to the so-called car wash corruption scandal involving Brazilian construction company Odebrecht, which pleaded guilty in U.S. federal court to a charge related to using shell companies to hide millions of dollars in bribes paid worldwide to win public contracts.

The judge noted that other evidence in the Panama Papers case “was not sufficient and conclusive to determine the criminal responsibility of the accused.”

In addition, the judge lifted personal and property precautionary measures against all the defendants, according to a judicial statement.

“We feel satisfied in the midst of mixed emotions, because many lives were affected along the way,” Guillermina Mc Donald, who was the defense attorney for Mossack and Fonseca, told The Associated Press. Her firm also represented 80% of the accused firm’s collaborators.

Judge Balaoisa Marquínez had decided to combine the Panama Papers case with another known as “Operation Car Wash,” a major anti-corruption investigation that began in Brazil.

On Friday, she ruled that in the car wash case, “it was not possible to determine the entry of money from illicit sources, coming from Brazil, into the Panamanian financial system with the purpose of hiding, concealing, disguising or helping to evade the legal consequences of the preceding crime.”

In June 2022, Mossack, Fonseca and 37 other people were acquitted in a separate money laundering case.

The investigation in Brazil began in 2014, with the Mossack & Fonseca firm later coming under scrutiny after 11 million financial documents tied to the company were leaked.

The repercussions of the leak were widespread: it led to the resignation of a prime minister in Iceland and brought scrutiny to now former leaders of Argentina and Ukraine, Chinese politicians and Russian President Vladimir Putin, among others.

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‘It’s All Happening Again.’ The Supply Chain Is Under Strain.

As Houthi rebels intensify strikes on vessels headed for the Suez Canal, global shipping prices are soaring, raising fears of product shortages and delays.

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By Peter S. Goodman

Peter Goodman has reported extensively on the global supply chain since the early months of the Covid-19 pandemic.

Stephanie Loomis had hoped that the chaos besieging the global supply chain was subsiding. The floating traffic jams off ports . The multiplying costs of moving freight . The resulting shortages of goods . All of this had seemed like an unpleasant memory confined to the Covid-19 pandemic.

No such luck.

As head of ocean freight for the Americas at Rhenus Logistics, a company based in Germany, Ms. Loomis spends her days negotiating with international shipping carriers on behalf of clients moving products and parts around the globe. Over the last few months, she has watched cargo prices soar as a series of disturbances have roiled the seas.

Late last year, Houthi rebels in Yemen began firing on ships entering the Red Sea en route to the Suez Canal , a vital artery for vessels moving between Asia, Europe and the East Coast of the United States. That prompted ships to avoid the waterway, instead moving the long way around Africa, lengthening their journeys by as much as two weeks.

Then, a severe drought in Central America dropped water levels in the Panama Canal , forcing authorities to limit the number of ships passing through that crucial conduit for international trade.

In recent weeks, dockworkers have threatened to strike on the East and Gulf Coasts of the United States, while longshore workers at German ports have halted shifts in pursuit of better pay. Rail workers in Canada are poised to walk off the job, imperiling cargo moving across North America and threatening backups at major ports like Vancouver, British Columbia.

The intensifying upheaval in shipping is prompting carriers to lift rates while raising the specter of waterborne gridlock that could again threaten retailers with product shortages during the make-or-break holiday shopping season. The disruption could also exacerbate inflation, a source of economic anxiety animating the American presidential election.

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• Mamata Machinery, a global manufacturer and exporter of packaging machines, has filed IPO documents with SEBI.
• The company aims to enhance its brand visibility and provide liquidity for its shareholders through this move.
• The IPO proceeds will go to the selling shareholders, including Nayana Patel, Mahendra Patel, Bhagvati Patel, Mamata Group Corporate Services LLP, and Mamata Management Services LLP.

Mamata Machinery files IPO documents with market regulator SEBI

Mamata Machinery Ltd has submitted its draft documents for an initial public offering (IPO) to the Securities and Exchange Board of India (SEBI) . As per the draft red herring prospectus (DRHP) filed with the markets regulator, the proposed IPO consists solely of an offer for sale (OFS) of 73.82 lakh equity shares by the company's promoters. The funds raised from this public issue will be directed to the selling shareholders, not to Mamata Machinery Ltd itself.

Shareholders to benefit from this IPO

The selling shareholders, including Nayana Patel, Mahendra Patel, Bhagvati Patel, Mamata Group Corporate Services LLP, and Mamata Management Services LLP will receive all proceeds from the IPO. The company's draft IPO papers state that the purpose of this initial stock sale is to reap the benefits of listing its equity shares on stock exchanges. This move might enhance its visibility and brand image, offer liquidity for its shareholders, and establish a public market for its equity shares.

Global presence and product portfolio

Mamata Machinery specializes in manufacturing as well as exporting plastic bags, pouch-making machines, packaging machines, and extrusion equipment. The company offers manufacturing solutions for the packaging industry under brand names Vega and Win. As of May 2024, it has installed over 4,500 machines across 75 countries. Catering to the entire flexible packaging market value chain, Mamata Machinery offers a wide array of products. Beeline Capital Advisors Private Limited is serving as the sole Book Running Lead Manager to the issue.

Soaring U.S. debt poses risks to global economy, IMF warns

Government red ink is the only blemish on an otherwise strong economic track record, the fund said.

U.S. government budget deficits and an escalating debt load pose “a growing risk” to the global economy, marring an otherwise stellar economic performance, the International Monetary Fund said on Thursday.

The United States over the next several years faces “a pressing need” to reduce its debt burden, which could require broad-based income tax increases and cuts in popular entitlement programs, the fund said at the conclusion of its annual review of the U.S. economy.

The required fiscal adjustment will mean “difficult political decisions over the course of multiple years,” the fund said, warning that an unchecked increase in debt could eventually sap U.S. growth and snowball into global financial distress.

“Now is a good time,” said Kristalina Georgieva , the fund’s managing director. “The U.S. economy is very strong, and it is in good times where you can do more to prepare yourself for risks in the future.”

President Biden has ruled out at least one of the fund’s suggested remedies: higher taxes on people making less than $400,000 a year.

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Debt aside, the IMF statement praised the U.S. economy for “a remarkable performance” in recent years. Inflation has largely been brought under control without the sharp increase in unemployment that many economists had expected. Gross domestic product (GDP) growth remains above expectations and is expected to continue.

“The U.S. is the only G-20 economy whose GDP level now exceeds the pre-pandemic level. This is good for the U.S., and it is good for the global economy,” Georgieva told reporters.

Despite the U.S. debt bulge, financial markets remain untroubled. The return that the government must offer to entice investors to purchase 10-year Treasury securities hovers around 4.2 percent, below rates that were typical before the Great Recession.

The U.S. economy also is attracting an increasing share of global capital, according to Georgieva. Before the pandemic, 18 percent of funds invested outside national borders were placed in the United States. Today, the U.S. share of mobile finance is 33 percent, she said.

Debts and deficits will be an early challenge for the next president. In early 2025, Congress must lift the statutory debt ceiling or see the United States default on its debt. Lawmakers also must decide by the end of 2025 to extend Trump’s 2017 tax cuts or allow them to expire, thus increasing taxes on most Americans.

In April, as part of a separate review, IMF officials chided the United States for government deficits that stimulated the economy, saying they effectively made it more difficult for the Federal Reserve to cut interest rates.

On Thursday, citing potential upside risks to inflation, the IMF said the Fed should wait to cut interest rates until “at least late 2024.”

Hours before her news conference at fund headquarters, Georgieva met with Treasury Secretary Janet L. Yellen to discuss the review.

Thursday’s IMF statement is just the latest warning on the U.S. debt picture. On Tuesday, the Organization for Economic Cooperation and Development said that adding debt at a time of higher interest rates will limit the ability of the United States to meet other needs, including for defense, an aging population and future economic shocks.

Years of repeated tax cuts have narrowed the government’s revenue base at a time when it faces escalating spending commitments for programs such as Social Security and Medicare, as well as rising interest charges, the OECD said.

As a share of the economy, corporate income tax payments are now less than half what they were in 1967, according to the Congressional Budget Office . Interest expenses on the national debt over the same period have doubled to 2.4 percent of gross domestic product.

The OECD, a group of more than three dozen advanced economies, called for a “sustained but steady multiyear” budget effort to curb debt. Only Italy, Greece and Japan have higher gross debt-to-GDP ratios, the OECD said in its annual assessment of the U.S. economy.

Government debt held by the public, which excludes Treasury securities in the Social Security Trust Fund, is equal to 99 percent of total U.S. output and is expected to hit 122 percent in 2034, according to the CBO.

Many economists say the government’s growing debt burden must be addressed with a mix of spending cuts and tax increases. Stabilizing the debt relative to the size of the economy is “a really important goal,” Jared Bernstein, the chairman of the White House Council of Economic Advisers, said at the Brookings Institution this week.

Globalization and Its Challenges Essay

• To find inspiration for your paper and overcome writer’s block
• As a source of information (ensure proper referencing)
• As a template for you assignment

Globalization is a complex phenomenon which came into existence in the end of the twentieth century. Several decades ago it took days or even weeks for companies located in different countries to make a deal. Now it can be a matter of several hours. Interestingly, the word globalization is not new for people living in the twenty-first century, but sometimes the word is misused or misinterpreted.

Therefore, it is crucial to define the notion. Ukpere (2011, p. 6072) notes that globalization is “a state whereby national boundaries turn totally porous with respect to the movement of goods and capital and, to an extent, porous with respect to people, which is viewed… as cheap labor or, in some cases, cheap human capital”.

In other words, globalization presupposes no boundaries to business activity. The business activity is not confined to purely running business worldwide. Globalization also penetrates in such spheres of people’s life as education and even politics. The development of technology has enabled people to share information without paying any attention to location.

Many companies located in the developed countries shifted their facilities to developing countries. On the other hand, people from developing countries can look for jobs in developed countries. Basically, globalization has made the world smaller and more accessible, so to speak.

However, there are quite many negative effects. For instance, many people argue that globalization led to the global financial crisis in 2000s. These people state that various economies have become too interrelated. It is argued that some countries simply ‘shared’ their financial constraints with the rest of the world. There are many more challenges associated with globalization.

In the first place, people discuss problems developed countries face due to globalization. Thus, Rattner (2011) states that many people in developed countries lose as availability of workforce across the globe (e.g. China, India, Mexico, etc.) contributes greatly to the increase of unemployment within the country.

Rattner (2011) provides an example of the impact of globalization. The author focuses on such manufacturers as General Motors and Volkswagen. These giants shifted their capacities to other countries to reduce their expenditures. Admittedly, Americans are forced to work for lower wages as they understand that manufacturers can easily operate abroad.

Rattner (2011, n.p.) estimates that some workers will get $30,000 per year which can hardly be “the American dream of great middle-class jobs”. In fact, this is the major challenge for developed countries. Businesses are under constant pressure as growing economies of developing countries become more and more competitive.

Seemingly, developing countries benefit from globalization, but in reality globalization leads to great disproportions. On the one hand, many plants and factories are being built on the territory of these countries. Of course, this leads to new working places. However, these people do not obtain very big salaries. The conditions people have to work in are often very difficult or sometimes simply intolerable. Besides, the big enterprises coming to developing countries often become monopolies which dictate their own rules.

Ukpere (2011) also notes that globalization has led to increased levels of poverty and inequality. Admittedly, well-paid jobs are not available for the majority of people living in the developing countries. Those who manage to get a good job soon become much wealthier than the rest. This disproportion is caused by different opportunities. Thus, some people have access to information, knowledge, education, while others remain far from these ‘achievements of civilization’.

Therefore, it is possible to state that globalization has quite controversial effects. It helps some countries develop whereas other countries experience certain decline in their economy. Of course, economies have become interrelated, which is quite dangerous. As the global crisis has shown all economies become vulnerable if some country fails to keep the necessary balance.

It is also important to note that globalization contributes to marginalization of some countries (Ukpere, 2011). It is acknowledged that some countries lag behind due to some factors. They can be unattractive for investment. These countries may lack for professionals in some fields due to inaccessibility of education and training. Scarce resources also make countries unattractive for investors. Thus, it is possible to state that one of the major negative effects of globalization is that it creates disproportions.

Nonetheless, globalization should not be seen as something negative. People who simply oppose globalization (arrange protest walks) waste their time. First of all, the process is inevitable. Globalization can be regarded as a synonym to development. The development of technology has already removed boundaries. Besides, globalization has many positive effects which cannot be ignored. Thus, it is necessary to take advantage of positive effects, while trying to diminish negative effects of globalization.

Of course, government should cooperate to work out specific policies concerning global market. It is important to allocate funds wisely. No country should be left aside. Admittedly, all countries have something particularly valuable for the global market. Though, at first not all the countries can be involved in the operations on the global market. However, the boundaries should expand gradually. The example of the European Union is one of the illustrations that global market can be real. The experience of the EU can also be really valuable when developing the policies. Admittedly, these policies should be quite strict to make businesses comply with the rules.

In this case, all countries will benefit from globalization. All countries will be involved in the development of the global market. This will lead to equal development of countries. Thus, developing countries will be able to reach the level of developed countries. Admittedly, such problems as famine or unemployment can be solved. It is only necessary to allocate resources (natural as well as human) appropriately. It has been acknowledged that people produce enough food and goods for the entire planet, but these goods are distributed disproportionately. Globalization will address the problem.

On balance, it is possible to note that globalization presupposes no boundaries for economic activities. Globalization is seen differently by different people. Some say it is a process which should be stopped. Some claim that globalization is a positive process which should be fostered. People have not come to a single conclusion on the matter. However, it is impossible to ignore the fact that globalization is still a promising process.

It can help people address such problems as disproportion of various resources. Eventually, globalization will help humanity develop. Of course, people will have to work together to benefit from globalization. This process presupposes mutual work of all governments. This may seem somewhat idealistic but people have no other choice. It is a fact that if a country in some part of the world experiences financial constraints, other countries of the globe will eventually experience the same problems. Thus, to succeed people will have to cooperate.

Reference List

Rattner, S. (2011). Let’s admit it: Globalization has losers . The New York Times . Web.

Ukpere, W.I. (2011). Globalization and the challenges of unemployment, income inequality and poverty in Africa. African Journal of Business Management, 5 (15).

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• Globalization and Its Discontents
• Globalization: An Economic Perspective
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• Chicago (A-D)
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Bibliography

IvyPanda . "Globalization and Its Challenges." April 22, 2020. https://ivypanda.com/essays/globalization-and-its-challenges/.