Globalization Is An Increasing Unity Of Various World Economies

712 Words Apr 10th, 2016 3 Pages

Globalization is an increasing unity of various world economies brought about by the breaking or elimination of barriers to international trade. The barriers include tariffs, export fees and import quotas. Its aim is to raise goods, services and material wealth from a global division of labor (Robertson, 1992). Globalization is a process, driven by a combination of factors including financial, technical, sociocultural, political, and biological. The term may also refer to transitional circulation of ideas, languages, or popular culture (Waters, 2001). The history of globalization is debatable. Some people perceive it to be from the ancient times dating back to occasions like Ottoman Empire spice trade routes in 1453 spurring exploration of different lands. Others situate the origins to the modern era, citing examples like the ending of the First and Second World War in the mid-20th century which was necessitated by the need to break down borders and foster peace (Osterhammel & Petersson, 2005).

Expansion of multinational companies and exchanging of scientific developments and information has led to globalization in most continents. In the late 1900’s inventions like networking in communications allowed for work done using computers from varied locations in the world, his enhanced a spirit of camaraderie amongst members of different societies (Osterhammel & Petersson, 2005). Globalization may be measured in various ways. The main ones include goods and services,…

Related Documents