Globalization and Its Characteristics
Globalization is the process of increased interconnectedness among countries most notably in the areas of economics, politics, and culture. McDonalds in Japan, French films being played in Minneapolis, and the United Nations, are all representations of globalization.
Improved Technology in Transportation and Telecommunications
In years past, people across the globe did not have the ability to communicate and could not interact without difficulty. Nowadays, a phone, instant message, fax, or video conference call can easily be used to connect people. Additionally, anyone with the funds can book a plane flight and show up half way across the world in a matter of hours. In short, the "friction of distance" is lessened, and the world begins to metaphorically shrink.
Movement of People and Capital
A general increase in awareness, opportunity, and transportation technology has allowed for people to move about the world in search of a new home, a new job, or to flee a place of danger. Most migration takes place within or between developing countries, possibly because lower standards of living and lower wages push individuals to places with a greater chance for economic success. Additionally, capital (money) is being moved globally with the ease of electronic transference and a rise in perceived investment opportunities. Developing countries are a popular place for investors to place their capital because of the enormous room for growth.
Is Globalization a Good Thing?
There is a heated debate about the true effects of globalization and if it really is such a good thing. Good or bad, though, there isn't much argument as to whether or not it is happening. Let's look at the positives and negatives of globalization, and you can decide for yourself whether or not it is the best thing for our world.
Positive Aspects of Globalization
* As more money is poured in to developing countries, there is a greater chance for the...