Question #97eac
1 Answer
Globalization is a process of interaction and integration among the people, companies, and governments of different nation.
Explanation:
It is the process of international integration arising from the interchange of world views, products, ideas, and other aspects of culture.
Globalization is not new, though. For thousands of years, people—and, later, corporations—have been buying from and selling to each other in lands at great distances, such as through the famed Silk Road across Central Asia that connected China and Europe during the Middle Ages.
Likewise, for centuries, people and corporations have invested in enterprises in other countries. In fact, many of the features of the current wave of globalization are similar to those prevailing before the outbreak of the First World War in 1914.
Positive Impacts of Globalization
- A better economy – it introduces rapid development of the capital
market - Introducing new technologies - the new technologies and progress
in telecommunication, introduction of satellites, mobiles etc are all
results of globalization. - The new scientific research patterns are all
results of globalization. - Living standards are risen.
- Globalization introduces better trade. This is because more people are employed. This increases productivity.
- It has brought in different ideologies, and thought process amongst people.
- It creates greater opportunities for firms in less industrialized countries to tap into more and larger markets around the world
Negative Impacts of Globalization
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It introduces unfair and immoral distribution of income because of too much flow of capital amongst countries.
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The growth of international trade is exacerbating income inequalities, both between and within industrialized and less industrialized nations
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The volume and volatility of capital flows increases the risks of banking and currency crises, especially in countries with weak financial institutions.
Sources:
https://en.wikipedia.org/wiki/Globalization
