Answer To: HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION Assessment Details and Submission Guidelines Trimester...
Subhalaxmi answered on May 04 2021
GLOBALISATION
Table of Contents
Executive Summary 3
Introduction 3
Globalisation 3
Characteristics of globalisation and how it functions 4
Conclusion 7
References 8
Executive Summary
The political, economic, social, technological, and financial aspects characterize globalisation. The factors are interrelated and depended on each other. The expansion and enforcement of mass communication in all dimensions of human life have facilitated the process of globalisation. The political structure of a country controls trade movement and barriers. The emergence of international connection with respect to economic and social system sums up the broad concept of globalization. The lives of people have changed exceptionally with the onset of globalization. Technological advancement has changed the way people communicate and connect with each other. Now the sharing of ideas and information has become a lot easier. Globalisation is an excellent way to achieve economies of scale and scope. It is up to the company how they layout the structural plan and execute it effectively to achieve the advantages of globalization.
Introduction
Globalisation is a concept that has multiple dimensions. It refers to the integration of economies channelized by free flow of trade and capital. Globalisation has been frequently used for some decades, but the dimension changed when the world experienced the Great Recession in 2008. The process of globalisation is measured by the degree of interdependence and interconnectedness between the people, businesses, and institutions of different countries. The essential element of globalisation is to create an environment that allows the free flow of goods and services. A global mindset that is open and broad is required for globalisation to come into existence. The process of globalisation depends on various factors and includes internationalisation and localisation. It also involves the communication and exchange of ideas and information between people.
Globalisation
As defined by IMF, Globalisation is the growing, economic interdependence between countries by increasing diversity and volume of cross-border transactions. The process of creating networks or connections that facilitate the flow of information, ideas, goods, services, and capital is globalisation. It integrates national economies, culture, technologies and erodes national boundaries (Gygli et al., 2019).
Characteristics of globalisation and how it functions
Various aspects such as economy, society, politics, technology and many more characterize the globalisation process. This cumulative process requires alignment of various aspects and processes.
Dimensional change- This involves various fields and domains of the economy such as society, business sector, politics, environment, and culture. In social level, it represents the interconnectedness among people. The cultural part involves exchange of ideas and values among people of different culture (Letto-Gillies, 2019). The impact of globalisation is widespread and affects every sector.
Political basis- The economic and social policies of liberalisation and deregulation has been strengthened and involves both developed and developing countries. It refers to the level of political co-operation between different countries. Globalization of political culture is a procedure through which political belief systems, speculations and structures are being extended in everywhere throughout the world. Developments of autonomies, option to decide in favour of women, majority rule government, free market framework and opportunity of conclusion are those social examples which grew up strategically and advanced in everywhere throughout the world through the procedure of globalization (Buzdar et al., 2016). Socialist world is the...