Globalization, in my opinion, continues to be characterized as the increasing interconnection of economies and society throughout the world (see world bank). The present "seamless and integrated movement of technology, products, and services" does not change this. Another definition of globalization as a “one economic market" phenomena is fundamentally a very narrow, capitalistic understanding. Globalization has a variety of meanings, including rapid growth as well as poverty alleviation in China, India, and other nations that were impoverished 20 years ago. This was a good thing about globalization. Globalization, on the other hand, has sparked widespread international criticism due to fears that it has exacerbated inequity and environmental destruction. as well as implying environmental concerns.
Globalization for trade in goods and services is based on the premise that leveraging comparative advantages in the production of goods and services would result in a more efficient and higher level of production, and therefore a (normatively asserted) better condition of the world. Thus, in the most basic concept, if two nations that previously produced their own apples and clothes can trade and as a result of trade eat more apples and clothing than would otherwise be feasible, the world is in a better situation.
The way governments, businesses, and individuals interact is changing as a result of globalization. It alters the structure of international economic activity by expanding commerce, establishing global supply chains, and facilitating access to natural resources and labor markets.
On a more serious note, once countries began to connect massively through trade and investments began to flow, economists recognized this worldwide phenomena and coined the word "globalization." It directly translates to "the whole world is a market."
The unrestricted flow of goods between countries has increased as a result of globalisation. As a result, recent years have seen an upsurge in global trade.
The international movement of capital has expanded as a result of globalisation. MNCs from developed countries have begun to invest in developing countries, which has improved investment prospects for developed countries. As a result, the global financial market has emerged.
The interconnection of several national states has grown. Interdependence between countries has grown as a result of globalisation. This is represented in the interconnectedness of trade in products and services, as well as capital movement.
Globalisation has provided developing countries with new opportunities. They now have more access to cutting-edge technology. In developing countries, technological transfer from wealthy countries has resulted in increased production and a higher standard of living.
Globalisation is neither beneficial nor negative in and of itself. Those who accepted globalization on their own terms and at their own speed gained greatly. China profited by taking a different route. However, globalisation has resulted in disasters in many countries, including Russia.
Image link:
https://www.voicesofyouth.org/blog/coronavirus-end-globalization
Comments