Globalization Flashcards
They defined globalization as an expanding scale, growing magnitude, speeding up and deepening the impact of interregional flows and patterns of social interactions.
David Held and Anthony Mcgrew
Globalization for them also refers to the shift of transformation in the scale of human organization that links distant communities and expands the reach of power relations across the world’s major regions and continents.
David Held and Anthony Mcgrew
According to him, globalization pertains to the intensification of world – wide social relations which connects distance localities in such a way that local happenings are shaped by events occurring many miles away and vice versa.
Anthony Giddens
Globalization for him pertains to the multidimensional set of social relations that create, multiply, stretch, and intensify worldwide social interdependence and exchanges while at the same time fostering in people a growing awareness of deepening connections between the local and the distant.
Manfred Steger
Globalization for them is composed of two directional tendencies that include increasing global consciousness. Connectivity implies getting in touch with the outside world while consciousness means awareness and familiarity with the development in the international community.
Roland Robertson and Kathleen White
___________ implies getting in touch with the outside world
Connectivity
______________ means awareness and familiarity with the development in the international community.
Consciousness
What are the five Effects of Globalization?
- Globalization has led to an increase in competition
- Globalization causes exchange of technology
- Globalization has led to increase in investment levels and rise in opportunities
- Globalization has led to vast Multinational and Multicultural management
- Globalization leads to Procurement & Outsourcing
Globalization has significantly increased competition in various sectors, affecting businesses, economies, and individuals worldwide. The removal of trade barriers, advancements in technology, and improved transportation have made it easier for companies and countries to compete on a global scale.
Globalization has led to an increase in competition
Globalization helps in knowledge and information transfer across the globe. Globalization has significantly contributed to the exchange of technology across countries, industries, and societies. This exchange has driven innovation, improved efficiency, and transformed the way people live and work. However, it also presents challenges such as digital inequality and security risks.
Globalization causes exchange of technology
Globalization has significantly contributed to the growth of global investment and the expansion of opportunities across various sectors. As countries and businesses become more interconnected, investment flows have surged, leading to greater economic development, new job opportunities, and expanded markets.
Globalization has led to an increase in investment levels and rise in opportunities
Globalization has had a profound impact on the way businesses operate, leading to the rise of multinational corporations (MNCs) and an increasingly diverse, multicultural workforce. As businesses expand across borders, they face new challenges in managing diverse teams, navigating cultural differences, and aligning global strategies.
Globalization has led to vast Multinational and Multicultural management
By expanding global supply chains and enabling businesses to tap into international markets, globalization has made procurement more efficient and outsourcing more accessible. However, it has also introduced new challenges in terms of quality control, dependency, and ethical concerns.
Globalization leads to Procurement & Outsourcing
What are the Advantages of Globalization?
- Cheaper Goods For Consumers and Better Product Quality
- Increased in Skilled Workers
- Lower Cost of Production
- Improvement in Education
- Cultural Diversity
- Poverty Reduction
- Transportation
It is one of the most critical factors in the process of globalization. It plays a fundamental role in the movement of goods, services, and people across borders and has a direct impact on economic growth, trade, cultural exchange, and the interconnectedness of societies.
Transportation
GDP of the developing countries has increased twice as much as before. Globalization has had a significant impact on poverty reduction across the globe, particularly in developing nations.
Poverty Reduction
Increased movement of labour leads to an increase in the spread of different cultural ideas. Globalization has significantly contributed to the rise of cultural diversity around the world.
Cultural Diversity
As people, ideas, and cultures have become more interconnected, the ability to share, appreciate, and understand a variety of cultural expressions and practices has increased. This cultural exchange is reshaping societies, economies, and workplaces in profound ways.
Cultural Diversity
The spread of the internet has helped to improve education. Globalization has had a transformative impact on education systems worldwide. It has opened up new opportunities for learning, increased access to diverse educational resources, and fostered the exchange of knowledge and ideas.
Improvement in Education
Nike shoes are made in Vietnam due to lower cost of production. One of the key advantages of globalization is the reduction in the cost of production for businesses. As companies expand globally, they can take advantage of various opportunities to cut costs, increase efficiency, and improve their competitive edge.
Lower Cost of Production
As companies expand their reach and markets become more interconnected, the demand for skilled labour rises, creating opportunities for workers to gain new skills, access better education, and work in diverse industries.
Increased in Skilled Workers
Increased international labour mobility has led to an increase in skilled workers. Globalization has had a profound impact on the labour market, particularly in the development and increase of skilled workers across the globe.
Increased in Skilled Workers
Increased in competitiveness may also lead to decline in the price goods, improvements in quality of goods and choice of goods. Globalization has brought numerous benefits to consumers, especially in terms of lower prices and improved product quality. As companies expand their reach across borders, they face increased competition, which drives down prices and pushes businesses to innovate and offer better products.
Cheaper Goods For Consumers and Better Product Quality
What are the Disadvantages of Globalization?
- Increased Commodity Price
- Exploitation of Cheap Labour
- Cause of Diseases
- Increased Relative Poverty and Inequality
- Replacing Increased Vulnerability and Instability
- Disparity
- Uneven Wealth Distribution
- Decline of Local Market
