Globalization The term ‘globalization’ is described by economists as well as by business experts as the process by which different social, cultural, socio-cultural, economic, and socio-economic and many other aspects of different countries across the globe are integrated. The notion of globalization is related to the fact that nations across the globe are closely associated with the help of different trading ties (Caves et al. , 2011, p. 83). This paper is aimed at describing the positive as well as the negative effects of globalization on economic aspects. The debate regarding globalization is very lively, sometimes considered as passionate, as well as has often been violent.
In recent times, the notion has been highly intensifying. The debate has been messy and ill-defined. Also one could respond by arguing that it possesses no place in the professional setting of global economic and business aspects. However, people cannot afford to disregard it, for the opinions and attitudes revealed in it which will unavoidably influence different public policies. And also the aspects are critically significant for higher economic growth in the future and well-being of nations across the globe (Fischer, 2003, p.
3). Economic globalization, which is regarded as one of the ongoing processes related to higher economic interdependence among nations, is imitated in the growing quantity of cross-border trade of different goods and services, the mounting degree of international financial and capital flows, and also the escalating flows of international labor. One of the most important positive effects with the process of globalization has been related to the creation of global integration of global economies which has increased the volume of global production and income (Fischer, 2003, p.
4). However, the most important negative effect of globalization has been related to the fact the process of global integration has helped some countries at the cost of others. In the developed and some of the developing countries, the volume of international trade and business has made positive effects. However, in the less-developed part of the world, these changes have made negative effects in terms of increase in rate of absolute and relative poverty and also in increasing global inequality (Fischer, 2003, pp. 8-9). Globalization has also made significant effects on the development of the Forth World, comprising of different countries including Canada, New Zealand, and other countries, or parts of the world or societies.
Globalization has made positive changes in the ingenious development process of these countries, creating economic, social, cultural and political developments in these countries. As reflected from various field researches which has been conducted among indigenous sets in Canada as well as New Zealand, different other researchers have opined that globalization has made significant development in countries belonging to the Fourth World (Slowey, 2005, p.
1). Also the notion of globalization is closely relate concept of ethnocide, which is related to the idea of corporate globalization of business enterprises across the globe. This process has created greater integration of global business houses as large numbers of multinational as well as transnational companies are capturing the global market (Conversi, n.d. , p. 347). The notion of globalization has made significant changes (both positive and negative) upon the business and economic aspects across the globe. These changes have also created concepts like ethnocide and the Forth World. However, these changes are expected to become more and more beneficial over the passage of time if and only the level of income and status inequality in businesses, social and economic contexts are removed.
Thus the benefits of globalization will surpass the drawbacks of the notion and will help businesses and economies to grow at faster rates. References Caves, R. E. et al. , (2011), World Trade and Payments, USA: Pearson Education Conversi, D. (n. d.), Globalization, ethnic conﬂict, and nationalism, retrieved on May 5, 2012 from: http: //easyweb. easynet. co. uk/conversi/Globalization. pdf Fischer, S. (2003), Globalization and Its Challenges, American Economic Association, retrieved on May 5, 2012 from: www. iie. com/fischer/pdf/fischer011903.pdf Slowey, G.
A. (2005), Globalization and Development in the Fourth World: Indigenous Experiences in Canada and New Zealand Compared, Globalization and Development Stream, retrieved on May 5, 2012 from: http: //www. mngt. waikato. ac. nz/ejrot/cmsconference/2005/proceedings/developmentglobalization/Slowey. pdf