Globalization/ Domestic situation of the U.S - Essay Example

There have been a number of different definitions that have been provided for globalization, however none of these can be considered to be precise (Bentley & Ziegler, 2007). However some of the definitions that have been provided by experts are discussed below. According to Stephen Gill, globalization is a method of reducing the costs in terms of transaction and Trans – border movements of, capital as well as goods and also the factors of production and goods (Robert C. Feenstra and Gordon H.

Hanson, 1996). However Guy Brainbant (Aisbett, 2003) has described globalization to be a process which does not only includes the world trade, but also includes a number of other factors like the development of advanced means of communication, financial markets becoming internationalized, higher and growing importance to multinational companies, higher mobility of people, population migration, and mobility of other factors like goods, capital, data and also ideas (Bentley & Ziegler, 2007). He also mentions that globalization is also a mode for mobility of infections, pollution and also diseases.

Globalization in simpler terms can be described as an integration of economics, finances, trades and communications across the world. It can also be referred to a way of opening up and moving beyond borders and nationalistic perspectives. Globalization provides for a broader outlook for inter – connected and inter – dependent world, where there is free transfer of capital, goods, and services across borders internationally (Mooney & Evans, 2007). Globalization has a number of advantages as well as a number of disadvantages.

The advantages of globalization have been noted across the world by a lot of countries. Higher Free Trade Among Nations, Higher operating flexibility for corporate. A globalised mass media helps tie the world together (Bentley &