The Impact of Globalization on the political and economic world

General introduction to Globalization.

Globalization is the process of developing or expanding business services and technologies worldwide. It requires a considerable investment to grow into a multinational corporation.

Define Globalization

Globalization is the process of interaction or integration among people, companies, and governments worldwide. Simply, it is the widening, depending, and speeding up worldwide interconnectedness.

Types of Globalization

Social:

It refers to integrating our societies with different groups of people.

Technological:

This refers to the spread of technology worldwide, like solar panels and medical technologies.

Financial:

There is an ease at which money can be spread around the world, like NYSE and FTSE.

Economic:

It refers to how corporations do business as multinational organizations nowadays.

Political:

It refers to diplomatic negotiations between nation and state. It includes the standardization of global rules around trade.

Culture:

This refers to the spread and mixing of world cultures. This concept relates to cultural adaptation, diffusion, and hierarchy.

Ecological:

It denotes the idea that the world needs to be considered one organized ecosystem.

Sociological:

This refers to the idea that the world is no longer seen as a group of distinct nations.

Advantages of Globalization

Transfer of Technology:

This refers to the communication of people worldwide using advanced technology at low cost, time, and effort.

Better service:

Technologies like mobile networks, internet, electricity supply, and many more have made it easier to provide better services.

Standard of living:

This enables people to improve their living standards and overcome poverty.

Extension of markets:

It provides a worldwide opportunity for companies to demand their products, services, foreign currency, and customers.

Affordable Products:

Nowadays, as technology is increasing, companies are also growing their products to be of better quality, price, and quantity to avail profits.

Disadvantages of Globalization

Growing Inequality:

This may increase the difference throughout the world by increasing specialization and trade. This may boost the per capita income and cause a poverty line.

Increasing the unemployment rate:

Globalization can increase unemployment by requiring highly skilled labor at the cheapest price.

Trade imbalance

It refers to the currency between the countries’ imports and exports. Trade imbalance relates to the values between the countries importing and exporting goods and services.

Environmental loot:

The moto of industrialization is to increase the results of Globalization, but it harms the environment simultaneously, which may hurt the landscape badly.

Conclusion:

Globalization is no doubt a worldwide phenomenon. It has caused the countries to come together regarding culture and technological aspects.