🔥🔥🔥 Concepts Of Globalization

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Concepts Of Globalization

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Globalization theories - Society and Culture - MCAT - Khan Academy

This affects capitalist economic and social relations, via multilateralism and microeconomic phenomena, such as business competitiveness, at the global level. The transformation of production systems affects the class structure, the labor process, the application of technology, and the structure and organization of capital. Globalization is now seen as marginalizing the less educated and low-skilled workers. Business expansion will no longer automatically imply increased employment.

Additionally, it can cause a high remuneration of capital, due to its higher mobility compared to labor. The phenomenon seems to be driven by three major forces: the globalization of all product and financial markets, technology, and deregulation. Globalization of product and financial markets refers to an increased economic integration in specialization and economies of scale , which will result in greater trade in financial services through both capital flows and cross-border entry activity. The technology factor, specifically telecommunication and information availability, has facilitated remote delivery and provided new access and distribution channels , while revamping industrial structures for financial services by allowing entry of non-bank entities, such as telecoms and utilities.

Deregulation pertains to the liberalization of capital account and financial services in products, markets, and geographic locations. It integrates banks by offering a broad array of services, allows entry of new providers, and increases multinational presence in many markets and more cross-border activities. In a global economy, power is the ability of a company to command both tangible and intangible assets that create customer loyalty, regardless of location. Independent of size or geographic location, a company can meet global standards and tap into global networks, thrive and act as a world-class thinker, maker, and trader , by using its greatest assets: its concepts, competence, and connections.

Some economists have a positive outlook regarding the net effects of globalization on economic growth. These effects have been analyzed over the years by several studies attempting to measure the impact of globalization on various nations' economies using variables such as trade, capital flows , and their openness, GDP per capita , foreign direct investment FDI , and more. These studies examined the effects of several components of globalization on growth using time-series cross-sectional data on trade, FDI, and portfolio investment. Although they provide an analysis of individual components of globalization on economic growth, some of the results are inconclusive or even contradictory.

However, overall, the findings of those studies seem to be supportive of the economists' positive position, instead of the one held by the public and non-economist view. Trade among nations via the use of comparative advantage promotes growth, which is attributed to a strong correlation between the openness to trade flows and the effect on economic growth and economic performance. Foreign Direct Investment 's impact on economic growth has had a positive growth effect in wealthy countries and an increase in trade and FDI, resulting in higher growth rates. Further evidence indicates that there is a positive growth-effect in countries that are sufficiently rich, as are most of the developed nations. The World Bank reports that integration with global capital markets can lead to disastrous effects, without sound domestic financial systems in place.

One of the potential benefits of globalization is to provide opportunities for reducing macroeconomic volatility on output and consumption via diversification of risk. Non-economists and the wide public expect the costs associated with globalization to outweigh the benefits , especially in the short-run. Less wealthy countries from those among the industrialized nations may not have the same highly-accentuated beneficial effect from globalization as more wealthy countries, measured by GDP per capita , etc. Although free trade increases opportunities for international trade, it also increases the risk of failure for smaller companies that cannot compete globally.

Additionally, free trade may drive up production and labor costs, including higher wages for a more skilled workforce, which again can lead to outsourcing jobs from countries with higher wages. Domestic industries in some countries may be endangered due to comparative or absolute advantage of other countries in specific industries. Another possible danger, and harmful effect, is the overuse and abuse of natural resources to meet new higher demands in the production of goods. One of the major potential benefits of globalization is to provide opportunities for reducing macroeconomic volatility on output and consumption via diversification of risk.

The overall evidence of the globalization effect on macroeconomic volatility of output indicates that although direct effects are ambiguous in theoretical models, financial integration helps in a nation's production base diversification, and leads to an increase in specialization of production. However, the specialization of production, based on the concept of comparative advantage, can also lead to higher volatility in specific industries within an economy and society of a nation.

As time passes, successful companies, independent of size, will be the ones that are part of the global economy. United Nations. Accessed Oct. Stanford University. Accessed Feb. PLOS One. Oxford University Press. University of Durham. World Bank. Monetary Policy. Your Money. Personal Finance. Your Practice. Popular Courses. Economics Macroeconomics. It is mainly the process of opening up of the market of one country to the global market, or the markets or the other countries.

This helps in interconnecting various nations across the world and making the world a global village. Globalization was introduced in India in The sociology of globalization focuses its attention to the study of the changes and the consequences that have been brought about in the country as a result of this globalization. It studies the changing labor relations, economic exchange, the changing political scenario with the integration of the world economies, moreover, they focus their study on the changes in the cultural aspects of the society. The first and the foremost reason for the changes in country through globalization was the opening up of the economies to the wider world economy.

There has been a growth of telecommunication and communication services, along with the growth in technology, which has made the expansion of globalization easier. The World trade organization plays an important role in opening up trade for various countries. The developed countries help the developing countries in doing business by providing them investment known as the foreign direct investment. Globalization has also created an opportunity for people to work outside their country and bring foreign capital, this has been possible due to the creation of jobs abroad.

Moreover, globalization has led to an overall increase in the economic growth of various developing countries. However economic globalization also has its setbacks, such as the increased dependence on the developed countries that are providing capital to the developing countries, further, a setback in the economy of one country can have an impact on others as these are now all integrated.

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