globalisation essay css

Current Affairs
Pakistan Affairs
World In Focus
ESSAYS: CSS/PMS/PCS
English (Precis & Composition)
Pakistan Affairs MCQS
Islamic Studies MCQS
General Science & Ability MCQS
Mathematics
Everyday Science
Scholarships
Etimes Urdu
Our Services

Pros and Cons of Globalization CSS ESSAY 2021

Table of Contents

Thesis Statement

Globalization has brought numerous advantages and disadvantages to the world, impacting various aspects of society, economy, and culture. In this This essay we will explore the pros and cons of globalization, highlighting its benefits in terms of economic growth, technological advancements, and cultural exchange, while also discussing its challenges related to inequality, cultural homogenization, and environmental concerns.

Introduction

Globalization has become a defining feature of the modern world, shaping various aspects of society, economy, and culture. As nations have become more interconnected and interdependent, it is important to examine the pros and cons of this phenomenon. While globalization has brought numerous benefits such as economic growth, technological advancements, and cultural exchange, it has also presented challenges including inequality, cultural homogenization, and environmental concerns. This essay will explore these pros and cons, shedding light on the complexities of globalization.

Exposition: Understanding Globalization

Globalization can be defined as the increasing interconnectedness and interdependence of nations in various aspects, including trade, communication, and technology. It has its roots in historical developments such as the expansion of trade routes and colonialism. However, it has gained momentum in recent decades due to advancements in transportation, communication, and the liberalization of trade policies. Globalization has enabled the flow of goods, services, capital, and information across borders, leading to increased global integration.

Pros of Globalization

Economic growth and development.

One of the key advantages of globalization is the potential for economic growth and development. Increased trade and investment opportunities have opened up new markets and expanded access to consumers worldwide. Businesses can now reach customers in different countries, leading to job creation, enhanced productivity, and overall economic prosperity. Globalization has also facilitated the transfer of technology and knowledge, fueling innovation and economic progress.

Technological Advancements

Globalization has accelerated the dissemination of information and knowledge through advancements in technology. The rapid exchange of ideas and expertise has led to breakthroughs in various fields, driving technological advancements. Innovations in areas such as communication, transportation, and medicine have transformed industries and improved the quality of life. Global collaboration and knowledge sharing have become easier, fostering scientific and technological progress.

Cultural Exchange and Diversity

The interconnectedness brought about by globalization has facilitated cultural exchange and diversity. People have greater exposure to diverse cultures, ideas, and perspectives from around the world. This exposure enriches societies by promoting cross-cultural understanding, tolerance, and appreciation. The exchange of artistic, literary, and culinary traditions has broadened cultural horizons, fostering a global tapestry of diversity and creativity.

Cons of Globalization

Economic inequality.

Despite the potential for economic growth, globalization has also led to increased economic inequality. The benefits of globalization are not evenly distributed, and wealth and resources tend to concentrate in the hands of a few. Developing countries often face challenges in competing with more developed nations, leading to disparities in wealth and living standards. Additionally, the exploitation of cheap labor in some parts of the world has raised concerns about fair trade practices and workers’ rights.

Cultural Homogenization

The dominance of Western cultural values and consumerism is a significant challenge posed by globalization. As global markets expand, there is a tendency for cultural homogenization, where local traditions and identities are marginalized or eroded. The influence of Western media, fashion, and entertainment can overshadow indigenous cultures, leading to the loss of cultural diversity. Preserving and promoting local traditions and languages becomes crucial in maintaining cultural richness and identity.

Environmental Concerns

Globalization has also raised environmental concerns. The increased movement of goods and people has resulted in higher carbon emissions and an ecological footprint. The overexploitation of natural resources to meet global demand poses threats to biodiversity and ecosystems. Environmental challenges, such as climate change and deforestation, require international cooperation and sustainable practices to mitigate their impact.

Addressing the Challenges

To manage the challenges of globalization, various strategies can be employed.

Economic Reforms and Redistribution

Implementing fair trade practices, ensuring workers’ rights, and promoting inclusive economic policies are essential in reducing economic inequality. Progressive taxation can help redistribute wealth and address disparities in income distribution.

Preserving Cultural Diversity

Supporting local arts, traditions, and languages is crucial in preserving cultural diversity. Governments and communities can take measures to protect and promote their cultural heritage, fostering intercultural dialogue and understanding.

Sustainable Development and Environmental Stewardship

Investing in renewable energy, adopting sustainable production and consumption practices, and strengthening international agreements on climate change and environmental protection are necessary steps in addressing environmental concerns. Global cooperation is vital in tackling shared environmental challenges.

Case Studies and Examples

Numerous case studies demonstrate both the positive impacts and negative consequences of globalization. For instance, countries like China and India have experienced remarkable economic growth and poverty reduction as a result of globalization. On the other hand, social unrest and environmental degradation have been observed in some regions due to unsustainable development practices.

Globalization is a multifaceted phenomenon with both benefits and challenges. While it has contributed to economic growth, technological advancements, and cultural exchange, it has also raised concerns regarding inequality, cultural homogenization, and environmental sustainability. Addressing these challenges requires a balanced approach that maximizes the benefits of globalization while mitigating its negative impacts. By promoting inclusive economic policies, preserving cultural diversity, and embracing sustainable practices, societies can navigate the complexities of globalization and create a more equitable and sustainable world.

Essay on “Pros and cons of Globalization” [CSS 2021]

“pros and cons of globalization” [2021].

Essay on the topic “Pros and cons of Globalization”

Pros and cons of Globalization

I. Introduction II. Some aspects of Globalization III. Pros of Globalization

Increased economic integration and growth
Access to a wider range of goods and services
Job creation and increased wages
Improved living standards
Increased competition
Cultural exchange and understanding
Spread of technology and knowledge
Access to foreign markets
Reduction of poverty
Increased political and economic cooperation

IV. Cons of Globalization

Loss of jobs and declining wages in some industries
Widening income inequality
Environmental degradation
Loss of cultural identity
Loss of control over economic policy
Spread of diseases
Exploitation of workers
Loss of small businesses
Dependence on foreign markets
Threat to national security

V. Conclusion

Pros and cons of Globalization (CSS Essay 2022)

The term “globalization” refers to the increasing interconnectedness and interdependence of the world’s economies, cultures, and populations, brought about by advances in communication, transportation, and technology. Globalization has led to the growth of international trade and investment, and the spread of ideas and information. It has also brought benefits such as greater access to a wider range of goods and services, and the spread of technology and innovation. However, globalization has also been criticized for its negative impacts, including increased inequality, loss of cultural diversity, and negative environmental effects. In this paper, we will explore the pros and cons of Globalization.

One of the key aspects of globalization is the increasing flow of international trade. As countries have become more interconnected, they have also become more reliant on each other for the production and exchange of goods and services. This has led to the growth of international trade, with countries specializing in the production of certain goods and services, and then exporting them to other countries. For example, many developing countries have become major exporters of manufactured goods, while developed countries have become major exporters of services.

Another important aspect of globalization is the increasing flow of international finance. As countries have become more interconnected, they have also become more reliant on each other for the flow of capital. This has led to the growth of international financial markets, with investors able to buy and sell stocks, bonds, and other financial instruments on a global scale. This has made it easier for companies to access capital and has also made it possible for people to invest in foreign markets.

Globalization has also had an impact on culture. As people have become more interconnected, they have been exposed to different cultures, and have adopted some of the customs and values of other countries. This has led to a growing cultural homogenization, as people around the world have become more similar in terms of their values, beliefs, and ways of life.

Overall, globalization has brought many benefits, such as increased trade, improved access to capital, and greater cultural exchange. However, it has also had its downsides, such as increased competition, job displacement, and the loss of cultural diversity. As countries continue to become more interconnected, it will be important for them to find ways to manage the negative effects of globalization, while also continuing to reap the benefits.

Pros of Globalization

Increased economic integration and growth:.

Globalization has led to increased trade and investment among countries, resulting in higher economic growth and increased prosperity.

Access to a wider range of goods and services:

Globalization has made it possible for people to access a wider range of goods and services, including those that may not be available in their own countries.

Job creation and increased wages:

Globalization has led to the creation of jobs in a variety of industries, particularly in the manufacturing and service sectors. It has also led to increased wages in many countries, as workers have been able to take advantage of the increased demand for their skills.

Improved living standards:

Globalization has contributed to improved living standards in many countries, as people have been able to access better education, healthcare, and other essential services.

Increased competition:

Globalization has increased competition among businesses, forcing them to become more efficient and innovative in order to survive. This has led to improved products and services for consumers.

Cultural exchange and understanding:

Globalization has facilitated the exchange of ideas and cultures among different countries, promoting understanding and tolerance among people from different backgrounds.

Spread of technology and knowledge:

Globalization has facilitated the spread of technology and knowledge across the world, leading to improved productivity and innovation.

Access to foreign markets:

Globalization has made it easier for businesses to access foreign markets, allowing them to expand their operations and increase their revenues.

Reduction of poverty:

Globalization has contributed to the reduction of poverty in many countries, as increased trade and investment have led to economic growth and job creation.

Increased political and economic cooperation:

Globalization has promoted political and economic cooperation among countries, leading to increased stability and security on a global scale.

Cons of Globalization

Globalization can also lead to a loss of sovereignty and control over national affairs, as decisions made by international organizations and multinational corporations can have a significant impact on a country’s economy and society. It can also lead to a homogenization of cultures and the loss of diversity, as global influences can overpower local traditions and practices. Globalization can also contribute to human rights abuses, as some companies may prioritize profits over the well-being of their workers and the communities in which they operate.

Loss of jobs and declining wages in some industries:

Globalization has led to the outsourcing of jobs from developed countries to developing countries where labor is cheaper. This has resulted in job losses and declining wages in some industries in developed countries.

Widening income inequality:

Globalization has led to increased prosperity in many countries, but it has also contributed to the widening gap between the rich and the poor. This has resulted in increased income inequality in many countries.

Environmental degradation:

The increased trade and economic activity associated with globalization has led to environmental degradation, as more natural resources are consumed and waste is produced.

Loss of cultural identity:

Globalization has facilitated the spread of Western culture, leading to the erosion of traditional cultures and values in some parts of the world.

Loss of control over economic policy:

Globalization has made it more difficult for governments to control their own economic policies, as they are increasingly influenced by global economic forces.

Spread of diseases:

Globalization has facilitated the spread of diseases across the world, as people and goods move more easily from one country to another.

Exploitation of workers:

Globalization has led to the exploitation of workers in some countries, as companies seek to maximize profits by paying low wages and providing poor working conditions.

Loss of small businesses:

Globalization has led to increased competition from larger, multinational corporations, making it difficult for small businesses to survive.

Dependence on foreign markets:

Globalization has made many countries dependent on foreign markets for their economic growth, leaving them vulnerable to economic shocks in other parts of the world.

Threat to national security:

Globalization has made it easier for terrorists and other non-state actors to operate across borders, posing a threat to national security.

In a nutshell , globalization has brought many benefits to the world economy, including increased trade and investment, greater access to a wider range of goods and services, and the spread of technology and innovation. However, it has also led to increased inequality, both within and between countries, as well as a loss of cultural diversity and negative environmental impacts. Therefore, it is important for countries to carefully consider the potential pros and cons of globalization and take steps to address its negative effects.

This is not the final draft of the essay on the topic “Pros and cons of Globalization”. It may need further improvement as the given words have not fulfilled the length of CSS and PMS Essays, yet you can extend the aforementioned pros and cons in more details.

So, please let us know about your feedback on SeekerGK.com [ [email protected] ]or write in the box below that on which topic you want us to write an essay:)

For MCQs of all competitive exams, visit CSS MCQs

To Download Pros and cons of Globalization in PDF Click below

You might also like, essay on the topic “unity in diversity” [tehsildar exam 2020], the threats of global warming and the ways to counter it, essay on “procrastination is the thief of time”, css 2023 solved essay “instruction in youth is like engaging in stone.”, essay on the topic “analysis of globalization of markets” [css 2022], english précis and composition paper css-2020 solved correction, essay on world food systems: the economics of agriculture [css 2022].

Political Science OR International Relations? (A Well elaborated Analysis)

Pros and Cons of Globalization – CSS Essay

Note: The topic “Pros and Cons of Globalization” came in the CSS Essay Paper – 2021. The admin attempted the following essay and cleared this exam.

Please be clear that we have broken the paragraphs for clarity. However, this is not recommended in essay writing. You have to follow the proper structure of essay writing .

It was in the second half of the twentieth century that the world witnessed a conspicuous shift from Nationalism and Mercantilism to Globalization and International Liberal Economic Order.

Primarily, it was the end of World War II that marked the setting up of global institutions like the United Nations, the International Court of Justice, the World Trade Organization (erstwhile General Agreement on Tariffs and Trade), etc.

It was believed that these institutions will help in maintaining peace in the world and avoid another major global war or conflict.

5 Major Pros of Globalization

Globalization offers multiple advantages acknowledged by everyone and denied by none. Following are a few major pros of globalization.

1. Globalization offers Mutual Cooperation & Development

For instance, in the recent pandemic crisis, how China has sent medical supplies and teams across borders and oceans clearly highlights the essence of globalization. Those states that were missing ventilators, vaccines, etc got help from other states in fighting Covid-19.

This is an example from recent times. For other example, the spread of Information and Communication Technology across the world is also a hallmark of globalization.

2. Globalization offers more Peace in the World

The pre-globalized world had witnessed two great wars in the 20 th century and many even before that. While the states were not interconnected, they remained suspicious of each other’s strengths, motives, and activities. They lacked mutual interests and goals.

Moreover, globalization has enhanced people-to-people contact. When people from different cultural backgrounds meet each other and learn about other cultures, it creates a feeling of harmony and goodwill among them. This ultimately promotes peace among nations.

3. More Employment Opportunities for Individuals in a Globalized World

Moreover, educated people also find better opportunities for better employment across borders.

Thus, with enhanced employment opportunities, globalization can actually lift people out of poverty.

4. Market Competition keeps the Prices Down

5. better educational opportunities for students.

Today, one can search and apply for any foreign university via the internet.

4 Prominent Cons of Globalization

As we have discussed some prominent pros of globalization, let us also highlight some major cons of globalization.

1. Exploitation of Poor States by the Rich States

Globalization is said to be a new version of colonialism. During colonialism , rich states exploited poor states by taking their raw materials and dumping finished goods in their markets for financial gains.

In short, globalization has resulted in the exploitation of the poor by the rich in multiple ways.

2. Globalized world poses threats to Cultures | Cultural Assimilation

3. emerging non-traditional security threats.

This can be best understood from the recent Covid-19 pandemic spread across the world. Ironically, it was China who sneezed first and the rest of the world caught a cold.

4. Growing Terrorism

Globalization also offers terrorists a healthy atmosphere to spread and grow. Today, terrorist networks are fast spreading and growing.

Wrapping Up

Today, we cannot even think of going back to the pre-globalized world ridden with conflicts and lack of development.

We can only hope for a better future for the world through mutual cooperation of states and the strengthening of globalization.

Globalization: What Globalization Is and Its Impact 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

Primary Source Data

Secondary source data, comparative analysis.

Bibliography

Globalization is a complex phenomenon that has a big influence on various fields of human life, including economics, society, and culture. Even though trade between countries has existed since time immemorial, in the 21st-century, globalization has become an integral part of the world’s development. While businesses try to expand on a global scale, and countries’ economies are intertwined in the international network, several outcomes occur out of this process. The purpose of this paper is to analyze and evaluate the impact of globalization on the world economy, whether it is good or bad. To achieve this goal, a comprehensive review of the relevant literature will be conducted. The information will be extracted from both primary and secondary sources. The primary sources will include an interview and a chart, while the secondary sources will consist of scholarly articles and books published from the year 2015 forward. The main argument of this research is that even though globalization offers endless business opportunities, it has a number of effects that negatively influence the resources and the economy.

First of all, in order to understand this phenomenon, it is important to define the term “globalization.” Several researchers have conducted a thorough study of this subject. For example, Martell describes globalization as “the intensification of worldwide social relations which link distant localities in such a way that local happenings are shaped by events occurring many miles away” 1 . It is a complex and multidimensional mechanism that allows a local business subdivision to integrate into the global economic system. The biggest companies of the 21st century are no longer limited to one country; they have become more multinational: businesses from several countries exchange resources, money, data, and employees. Nowadays, international relations are becoming more intense not only in politics but in the economy as well. Moreover, globalization has a significant influence on the distribution of not only skilled and unskilled labor but of capital and labor as well, both locally and globally. The tendencies of this process were analyzed by experts, for example, in the research by Chandy and Seidel, where they presented globalization trends in the form of a chart (Figure 1).

The chart above demonstrates how the GDP of the U.S. was changing while the global population was also growing. The diagram includes the analysis of foreign capital stock, merchandise exports, and migrant stock. According to it, it becomes evident that even though the world GDP was high during the 1910s, the global economy is more integrated in the 21st century. However, the researchers also point out that the economy of the U.S. is a relatively closed economy, which is surprising. Nevertheless, the study states that “it accounts for only 11 percent of global trade volumes, which is far below its 24 percent share of global GDP” 2 . In addition, despite the attempts to find evidence of the recession of globalization, Chandy and Seidel did not manage to present any. It means that the trend keeps developing as money, goods, and people continue to move around the world.

It is evident that one cannot talk about globalization without mentioning international companies. Global corporations are defined by the fact that they execute business in at least two countries 3 . They conduct various types of economic activities, for example, foreign investment, managing plants in different countries to avoid transaction costs. An example of an international firm that obtains cost advantages through foreign investments in international plants is Apple Inc.

To understand how companies conduct business internationally, several types of multinational corporations must be indicated: economists usually divide them into four categories. The first type of firm is determined by the fact that it has a strong presence in its home country. Another category is characterized by acquiring cost advantage through the means of buying cheaper resources in other countries, despite being controlled by one central office. The third type is a company that is based on the Research and Development of the parent corporation. The fourth and final category is a transnational business, which includes all features that are peculiar to the corporations that were mentioned above 3 . Since global companies generally combine different approaches to business, sometimes it can be hard to distinguish between these four categories. Nestle S.A. may serve as an example of a big transnational corporation that conducts its financial operations in many countries outside of the headquarters.

Since globalization is a complicated phenomenon, many analysts and businessmen have different views on its impact. For instance, the former Director-General of the World Trade Organization, Pascal Lamy, expressed his point of view in the interview, “Can Europe Civilize Globalization?”. Despite the fact that the concerns about European civilization may recede due to this process, he states that he does not see globalization as a threat. Instead, he sees it as a reality that has to be dealt with in a professional way. Lamy explains his opinion by pointing out the fact that some European countries have managed to gain more benefits than others by means of global trade 4 . As examples, he presents Sweden and Germany, which, during the last decades of the 20th century, conducted structural reforms that allowed them to get profit from international trade.

Moreover, Lamy notes that globalization presents new challenges for businesses. They include promoting “more actively global norms in the environmental and job protection, health protection, than the reduction of trade barriers that have been now largely operated worldwide”4. In other words, the ex-director of WTO believes that this process can have a positive impact on Europe’s economy as it provides opportunities for countries to develop and grow their benefits.

As for other researchers, Burlacu, Gutu, and Matei overview both sides of globalization, pointing out positive and negative impacts. For example, the advantages include reducing the economic isolation of poor countries as they are given the opportunity to sell their goods on the global market and participate in the trade 5 . Moreover, as the economy expands, the information does it as well. It means that access to education becomes more easy and available, which increases the number of professionals who are capable of expanding and developing the business even further. In addition, according to the study, globalization “enhances the speed of commercial, financial, and technological operations”5. It can be seen even nowadays as new products and devices continue to appear on the market every year. Furthermore, globalization ensures the efficiency of the entire economic activity on a global scale.

Other researchers have also pointed out several positive aspects of this process. For example, Parente et al. talk about the sharing economy, which is a new phenomenon. Their study indicated that due to internet globalization, some companies managed to perform business online, which helped them to expand around the world and raise funds 6 . Therefore, globalization allowed firms to achieve worldwide success at an unprecedented pace. Furthermore, Martell et al. elaborated on reasons for how exactly the internalization changed economic activities. The reasons included “the speeding up of global interactions and processes as a result of the development of transport and communications”1. In other words, the spread of resources, ideas, capital, and products accelerated, which allowed businesses to develop quicker.

However, aside from positive results that can come from globalization, researchers also indicate some negative aspects to it. For instance, Burlacu et al. Note that harmful effects include an international security deficit and an increased amount of illegal migrations5. Globalization opened borders for a large number of people to move to other countries illegally. Moreover, it allowed corrupt businessmen to employ these migrants and make them work for a lesser wage, which is a violation of human rights. Moreover, economists believe that nowadays, the export of human resources has risen, which means that some countries have lost intellectual potential5. The other downsides include the deterioration of the environment, which is caused by the rapid growth of the economy.

While rethinking the effects of globalization, Broner and Ventura elaborated on the negative consequences that it can bring to domestic markets. The researchers gathered data from other scholars and concluded that “financial globalization, in addition to providing a new, cheaper source of funding for emerging markets, can have indirect effects by affecting the workings of domestic financial markets” 7 . For example, according to them, with the rise of globalization, the incidence of domestic financial crises also grows. In addition, Mamedov et al. discusses the impact on traditional economies, which, according to the study, will reach a new level of their development 8 . It is difficult to say whether such changes are positive or not since some people may be reluctant to abandon the old economic structures.

As it can be observed, primary sources and secondary sources seem to express various opinions about globalization. First and foremost, most of them seem to agree that this phenomenon is relatively new and only recently began to spread. However, then the standpoints start to differ among experts. While the interview with Lamy demonstrates that the former leader of the World Trade Organization seems optimistic about it, such secondary sources as scholarly articles and books differentiate in positions.

Some researchers identify the internalization of the economy as a beneficial process that can create new opportunities for countries to develop and expand their businesses. However, other studies make a link between globalization and several other problems, such as environmental deterioration, security issues, and the increasing number of domestic crises. The last factor is especially interesting since it contradicts the general assumption that increased international trade opportunities can improve the country’s welfare.

Moreover, the recent events that were caused by the outbreak of coronavirus exposed vulnerabilities in the current globalized economy. Since traveling is restricted, the transportation of resources has become difficult. While big international corporations managed to stay afloat, some local firms were forced to shut down, and the suspension of one company factory can lead to a closing of another. Experts argue that such an intertwined international economic relationship is what caused changes in a global supply chain, and overall, stock declines 9 . The current situation provided proof that globalization may not be that good for the world economy.

While the system offers opportunities for businesses to grow, it also has some loopholes and weak points that seriously damage the economy of not only one country but of the whole world. Moreover, the situation with the pandemic supports the argument made by Broner and Ventura. The outbreak caused domestic market crises in Asian countries, and then in Europe and America, which significantly affected the global economy. Even the help of Widespread Disease Emergency Financing Facility 10 would not be enough to restore all financial damage. As the recession of the international market became apparent, businesses in other countries have also suffered.

In addition, the environmental aspect of globalization is also important since it affects the increasing deficiency of natural resources. While companies are trying to expand their business everywhere, new factories and new plants are built around the world. While new products and new technology continue to appear on the market and the demand grows, more damage is inflicted upon the environment by the constant production.

Moreover, the higher need for transportation means that more fossil fuels are used, causing harm to the climate. There is no doubt that such issues can be resolved with the creation of new technology. However, the process of development is complicated and expensive, which can lead to additional expenditures. It can cause more federal budget deficits and increased government debt; therefore, the economy is also negatively affected by environmental issues of globalization.

For this reason, it can be said that despite all the positive aspects of globalization, it definitely has several downsides. Internationalization brought not only different cultures but the economies of various countries together, allowing businesses to grow and reach financial benefits. Furthermore, it opened opportunities for people to find jobs and expand their profit. Nevertheless, the current system is vulnerable during difficult situations, and if there is a crisis in one country, it tends to spread to others like dominoes, because the economies are deeply connected. Moreover, globalization also causes harm to other fields of human life, which are can also negatively influence not only the financial state of a particular country but the economy of the world as well.

It is evident that more research needs to be conducted as the process of globalization is complex and ongoing. There are several topics that can be further explored while studying the impact of globalization on the world’s economy. For example, one can investigate the methods that can be implemented to minimize the negative consequences of globalization that were described earlier in this paper. In order to obtain the information, one can look through the suggestions of other researchers, analyze them, and select the ones that seem the most effective.

Moreover, as the current situation with the outbreak has a major impact on the international economy, it would be interesting to study the experts’ opinions on how it will affect globalization. A huge amount of relevant information can be gathered from recent interviews, news, and scholarly articles. In conclusion, it would appear that the topic of globalization and its influence is broad and can provide a good starting point for further discussion and analysis.

Chandy, Laurence, and Brina Seidel. “Donald Trump and the future of globalization.” The Brookings Institution , 2016. Web.

Broner, Fernando, and Jaume Ventura. “Rethinking the Effects of Financial Globalization.” The Quarterly Journal of Economics 131, no. 3 (2016): 1497-1542.

Burlacu, Sorin, Corneliu Gutu, and Florin Octavian Matei. “Globalization – Pros and Cons.” Calitatea 19, no. S1 (2018): 122-125.

Lamy, Pascal. “Interview. Can Europe Civilize Globalization?”, The Federalist Debate 28, no. 1 (2015): 60-63.

Mamedov, Oktay, Irina Movchan, Oksana Ishchenko-Padukova, and Monika Grabowska. “Traditional Economy: Innovations, Efficiency and Globalization.” Economics & Sociology 9, no. 2 (2016): 61.

Martell, Luke. The Sociology of Globalization . John Wiley & Sons, 2016.

Parente, Ronaldo C., José-Mauricio G. Geleilate, and Ke Rong. “The Sharing Economy Globalization Phenomenon: A Research Agenda.” Journal of International Management 24, no. 1 (2018): 52-64.

Sułkowski, Łukasz. “Covid-19 Pandemic; Recession, Virtual Revolution Leading to De-globalization?”, Journal of Intercultural Management 12, no. 1 (2020): 1-11.
Luke Martell. The Sociology of Globalization (John Wiley & Sons, 2016), 10.
Laurence Chandy and Brina Seidel. “Donald Trump and the future of globalization.” The Brookings Institution , 2016.
Lecture on Multinational Corporation (MNC)
Pascal Lamy. “Interview. Can Europe Civilize Globalization?”, The Federalist Debate 28, no. 1 (2015): 60.
Burlacu, Sorin, Corneliu Gutu, and Florin Octavian Matei. “Globalization – Pros and Cons.” Calitatea 19, no. S1 (2018): 124.
Parente, Ronaldo C., José-Mauricio G. Geleilate, and Ke Rong. “The Sharing Economy Globalization Phenomenon: A Research Agenda.” Journal of International Management 24, no. 1 (2018): 53.
Broner, Fernando, and Jaume Ventura. “Rethinking the Effects of Financial Globalization.” The Quarterly Journal of Economics 131, no. 3 (2016): 1533.
Mamedov, Oktay, Irina Movchan, Oksana Ishchenko-Padukova, and Monika Grabowska. “Traditional Economy: Innovations, Efficiency, and Globalization.” Economics & Sociology 9, no. 2 (2016): 61.
Lecture on the World Bank
Positive and Negative Impacts of Globalization in Britain
The Effects of Globalization on the World
Is Globalization the Main Culprit for the 2008 Global Financial Crisis?
Guanxi in Chinese Business and Global Economy
Cross-Cultural Negotiation Analysis
Intercultural Competencies: Environmental Scan and Analysis
Uncertainty and Risks Regarding Multinational Corporations’ Functioning
Multicultural Problems in Organizations
Chicago (A-D)
Chicago (N-B)

IvyPanda. (2022, February 16). Globalization: What Globalization Is and Its Impact. https://ivypanda.com/essays/globalization-what-globalization-is-and-its-impact/

"Globalization: What Globalization Is and Its Impact." IvyPanda , 16 Feb. 2022, ivypanda.com/essays/globalization-what-globalization-is-and-its-impact/.

IvyPanda . (2022) 'Globalization: What Globalization Is and Its Impact'. 16 February.

IvyPanda . 2022. "Globalization: What Globalization Is and Its Impact." February 16, 2022. https://ivypanda.com/essays/globalization-what-globalization-is-and-its-impact/.

1. IvyPanda . "Globalization: What Globalization Is and Its Impact." February 16, 2022. https://ivypanda.com/essays/globalization-what-globalization-is-and-its-impact/.

IvyPanda . "Globalization: What Globalization Is and Its Impact." February 16, 2022. https://ivypanda.com/essays/globalization-what-globalization-is-and-its-impact/.

Globalization for a Sustainable Global Future

Globalization refers to the process of unifying economies, societies, and cultures across borders via international exchange of goods, ideas and information. Globalization has long been at the heart of global economic development. And its effect has had far reaching ramifications on how we live and work.

Globalization’s advantages include economic expansion and greater access to new markets. Business have found it easier to expand their operations while consumers enjoy greater choice at more reasonable prices.

One of the key advantages of globalization is tapping into new markets. By reaching customers from around the globe, businesses have been able to expand their reach and grow revenue. Globalization also allowed for global supply chains that result in more efficient production at reduced costs.

Globalization offers another advantage of globalization – sharing ideas and technology across borders. Which has resulted in advances in science and medicine as well as the creation of innovative products and technologies. Furthermore, it has allowed people from different cultures and backgrounds to come together and learn from one another. Leading to a more connected and harmonious global society.

However, globalization has its own set of drawbacks. One significant issue has been job displacement as companies take advantage of lower labor costs elsewhere. Furthermore, globalization has led to erosion of local cultures and traditions as well as competition for resources.

Globalization has proven itself beneficial to global economy and society in spite of its drawbacks. As globalization becomes ever-more interdependent and interwoven, it is imperative that we work toward creating a more equitable global economy with policies which support fair trade practices, labor standards and environmental preservation while safeguarding local cultures and protecting environments.

Globalization’s effects include increasing global economy interdependency. As more companies operate worldwide, fortunes of different nations become ever more linked; this can bring increased economic growth and prosperity for some nations while simultaneously leaving others more susceptible to global economic downturns.

Globalization has had significant social and cultural ramifications beyond economic considerations. While it has increased cultural exchange, understanding, and globalism has resulted in the erosion of traditional customs and values as people from different cultures come into contact with one another; often adopting different ways of thinking or behaving that lead to the disappearance of old practices or beliefs.

Globalization also exerts strain on our environment. As economies become more industrialized and consume more resources while producing waste. This leads to pollution, habitat destruction and other forms of environmental degradation.

Globalization may have many adverse impacts, yet its presence remains inevitable and ongoing. To reduce its negative consequences effectively, governments and organizations must proactively address them by investing in programs to promote fair trade standards, protect the environment, preserve local cultures, or invest in programs to support fair labor standards. Individuals can play their part by supporting companies or organizations which prioritize sustainability, fair trade standards or cultural preservation.

Conclusion Globalization is an ongoing process that has both positive and negative ramifications for global economy and society. While its positive outcomes include increased economic growth, access to new markets, sharing ideas and technology among individuals worldwide as well as job displacement, erosion of local cultures, and environmental concerns – it has also caused job displacement. To maximize its positive aspects while mitigating its negative repercussions it is crucial that governments, organizations and individuals work towards sustainable economic practices worldwide and promote equitable practices globally.

About Author

Muhammad Munib Rasool

See author's posts

Unveiling Alternative Pathways to Teaching

Online degree programs in the usa, brics expansion: implications for the global order and beyond, the path to css success and significance of online classes, the 2024 elections: a potential turning point for pakistani politics, pakistani women face equal opportunities as men, will pakistan legalize bitcoin in the future, investment in education is important, is bitcoin going to replace the dollar soon, how to get an online degree in the usa, subscribe to our mailing list to get the new updates.

We don't spam.

10 Tips for Writing a Good Essay in a Competitive Exam in Pakistan

Climate change, flood and it’s impact on pakistan economy., related articles.

Good Governance and Human Rights

Cybersecurity Threats to a Digital Pakistan

Climate Change and Its Impact on Pakistan's Economy: How to Mitigate Flooding and its Effects

10 Comments

Such an amazing piece of work. Well done Mr Muneeb.

Thank you brother

Wow……. This is a really good informative work

Amazing content

Important topic with good content…well done 👍

informative (y)

Well explained

Adblock Detected

Globalization: A Weapon for Colonisation or a Tool for Development

Globalization is a phenomenon that has been shaping the world for decades. It refers to the increasing interconnectedness and interdependence of countries through trade, investment, and communication. Globalization has brought many benefits to the world, such as increased economic growth and cultural exchange. On the other hand, it has also been criticized for exacerbating inequality and contributing to the colonization of developing countries. This article will explore the different ways in which globalization can be seen as a weapon for colonization or a tool for development. Let’s start with all the details:

The Impact of Globalization on Colonization

Globalization has had a significant impact on the colonization of developing countries. One of the main ways in which globalization has contributed to colonization is through the exploitation of resources and labor in these countries. Multinational corporations have been able to access resources and labor at a cheaper cost in developing countries. On the other hand, they are also exploiting the lack of regulatory oversight and weak labor laws. This has led to the extraction of resources. These include minerals and oil, and the establishment of labor-intensive industries, such as textiles and electronics, in developing countries.

Another way in which globalization has contributed to colonization is through the imposition of economic policies that favor developed countries. The World Trade Organization (WTO) and other international institutions have imposed trade policies that have forced developing countries to open their markets to competition from developed countries. They are also limiting their ability to protect their own industries. This has led to the erosion of local industries, resulting in the loss of jobs and economic opportunities for people in developing countries.

Also Read: Causes of Bad Governance in Pakistan

Furthermore, globalization has also enabled multinational corporations to exert control over the economies of developing countries. It is through the control of key sectors such as telecommunications, media, and banking. This has resulted in the concentration of economic power in the hands of a few corporations. And, it has led to the suppression of local businesses, further exacerbating inequality and poverty in developing countries.

In summary, globalization has had a significant impact on the colonization of developing countries through the exploitation of resources, labor, and economies. It has enabled multinational corporations to exert control over the economies of developing countries and has resulted in the erosion of local industries and businesses, exacerbating inequality and poverty.

The Role of Globalization in Development

Despite the negative impacts of globalization on colonization, it can also play a positive role in the development of developing countries. One of the main ways in which globalization can contribute to development is through increased economic growth. Globalization has led to the expansion of trade and investment, which has resulted in increased economic growth in developing countries. This has led to the creation of jobs and increased income for people in these countries, improving their standard of living.

Another way in which globalization can contribute to development is through the transfer of technology and knowledge. Multinational corporations and developed countries have been able to transfer technology and knowledge to developing countries through foreign direct investment and trade. This has led to the development of new industries and the improvement of existing ones, resulting in increased productivity and economic growth.

Furthermore, globalization has also enabled developing countries to access new markets, which has led to increased exports and economic growth. Developing countries have been able to increase their exports to developed countries, which has led to increased income and job opportunities for people in these countries.

Also Read: Importance of Free Speech Essay

In summary, globalization can play a positive role in the development of developing countries through increased economic growth, transfer of technology and knowledge, and access to new markets. It has the potential to improve the standard of living and create job opportunities for people in these countries. However, it’s important to note that for these benefits to materialize, it’s crucial for developed countries and international organizations to implement policies that are fair, equitable, and sustainable.

The Pros and Cons of Globalization

Pros of globalization include:.

Increased economic growth and efficiency: Globalization allows countries to specialize in certain industries and sell their products to a global market. It is leading to increased productivity and economic growth. It also allows for the free flow of capital, technology, and ideas, leading to more efficient use of resources and economic growth.
Increased access to foreign goods and markets: Globalization allows consumers to have access to a wider variety of goods and services at lower prices. It also allows businesses to expand into new markets and increase their customer base.
Spread of technology and information: Globalization leads to the spread of technology and information, which can improve living standards and promote innovation.
Increased cultural exchange: Globalization leads to increased cultural exchange, which can promote understanding and tolerance among different cultures and peoples.

Also Read: Earthquake Safety Information by Japan

Cons of Globalization include:

Displacement of workers and loss of jobs in certain industries: Globalization can lead to the outsourcing of jobs to countries with lower labor costs. This is resulting in job losses and wage stagnation for workers in developed countries.
Increased income inequality: Globalization can lead to increased income inequality as the benefits of economic growth are not distributed evenly among all segments of society.
Potential cultural homogenization: Globalization can lead to the spread of western culture and values, potentially leading to the loss of traditional cultures and ways of life.
Environmental degradation: Globalization can lead to increased pollution and resource depletion as countries industrialize and consume more resources to produce goods and services for export.
Dependence on other countries: Globalization leads to increased dependency on other countries for resources, goods, and services. This can lead to vulnerable situations in case of any adverse political or economic situation in those countries.

In conclusion , globalization can be seen as both a weapon for colonization and a tool for development. On one hand, it can lead to the displacement of workers and loss of jobs in certain industries, increased income inequality, and cultural homogenization. On the other hand, it can lead to increased economic growth and efficiency, increased access to foreign goods and markets, and the spread of technology and information. Ultimately, the effects of globalization will depend on the policies and actions taken by governments and other actors to mitigate its negative impacts and maximize its potential benefits for all people.

It is important for nations to approach globalization with a holistic perspective, and to ensure that the benefits are distributed equitably among all segments of society. This can be achieved through active participation and collaboration in global governance, and by creating policies that promote sustainable development and social inclusion.

Also Read: Reminiscence of the 2022 Year of Unexpectations

Durand Line History: How did it come into Being?

Pakistan and the international community consider this 2,430 km long border but there is conflict among Afghanis. Let’s discuss Durand Line history in detail.

Feminism is Not Really a Third-World Issue Essay

Feminism is a social, political, and cultural movement that aims to promote equality between men and women. It seeks to challenge and eliminate discrimination.

Is the United Nations really Successful?

It has been 77 years of the San Francisco meeting of 1945 which resulted in the foundation of the United Nations organization. It is not like it was the first attempt at the establishment of such a multilateral organization.

Pakistan’s Relations with India – 1989 to Onwards

Pakistan’s relations with India have been and are still crucial in world politics. When both countries got independence from the British in 1947, this event is a landmark in history.

Importance of Free Speech Essay

Free speech is a fundamental right that is essential for the functioning of a democratic society. It allows people to express their opinions and ideas freely.

Why Democracy is Not Always the Best Form of Government?

While democracy has its strengths, it is not always the best form of government. It is because it can lead to inefficiency, mob rule, and the suppression of minority rights.

One Comment

Great effort

Business Management Ideas

Essay on Globalisation

List of essays on globalisation, essay on globalisation – definition, existence and impact (essay 1 – 250 words), essay on globalisation (essay 2 – 250 words), essay on globalisation – in india (essay 3 – 400 words), essay on globalisation – objectives, advantages, disadvantages and conclusion (essay 4 – 500 words), essay on globalisation – for school students (class 6,7,8,9 and 10) (essay 5 – 600 words), essay on globalisation (essay 6 – 750 words), essay on globalisation – for college and university students (essay 7 – 1000 words), essay on globalisation – for ias, civil services, ips, upsc and other competitive exams (essay 8 – 1500 words).

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

Get FREE Work-at-Home Job Leads Delivered Weekly!

Join more than 50,000 subscribers receiving regular updates! Plus, get a FREE copy of How to Make Money Blogging!

Message from Sophia!

Like this post? Don’t forget to share it!

Here are a few recommended articles for you to read next:

Which is More Important in Life: Love or Money | Essay
Essay on My School
Essay on Solar Energy
Essay on Biodiversity

No comments yet.

Leave a reply click here to cancel reply..

You must be logged in to post a comment.

Billionaires

Donald Trump
Warren Buffett
Email Address
Free Stock Photos
Keyword Research Tools
URL Shortener Tools
WordPress Theme

Book Summaries

How To Win Friends
Rich Dad Poor Dad
The Code of the Extraordinary Mind
The Luck Factor
The Millionaire Fastlane
The ONE Thing
Think and Grow Rich
100 Million Dollar Business
Business Ideas

Digital Marketing

Mobile Addiction
Social Media Addiction
Computer Addiction
Drug Addiction
Internet Addiction
TV Addiction
Healthy Habits
Morning Rituals
Wake up Early
Cholesterol
Reducing Cholesterol
Fat Loss Diet Plan
Reducing Hair Fall
Sleep Apnea
Weight Loss

Internet Marketing

Email Marketing

Law of Attraction

Subconscious Mind
Vision Board
Visualization

Law of Vibration

Professional Life

Motivational Speakers

Bob Proctor
Robert Kiyosaki
Vivek Bindra
Inner Peace

Productivity

Not To-do List
Project Management Software
Negative Energies

Relationship

Getting Back Your Ex

Self-help 21 and 14 Days Course

Self-improvement.

Body Language
Complainers
Emotional Intelligence
Personality

Social Media

Project Management
Anik Singal
Baba Ramdev
Dwayne Johnson
Jackie Chan
Leonardo DiCaprio
Narendra Modi
Nikola Tesla
Sachin Tendulkar
Sandeep Maheshwari
Shaqir Hussyin

Website Development

Wisdom post, worlds most.

Expensive Cars

Our Portals: Gulf Canada USA Italy Gulf UK

Privacy Overview

Cookie	Duration	Description
cookielawinfo-checkbox-analytics	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional	11 months	The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy	11 months	The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.

Privacy Policy
Our Authors
Subscribe Us
Google Plus

Tag - CSS Essay on Globalization

Globalization and its Economic Social Political and...

Beginner's Guide
Past Papers
CSP Members

		> >

Today's Posts

Community Links

Search Forums

Go to Page...

Saturday, May 07, 2011


(Tuesday, May 17, 2011), (Tuesday, February 14, 2012)


(Tuesday, February 14, 2012)

Saturday, May 07, 2011

Monday, May 16, 2011

Negative integration
Positive integration

More Liquidity in Capital and Reduced Financial Risk
Economical Advantage
Interdependability between Nations
Unemployment

1. Improvement of International Trade
2. Technological Progress.
3. Increasing Influence of Multinational Companies.
4. Power of the WTO, IMF, and WB
5. . Greater Mobility of Human Resources across Countries
6. Greater Outsourcing of Business Processes to Other Countries
7. Civil Society

Integration of Cultures

GLOBALIZATION AND RE-INDUSTRIALIZATION IN PAKISTAN
GROWTH RATE OF EXPORTS AND IMPORTS

GDP GROWTH RATE

GROWTH RATES OF GNP PER CAPITA

FOREIGN TRADE AND INVESTMENT LIBERALIZATION

CAPITAL FLOWS

DEGREE OF OPENNESS

AVERAGE TRENDS IN UNEMPLOYMENT

IMPACT OF WTO ON PAKISTAN

( Globalization and the United States: Positive and Negative Impacts on American Domestic Policies)

Tuesday, May 17, 2011

Thread Tools

Search this Thread

Posting Rules
post new threads post replies post attachments edit your posts is are code is are are are

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
	saharsyed	Essay	16	Saturday, May 09, 2020 01:08 PM
	mnadeem	Essay	2	Wednesday, May 25, 2016 02:21 PM
	shrd	Essay	0	Wednesday, February 02, 2011 01:27 AM

- - -

LinkBack

An Analysis of the Concept of Globalization of Markets

Taimur Khan
November 22, 2023
CSS , CSS Solved Essays

CSS 2022 Solved Essays | An Analysis of the Concept of Globalization of Markets

Taimur Khan, a Sir Syed Kazim Ali student, has attempted the CSS 2022 essay “An Analysis of the Concept of Globalization of Markets” on the given pattern, which Sir Syed Kazim Ali teaches his students. Sir Syed Kazim Ali has been Pakistan’s top English writing and CSS, PMS essay and precis coach with the highest success rate of his students. The essay is uploaded to help other competitive aspirants learn and practice essay writing techniques and patterns to qualify for the essay paper.

1- Introduction

✓ Although the establishment of an integrated global financial system, the advancement in manufacturing and transportation technologies and decent growth in international migration patterns through the globalization of markets have some benefits globally, it has proved detrimental to developing countries as the process has given rise to core-periphery relations between the North and South in the technological sphere, retarded economic development in the newly globalized nations, invited the exploitation by the global corporations, allowed financial crises, exacerbated poverty and inequality, enhanced commodity dependence, harmed domestic agriculture sector, and contributed to the environmental degradation.

2- Understanding the globalization of markets

3- What are the salient drivers of the globalization of markets?

Case in point : The structural adjustment programs in developing countries, perestroika in Russia in the 1990s, and trade liberalization in China and India allowed the globalization of the markets.
Case in point : Since WWII, the US dollars, involving 90 per cent of foreign exchange transactions, as estimated by the Bank of International Settlements, the Swift system, as well as electronic banking, has accelerated states and global corporations to conduct their business in a single global market arena.
Case in point : The technological improvement leading to advanced manufacturing technologies, such as computer-based design and products (CAD), computer-controlled equipment, and robotics; and transportation technologies, such as containerization, fuel-efficient jumbo jets, and Universal Product Code, have aided companies to globalize their products, leading to e-commerce and e-business worldwide.
Case in point : Migration, according to the National Library of Medicine (NIH), not only changed the workforce composition of many multinational corporations (MNCs) but also enhanced the internationalization process of Chinese firms, as per the International Business Review.

4- How has the globalization of markets proved detrimental to developing economies?

Case in point : MNCs originating from the developed world have a limited penchant for strategically aligning with local firms in terms of developing, innovating, and transferring technologies to developing economies, resulting in Core-Periphery relations between the developed and developing countries (Italian National Research Council).
Case in point : The globalization of markets has created an asymmetrical impact of global markets on local markets, which have low productive assets and hence are receptible to a minuscule foreign investment (Brookings).
Case in point : The deregulation of labour markets resulting in the abolishing of labour unions has exploited labour in developing countries, with the Reuters recording thousands of labourers protesting against low wages were forced into layoffs by local apparel manufacturing firms supplying global MNCs like H&M and Next.

5- What are some benefits that the globalization of markets offers globally?

Case in point : Although the globalization of markets has given rise to highly globalized emerging economies challenging the Western-led economic global world order, it has made these nations vulnerable to economic crises, such as what happened in the 1997 banking crisis hitting the Newly-Industrialized Countries (NICs) in the East Asian region.
Case in point : The globalization of markets has widened economic interdependence through international trade and transnational supply and value chains, preventing interstate conflicts, but it has led to underdevelopment in most parts of the world with market-led growth strategies.
Case in point : Globalization of markets has really created economies of scale, thereby increasing global capitalism; however, it has created commodity-dependence economies, a problem that most of the developing countries, or about eighty-five per cent, suffer from, according to the United Nations Conference on Trade and Development (UNCTAD).

✓ The globalization of market failure: a case study of Bangladesh

Case in point : The market capture of synthetic fibre produced in the US through capital-intensive techniques against the natural fibre cultivated in Bangladesh has resulted in the decrease of the latter’s commodity from 1.0 million to fifty-two thousand metric tons due to its price decrease in the international market, reflecting the negative outcomes of globalization of markets in the form ruining local industry and destroying the environment (University of Massachusetts).

6- Critical Analysis

7- Conclusion

Extensive English Essay and Precis Course for CSS & PMS Aspirants

Historically, markets have almost always existed at community, country, and regional levels. However, the advent of globalization has transformed once-scattered markets into a single global market, dubbed the globalization of markets. Nonetheless, this globalization of markets has created asymmetrical impacts for different nations. Although the globalization of markets, driven by economic liberalization at the state level, the establishment of an integrated global financial system, the advancement in manufacturing and transportation technologies, and decent growth in international migration patterns have some benefits for developed countries. That includes multiplying emerging economic players, enhancing interdependence, and increasing economies of scale. However, on the other hand, it has proved detrimental to developing countries as the process has given rise to core-periphery relations between the North and South in the technological sphere. It has also retarded economic development in the newly globalized nations, invited global corporations to exploit them, permitted financial crises, exacerbated poverty and inequality, enhanced commodity dependence, and harmed their domestic agriculture sector. Undoubtedly, the globalization of markets may have benefitted some emerging economies by challenging Western globalization strategies, creating global interdependence and enhancing economies of scale. However, it has not only ruined local industry in developing nations due to international commerce but also devastated their environment.

Free Orientation for CSS English Essay and Precis

Before highlighting the drivers of the globalization of markets, it is imperative to explore the meaning of the phrase. The term globalization of markets refers to ‘ ’the merging of historically distinct and separate national markets into one huge global marketplace.” . Globalization of markets, according to Theodore Levitt, who coined the term, anticipated the effects of globalization on international business owing to advancements in technology and changing social behaviours. In fact, it is globalization that has fundamentally changed the manner in which global markets are structured, having had significant implications for not only international business- as anticipated by Levitt, but also consumers, economies worldwide and the environment. First, globalization has broadened firms’ horizons by viewing the entire world as one single market, hence a source of goods, services, capital, labour, and knowledge. Second, firms may enhance their operations by generating synergies by cooperating with international businesses through joint ventures and strategic alliances. In short, the globalization of markets has changed the very structure of the previously scattered markets on national levels, morphing into a single humongous global market.

Having examined the meaning of the phrase, it is pertinent to highlight the drivers of the globalization of markets. To begin with, the modernization, industrialization, and, above all, trade liberalization policies adopted by the developing countries during the heydays of the Cold War ushered in the process of the globalization of markets. First, the modernization of the agriculture sector in developing countries through the Green Revolution in the 1960s paved the way for agro-based industrialization in these countries. The modernization also fostered gross income that allowed enhancement in the living standards, thereby creating a market for high-value products in developing countries. Thus, modernization and industrialization accelerated international trade, whereby firms in both developing and developed nations found the entire world to be a market audience. Second, the trade liberalization in the two most populous nations, China and India, in the 1980s and 1990s, respectively, aided the integration of world markets, leading to the globalization of markets. In addition, the trade liberalization in the context of structural adjustment Programs (SAPs) in the 1980s onwards in developing countries and the policies of perestroika, or restructuring after the fall of the Belin Wall in Russia, along with the de-Sovietization of various erstwhile Soviet Union countries, had laid down an enabling environment for the restructuring of international markets. Therefore, the national-level policies had initially laid a foundation for the globalization of markets to get momentum, paving the way for the firms to stretch their muscles the world over.

Besides national initiatives, the global financial system has also caused the globalization of markets. Three interrelated financial components are responsible for the globalization of markets. First, the integration of markets has enabled firms to borrow and raise capital, which has increased from six per cent of the world GDP in the 1980s to fifteen per cent in 2006, according to the International Monetary Fund (IMF). Second, it has aided internationally oriented firms in conducting their business smoothly through US dollars, enhancing financial certainty in international payments. For instance, according to the Bank of International Settlement, about ninety per cent of the foreign exchange takes place in US dollars. Third, the advent of the Society for Worldwide Interbank Financial Telecommunication System (SWIFT), a messaging network aimed at providing safe and secure financial transactions for its members comprising individuals and financial institutions, has revolutionized international markets by providing the beneficiaries a streamlined method for international payments and settlements. In brief, the ballooning global capital market, dollar-dominated international trade, and the SWIFT system are responsible for the globalization of markets.

In addition to smooth international financial infrastructure, since globalization involves every aspect of technology, technological improvements in manufacturing, transportation, and information communication have also helped the globalization of markets flourish. The state of the art manufacturing technologies such as both Computer-aided Design(CAD) and Computer-aided Manufacturing (CAM) have increased the international outreach of manufacturing companies by not only increasing their volume but also efficiency and quality yet at a cost-effective way, which is also helpful in reverse engineering, a bedrock of China’s global market capture. In addition, technological improvements such as containerized transportation and the development of fuel-efficient commercial jumbo jets have also enhanced the working of global markets. Containerized systems of transportation help increase productivity, decrease expenses, and form standardized logistics. It also helps in enabling intermodal transportation as containerized products can be transported by other modes of transportation such as trains, trucks, and ships–helping in the standardization of global trade. Furthermore, information and communication technologies such as electronic banking, the World Wide Web and the adoption of UPC increasing the flow of goods worldwide, have created e-business and e-commerce, leading to the global digital economy, totalling about 43.7% of the world GDP, according to Multidisciplinary Digital Publishing Institute MDPI. Therefore, technological improvement has altered the structure of markets, allowing companies to rapidly globalize their services and products.

Besides, the enhanced transboundary migration has also fostered the globalization of markets. Globalization involves migratory shifts, which have increased to 3.6 per cent in the last decade as a proportion of people living outside their country of origin, according to the International Organization for Migration. Migratory shifts impact the way firms conduct their business ventures relating to human resource management and their entry mode, especially concerning foreign direct investment (FDI ). For example, in the top hundred metropolitan areas in the USA, where the headquarters of many non-US MNEs are based, the growth in the highly skilled categories of migrants has transformed the workforce composition of many transnational corporations, bearing implications for not only the staffing and diversity policies of companies but also the setting up of entrepreneurial ventures back home (National Library of Medicine). Moreover, migration has also provided the context in which firms enter into foreign markets as they carry with them specific value systems operating transnationally. In fact, migration, according to the International Business Review, has helped Chinese firms’ internationalization process. China uses FDI as a tool not only to implement its business ventures through the Chinese workforce abroad but also to gain knowledge-related assets overseas, thus creating synergies through the local migrants’ intercourse in business ventures. For example, the Asian Survey reported that a sixty-thousand-strong Chinese workforce was working on the Pakistan Economic Corridor (CPEC). In a nutshell, migration has not only integrated global human resource capital in the context of organizational culture but also consolidated investment portfolios.

The above-mentioned drivers of globalization have contributed to the phenomenon of globalization of markets. However, the globalization of markets has produced asymmetrical impacts, with most of the developing countries at the receiving ends of the phenomenon. In fact, it has precluded the developing nations from competing with the ever-powerful juggernaut of multinationals of the Western countries aided by favourable economic order. Therefore, the globalization of markets has proved detrimental to developing nations in a variety of ways.

To begin with, the globalization of markets has manufactured the technological dependence of developing countries on the developed world. The neoclassical model regarding technological inducement argues that technology is a given and, thus, a free market would help transform technology from the developed world to the under-developed markets. Nonetheless, despite having adopted the free market philosophy, the developing nations have yet to fully benefit from the fruit of global technological development for the following reasons. First, most of the MNCs, the vehicle for the transmission of technology across the world, have a limited tendency to neither ground their R&D and innovative activities in developing countries, which comprises less than ten per cent of these activities nor establish patents in host countries, which are concentrated mostly in technologically advanced countries (Italian National Research Council). Second, according to the Journal of Technology Management, nearly ninety-four per cent of the recorded strategic technology partnering (STP) involves the developed world, barring some partnerships with the newly Industrialized Countries(NICs). Third, the developing countries have neither the human capital to operate, improve, adapt, and innovate nor the technological infrastructure to record patents, leaving these countries to “collect the crumbs of the multinationals. In short, although globalization of markets may offer technological transfer from the rich countries to the poor ones, technological transfer is a distant dream for the developing countries owing to the nonchalant behaviour of the MNCs to develop technology in these countries, the lack of technology related strategic partnership with the under-developed world, as well as the lack of human capital in developing nations to fully harness technological advancement, creating a core-periphery relations between the South and the North.

Besides discouraging technological transfer to developing countries, the globalization of markets has no built-in structure for the local economies to reap the benefits of investment opportunities. Most of the developing nations have enjoined the globalized system of marketplace lately long after the developed world had created strong economies to be integrated into the globalization of markets, making the former countries unable to produce strong private sector. On the other hand, developed countries have created a strong private sector, strengthening their firms’ operations as transnational corporations. This transnational corporation, in turn, has a very strong foothold in developing countries, obstructing the growth and development of local business firms. In addition, since the globalization of markets favours only those firms that already have decent productive assets and economies of scale in the transnational business environment, the overly dependent on MNCs, ultimately, has created an unequal opportunities structure where national and global corporations can compete. Although the presence of multinationals is ubiquitous, the non-C MNCs investment is paltry in developing countries, leaving the developing countries at the hands of rapacious transnational corporations. For instance, according to the Brookings, nearly eighty per cent of foreign investment occurs in industrialized countries, with less than one per cent of the US investment going to sub-Saharan Africa. In short, the globalization of markets has favoured multinationals in developing nations, leaving the latter with fewer investment opportunities.

In addition to obstructing reaping the benefits from global investment, the globalization of markets has put the developing world at the mercy of exploitative business activities like environmental destruction and preventing real wages of labour due to weak regulatory governance and deregulated labour markets in the developing world . For instance, according to the United Nations Conference on Trade and Development (UNCTAD), about eighty per cent of global trade, which increased from twenty per cent to forty per cent from 1990 to 2013, primarily through MNCs, reflecting their prowess in global market structure. However, the MNCs in developing countries engaging in such activities as purchasing raw materials, outsourcing production, and selling to consumers have subdued economic development by making these economies occupy low-value-added activities such as supplying low-value raw materials. Furthermore, the MNCs have exploited natural resources by engaging in environmentally unsustainable activities such as excessive water extraction for foreign firms, fragile waste management systems, and deforestation, to name a few . As an example, seven of the top ten fossil fuel emitters are headquartered in developing countries (World Benchmarking Alliance). In addition, since the globalization of markets has integrated the labour markets the world over, it has exploited labour relations in developing economies through global supply chains. For instance, at least three apparel manufacturers in Bangladesh supplying H&M, Mauritiz, and Next about USD five billion garments annually laid off thousands of workers attached to labour unions protesting against low wages in 2018, according to Reuters. In a nutshell, the globalization of markets has resulted in the MNCs wielding undue economic power, leading to environmental destruction and labour exploitation in developing nations.

Globalization of markets has resulted in the exploitation of resources, inhibited global investment, and failed to transfer technology to developing countries. Nonetheless, some still view the globalization of markets with favourable perspectives.

First, the globalization of markets, some argue, has given rise to new economic players like India, China, Brazil, and Russia by creating new opportunities for businesses in these emerging economies, challenging the dominance of those countries benefiting from global markets. The argument, therefore, goes that the globalization of markets has also generated wealth in these economies, leading to higher living standards and increasing global output growth. However, the integration of emerging economies through the globalization of markets caused financial crises like the East Asian Financial Crisis of 1997 due to their exposure to global financial markets and the Great Recession of 2008, leading to currency devaluation and inflation in Argentina, Mexico, and Turkey. Second, globalization of markets, as some of its proponents would argue, has enhanced the integration of markets, broadening trade, boosting investment, and establishing complex supply chains, resulting in economic interdependence, often through multilateral blocks such as the European Union and NAFTA, leading to benign inter-state relations. The globalization of markets aiding economic relations among states might prevent interstate conflicts; nonetheless, it has not only failed to reduce poverty within the underdeveloped world but also increased inequality between the rich and poorer countries. To illustrate, the SAPs in developing nations since the 1980s have increased the reliance on markets for social policy objectives, but it has miserably failed to bridge the gap between the poor and the wealthy countries. For instance, poverty, according to the United Nations Development Program, remains high in underdeveloped countries, except for a few developing countries like China and India. Similarly, the ratio of the average income of the richest to the poorest countries in the nineteenth century was nine to one; today, the average family in the US is sixty times richer than that in Ethiopia or Bangladesh (the Benchmark Alliance).

The third argument in favour of globalization of markets is its positive role in increasing global wealth. The argument goes that the increase in transnational capital through globalization of markets allows national units of production to transform into global units, creating economies of scale through comparative advantage, trans- trans-transnationalization of production and capital ownership, as well as advanced technological and manufacturing technologies, etc., has multiplied global economic wealth. However, the benefits of global wealth have not trickled down to the poor nations. For example, according to the Harvard Business Review, despite market-oriented reforms and opening up to the international markets, financial, capital, and production, these countries are still unable to diversify and boost their exports or attract investment . Similarly, the globalization of markets has furthered commodity dependence, a market situation where an economy solely depends on exporting a commodity that may threaten its export base when that commodity is hit in the international market of developing countries. Most of the countries enlisted in UNCTAD’s commodity-dependent nations are developing countries, reflecting the negative impacts of globalization of markets.

Also, the globalization of markets in commodity trade not only obstructed national industries from flourishing in developing countries but also invited environmental destruction. The phenomena can be elaborated through a case study of Bangladesh’s natural fibre industry destroyed by the US’s synthetic fibre. Moreover, globalization of markets has sidelined natural raw materials such as cotton, jute, and wool, the mainstay of developing economies, in favour of synthetic substitutes produced in developed countries owing to the market decline of natural fibres in the developed world. The impacts of the decline are two-fold: the loss of market capture for natural fibre and the environmental cost associated with synthetic substitutes. For instance, the import of Bangladesh’s jute, producing about eight per cent of the total production and engaging a quarter of the population in the country, plummeted to North America and Europe from a million to a paltry fifty-two thousand metric tons while also decreasing its price by seventy per cent in the last three decades, as per a research by the University of Massachusetts. Regarding environmental degradation, polypropylene fabric, the main synthetic substitute for jute produced and marketed in developed countries, is highly hazardous to the environment. For instance, its production technique is highly environmentally destructive and emits environmental pollutants like particulates, sulfur oxides, nitrogen oxides, carbon monoxide, and ammonia. Similarly, its energy use in production is six times greater than that of jute. In brief, not only has the globalization of markets destroyed the local agriculture sector in developing countries, but it has also created environmental hazards under the garb of competitiveness and efficiency, the hallmark of globalization of markets.

In conclusion, although globalization of markets may offer some opportunities for developing nations, it has proved inimical for these countries. Modernization, industrialization, and liberalization of national governments across the world laid the foundation for the phenomenon since WWII. The international capital markets, the use of a single currency, i.e., the US dollar, the SWIFT system, and technological improvements in manufacturing and transportation have helped global markets flourish. Migration patterns have also driven the globalization of markets through global human resource development and foreign investment. Globalization of markets has failed to satisfy the needs of developing nations. It has failed to transfer technology and bring long-term investment to poor nations. It has also encouraged the perpetuation of the exploitative business activities of the MNCs. Although the globalization of markets has helped create emerging economies, economic interdependence, and increased global wealth, it has given rise to financial crises, increased poverty and inequality, and commodity dependence. Globalization of markets not only prevented the national economic sectors from stagnating but also proved disastrous for the environment.

2-Month English Essay & Precis Crash Course

CSS Solved Past Papers’ Essays

Looking for the last ten years of CSS and PMS Solved Essays and want to know how Sir Kazim’s students write and score the highest marks in the essays’ papers? Then, click on the CSS Solved Essays to start reading them. CSS Solved Essays

CSS 2022 Solved Essays

Are you searching for CSS 2022 solved essays by Sir Syed Kazim Ali’s students? Click on any of the topics to start reading the solved essays.

1-


4-	“Imagination is more important than knowledge”.


7-	World food systems: the economics of agriculture.
8-	Is there such a thing as ethical consumerism?
9-	Human development and economic sustainability.

CSS Solved General Science & Ability Past Papers

Want to read the last ten years’ General Science & Ability Solved Past Papers to learn how to attempt them and to score high? Let’s click on the link below to read them all freely. All past papers have been solved by Miss Iqra Ali & Dr Nishat Baloch , Pakistan’s top CSS GSA coach having the highest score of their students. General Science & Ability Solved Past Papers

Articles Might Interest You!

The following are some of the most important articles for CSS and PMS aspirants. Click on any to start reading.

Top Categories

Cssprepforum, education company.

cssprepforum.com

Welcome to Cssprepforum, Pakistan’s largest learning management system (LMS) with millions of questions along with their logical explanations educating millions of learners, students, aspirants, teachers, professors, and parents preparing for a successful future.

Founder: Syed Kazim Ali Founded: 2020 Phone: +92-332-6105-842 +92-300-6322-446 Email: [email protected] Students Served: 10 Million Daily Learners: 50,000 Offered Courses: Visit Courses

More Courses

Basic English Grammar and Writing Course

Extensive English Essay & Precis Course for CSS and PMS

CSS English Essay and Precis Crash Course for 2023

Subscribe to our mailing list to receives daily updates direct to your inbox.

CSS Solved Essays
CSS Solved GSA
CSS Solved PA
CSS Solved Islamiat
Current Affairs
All Courses
Writers Club
All Authors
All Members
All Teachers
Become an Author
Who is Sir Syed Kazim Ali?
Privacy Policy

CssPrepForum is Pakistan’s largest and greatest platform for CSS, PMS, FPSC, PPSC, SPSC, KPPSC, AJKPSC, BPSC, GBPSC, NTS, and other One Paper 100 Marks MCQs exams’ students. It has become Pakistan’s most trusted website among CSS, PMS students for their exams’ preparation because of its high-quality preparation material.

@ 2023 Cssprepforum. All RightsReserved.

COMMENTS

Pros and Cons of Globalization CSS ESSAY 2021
In this This essay we will explore the pros and cons of globalization, highlighting its benefits in terms of economic growth, technological advancements, and cultural exchange, while also discussing its challenges related to inequality, cultural homogenization, and environmental concerns.
Globalization: The End of Austerity
In this article, we'll discuss the very important topic of essay for the CSS exam which is "Globalization: The End of Austerity" and even this essay is found in the CSS special exam 2023. This article will help you prepare this essay and you'll be able to write enough about this essay.
Pros and Cons of Globalization for Pakistan
Globalization has transfigured Pakistan socially, politically, and economically into uncharted territory. Pakistan has procured a golden opportunity to unleash its true potential due to globalization. Globalization has put Pakistan's sovereignty at stake due to the over-dominance of the world's superpowers.
Globalization
This essay will provide a brief, and necessarily incomplete, overview of debates surrounding globalization as a source of and an antidote for conflict. The discussion will focus on economics, political authority, cultural impacts, and discontentment. These categorizations are clearly arbitrary, but given the interconnectedness ...
Essay on "Pros and cons of Globalization" [CSS 2021]
Pros and cons of Globalization (CSS Essay 2022) The term "globalization" refers to the increasing interconnectedness and interdependence of the world's economies, cultures, and populations, brought about by advances in communication, transportation, and technology.
Essay on Globalization
There is a need to encourage investment through economic liberalization, privatization and reduced trade barriers. There is a need to invest in human capital, such as health and education and creating effective institutions of governance and eradicate corruption.
Globalization and National Economies
CSS 2024 Solved Essay | Globalization and National Economies. Maleeha Sattar, a Sir Syed Kazim Ali student, has attempted the CSS 2024 essay "Globalization and National Economies" on the given pattern, which Sir Syed Kazim Ali teaches his students.
CSS Exam
Globalization is a general topic. But to understand all its aspects is an important undertaking before any application of this concept in Essay, Internationa...
Pros and Cons of Globalization
Globalization is defined as the free flow and movement of people, ideas, information, and goods across borders. It was in the second half of the twentieth century that the world witnessed a conspicuous shift from Nationalism and Mercantilism to Globalization and International Liberal Economic Order.
Globalization Archives
Globalization Archives - Cssprepforum. Safina Naz. January 25, 2024. CSS, Current Affairs, Daily Write-Ups, Featured, Globalization, Opinions. What are the Pros and Cons of Globalization for Pakistan's Society and Economy?
Globalization and its Economic Social Political and Cultural Impact (Essay)
The increased political and economic movement of globalization has left the major aspect of society, i.e. people. The idea of social justice aims at creating a society based on the idea of equality and solidarity, the values of human rights, the dignity of every human being.
Solved CSS English Essay 2023 Paper: Explanations and outlines
Solved CSS English Essay 2023 Paper: Explanations and outlines CSS Paper English Essay (2023) was a crucial paper for the Civil Superior Services examination 2023 (CE-2023) in Pakistan. A strong.
Globalization: What Globalization Is and Its Impact Essay
Globalization is a complex phenomenon that has a big influence on various fields of human life, including economics, society, and culture. Even though trade between countries has existed since time immemorial, in the 21st-century, globalization has become an integral part of the world's development.
Globalization for a Sustainable Global Future
Globalization refers to the process of unifying economies, societies, and cultures across borders via international exchange of goods, ideas and information. Globalization has long been at the heart of global economic development. And its effect has had far reaching ramifications on how we live and work.
Globalization Essay Outline and Tools
Essay on Globalization CSS Forum - Free download as PDF File (.pdf), Text File (.txt) or read online for free. essay.
Globalization: A Weapon for Colonisation or a Tool for Development
By Wardah Sattar January 14, 2023. Home / English Essays and Precis / Globalization: A Weapon for Colonisation or a Tool for Development. Globalization is a phenomenon that has been shaping the world for decades. It refers to the increasing interconnectedness and interdependence of countries through trade, investment, and communication.
Essay on Globalisation: 8 Selected Essays on Globalisation
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.
Impacts of Globalization on Developing Countries
Easier access to information and the flow of goods and services have helped the masses to get rid of the deadliest impacts of the virus. Likewise, developing nations, owing to globalization, are not left alone to fight the menace of global warming, terrorism, extremism, and poverty.
CSS-Top-five-Essays-by-Mureed-Hussain-Jasra.pdf
CSPs for CSS & PMS 0316-5701593 Mureed Hussian Jasra,CSP Implications of Globalization in 21st Century A. Introduction 1. Evolution of civic life after Industrial Revolution 2. Emergence of concept of globalization 3. Tools which promote globalization B. Positive Implications of Globalization in 21st Century 1.
CSS Essay on Globalization Archives
Tag - CSS Essay on Globalization. English Essay. Globalization and its Economic Social Political and... Like us on Facebook.
Essay on Globalization
World as a Global Village: Learning to live together The term 'Global Village' can easily be defined as an exchange of various cultures through telecommunications. Though it may seem simple enough.
"GLOBALIZATION" 3rd Important essay
Definition of Globalization Understanding Globalization Technology and Globalization? Globalization and Its Affects on Developing Countries • Negative integration • Positive integration Economic.
An Analysis of the Concept of Globalization of Markets
CSS 2022 Solved Essays | An Analysis of the Concept of Globalization of Markets. Taimur Khan, a Sir Syed Kazim Ali student, has attempted the CSS 2022 essay "An Analysis of the Concept of Globalization of Markets" on the given pattern, which Sir Syed Kazim Ali teaches his students.

Pros and Cons of Globalization CSS ESSAY 2021

Thesis Statement

Introduction

Exposition: Understanding Globalization

Pros of Globalization

Technological Advancements

Cultural Exchange and Diversity

Cons of Globalization

Cultural Homogenization

Environmental Concerns

Addressing the Challenges

Economic Reforms and Redistribution

Preserving Cultural Diversity

Sustainable Development and Environmental Stewardship

Case Studies and Examples

RELATED ARTICLES MORE FROM AUTHOR

Essay on “Pros and cons of Globalization” [CSS 2021]

Pros and cons of Globalization

Pros and cons of Globalization (CSS Essay 2022)

Pros of Globalization

Access to a wider range of goods and services:

Job creation and increased wages:

Improved living standards:

Increased competition:

Cultural exchange and understanding:

Spread of technology and knowledge:

Access to foreign markets:

Reduction of poverty:

Increased political and economic cooperation:

Cons of Globalization

Loss of jobs and declining wages in some industries:

Widening income inequality:

Environmental degradation:

Loss of cultural identity:

Loss of control over economic policy:

Spread of diseases:

Exploitation of workers:

Loss of small businesses:

Dependence on foreign markets:

Threat to national security:

To Download Pros and cons of Globalization in PDF Click below

Political Science OR International Relations? (A Well elaborated Analysis)

Pros and Cons of Globalization – CSS Essay

5 Major Pros of Globalization

1. Globalization offers Mutual Cooperation & Development

2. Globalization offers more Peace in the World

3. More Employment Opportunities for Individuals in a Globalized World

4. Market Competition keeps the Prices Down

4 Prominent Cons of Globalization

1. Exploitation of Poor States by the Rich States

2. Globalized world poses threats to Cultures | Cultural Assimilation

4. Growing Terrorism

Wrapping Up

You may also like

Globalization: What Globalization Is and Its Impact Essay

Primary Source Data

Globalization for a Sustainable Global Future

About Author

Muhammad Munib Rasool

Unveiling Alternative Pathways to Teaching

10 Tips for Writing a Good Essay in a Competitive Exam in Pakistan

Good Governance and Human Rights

Cybersecurity Threats to a Digital Pakistan

10 Comments

Leave a Reply Cancel reply

Adblock Detected

Globalization: A Weapon for Colonisation or a Tool for Development

The Impact of Globalization on Colonization

The Role of Globalization in Development

The Pros and Cons of Globalization

Cons of Globalization include:

Similar Posts

Durand Line History: How did it come into Being?

Feminism is Not Really a Third-World Issue Essay

Is the United Nations really Successful?

Pakistan’s Relations with India – 1989 to Onwards

Importance of Free Speech Essay

Why Democracy is Not Always the Best Form of Government?

One Comment

Leave a Reply Cancel reply