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Thesis Globalization, the new economy, and the commodification of - Essay Example

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Thesis Globalization, the new economy, and the commodification of

Globalization is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology. This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world. (Website:
Jan Aart Scholte, in his definition of Globalization has identified five main aspects of the global phenomenon. He says, Globalization is a combination of Internationalization, Liberalization, Universalization, Modernization and De-territorialisation. Internationalization refers to the process wherein boundaries of countries do not matter, since it transcends these limitations. The appeal is towards creating the "global village" and therefore, it is a universal concept.
Globalization makes use of modern technological advancements and also focuses on the quick transfer of technology, to keep with the changing world. Therefore, Globalization is a phenomenon that charges towards progress and engulfs the whole world, in this process. The widespread Globalization has led to the free movement and transfer of goods, capital, technology and people, from one hemisphere to the other. Therefore, there is an influx of numerous commodities across the globe.

Globalization had benefitted countries in a large way and many of them have witnessed the rising of their economy. The technological improvement and migration of individuals to labour-seeking regions of the world, is a direct influence of this phenomenon. The United States, in particular, has witnessed an immense evolution in terms of its economy and industry.

For instance, today, there are a number of foreign nationals working in the United States and the number is only on the rise. Especially in the software sector, the number of job requirements have been increasing by the day and the opportunity has been capitalised upon, by foreign professionals, due to this phenomenon. This stands testimony to the fact that globalization supports modernization and internalization.

The rapid connectivity in terms of communication has increased the chances of greater levels of interaction and exploration of new possibilities. For instance, the wide popularity of the internet is one such cause of this new phenomenon. One can contact and communicate to anyone even in the poles! This has also helped in the fast transfer of knowledge and know-how, which is no longer help in monopoly.

In addition to this, the growing number of treaties and peace pacts between countries have influenced the transfer of labour and ...Show more


Today's fast paced modern world offers a lot more than was previously imaginable! Every aspect of our lives is influenced not just by local, but also national and international factors, that govern our lives today. The enhancement and growth of communication channels, the spreading of production and consumption across the world and the changing lifestyles due to the influence and merging of cultures have become the order of the day…
Author : serenaritchie
Thesis Globalization, the new economy, and the commodification of essay example
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