Discuss the impacts of Globalization
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Abstract
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The paper discusses the multifaceted impacts of globalization, highlighting its economic, cultural, and political dimensions. It defines globalization as the integration of nations into a global economy characterized by free trade and capital mobility. Key themes include the role of technology in facilitating globalization, the rise of multinational corporations, and the potential cultural homogenization resulting from globalization. The conclusion addresses the challenges posed by globalization, including rising inequality and unsustainable production practices, while suggesting frameworks like the Uppsala internationalization process model to understand international market dynamics.
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Globalization or globalisation is the trend of increasing interaction between people or companies on a worldwide scale due to advances in transportation and communication technology, nominally beginning with the steamship and the telegraph in the early to mid-1800s. With increased interactions between nation-states and individuals came the growth of international trade, ideas, and culture. Globalization is primarily an economic process of integration that has social and cultural aspects, but conflicts and diplomacy are also large parts of the history of globalization. Economically, globalization involves goods and services, and the economic resources of capital, technology, and data. [1][2] The steam locomotive, steamship, jet engine, and container ships are some of the advances in the means of transport while the rise of the telegraph and its modern offspring, the Internet and mobile phones show development in telecommunications infrastructure. All of these improvements have been major factors in globalization and have generated further interdependence of economic and cultural activities. [3][4][5]
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Although in its simplistic sense globalization refers to the widening, deepening and speeding up of global interconnectedness, such a definition begs further elaboration. ... Globalization can be located on a continuum with the local, national and regional. At one end of the continuum lie social and economic relations and networks which are organized on a local and/or national basis; at the other end lie social and economic relations and networks which crystallize on the wider scale of regional and global interactions. Globalization can be taken to refer to those spatio-temporal processes of change which underpin a transformation in the organization of human affairs by linking together and expanding human activity across regions and continents. Without reference to such expansive spatial connections, there can be no clear or coherent formulation of this term. ... A satisfactory definition of globalization must capture each of these elements: extensity (stretching), intensity, veloci...
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