Globalization
-3810012700What is Globalization?Globalization can be both positive and negativeIt is an ongoing process that continues to shape the world we live inGlobalization can be defined in many ways, but the most accurate description is:The process by which societies, cultures, politics, and economies around the world become increasingly integrated (interconnected). In essence, the world appears to become “smaller” through globalization. As a result, stronger relationships and bonds are formed between nations of the world, and communication between those nations becomes more advanced and important.What is Economic Globalization?This term is most often used when describing the characteristics of globalizationEconomic globalization is the process of increasing economic integration between countriesComprised of production, markets, technology, and industries3381375107950Allied countries share capital, production, labour, markets, technology, and resources so that distributors can sell their goods at a lower price and in turn, consumers can purchase those goods at a lower price as well. An example of this would be outsourcing labour to developing countries (i.e. China, India etc.) by distributors, so that consumers can purchase goods at a much lower price compared to if those same goods were manufactured in a developed country (i.e. Canada or the U.S.A.)This example is a negative outcome of globalization, although many would argue that there are equally as many positive outcomes.1428750814070Rapid spread of technologies has reduced transportation costs around the world, in addition to employing cheaper labour overseas to developing nations. Consumers now have a wider variety of products available to them, and can choose to purchase goods many different ways (such as online, or in-store). This is a positive outcome of globalization.Free market capitalismFree market capitalism is a market system whereby producers have the freedom to enter a line of business and sell products at whatever price they feel they can charge. In addition, consumers have the freedom to buy whatever products they wish at whatever price they are willing to accept. This allows consumers the freedom to “shop around” for the best possible price for goods they wish to purchase. A consumer may accept the price for goods they wish to purchase, or decline in search for a lower price for the same product.Free market capitalism is considered to be a positive outcome of globalization, because it leads to economic growth in both developed and developing countries.Many believe that globalization is a source of economic domination and oppression of poor, developing nations by the wealthier nations (developed nations). Globalization can make the disparities in classes more obviousIt is not always a positive outcome for developing countriesWealthier countries are usually the ones who benefit the most from globalizationIt is both positive and negative, depending on who you askWhat are some of the consequences of globalization on developing nations? The effects of globalization reach beyond economics!39052589535 ................
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