Globalization and its effects
Anab Noor
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Abstract
Recent years have had many changes and shifts, one of the largest shifts was towards Globalization. Globalization is the process of economies shifting into the global market. It has the concepts of Comparative and absolute advantage to its support. However with the specialization of labor and technological advancements, globalization has been adopted by many countries alike. This adaptation had not been analyzed, but with the recent events that unfold economically, scholars and economists have started to question the traditional beliefs and theories of globalization. Also as to how do globalization affects the world? The question has been sought to be answered by many modern economists such as the likes of Stieglitz and so forth. Many economists still defend globalization, and the contrary raises questions on the developing or the under developed countries, countries like Uganda or Ethiopia have shown growth and developments but it has been of little significance. The other aspect of the critiques on globalization is that it helps not only the elite but imposes a corporate culture that is trying to be universalized. Organizations that are operating on the global scale such as the IMF or World Bank have policies that imposes its own rights in other economies by persuading them to shift to free liberalized economies. However there are arguments supporting globalization as well as to how a global culture reduces violence and paves way for cultural and ethnic tolerance, allows countries to specialize and etc. Moreover as to whether there is no link between corruption and market system or developmental failure, and that the globalization itself does not have flaws but the way it is implanted is flawed. Such is the case of Globalization as it affects socio-political, ethnic and cultural values and much more. All these aspects are taken into detailed consideration and the discussion is formed
Key takeaways
- Is Globalization really beneficial for all countries?
- But as to how this Global Culture effects an individual is to be analyzed in this study and as well as "Globalization" and its effects.
- To the point of A level economics to a graduate program the emphasis on globalization has been massive and many economists have contributed to this thought.
- There are numerous of scholars who have argued for and against globalization, and in the recent years this concept of global economy have been inherited worldwide without questions.
- The case for and against globalization are both compelling however, what we analyze is through the discussion is that, globalization in the current scenario has not been beneficial for the developing companies or the under developing countries, more over as to a contradiction in thought lies as to whether the reformation of policies from the global organizations such as IMF or World Bank or the case should be made for the domestic markets.
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