Globalisation is a generalised term for a complicated series of economic, technological, social, cultural and political changes, seen as the ever- increasing interdependence and integration among people and companies in different locations. Such international links have existed for many centuries, but, having broadened, intensified, and changed the nature of these links many times; the modern world economy is unlike any previous international economy. Despite being in theory, in existence for centuries, the term globalisation' was first used in 1944, although its prominent use by economists commenced in the 1980's. Globalization can be broken down into separate aspects: industrial globalization or transnationalization refers to the expansion and dominance of multinational organizations. Financial globalization is the emergence of worldwide financial markets and the increasing access to external financing for all levels of borrowers. Political globalization is the spread of political interests to areas of the globe formerly outside the political sphere (state and non state). Informational or communications globalization exemplifies the information flows throughout the world. Finally cultural globalization is the growth of cross-cultural contacts. Throughout this paper I will compare and contrast the many definitions of globalization, discuss whether it is inevitable and conclude whether globalization is a good thing.
Globalisation is a difficult term to define, with literally thousands if diverse definitions, this is due mainly to the fact that there are so many different aspects to it. As well as this there are multitudinous differentiated opinions as to which are the most important aspects and to weather globalisation is a good or a bad thing. As a result some writers will deal with this problem by defining it broadly, where as others will focus on specific aspects of it in their definitions to emphasize what they think is the most... [continues]
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