The paper "Key Challenges for National Governments Posed by Globalization" is a great example of a report on macro and microeconomics. Globalization is the intensified and accelerated process of integration and interaction among governments, companies, and people from different nations that results in increased interdependency. According to Ngaire (2000), it is the occurrence of dramatic changes in the world-wide market as a result of opened economies. It includes changes in defined actions such as consumption, distribution, production as well as the increased flow of people, ideas, images, goods, and services from one place to another.
According to Yü cel et al (2009), it is the process through which technologies, states, and markets become more integrated transforming the world to a global village. This means people can interact freely and access information from all over the world within the shortest time and with limited interactions. It results in cheaper, deeper, and faster movement of individuals and ideas around the world. Naidoo (2006) on the other hand defines globalization as the process through which social relations intensify at the world-wide level resulting in a linkage of the diverse locality to a level that, what happens locally is influenced by happenings miles away and the reverse.
In this regard, globalization is seen as the development of different cultures and societies into one unit with commonly agreed values and norms. The idea of globalization has influenced the view that the world is a single space and the populations therein are neighbors with whom one must relate or co-exist (Naidoo, 2006). The process of globalization has been influenced by the movement of people from one place to another and technological advancement which has seen ideas being exchanged faster than ever before.
Lastly, globalization represents the transfer of knowledge, values, and lifestyles where distance does not count. Benefits of globalization A major benefit of globalization is the elimination of trade barriers enabling a free flow of capital, goods, and services throughout the world. This resulted from regional economic integration which has transformed the world's markets into a single market. Additionally, globalization has resulted in the fallen production costs of goods and services since the accessibility of materials and information has become very easy.
This can be seen in the fall of computer processing costs by 30% every year over a period of 20 years (Brooks et al, 2011).
Brooks, I., Weatherston, J and Wilkinson, G. (2011). The international business environment: challenges and changes. Harlow: Financial Times Prentice Hall.
Dollar, D. (2004). Policy Research Working Paper WP3333 Globalization, Poverty, and Inequality Since 1980, World Bank, available from http://econ.worldbank.org/external/default/main?pagePK=64165259&thesitePK=469382 &piPK=64165421&menuPK=64166093&entityID=000112742_20040928096739.
Mrak, M. (2000). Globalization: trends, challenges and opportunities for countries in transition. Vienna: United Nations Industrial Development Organization (UNIDO).
Naidoo, L. (2006). Re-negotiating identity and reconciling cultural ambiguity in the Indian immigrant community in Sydney, Australia. The Anthropologist. (In press).
Naidoo, L. (2007). Rupture or continuity? The impact of globalization on cultural identity and education in Indian immigrant families in Australia. Transnational Curriculum Inquiry 4 (1) http://nitinat.library.ubc.ca/ojs/index.php/tci
Woods, N. (2000). Globalization and the challenge to international institutions. Basingstoke: Macmillan.
Woods, N. (2001). Who should govern the world economy: the challenge of globalization and governance. Renewal, Vol. 9. No. 2/3, p. 73-82.
Yücel, R. Elibol, H. & Dağdelen, O. (2009). Globalization and international marketing ethics problems. International research journal of finance and economics.