my work Essay

Submitted By harisjamil007
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BUSINESS STUDY SKILL ASSIGNMENT

TASK 2

ESSAY WRITING

TOPIC: “GLOBALIZATION”

Definition
“Globalization is a process of increasing changes world-wide of natural and cultural resources.”

Advancing in transportation and telecommunication infrastructure, including rising of telegraph and its posterity the Internet are major factors in globalization. The term globalization is increasing its use since the mid 1980’s and the mid 1990’s. An endless controversy has appeared over globalization. The governments of many countries are trying to figure out the major effects of this phenomenon to adapt to a changing world. A massive impact of globalization is on the global economy. Nowadays, commercial trading between the countries has become easier all around the world than ever before. Two countries can become solid partners of one another, regardless of their cultural differences or geographic distances. This progress results in benefits to customer because high quality goods and services which appear in a country will be almost immediately promoted in others. One of the most striking impacts of globalization on our lives is cultural exchange. As I have mentioned above, the relationships between the countries are being strengthened tighter, which then results in a deeper exchange in culture between different communities.
Although in its simplistic sense globalization refers to the deepening, widening and speeding up of global interconnection. Globalization can be located on a continuum with the regional, national and local.
During the 19th century, a modern form was approached by globalization which resulted in the industrial revolution. Standardized production of household items using economies scale was allowed by Industrialization while rapid population growth created sustained demand for commodities. In this period, Globalization was decisively shaped by nineteenth-century imperialism. In the 19th century, the cost of international transport was reduced by steamships and inland transport was made cheaper by railroads.

ASPECTS OF GLOBALIZATION:

GLOBAL BUSINESS ORGANIZATION.

When communication and transportation improved in the beginning of 20th century, international business grew rapidly. International business includes all commercial transactions (investments, logistic, private sales, and transportation) that take place between two or more nations, regions and countries beyond their political boundaries. Usually, such transactions for profit are undertaken by private companies. Economic resources such as capital, natural, and human resources are involved in these business transactions which are used for international production of services and physical goods such as banking, insurance, finance, construction and other productive activities. Businesses generally argue that companies in the new global market place requires goods, services, labour and materials to continuously upgrade their technology and products in order to survive increased competition.

ECONOMIC GLOBALIZATION.

Economic globalization is the increasing economic interdependence of national economies across the world through a rapid increase in cross-border movement of service, goods, capital and technology. Whereas the business is centred around the diminution of international trade of globalization as well as taxes, tariffs, and other impediments that suppresses global trade. The process of increasing economic integration between countries is called Economic globalization which leads to the emergence of a single world market or a global market place.

SOCIOCULTURAL GLOBALIZATION.

Cross cultural contacts has been increased by Cultural globalization but may be accompanied by a decrease in the uniqueness of once isolated communities. For example, Sushi is available in Japan as well as in Germany but Euro Disney outdraws the city of Paris, potentially reducing demand for authentic French pastry. Contribution of globalization to…