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Report on topic of Globalisation.
Globalization
Globalization refers to the process of interaction and integration among the people, companies as well as governments of countries around the world, particularly in terms of trade, investment and technology. The process of globalization, thus, has profound impacts on the environment, culture, political systems, economic developments, prosperity and human physical well-being in the societies around the world. It is believed that for thousands of years, the process of cross-cultural buying and selling of goods among people has been continuing in the lands at great distances. Such as through the famed Silk Road across Central Asia that connected China and Europe during the Middle Ages. In a similar manner, for centuries, people and organizations have invested in enterprises in other countries. In fact, the majority of the features of the current wave of globalization are similar to those prevailing before the ensuing of First World War in 1914 (Waters, 1995).
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Impacts of globalization
In terms of the global economy and global businesses, finance, production and environment, globalization has profound impacts.
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Trade: It is a widespread fact that international trade has increased to unprecedented levels as compared to the nineteenth century. However, it was an era of rapid trade growth, cultural ties and the aftermath of Age of Exploration. After the post-World War period, an extensive network of trade picked up by which most of the countries got locked into a variety of trade relationships. Today, there exist major trading blocks in Europe, North America and the Asia Pacific that remain open to competition from rest of the world. It was during the 1980s and 1990s when the developing economies were significantly open to trade. On account of this growing intensity of trade, a new global division of labor in the production of goods has been emerging since. The phases of the production procedures are being segmented and situated in various nations, particularly in creating and developing economies ("What Is Globalization? | Globalization101", 2015). Along these lines not just donations progressively consumed merchandise from abroad, their own particular creation procedures are altogether subject to segments delivered abroad. As a result of that, economic activity in any one nation is firmly influenced (through exchange networks) by economic activity in different nations. The majority of trade in manufacturers, nowadays, is formed amongst the OECD economies and because of this, the competition across national boundaries has been intensified. Trade competition has also intensified because a greater proportion of domestic output is traded than in the past. Trade activity is now deeply enmeshed with domestic economic activity.
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Finance: Due to the impacts of globalization, the financial flows of the world have grown exponentially from 1970 onwards. It has been estimated that the daily turnover on the foreign exchange markets easily crosses $1.5 trillion. In addition to that billions of dollars of financial assets are traded worldwide with the help of derivative products. Every country in the world, today, is affected by global financial markets. This shows that the level of cross border transactions is unprecedented. The annual turnover of foreign exchange markets stands at a staggering 60 times the value of world trade. Financial flows to developing countries rose in the early 1990s, although they have fallen back since. This period saw heavy flows to East Asia, which later proved disruptive to these economies since they were often channeled into speculative activity.
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Production: As per the latest facts, it is estimated that in 1997, there were 53,000 MNCs around the world along with 450,000 foreign subsidiaries which are in the business of selling $9.5 trillion of goods and services. In the present era, transnational production has overshot all the levels of global exports and has become the driving means for selling goods and services abroad. The MNCs have increased and as per some estimates, constitute 20 percent of the world production and 70 percent of the world-wide trade. MNCs are central to global trade, with between a quarter and a third of world trade estimated to be intra-firm trade between branches of MNCs. They are fundamental to the generation and international transfer of technology. The restrictions on the activities of MNCs have been significantly reduced by thr time 1990 was started. FDI flows to (and from) developing countries have taken an increasing share of the global total. MNCs' investment and production in Central and East European transition economies and China are growing rapidly (Lofdahl, 2002).
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Environment: The impacts of globalization on the environment has taken a number of forms. Firstly, the encounters between previously separated ecological systems from different part of the world, the pollution and degradation of the oceans and atmosphere are evident. The overspill of effects of environmental degradation, risks from nuclear power, acid rain and transportation and diffusion of wastes and polluting products across the globe are some of the effects of globalization on environment.
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Lofdahl, C. (2002). Environmental impacts of globalization and trade. Cambridge, Mass.: MIT Press.
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Waters, M. (1995). Globalization. London: Routledge.
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What Is Globalization? | Globalization101. (2015). Globalization101.org. Retrieved 26 May 2016, from http://www.globalization101.org/what-is-globalization/
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What is Globalization? | The Global Transformations Website. (1999). Polity.co.uk. Retrieved 26 May 2016, from https://www.polity.co.uk/global/whatisglobalization.asp
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