Globalisation

Topics: Globalization, Third World, Economics Pages: 2 (964 words) Published: November 6, 2014

GlobalisationGlobalisation has become very important over the last two decades or so, a period. As a word it has existed since the 1960s. The dictionary definition is a great deal drier. Globalisation (n) is the "process enabling financial and investment markets to operate internationally, largely as a result of deregulation and improved communications" (Collins) or - from the US - to "make worldwide in scope or application" (Webster). Globalisation can be understood or characterized by intensification of global interconnectedness between both states and non-state actors. It is a multidimensional process involving technological, political, economic, and cultural issues. It implies lessening of the significance of territorial boundaries and, theoretically, of government- directed political and economic structures and processes. It can be characterized by the rapid integration of the world economy, the innovations and growth in international electronic communications and the increasing political and cultural awareness of the global interdependency of humanity. And so, therefore there are four aspects of globalisation- technological, political, economic and cultural. A lot of people agree that globalisation has lots of effect on or affected us on so many levels. Some agree that globalisation is good and others are against it. People who don’t support globalisation thought that globalisation or ‘economic globalisation’ reflected in transformation of production systems and labour markets, characterized by general weakening of the power of organized labour to pressurize governments to enforce labour standards, such as minimum wage legalization. In addition, many also agree that the already weak economic position of many poor people has worsened as a result of economic globalisation, because it has increased the ability of the rich to benefit from new opportunities. Economic globalisation is said not only to undermine state capacity to pursue independent...
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