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Globalization - Essay Example

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Analysis of the process of globalization [Supervisor’s name] Analysis of the process of globalization Introduction Globalization is the combination of various practices which includes sharing of knowledge, ideas, lifestyles cultures and trends that increase the interconnection between two nations…
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Globalization
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Globalization

Furthermore, the paper also discusses PESTEL Analysis and what benefits does it have in UK economy and their drawbacks. Lastly, it describes the future of globalization. The term ‘Globalization’ is defined as a process of integration which has been derived from the human connectivity and their exchange of ideas, products and different aspects of their culture and trends. In other words globalization is represented as a new term for changes in International relations which was exploited in the end of the twentieth century. Globalization refers to the larger context with respect to the globe rather than in a national context. The advancements and breakthroughs in transportation and telecommunication play an important role in the rise of globalization alongside with the increase use of the internet which has led to the growth in globalization. When economies are interconnected with each other, it has provided an opportunity for globalization to occur (Jones 2010). Globalization has various meanings and it has been the source of argument in the recent decade about its true meaning. Albrow (1990) argues that globalization is far broader concept than interconnection and relations between the different objects. He explained that globalization is referred to all those processes by which different people of the world and different products of the world are incorporated to form a single concept or a society (Gupta 2009). However, many of the terms superseded the previous terms due to change in the nature of the world. Appadurai (1996) suggested that globalization is the process of mixing of the culture with respect to different locations and identities of regions. The author tried to propose that globalization will occur if people from different identities and regions would come together and blend their culture to form one idea is to be known as globalization (Appadurai 1996). Carnoy (2001) defines globalization as the weakening of the state when it cannot cope up with the environment. This implies that if a country fails to adapt to the new conditions of the world in the global environment, then it blends up with the environment itself for keeping themselves alive in the market (Munck 2005). Many scholars have traced back the history to gather information on the origins of globalization which was found to present before the European age of discovery. When people moved to different regions, they tried to adapt to the certain environment and to the cultures of the particular region. It is where the role of globalization play its part when people share different ideas and merge it to become one single idea (Jones 2010). Aspects of Globalization Globalization has both the social and economical aspects, if understood; it can help nations to achieve greater heights of success and growth. In economical terms, it is the rapprochement of countries and their flow of goods and capital from one place to another due to various inventions that has been made by countries. The first wave occurred in the era of economic boom which made Great Britain to realize its capability and brought the nation into foreground. Many scholars term the modern globalization as the increase in the technological achievements of a country which have made possible for people to migrate and allowed the flow of capital and information to satisfy its needs. Scientific reforms and revolution have created new forms of transportation and the rise of ... Read More
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