The various dimension of globalization Research Paper

The various dimension of globalization - Research Paper Example In many ways the world is becoming one large market than a series of separate national markets. The same goods and services can be found in many countries throughout the world.Globalization is the term now widely used to describe the increased worldwide competition between businesses. When investment, trade and cultural exchange happen internationally between different countries of the world and consequently bring changes to society and global economy, we call it globalization. This term is most commonly used to describe the effects of international trade but applies to trade of all sorts of industries. Steger has defined globalization as â€Å"a set of social processes that appear to transform our present social condition of weakening nationality into one of globalism.† It means to explain that it is not one process but various processes that function at the same time and even haphazardly on different levels and in different dimensions.Global village is a terminology used to describe a new kind of globalization presenting us with an interconnected world and a global collected culture. Globalization affects world economies, political situations, ecological dimensions and cultural identities. Globalization has led to more choice and lower price for consumers. It has forced firms to look for ways of increasing efficiency. Inefficient producers have gone out of business. Globalization has a positive impact on almost everybody as it generally helps to creates greater economic value. Globalization is able to provide equal distribution of the added value. The process of globalization must focus on letting go of the economic self-interest by respecting different religious, environmental and cultural values for the benefit of all classes of people. It must be beneficial for everybody by developing a global world outlook that boosts up the mutual and common values of all cultures. Accumulated forms of communication create images that cross different linguistic bo undaries more quickly and conveniently than many goods and services. This global mass culture has entered, influenced and revolutionized the lives of people in modern societies. There are several reasons for this increasing global competition. Free trade agreements and economic unions have reduced protection for industries. Consumers can now purchase goods and services from other countries with no import controls. Improved travel links and communications between all parts of the world have made it easier to compare prices and qualities of goods from many countries. This has further developed as the internet has become more widely available worldwide. Business in every sector of the economy are now striving to enter the global market be it science, manufacturing or entertainment industry (Stimpson, 2006). The economic dimensions of globalization are mostly linked with economic growth of global trade and finance, economic order and multinational corporations and how they affect the fo rmation and functioning of the international economy. It is a known fact that multinationals help in creating jobs and improving employment levels. By the year 2000, they accounted for nearly 100 million jobs created indirectly as researched by the New York Times newspaper of July 2000. It is known as the multiplier effect. When foreign direct investment comes in, both, the multinationals and domestic country become better-off. The company benefits from profits. Domestic country benefit in the form of jobs created, tax revenues generated and capital formation. The USA witnessed its lowest unemployment rate in 2000 in 30 years (Birdsall, Graham, 2005). Globalization helps in sustainable development. It provides the developing nations with much needed jobs and capital as well as equal distribution of income and wealth and help developing countries to escape severe poverty levels. They help improve the education levels, life expectancy rates and infrastructure and future markets in the developing countr