Globalization Process

Topics: Central bank, Monetary policy, Money supply Pages: 6 (2036 words) Published: March 7, 2013
History of Globalization Process

Globalization is a process of interaction and integration among people, companies and governments across the world, driven by international trade and investment and catalyzed by information technology. Globalization causes changes in many aspects of life, for example on the environment and on the people. Globalization has many good effects on the world today. One of these effects is better connections in a more open world which will improve people's lives. This happens when new ideas and products are made more readily available worldwide. When pharmaceutical breakthroughs happen in one country, the medicine can quickly be produced and distributed to countries in need of the cure. An example is when a drug used to control AIDS was discovered, it was only months later that it was distributed for use among other countries, namely Africa where a large percentage of the population is infected by AIDS. This was only possible with an elaborate infrastructure which connects the world. New machinery was needed to manufacture the drugs as well as fast; modern airplanes were required to distribute the drugs at an efficient rate to countries that have purchased the drugs via advance communication systems. Thus, globalization, in making the world a smaller place, has increased the standard of living of many. Globalization has been said to have empowered more and more people over the years. It has been proven that the key to poverty alleviation is education. Education increases the weak's bargaining power. Education is made more readily available through globalization as cheaper materials can more easily be introduced into third world countries. New syllabuses which have proved most effective can also be found online which makes it much more accessible. This is only possible with the advancement of information technology which has spurred globalization along. Globalization has also made it easier for information to reach the third world countries as well as allowed people from developed countries to partake in the educating process by flying them to villages in Africa to interact with the people. Also, globalization opens opportunities for people living in third world countries. Therefore, globalization helps educate people more as compared to an un-globalized world and empowers them by providing them with opportunities. However, globalization has caused many disparities among the people. Of this, the widening income gap can be said to be the main culprit. As globalization proceeds at an alarming rate, the rich have become richer at the expense of the poor, the chasm between the former and later growing larger. This phenomenon can be traced back to the colonial period where the richer, more globalized countries like Britain colonized and made use of other developing countries. They forced the countries to produce materials they needed like cloth in the case of Britain who needed it to support her growing textile industry while decreasing the price of these goods to as low as possible. They also increased the price of manufactured goods sold to the colonies to as high as possible. This is just such a case where the rich and educated have taken advantage of the less educated. This has also been aided by globalization. This process has managed to make it easier for MNCs to take advantage of less educated of third world countries to amass millions. Thus, globalization has aided widening the already large chasm between the rich and the poor. However, in actual fact, globalization may have done more good than harm to the world. It has managed to break down trade barriers. By making the world a "global village" it has become easier for information to be passed around. International transport systems have also created chances for trade barriers to be broken. In addition, the easily accessed information has allowed traders to make informed decisions and have created a "fairer" world. Fast and accurate...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Globalization Essay
  • Globalization Essay
  • Essay on Globalization
  • Globalization Essay
  • Globalization of Poverty Essay
  • Globalization and Its Discontents Essay
  • Globalization Paper
  • Globalization in Argentina Essay

Become a StudyMode Member

Sign Up - It's Free