Essay about Summary on Globalization

649 Words Jan 13th, 2010 3 Pages
Globalization describes an ongoing process by which regional economies, societies, and cultures have become integrated through a network of communication and execution. Globalization is often term or refers to economic globalization i.e. the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and the spread of technology. The driving forces of globalization are a combination of Economic, Technological, Socio-cultural and Political factors.
Scholars indicate the increasing economic integration and interdependence of national economies across the world through a rapid increase in cross-border movement of goods, service, technology, and capital. It can be said
…show more content…
In many poorer nations globalization is actually the result of the foreign businesses investing in the country to take advantage of the lower wage rate, foreign resources and engraving more markets.
The anti-globalization movement developed in opposition to the perceived negative aspects of globalization. The group represents a wide range of interests and issues. Opponents of globalization point out to its negative effects. Some of them are listed below.
• Globalization has led to exploitation of labor. Prisoners and child workers are used to work in inhumane conditions. Safety standards are ignored to produce cheap goods.
• Job insecurity. Earlier people had stable, permanent jobs. Now people live in constant dread of losing their jobs to competition.
• Terrorists have access to sophisticated weapons enhancing their ability to inflict damage.
• Companies have set up industries causing pollution in countries with poor regulation of pollution.
• Fast food chains like McDonalds and KFC are spreading in the developing world. People are consuming more junk food from these joints which has an adverse impact on their health.
• Local industries are being taken over by foreign multinationals.
• The increase in prices has reduced the government’s ability to sustain social welfare schemes in developed countries.
• Multinational Companies and corporations which were previously restricted to commercial

Related Documents