This research will begin with the statement that globalisation refers to strengthening relationship between organisations, governments and individuals across geographical horizons. The term is generally used to regard economic globalisation. …
This article discusses major implications created by globalisation for Governments, organisations and individuals. The article strongly advocates a neutral perspective, the pros and cons of globalisation. The pro and anti-globalist agenda, challenges faced by governments and its effects on individual organisations have been considered to explain the phenomenon referred to as globalisation. Technology has reduced the communication gaps between geographies. Travelling across national borders has been made easier and as a result doing business internationally has lesser complications in the modern age. The introduction and implementation of International Accounting Standards (IAS’s) and International Financial Reporting Standards (IFRS’s) has made comparisons between organisations appropriate. Comparable and understandable flow of financial information has developed greater trust amongst investors. Formation of European Union, African Union and the Arab League has further cracked open the case for globalisation. Similar laws and regulation prevailing through the Middle East, the common currency usage across Europe and the fusion of cultures has further escalated the pace of Globalisation. Globalisation accelerates the exchange of ideas and commodities over massive distances. Generally it can be held that as economies emerge and adapt to work together, they experience growth and opportunities to expand across national borders. It can also be advocated strongly that increased globalisation has created fierce competition amongst economies, nations, corporations and individuals. The concept of globalisation is not as simple as it jingles along. Repercussions of the process are severe. This article discusses major implications created by globalisation for Governments, organisations and individuals. The article strongly advocates a neutral perspective, the pros and cons of globalisation. The pro and anti-globalist agenda, challenges faced by governments and its effects on individual organisations have been considered to explain the phenomenon referred to as globalisation. (ACCA, 2011) As globalisation become more universal, responses against and for have materialised. The powerful pro-globalisation lobby advocates their perspective as being adequate. Their argument indeed has much weight. They strongly support the idea that globalisation brings forth opportunities for nearly every one. Increased competition amongst organisations can provide numerous opportunities for individual growth and would create better employment opportunities. It reduces the impact of few capitalists dictating the economy as they see fit. Thereby increasing standards of living amongst the citizens and pushing the GDP positive. The main pro-globalisation organisations promoting it are the World Trade Organisation and the World Economic forum. The world trade organisation is a member driven institute. Its purpose of existence is to oversee the global rules of trade between nations. Its core responsibility is to make certain that trade flows smoothly and freely. Similarly the world economic forum is an independent organisation involved in improving the worlds business, academic and political environments. Both the organisations through series of debate and negotiations with member countries have achieved milestones which seemed impossible at one stage (Macdonald, ...
Cite this document
(“Globalisation Essay Example | Topics and Well Written Essays - 2750 words”, n.d.)
Retrieved from https://studentshare.net/education/6651-globalisation
(Globalisation Essay Example | Topics and Well Written Essays - 2750 Words)
“Globalisation Essay Example | Topics and Well Written Essays - 2750 Words”, n.d. https://studentshare.net/education/6651-globalisation.
This process facilitates effective circulation of ideas, languages, and cultural ideologies. Nations today tend to liberalise cross-border trade regulations as they realised the significance of increased cross-border trade for international business expansion.
According to Rothenberg (2003), “globalisation is the acceleration and intensification of interaction and integration among the people, companies, and governments of different nations” (pp: 1). Today, with the altering viewpoints, globalisation has emerged as “neologism of the new millennium” (Putko, 2006: 1).
Products of whatever kind and products that threatened world extinction began to dominate man’s quest for progress and development. That is materialism at its worst, or at its best. Recent authors and commentators assert that globalisation began at the end of the Cold War which was in the period 1989-1991.
Globalization has increased the concerns of several nations as it poses a threat to the initiatives that are taken on the local level and these initiatives are indigenous in nature. Developing countries have already been burdened by the negative side of globalization and they have started protesting against it.
In essence, globalisation is a powerful real aspect with regard to the new world system, where it signifies one of the most prominent forces that assist in determining the future course of the world. Moreover, globalisation has various dimensions that assist in the process of making the world a single society.
Globalization was the byword of the 1990s, reflecting the rapid growth of international financial transactions, the integration of developing countries into the world economy, and the information and communications revolution that brought satellite television, the cell phone, and the Internet to remote corners of the world.
Hence we are faced with either a process or a strategy, and they are not the same.
Trade, investment, finance and labour are the important elements of world economy. Globalisation is the expansion of these economic activities across
Globalization also refers to the massive migration of people, changing national identities and cultural belongings (Suarez- Orozco & Qin- Hilliard, 2004) shattering internal and external borders among and between nations. With its multifaceted connotations, globalisation has