1.

Define Globalization:
Globalization can be defined as a system of interaction or increasing global relationships
between cultures, people, and economic activities among the countries of the world.
Globalization in its simpler form refers to conglomerate exchange of languages, ideas, and
cultures. (Albrow & King, 1990)
Globalization, as a concept, is used to describe the process by which the world is transformed
into a single arena. Globalization is not merely an economic phenomenon; rather it covers all the
aspects of modern life: the economic, the cultural, the political, the humanitarian, the social, and
the ecological. In relation to these aspects, the social scientists today increasingly concentrate on
global phenomena. (Garai, 2015)

According to M. Waters, Globalization is a social process in which the constraints of geography

on social and cultural arrangements recede and in which people are becoming increasingly aware
that they are receding. (Waters, 1995)

2. Positive and Negative effects of Globalization

 Worldwide Interdependence (positive)
From the report of (Betucci & Alberti, 2001), globalization is truly a complex
phenomenon ‘which encompasses a great variety of tendencies and trends in the
economic, social and cultural spheres’. It is dynamic and unpredictable, although
not entirely disordered. Four major factors have been identified to be the driving
forces pushing forward worldwide interdependence. They include
entrepreneurship, liberalization of trade and investment, technological innovation,
and global social networks.
 Worldwide Development (Negative)
Globalisation today has now cleared the way for worldwide development, but the
progress is not “even” as some nations are getting integrated into the global
economy faster than others as shown by these countries’ fast economic growth
and reduced poverty levels (Lawal, 2006)
 Worldwide Development (positive)
Thanks to globalization, developing countries now have access to new markets.
And this has been taken full advantage of by several nations. This opening allows
the transnational movement of labour, foreign capital, new technology and
management to developing countries from the more industrialized nations.
(Betucci & Alberti, 2001)
 World trade (positive)
Again looking at the effect of globalization on world trade, and indirectly on trade
in developing countries, it is quite obvious that it enhances economic growth. One
of the emphasis of globalization is that member countries should open their
markets to ensure open trading free of limitations. (Mubiru, 2003)
 Impacts on Developing Countries (negative)
 As claimed by Princová, globalization leads to wealth redistribution – ‘global
richness and local poverty’. It makes the rich countries, in this case, the
industrialized nations, to become richer, and the poor nations, the developing
countries, to become poorer. (Princová, 2010)
 Cultural Boundaries (negative)
In addition, globalization has resulted in the loss of cultural boundaries. In this
wise, it has caused the extinction of several languages in many developing
nations. The way languages are going extinct is very rapid, and this has been
predicted to continue unless something can be done to stop the complex process
of globalization (Cronin, 2003)

3. How important is it to study Globalization?

It is very important to study globalization because understanding the contemporary international
political economy is an essential part of being an informed citizen. Understanding globalization
is a very important part of learning about our human involvement with the environment and
society. Our daily experiences at school, work, and home are an integral part of the globalization
process. We live in an independent global political economy. The concept of understanding
globalization provides us with the tools necessary to be productive members of our local and
global communities. The purpose of studying globalization to understand the differences and
similarities of different cultures and to understand how we are connected and at the same time
separated from the world. (Steger, 2009)
The second one I’ll be explaining is more specific. It is how important is it to study globalization
as a business student.
This section describes several general areas in which business students should learn about
globalization. The first three areas deal with an understanding of the global business
environment: a balanced perspective of globalization, implications of English as a global
business language, and an understanding of global platforms. The final three areas deal with
characteristics and skills that business students will need to succeed: flexibility and adaptability,
intercultural communication and collaboration skills, and a sense of urgency. Each of these areas
is described in reference to American business students; however, they could apply equally well
to other nationalities and cultures.
(Cardon, 2007)
Bibliography
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