Globalization Essay Example | Topics and Well Written Essays - 1250 words - 3

Globalization - Essay ExampleGlobalization specifically refers to stinting integration of local economies with an international system. It aims to erase the national boundaries and governs international switch over by comparative advantage. The concept of globalization became popular in the late 1980s and 1990s. Globalization began with Portuguese adventurers and navigators who established a chain of fortresses, key strong points and coastal areas to create a chain of economy and culture which was global in nature.Modern globalization began after World War II as economists, corporations and politicians accept the negative aspects of protectionism. They saw the advantages of international economic integration. Several international institutions like the International Monetary Fund and World Bank were created to reduce the costs of make do and remove restrictions on free trade. Since then many barriers to international trade have been lowered. The World Trade Organization was estab lished to promote free trade and reduce tariffs. It also called for the recognition of intellectual property restrictions. Globalization remains a unique phenomenon because of the rapid spread of technology, economic trade and foreign enthronement in many parts of the world. There are many affects of globalization which point out that we live in a globalized world (Friedman 56, 2005).The impact of globalization can be measured by the goods and services which form the proportion of national incomes. It can also be measured by the net migration rate and direct investment that comes inside a country by foreign organizations. Finally the impact of international research and development and the proportion of populations using in advance(p) technologies like the cell phone, internet, and motorcar on a country can measure the affect of globalization for a particular country. In addition to the economic measurement of globalization, it can also be measured by social and political factors. Globalization has changed the world in many different ways. It has heralded the advent of worldwide production markets which provide more access to foreign products for consumers and companies. Global financial markets have emerged in different parts of the world which provide go against access to external financing for corporations and local borrowers. The creations of world organizations which regulate the relationships between nations and protect their rights have sprung up due to globalization. China is an amazing success humbug of globalization because of its tremendous economic growth rate. In recent years Chinas economy has rapidly grown. This rapid growth of economy is the here and nowant point in the field of economic development which has been acknowledged by the international community. The UN says that China is the backbone of Asias economic development. This statement is enough to tell that China is playing an alert role in contributing to the world economy. Chinas rapid economic growth has made a huge impact on the worlds economy in stabilize and recovery it. China is the globes best commodity market (Ankerl 36, 2000).Chinese products are found all over the world. During the period of 1990-2001 Chinas export growth rate was 14.9% and the aftermath growth rate was 15.5%. Chinas good and cheap exported products have benefited many consumers globally. American buyers of goods and products have saved about US$15 billion annually. Chinas rapid import growth rate has created various job opportunities globally. The foreign trade of China has enabled free flow and minimum utilization of