A Economic Globalization – A free trade

A process of elevatedinteraction and integration amidst the population, companies and bureaucracy ofdifferent nations is referred to as Globalization. It is a process driven byinternational trade and investment which has its effects on social as well ascultural aspects. Globalization started thousands of years ago. Individuals andcompanies would travel long distances to export and import goods from onenation to another on the basis of availability and requirement in their nations.The establishment of enterprises in foreign nations in the early years is aproof of globalization’s beginning.The advancements intechnologies and adoption of new protocols of free trade has boomed the processof globalization to a great extent. The progress of the economy of developingcountries, exposure of new products and ideas, better quality products due tocompetition and the availability of products from the world has lead to equality.Massive amount of profits and exposure of small producers to the world givesrise to new opportunities.

This proves that the world has entered aquality phase of growth and equality.”Arguing against globalization is like arguing againstgravity.” – Kofi Annan, Former Secretary General of the United Nations.The types of globalization include:1.      EconomicGlobalization – A free trade arrangement that grants the easy and economical transferof goods, productions, capitals and resources. This aids the problems of placeswhere there is scarcity of resources, spices, goods or other products. It benefitsa multinational corporation as well as a small scale producer as their productcan reach to different nations where it is required.

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For some products, theresources and raw materials may not be available at the place of origin, so toaid these parts, resources or raw materials are either imported or assembled ina branch there and in this way, it helps the corporation or a producer to getthe required resources at a reasonable price and also get better qualityproducts. In a recent press conference of Apple, Tim Cook was questioned fortheir products assembly in China. Tim stated, “The availability of machinery andthe minute craftsmanship of workers in China is unmatched.” The minute partsand assembly would cost him a good amount in the United States and still mightnot be able to match the perfection of the product. Manufacturing, parts andassembly of products in Beijing, China at a fair price and exposure of aperfect product to the world has led to the success of the company as well asthe economy. 2.

      PoliticalGlobalization – Different nations, different rulers and democracies with variedthoughts, varied culture and population. Thus, policies vary in differentnations. United Nations brings all the participant nations to the same tablewhich makes them serve the purpose of equality and humanity. The objectivesinclude social as well as economic development, maintaining peace and security,protecting the environment and providing humanitarian aid during epidemics,famine or armed conflicts. The protocol of bilateral agreement of Globalizationand Free trade, adoption or modification of protocols according to the requirementfor the growth and development of the economy and the population.3.      TechnologicalGlobalization – The right to have access to the latest technology is theconcept of Technological Globalization.

The import and export of the newestproducts in the market has given the benefit of products reaching worldwide.This gives a rise to a constant competition of creative products and new ideasat an affordable price most of the times. The unbelievable advancements intechnology and the internet have played a major role in the process ofGlobalization. The ease of use, automation, and better efficiency of powersources, electric powered vehicles and the development of a new technology or aproduct each day gives the idea of technological development.4.      Financial Globalization– The increase in global linkages through cross-border financial flows i.

e. theinterconnection of world’s markets. For e.g. Stock Markets 5.

      CulturalGlobalization – The availability of entertainment, food, apparels from allparts of the world at every nation and thus destroying culture barriers givingrise to exposure to new cultures. Accepting and experimenting in lifestyles.Thus, forming a feeling of equality in diversity.6.

      SociologicalGlobalization – All humans are born as equal and should be treated equally. Thesocial taboos in India have decreased to a wide extent due to sociologicalglobalization. Women empowerment and Human rights policies formed by the UnitedNations are an example of sociological globalization.7.      EcologicalGlobalization – Destroying the idea of the world being divided into continentsor countries and considering the earth ecosystem as a single ecosystem andfighting against the arising ecological issues such as Global warming,protecting endangered species, biodiversity and creation of a healthy ecosystemfor all mankind, not just a nation, or a continent! v  Advantages OfGlobalization:§     Increasedfree trade and communications between nations,§     Increasedaccess to technology, media, healthcare, education and other resources,§     Increasedquality of consumer goods at a reasonable price,§     ForeignDirect Investments increases at a rapid rate helping elevate in succeedingtechnology transfer, industrial restructuring and the growth of globalcompanies,§     Globalizationenables large companies to minimize the cost and increase quality which supportsfurther growth, §     Globalizationbroadens our mind and show us that we belong to humankind,§     Cultureexposure makes cultures rich in diversity and diffuse the narrowness of themind, §     Globalizationhelps us fight illiteracy, child-labor amd promote education,§     Globalizationimproves international relations and friendliness among other countries,§     Studentscan study in other nations and get exposure to newer opportunities andcultures,§     Apolitical leader can gather a huge amount of knowledge about people and thegovernments due to globalization,§     Asmall startup can research and sell or market their products internationallydue to globalization,§     Availabilityof new products from foreign countries,§     Economicdevelopment of the country as well as the economy of the world,§     Decreasein the older protocols and belief and adoption of western culture. v DisadvantagesOf Globalization:§     Therich and poor crisis are still an issue. The rich population has a greatershare and profit due to globalization by the resources of education andtechnology,§     Theexploitation of the earth’s resources to an unbelievable extent is done byglobalized businesses,§     Theeconomy of the world is now inter-connected.

The downfall of one major economicnation has the effect of adverse downfall on other nations,§     Environmentpollution is always a critical issue. Environment is affected by the transportof goods and burning of fuels, poisonous gases from industries, dumping of effluentwaste into rivers, etc,§     Overcrowdingof tourists has decreased the charm and maintenance of tourism spots,§     Localbusinesses cannot compete with multinational company products and thus sufferloss of importance and employment as the multinational companies can produce ona large scale and sell at throwaway prices,§     Smallscale businesses lose their value and many shutdown,§     Manypopulations and cities lose their culture, heritage and traditions on followingthe western world path,§     Theunemployment rate should have been decreased by globalization but it hasincreased in a manner. Skilled workers are at an all time requirement but unskilledworkers are out of work,§     Dependencyon Superpower countries or developed countries by developing countries,§     Thespreading of a new disease or virus also can now occur globally due to globalization,§     Globalizationhas been responsible for the deforestation in a large extent,§     Multi-nationalcompanies are doubted to be not providing good working conditions for theiremployees and high stress levels are observed in the work atmosphere.


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