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Globalization Notes #43

Globalization refers to the growing interdependence between countries through increased trade, investment, and cultural exchange. It began accelerating in the 1980s and 1990s as many developing countries reduced trade barriers and opened up their markets. Globalization has benefited developing countries by allowing their local businesses to expand internationally and giving workers more employment opportunities. While it poses some risks like threatening indigenous cultures, globalization can strengthen solidarity between cultures if each respects the uniqueness of others. Overall, globalization aims to bring all individuals and cultures together on a shared platform to benefit from global trade.

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23 views2 pages

Globalization Notes #43

Globalization refers to the growing interdependence between countries through increased trade, investment, and cultural exchange. It began accelerating in the 1980s and 1990s as many developing countries reduced trade barriers and opened up their markets. Globalization has benefited developing countries by allowing their local businesses to expand internationally and giving workers more employment opportunities. While it poses some risks like threatening indigenous cultures, globalization can strengthen solidarity between cultures if each respects the uniqueness of others. Overall, globalization aims to bring all individuals and cultures together on a shared platform to benefit from global trade.

Uploaded by

Hibba Noor
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Globalization is the word used to describe the growing interdependence of the world's economies,

cultures, and populations, brought about by cross-border trade in goods and services, technology, and
flows of investment, people, and information.In simple words, globalization is the process by which the
whole world becomes a single market. Local businesses take their influence to an international level,
involving many countries in trade. Interactions between countries increase and trade escalates. People
and organizations with different backgrounds share between them a common understanding of trade
and work together in business. This makes the people of our world exposed to each other.If you look
back over the past 30 years, developing countries had very high levels of trade protection — so they
had high barriers on imports in terms of taxes, and they restricted imports quantitatively, by quotas or
licenses. During the 1980s and 1990s, many countries decided to abandon these protectionist policies
and implemented large-scale trade reforms. Through this, came the rise of globalization and trade on a
huge scale started taking place. This has shaped our world positively in many aspects.

Economic growth is the main channel through which globalization can affect poverty. What researchers
have found is that, in general, when countries open up to trade, they tend to grow faster and living
standards tend to increase. it is virtually impossible to find cases of poor countries that were able to
grow over long periods of time without opening up to trade. And we have no evidence that trade leads
to increases in poverty and declines in growth. This benefits the economy of developing nations and
helps them to take their own businesses to an international level.

The effect that trade has on less educated laborers in these developing countries depends in part on
where they are employed and how mobile they are across sectors. Workers, both educated and less
educated, in export-oriented sectors tend to benefit. Large businesses that grow internationally
incorporate normal people in their trade as well. Employment opportunities increase and trade
flourishes. People are able to earn a living despite their background and work hard enough to
competitively take part in international trade as well.
Globalization has an inherent tendency to bring homogeneity in socio-cultural and religious life.
Consequently, the indigenous cultures feel threatened. Only by respecting the uniqueness of cultures,
globalization can strengthen cultures through healthy dialogue rooted in solidarity. This will also create
acceptance between cultures , thus further benefiting national solidarity. And this respect for
everyone's culture will lead to global solidarity as well, because individuals from different backgrounds
are working together on the same platform.

Many of us, as we benefit from cheaper goods made in China or Vietnam, or goods that have been made
by child labor, worry about what we are doing. But perhaps the best way to help the poor in poor
countries is for them to have the employment opportunities that arise when there is demand in rich
countries for products that they produce.

However, globalization generates winners and losers. For those people who are made worse off, those
are real costs, and we have to help them deal with those costs. Even in a country like the United States,
it’s pretty tricky to compensate the losers from this process, and it’s even trickier in the developing
countries, where government assistance is not as readily available. There are a lot of benefits for all of
us that can be had by promoting globalization, but government policy needs to make sure that those left
behind share in these gains.

In the end, globalization is a way to bring all the individuals of the world on a same basis and have them
benefit from the same platform. It increases respect for other people’s cultures as you are working
together in trade. It is also an amazing way for developing countries to take an active part in the world's
growing trade market and help them escalate to a bigger level.

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