Globalization is a growing interdependence of the world’s economies, culture, and populations brought about by cross-border trade in goods services, technology, and flow of investment, people and information. Countries have built an economic partnership to facilitate these movements over many centuries. Our world today is becoming much more globalized than it has been at any point in the past.
Globalization is not a new phenomenon. There are many reasons that cause globalization. For instance, the 1st is it improved transportation, making global travel easier, enabling greater movement of people and goods across the globe. The 2nd one is it improved technology which makes it easier to communicate and share information around the world, for example, the internet. The 3rd one is the growth of multinational companies with a global presence in many different economies. The 4th it increases the movement of people from one place to another for a search of a job.
For years there has been going debates on whether globalization is a good or bad thing for the world. Some of the positive effects of globalization are global competition encourages creativity and innovation and keeps prices for commodities in check. The Government is able to better work together toward common goals now that there is an advantage in cooperation, an improved ability to interact and coordinate and a global awareness of the issue. And also it increases in media coverage draws the attention of the world to a human right violation.
This leads to an improvement in human rights protection. Medicine used us to cure a disease with its side effects globalization also has many disadvantages like the benefit of globalization is not universal the richer become richer and the poorer become poorer. Outsourcing, while it provides jobs to a population in one country, takes away those jobs from another country, leaving many without opportunities.
There are multiple areas where globalization took place it is not possible to provide all the types of examples. So, some of the examples of globalization are cultural globalization, diplomatic globalization, economic globalization, automotive industry globalization, food industry globalization, technological globalization, and banking industry globalization.
Cultural globalization: globalization has a big impact on culture let’s take Ethiopia which is a developing country in Africa people starts to use import items from western countries and changes their dressing styles and eating instead of improving their local way of life. Culture is such a broad term and when it comes to my mind I think of values and norms people have which make them live in a particular way. So if we give our attention to only one culture which is not ours we will lose our which is a big mistake because our world looks beautiful with different cultural diversities and uniqueness. Culture is dynamic.so the effect of globalization on culture is immense and diverse it has affected people’s cultural behaviors in different ways. People have had to change their living ways.
Economic globalization has emerged as a result of the merging of economies across the world through the free flow of capital, goods, technologies, and skills. Developing countries can benefit greatly from economic globalization through foreign trade and easy access to new technologies and skills. Foreign investment not only improves employment opportunities but also increase export that could improve the country’s Gross Domestic Product (GDP).
In addition to the benefit offered by foreign investment, developing countries also can gain many advantages through the spread of technologies and skills. Although under all the seemingly positive effects globalization has on the economy of developing countries, there lie numerous drawbacks that can possibly bring those countries even further down the poverty path. For instance, local businesses are suffering because they cannot meet what is considered to be the international standard.
Technological globalization is the interconnection between nations through technology such as television, radio, telephone, internet, and etc. Technology is a vital force in the modern form of business globalization. It is globalized the world, which drives all the countries to more ethical standards. Technological development is the main facilitator and driving force of most of the globalization processes.
Diplomatic globalization is the least well-known of these. It consists of things like the creation of more international organizations. It also consists of things like the cooperation of India and Ethiopia to combat illiteracy by giving opportunities to study in India scholarships.
Food industry globalization has been so quiet when it comes to influencing agricultural policy.
Of course, some industry groups have made their position known on certain aspects of agricultural legislation, but in general, the agro-food processing sector has not exerted a major influence on policy. Advance in transportation and communication technology has contributed to the growing globalization of food and beverage industry. Companies like McDonald’s and Coca-Cola have grown from a national brand to worldwide icons. Concern about dietary fats, land usage, and resource consumption will affect the future of globalization in the food and beverage industry.
The Automotive industry is greatly impacted by globalization, especially since trade in manufactured goods has outpaced the traditions sector such as mining and agriculture. Globalization has meant increasing wealth and demand for cars in newly emerging economies. Expanding markets mean continued growth for automotive manufacturers and related employment. Pollution, fule, and steel availability challenge future expansion.
Banking industry globalization financial services liberation is the increasing presence of foreign banks in a nation. The last decades have seen rapid increase in the process of banking-sector globalization. However, arguments supporting a policy of openness toward the banking industry in the host nation are far from universally accepted.in the aftermath of the recent global financial crisis, there has been considerable academic focus and policy attention on the role of foreign banks in creating economic vulnerability in host countries.
Finally, globalization is abroad subject but I tried to make it concise. Thus globalization is the process of expanding the system from the regional or national level to encompass the entire universe. So it’s our choice to use globalization in a good way to increase our productivity and to interact with the entire globe effectively.