In 2006 the world has become more of a global society then ever does to globalization. In this essay I will define globalization and then describe the factors which lead to this phenomenon. This essay will note some institutions that are related to trade and development on a global scale. This essay will also point out the positives and negatives of globalization for industrialized countries and underdeveloped countries around the globe.
Globalization is the expansion and intensification of linkages and flows, of people, goods, capital, ideas, and cultures across the borders (Rakesh). It is the concept of people working together and helping each other out. Globalization affects every country in the world in one way or another, whether it is positive or negative. Economies around the world have integrated through trade and financial flows. Globalization has been aided the movement of labor, knowledge, and technology across the world (Rakesh).
International trade has been around for a long time. Countries in the 13th century traded spices for example. Since World War II there have been advancements in technology which has reduced the costs of trade (IMF). When advanced technology came about it brought an easier way to trade and communicate through out the world. Technology has experienced rapid growth in the international trade and investment. In the 20th century globalization is now not only a notion it is a phenomenon but the question is, is it a threat or an opportunity?
Companies world wide such as McDonald's have gone global. McDonald's started in the United States and is now in countries across the globe. McDonald's is just one of the many businesses taking their business global. Companies expand internationally for many reasons. Some expand to reach a global market while some do it for cheaper labor.
There are many main factors that lead to the growth of globalization, one of them being trade. For centuries... [continues]
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