Globalization has been defined in various ways by different scholars. In economic terms, globalization refers to progression of incorporating different isolated national markets of capital, labor and commodities into a single world market which different investors across the globe can exchange ideas (Garret, 2000). It is vital for quick flow of information. It also refers to the integration of diverse countries and economies where the impact of global pressures has a major impact on the international business operations. With respect to political dimension, political globalization can be defined as the integration or synchronization of the world political standards, labor standards, for the purpose of breaking the boundaries with the main object of making governance easier and promoting mutual international relations. Bodies like the United Nations play a defining role in this.
Therefore, globalization is multidimensional and can be viewed on various aspects (Mike, 2001).
A global paradigm shift has been evident since the end of Cold War towards the close of 80s. With the introduction of globalization, international business is becoming increasingly popular, environmental advocacy more voiced, cultural aspects being shared more and legal issues being synchronized through the international law. Hence, these aspects are inseparably intertwined.
The globalization age came with integration of nations, economies or markets and technologies (Emeriti, 2003). More countries have achieved free market economy and the setup stressed on global culture with power of individuals overriding the power of nations. Over the past, the merits of globalization have been overstressed. However, we should not be slow to note that globalization has numerous disadvantages to various countries and economies (Casson, 1999). Globalization has had a lot of negative impacts on the international economic operations, political relations, cultural aspects and environmental issues. The paper's intention is to explain how globalization has negatively affected various economies (Garret, 2000).
[...] Some Australian industries have been closed down as a consequence. It has also brought about more economic growth which had stagnated especially in most undeveloped countries gets to a point of economic transition. Lastly, there has been a rise of global elite resulting from widening of income gaps due to inability of other countries to attract globalization drivers. Some countries have become poorer (Garrett, & Geoffrey, 2007). The major problem faced by many firms as they globalize is the difficulty in maintaining the original corporate culture. [...]
[...] Globalization and economy (negative effects) Globalization has been defined in various ways by different scholars. In economic terms, globalization refers to progression of incorporating different isolated national markets of capital, labor and commodities into a single world market which different investors across the globe can exchange ideas (Garret, 2000). It is vital for quick flow of information. It also refers to the integration of diverse countries and economies where the impact of global pressures has a major impact on the international business operations. [...]
[...] (2005): International Politics and International Society, Basingstoke: Macmillan publishers. Garret, G. (2000): Global Economy and International Politics, Ithaca, N.Y.: Cornell University Press. Garrett F. & Geoffrey, S. (2007). Partisan Politics in the Global Economy, New York: Cambridge University Press. Mike, F. (2001). Global Culture: Globalization and Regionalization, New York: Cambridge University Press. Peterson, G. (2001). The Global Shift and Internationalization, Ithaca, New York: Cornell University Press. [...]
[...] The paper's intention is to explain how globalization has negatively affected various economies (Garret, 2000). Many economists have argued that globalization has positive impact to economy and especially to international business investors (Cleo, 2001). The major positive impact of globalization is that it has led to liberalization of international trade. Expansion of international trade has also been enhanced and cross border financial flow has been made possible. The fact that there is enhanced flow of ideas across border has led to intense competition in the international markets however (Mike, 2001). [...]
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