Globalization Across The World

0 Comment

The concept of globalization is referred to the process of greater economic interdependence and mutual awareness regarding economic, political and social factors across different nations. The phenomenon of globalization comprises of various micro and macro factors. The micro factors emphasize on personal and global relations where people, ideas, and culture are moved across national borders. On the other hand, the macro factors focus on cross-border investment and trading, movement of resources and globally integrated supply chain. Both micro and macro factors bear equal importance as their combination is significantly critical as the impact of globalization is not uniform with respect to different organizations, countries, regions, and individuals (Ndhlovu, 2012).Globalization is extensively related to gleaming sports vehicles, smartphones, tablets, the digital revolution, economic networking and trade opportunities associated with economic integration. The proponents of this kind of viewpoints frequently claim that open markets inculcate competitive organizational culture resulting in economic prosperity and liberty. In the context of globalization, the credit of minimizing national borders and lower product cost is often attributed to technological advancement in information flow and communication systems, dynamic expansion of the global financial system and financial deregulation. Additionally, it has also been advocated by many authors that, quick adjustments to various changes have the potential to initiate economic growth where the consumer will have greater choices and high living standards. However, globalization has been significantly criticized by numerous individuals as a creator of the financial crisis and fordeclining employment opportunities. Globalization is also condemned for increased poverty, inequalities, worsening working environment, extended work hours and decrease in overall earnings (Ndhlovu, 2012. Gupta, 2011).