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Globalization

Globalization is basically the process that has seen universal integration stemming from the exchange of world products, perceptions, ideas and other cultural aspects. The global movement towards financial, economic communications and trade integration is what defines this whole concept. The idea means that nationalistic and local perspectives are opened to a wider outlook of an interdependent and interconnected universe with free capital transfer, the exchange of services and goods beyond national and regional frontiers. All the same, this does not take into account the unhindered movement of labor and as put by various economists; it ends up hurting fragile and smaller world economies if it takes place indiscriminately.

The concept of globalization has been attributed to modern times. However, others link it to a time before the age of discovery period by Europe and the voyages that were made to the New World. Some people have continued to trace the start of globalization since the 3rd millennium BCE. Extensive globalization started in the 19th century and towards the end of the same century and the start of the 20th century, the connectedness of the world’s cultures and economies grew more steadily.

Globalization found major use and application from the start of mid-1980s and particularly from mid-1990s. During the start of the 21st century, the International Monetary Fund pointed out four fundamental globalization aspects that included transactions and trade, capital and investment, movement of people and migration and the distribution of knowledge all over the world. The same globalization trend is believed to have produced certain effects such as environmental challenges like changes in climate, cross-boundary air and water pollution as well as over-fishing in the ocean. The processes of globalization have affected and at the same time have been affected by work and business organization, socio-cultural resources, economics and the natural surroundings.

The integration of various aspects in the world between nations and regions has continued to take place in what is commonly known as globalization. Globalization has seen the exchange of technology and information for other resources in an effort of enhancing trade and interdependence between nations. As a result, the world has become a global village. People can travel distances and still find the things they have left behind in other places. There is a lot that people have learnt from one another facilitated through globalization. This is what has been realized through this concept over the years and people have become almost one nation in the way of doing things.

 

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