What is Globalization
When the world economies meet together, it results in globalization also, emphasising on a global village. In this manner, different countries of the world become closer and make the world a smaller place. Therefore, goods and services are easily communicated, imported, exported and shared between different countries that imply more connectivity within the world. In this sense, contemporary time is known as the era of globalization. It is also important to note that it is because of globalization that developing countries have managed to develop themselves and introduce more job opportunities for its residents. It is characterized by integration and interaction, which is driven by investment, international trade and information technology. And the process of globalization not only affects business systems but also on culture, prosperity, environment, political systems and prosperity. Hence, this whole process of globalization affects economic businesses of the world and influences societies to a larger extent that brings both new opportunities and disadvantages as well.
Historically, globalization was present during old world times also but it was on smaller scale. Many countries took part in import and export and silk route is one of the most famous examples of this kind of trade. Therefore, the world has always witnessed trade since historical times but the new wave of globalization that we have experienced from 20th century onwards has increased this business and has made the world dependent on such trade and sharing of goods and services. The present conditions for globalization rose due to various economic policies both at domestic and international levels wherein the governments adopted free- market economic systems. This resulted in an increase of productivity and development of new opportunities for investments and international trade. Many corporate took advantage of free market policy and created foreign factories and partnered with foreign countries to establish their businesses and promote good and services to other nations.
Further, another very important role in globalization has been played by technology because it is the driving force of globalization that has made connectivity extremely convenient and possible so easily. Technology has provided different tools to consumers, investors and sellers that can be used to pursue economic interests. Information and technology has made the world actually very closer and because of which, people can also work for foreign countries from their own home towns, without changing their physical space. Connecting with foreign companies or people has become very easy because of information technology and people can even indulge in face to face interaction with video calling. The internet has certainly been a boom in the area of globalization.
However, instead of several advantages, globalization has also been criticised because the domestic and local markets have been worst hit. This s because the integration of the cultures of the world leaves little to no space for local cultures and which is why many traditions, norms, languages and cultures have been on a verge of extinct. Thus, it is very important to find the right balance and work towards promotion of all.
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