The Effect of GLOBALIZATION

What is Globalization and what is effect of globalization 

Base on my research on Internet, magazine and news paper that globalization in short, points to the whole effort towards making the world global community as a one village. Goods that were only found in western countries can now be found across the globe. Now under developed areas can enjoy the benefits of scientific advances and industrial progress available in developed countries for the improvement and growth of their areas.

Because of globalization the economies of the world are being increasingly integrated, example mobile phones and internet have brought people closer. The world is becoming a smaller place. Work can be outsourced to any part of the world that has an internet connection because of improvements in traffic infrastructure one is able to reach one's destination in a short time.

Globalization can also be defined as an ongoing process by which regional economies, societies and cultures have become integrated through a globe-spanning network of communication and trade. The process of globalization includes a number of factors which are rapid technology developments that make global communications possible, political developments such as the fall of communism, and transportation developments that make traveling faster and more frequent. These produce greater development opportunities for companies with the opening up of additional markets, allow greater customer harmonization as a result of the increase in shared cultural values, and provide a superior competitive position with lower operating costs in other countries and access to new raw materials, resources, and investment opportunities.

Globalization through global communications, global markets and global production have promoted and facilitated by a fourth area of global activity in relation to money. For example, the American dollar, the Japanese yen, Euro and other major national currencies circulate globally. They are being used anywhere on earth and moving electronically and via air transport anywhere in effectively no time. Most bankcards can extract cash in local currency from the thousands of automated teller machines (ATMs) across the world. Also credit cards like Visa, MasterCard and American Express can be used for payments in almost every country in the globe (Scholte J.A., 2000).

People can move from one country to another, trade restrictions are reducing, domestic markets are opening up for foreign investments, telecommunications are better established and the countries that are leading the innovations are passing on their technologies to other countries in need (Kulkami A., 2009).

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