globalization essay ending

Deglobalisation: what you need to know

Deglobalisation may be picking up pace as a result of the war in Ukraine, the COVID-19 pandemic and the needs of the green transition. Image:  Getty Images/iStockphoto

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• Following nearly a century of globalisation, successive global shocks and the movement to confront climate change appear to be turning the tide.
• 'Slowbalisation' following the 2008 financial crisis may be turning into deglobalisation.
• But some regions and sectors are deglobalising faster than others.

In response to COVID-19, Russia’s war with Ukraine and climate change, governments and global companies are seeking security and resilience over the benefits of global value chains.

There are strong signals that the era of globalisation is coming to an end, analysis by research analysts at Barclays Corporate and Investment Bank suggests.

Sentiment is turning towards deglobalisation

The rise of globalisation was never entirely smooth or assured. The reduction of global trade that was bookended by the two world wars was followed by 60 years of increased globalisation. This included the hyper-globalisation period from 1990 to 2008.

However, the 2008 financial crisis, trade wars, disenfranchised middle classes in developed economies and rising concerns about over-reliance on trade with single partners led to a period of relatively stagnant "slowbalisation".

Today, "slowbalisation" appears to be moving towards deglobalisation. Recent disruptions to global value chains such as the COVID-19 pandemic, the war in Ukraine, growing ideological differences and the green transition have prompted governments and corporations to reconsider external dependencies. They are looking closer to home and to trusted partners for more resilient growth models.

This sentiment is transcending media headlines and political posturing, and is becoming part of general corporate rhetoric. According to Barclays’ Investment Sciences team, a small but notable fraction — 4% — of corporate transcripts mentioned onshoring in 2022. Striking, when this has been under 1% prior to the pandemic.

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What history teaches us about globalisation and growth, what's next for the global economy experts talk inflation, stagnation and (de-)globalisation at davos 2022 , how to follow davos 2023, deglobalisation isn't completely global.

While M&A (Mergers & Acquisitions) and jobs data suggest that deglobalisation is occurring, it is not happening uniformly across the planet. Increased onshoring of jobs is taking place primarily in Asia. Domestic employment is also increasing in the US and Europe, but this appears to balance local resignations, and the net trend in both regions is still towards globalisation, albeit among more junior roles.

Barclays also found evidence that fewer announced M&A deals have been completed recently than historical patterns would suggest. Moreover, deals between target firms in Europe and North America are less likely to succeed when the acquirer is outside these regions, especially for target firms in industries such as advanced technology, finance and retail. On the other hand, deals targeting firms in, for example, consumer staples, are more likely to succeed.

Similarly, the slowdown of M&A activity may not be caused solely by macroeconomic trends, but also by regulatory concerns, as the European Commission and the UK antitrust authority increase scrutiny on deals.

Deglobalisation and the green transition

Energy is a key sector to watch in terms of both globalisation and deglobalisation. The common incentive for nations to address climate change has been a major source of globalised cooperation in recent years. Yet the mechanics of the green transition itself also necessitate a more local focus.

The push towards a long-term increase in the share of energy coming from renewables is being driven by the reduction of carbon-intensive transportation infrastructure and carbon pricing mechanisms acting as de facto tariffs. Rising concerns about energy security and fossil fuel pricing volatility have also heightened interest in domestic renewables.

However, as the green transition is a global challenge, Barclays suggests it still needs a globalised approach — one that complements local and regional solutions. Although the rise of renewables will fundamentally reshape fossil fuel trade flows, the green transition will have to be supported by the minerals industry that will be used to build its infrastructure. This will result in the increased trade integration of mineral-endowed countries.

The era of globalisation may be coming to an end. What replaces it remains to be seen, but it is clear that global cooperation is necessary to confront shared challenges.

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Knowledge at Wharton Podcast

Is this the end of globalization, april 18, 2022 • 10 min listen.

The war in Ukraine has sparked doomsday predictions about the end of globalization, but Wharton’s Exequiel (Zeke) Hernandez says the dependencies countries have on each other are here to stay.

• Markets & The Economy

Wharton’s Exequiel (Zeke) Hernandez speaks with Wharton Business Daily on SiriusXM about the future of globalization.

BlackRock CEO Larry Fink thinks the war in Ukraine is accelerating the end of globalization that has shaped the new world order for the last 30 years.

Oaktree Capital Management founder Howard Marks said the war is forcing the pendulum of international affairs to swing away from globalization as companies and governments rethink their interdependence.

Wharton management professor Exequiel (Zeke) Hernandez disagrees. He said it will take much more than a conflict between two countries to destroy the economic fundamentals of international trade.

“I believe that there could be some short-term disruption, but I don’t believe that globalization in the medium to long run is going to be completely obliterated, which I think is the spirit of a lot of these predictions,” he said during an interview with Wharton Business Daily on SiriusXM .

Simply put, companies and countries need each other. Reaching beyond borders is how they secure their supply chains, grow their customer base, find skilled and unskilled labor, and provide the population with all the goods and services they demand.

“For most reasonably sized businesses, the home market is just not large enough of a market, so they need to serve foreign markets,” Hernandez said. “That will mean having more global or, more commonly, regional supply chains.”

Is Globalization Ending?

The professor pointed out that doomsday predictions about the end of globalization have been made before, usually during times of crisis. At the beginning of the COVID-19 pandemic, The Economist ran a cover story about it, and similar declarations were made during the Great Recession of 2008. But he said crises create only “temporary blips” in economic activity, like the sharp drops induced by sudden pandemic lockdowns.

“I don’t believe that globalization in the medium to long run is going to be completely obliterated.”  –Zeke Hernandez

“It happens all the time,” Hernandez said about the negative predictions. “I think we have to distinguish between short-term disruption and structural changes in the economy.”

Hernandez has maintained his stance on globalization for years, writing in a 2020 blog post that while his position may be “boring” compared with the naysayers, it’s based on facts.

“I believe that an approach based on basic facts — even if boring — may help calm down some of the anxiety about the future of globalization,” he wrote.

Hernandez said one reason why the declarations about globalization’s demise are overblown is that the world’s economy isn’t really as entangled as people think it is. Foreign direct investment, for example, accounts for just 4% of the global economy. And South Korean multinational firms such as Samsung and Hyundai conduct only 10% to 15% of their business outside their geographic region, with the bulk of it inside Southeast Asia.

To be sure, authoritarian regimes often cut themselves off from the global market for a host of reasons — Russia’s Vladimir Putin is just one example. But firms often respond by shifting their activities elsewhere in the world. That’s why Hernandez thinks it will take world war on a larger scale to create the kind of disruption that would halt globalization.

“Unless you have authoritarianism and protectionism rise to a level where every country wants to be economically self-sufficient, you’re not going to make a big dent,” he said. “The only thing that will happen is you might shift which countries are more involved in trading and doing business with each other.”

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Home — Essay Samples — Sociology — Globalization

Essays on Globalization

Hook examples for globalization essays, "the global village" metaphor hook.

"In the age of globalization, our world has transformed into a 'global village.' Explore the implications of this metaphor and how it has reshaped our understanding of interconnectedness and cultural exchange."

The Impact of Digital Connectivity Hook

"In an era where a single tweet can reach millions, digital connectivity has revolutionized globalization. Delve into the profound impact of the internet, social media, and technology on global interactions."

The Paradox of Local vs. Global Hook

"Globalization blurs the lines between local and global identities. Analyze the paradox of preserving cultural heritage while embracing the globalized world and how this tension shapes our societies."

The Global Marketplace Hook

"Globalization has ushered in an era of unprecedented trade and economic interconnectedness. Explore the dynamics of the global marketplace, from multinational corporations to supply chains spanning continents."

Cultural Fusion and Identity Hook

"Globalization has led to a melting pot of cultures, but what happens to cultural identities in the process? Investigate how globalization impacts the preservation and evolution of cultural identities."

The Challenges of Globalization Hook

"While globalization offers numerous benefits, it also presents challenges. Examine issues such as income inequality, cultural homogenization, and environmental concerns that arise in a globalized world."

The Future of Globalization Hook

"As we stand on the brink of a globalized future, what can we expect? Join me in exploring the potential trajectories of globalization, from its impact on politics to the role of emerging technologies."

The Best Globalization Essay Topics

• The Impact of Globalization on Local Cultures: Integration or Erasure?
• The Impact of Globalization on Cultural Identity in Anthropological Studies
• Globalization and Economic Inequality: Bridging the Gap Between Rich and Poor
• The Role of Technology in Advancing Globalization and Its Social Implications
• Environmental Consequences of Globalization: Challenges and Sustainable Solutions
• Analyzing the Advantages and Disadvantages of Globalization
• The Influence of Globalization on Education and Cross-Cultural Exchanges
• Global Political Dynamics: How Globalization Affects Sovereignty and Governance
• Globalization and Health: The Spread of Diseases and Global Health Initiatives
• Consumer Culture and Globalization: The Homogenization of Global Markets

The Disadvantages of a Mcdonaldized Society

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Sociological Imagination Am I Supposed to

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Good and Bad Impact of Globalization

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Globalization's Theories and Effects in The Modern World

The effects of globalization on health and medicine, a study on globalization and its various sides, overview of five articles about globalization, globalization: two sides of the arguments both for and against, globalization and its positive and negative sides for india, the advantages and disadvantages of the globalization process based on real-life examples, criticism and controversial benefits of globalization, globalization: importance of english nowadays, the impact of globalization, nationalism and protectionism on india, an overview of the overall impact of globalization, research of effects of globalization on the media in the world, globalisation as an economical, political and cultural process, pro globalist and anti globalist view from developed country perspective, how global issues impact individual states, electronic commerce in the globalization era, the effect of globalization and americanization on mass media, components of globalization: concept sociocultural and social globalizations, how the impact of globalization on illicit drug trafficking has affected international security, discussion of whether globalization is good or bad for the indian economy.

1. Halliday, T. C., & Osinsky, P. (2006). Globalization of law. Annu. Rev. Sociol., 32, 447-470. (https://www.annualreviews.org/doi/abs/10.1146/annurev.soc.32.061604.123136) 2. Fischer, S. (2003). Globalization and its challenges. American Economic Review, 93(2), 1-30. (https://www.aeaweb.org/articles?id=10.1257/000282803321946750) 3. Lang, M. (2006). Globalization and its history. The Journal of Modern History, 78(4), 899-931. (https://www.journals.uchicago.edu/doi/abs/10.1086/511251?journalCode=jmh) 4. Spring, J. (2008). Research on globalization and education. Review of educational research, 78(2), 330-363. (https://journals.sagepub.com/doi/abs/10.3102/0034654308317846?journalCode=rera) 5. Scott, A., & Storper, M. (2003). Regions, globalization, development. Regional studies, 37(6-7), 579-593. (https://www.tandfonline.com/doi/abs/10.1080/0034340032000108697a) 6. Jameson, F. (1998). Notes on globalization as a philosophical issue. In The cultures of globalization (pp. 54-78). Duke University Press. (https://www.degruyter.com/document/doi/10.1515/9780822378426-005/html?lang=de) 7. Frankel, J. A. (2003). The environment and globalization. (https://www.nber.org/papers/w10090) 8. Teeple, G. (2000). What is globalization?. Globalization and its discontents, 9-23. (https://link.springer.com/chapter/10.1057/9780333981610_2)

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The End of the Globalization Debate: A Review Essay

A review of several recent books on the end of antiglobalization

• Robert Howse
• See full issue

CAPITAL RULES: THE CONSTRUCTION OF GLOBAL FINANCE. By Rawi Abdelal. Cambridge, Mass.: Harvard Univ. Press. 2007. Pp. xi, 304. $49.95.

IN DEFENSE OF GLOBALIZATION. By Jagdish Bhagwati. New York: Oxford Univ. Press. With new afterword, 2007. Pp. xiii, 330. $16.95.

TERRITORY, AUTHORITY, RIGHTS: FROM MEDIEVAL TO GLOBAL ASSEMBLAGES. By Saskia Sassen. Princeton, N.J.: Princeton Univ. Press. 2006. Pp. xiv, 493. $37.95.

MAKING GLOBALIZATION WORK. By Joseph E. Stiglitz. New York: W.W. Norton & Co. 2006. Pp. xxv, 358. $16.95

Already by the end of the Cold War, the old struggle between right and left over the governance of the economy and the redistribution of wealth within the advanced liberal democracies had yielded to a new pro-market consensus. The center-left embraced many of the center-right critiques of the postwar regulatory and welfare state as inefficient, wasteful, and dependency- inducing, and sought to pursue traditional progressive values through a more economically liberal (in the sense of pro—free market) approach to governance of the economy. The discontents with these tendencies, mostly from the traditional left but not entirely, coalesced as a new counterculture, the antiglobalization movement. And there thus arose a great and intense debate about whether globalization was good or bad, inevitable or resistible, in relation to the ideal of the sovereign, progressive, democratic nation-state.

This debate, I argue, is over, above all because the antiglobalizers have themselves gone global. In various sites of global law and policymaking, including those at the interstices of the global and local, they actually have found processes and institutions through which, unlike the case with the state in many instances, they can air their criticisms and express their values as global values. There is no longer an antiglobalization “side” in the debate, coherently representing the position that the territorial nation-state should remain the locus of control over economic activity and should retain a monopoly on legitimate governance. Today the protesters who march against globalization are not marching in favor of the state. Instead, they are mostly advocating a set of values and causes that transcend state boundaries and that require global action.

Each of the works under review here contributes in a distinctive and significant way to understanding the end of the globalization debate. Jagdish Bhagwati, in In Defense of Globalization , displays a number of aspects in which the globalization debate has ended. While explicitly framing his argument as a defense of globalization, Bhagwati ends up arguing forcefully against several crucial elements of globalization, including the liberalization of short-term capital controls and the harmonization of intellectual property rights in the WTO. At the same time, he defends equally forcefully other elements, especially trade liberalization. Ultimately, Bhagwati’s analysis reveals that the real debate has shifted to the complex effects of different aspects of globalization.

Joseph Stiglitz and Saskia Sassen are theorists who decisively move our understanding beyond that of the old globalization debate. While Bhagwati usually displays an optimistic faith that political and economic rationality can ensure the achievement of “globalization with a human face,” Stiglitz is mindful of the puzzles and limits of rationality in economics and policy, and thus sees a need for innovative solutions that may challenge conventional economic wisdom. The very title of Stiglitz’s book, Making Globalization Work , takes us beyond the usual framing of the debate as globalization versus antiglobalization. Stiglitz illustrates how many of the problems with global economic liberalism identified by the antiglobalizers – such as environmental commons issues, the democratic deficit, and weak and corrupt states – require solutions at the global level through innovative mechanisms of global governance.

Sassen, in Territory, Authority, Rights , explains how the state itself has been transformed, in part by globalization itself, such that it is intrinsically more hospitable to pro-globalization forces. In this sense, one can no longer conceive of the state as the adversary of globalization or the repository of a legitimate counter-perspective. At the same time, Sassen also shows how activists representing values often understood as “antiglobalization” move between the local and the global, often operating through global networks and interpenetrating global sites of power, decision, and deliberation.

Rawi Abdelal supplies a valuable historical perspective. He explains that the liberalization of capital markets emerged not from a conspiracy of global financiers or the hegemony of Wall Street, but from a turn towards liberal economics by the French Socialists under Franí§ois Mitterrand. The shift was based in part on the view that resisting global markets was impossible or too costly – one could not effectively operate the progressive social democratic state against the forces of globalization.

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✍️Essay on Globalisation: Samples in 100, 150 and 200 Words

• Updated on  
• Oct 25, 2023

Globalisation means the combination of economies and societies with the help of information, ideas, technology, finance, goods, services, and people. It is a process where multinational companies work on their international standing and conduct operations internationally or overseas. Over the years, Globalisation has had a profound impact on various aspects of society. Today we will be discussing what globalisation is and how it came into existence with the essay on globalisation listed below.

Table of Contents

• 1 How Globalisation Came Into Existence?
• 2 Essay on Globalisation in 100 Words
• 3 Essay on Globalisation in 150 Words
• 4 Essay on Globalisation in 200 Words

How Globalisation Came Into Existence?

For all those unaware, the concepts of globalisation first emerged in the 20th century. Here are some of the key events which led to the development of globalisation in today’s digital world.

• The ancient Silk Route as well as the maritime routes led to the exchange of goods, ideas and culture in several countries. Although these were just trade routes, but later became important centres for cultural exchange.
• Other than this, the European colonial expansion which took place from the 15th to the 20th century led to the setting up of global markets where both knowledge and people were transferred to several developing countries. 
• The evolution and exchange of mass media, cinema and the internet further led to the widespread dissemination of cultures and ideas.

Also Read: Essay on the Importance of the English Language for Students

Essay on Globalisation in 100 Words

Globalization, the interconnectedness of nations through trade, technology, and cultural exchange, has reshaped the world. It has enabled the free flow of goods and information, fostering economic growth and cultural diversity. However, it also raises challenges such as income inequality and cultural homogenization. 

In a globalized world, businesses expand internationally, but local industries can suffer. Moreover, while globalization promotes shared knowledge, it can erode local traditions. Striking a balance between the benefits and drawbacks of globalization is essential to ensure a more equitable and culturally diverse global community, where economies thrive without leaving anyone behind.

Also Read: Essay on Save Environment: Samples in 100, 200, 300 Words

Essay on Globalisation in 150 Words

Globalization is the process of increasing interconnectedness and interdependence among countries, economies, and cultures. It has transformed the world in various ways.

Economically, globalization has facilitated the flow of goods, services, and capital across borders. This has boosted economic growth and reduced poverty in many developing nations. However, it has also led to income inequality and job displacement in some regions.

Culturally, globalization has resulted in the spread of ideas, values, and cultural products worldwide. While this fosters cultural exchange and diversity, it also raises concerns about cultural homogenization.

Technologically, globalization has been driven by advances in communication and transportation. The internet and smartphones have connected people across the globe, allowing for rapid information dissemination and collaboration.

In conclusion, globalization is a complex phenomenon with both benefits and challenges. It has reshaped the world, bringing people closer together, but also highlighting the need for responsible governance and policies to address its downsides.

Also Read: Essay on Unity in Diversity in 100 to 200 Words

Essay on Globalisation in 200 Words

Globalization, a multifaceted phenomenon, has reshaped the world over the past few decades. It involves the interconnectedness of economies, cultures, and societies across the globe. In this essay, we will briefly discuss its key aspects and impacts.

Economically, globalization has led to increased international trade and investment. It has allowed companies to expand operations globally, leading to economic growth in many countries. However, it has also resulted in income inequality and job displacement in some regions.

Culturally, globalization has facilitated the exchange of ideas, values, and traditions. This has led to a more diverse and interconnected world where cultures blend, but it can also challenge local traditions and languages.

Socially, globalization has improved access to information and technology. It has connected people across borders, enabling global activism and awareness of worldwide issues. Nonetheless, it has also created challenges like cybercrime and privacy concerns.

In conclusion, globalization is a double-edged sword. It offers economic opportunities, cultural exchange, and global connectivity, but it also brings about disparities, cultural tensions, and new global challenges. To navigate this complex landscape, the world must strive for responsible globalization that balances the interests of all stakeholders and promotes inclusivity and sustainability.

Related Articles

The movement of goods, technologies, information, and jobs between countries is referred to as globalisation. 

Globalization as a phenomenon began with the earliest human migratory routes, or with Genghis Khan’s invasions, or travel across the Silk Road.

Globalisation allows wealthy nations to access cheaper labour and resources, while also providing opportunity for developing and underdeveloped nations with the jobs and investment capital they require.

For more information on such interesting topics, visit our essay-writing page and follow Leverage Edu ! 

Malvika Chawla

Malvika is a content writer cum news freak who comes with a strong background in Journalism and has worked with renowned news websites such as News 9 and The Financial Express to name a few. When not writing, she can be found bringing life to the canvasses by painting on them.

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• Globalisation Essay

Essay on Globalisation

Globalization means the integration of economies and societies through the flow of information, ideas, technology, goods, services, capital, finance, and people. The true meaning of Globalization in a broad sense is connecting in all areas of human life. It is the process by which other companies or organizations enhance their international reputation or start operating internationally. 

Globalization began thousands of years ago when people and companies bought and sold in distant lands. In the Middle Ages, Central Asia was connected to China and Europe via the famous Silk Road. After World War II and the last two decades, governments of many countries have adopted free-market economies. They have greatly increased their own production potential and created countless new opportunities for international trade and investment. New routes and means to transport goods have been discovered, which has allowed the people to expand their business easily and efficiently. 

The government has reduced all trade barriers and concluded new international agreements to promote trade in goods, services and investment. This profitable action has created opportunities for international trade. In foreign markets, companies with these new opportunities set up new factories and establish production and marketing relationships with foreign partners. Hence, Globalization is defined as an international industrial and financial enterprise.

Overview of Globalization

Globalization means the assimilation of economics and societies through the flow of information, ideas, technologies, goods, services, capital, finance, and people. The real meaning of Globalization in a broad sense is connectivity in all aspects of human life. It is the process where the businesses or other organizations expand international authority or start operating on an international scale.

How the Existence of Globalization Came Into Being?

Globalization had started many thousands of years ago when people and corporations were buying and selling across lands at great distances. In the middle age, Central Asia connected with China and Europe through the famed Silk Road. After the Second World War II and during the last two decades, the governments of many countries have adopted free-market economic systems. They increased their own productive potential immensely and created innumerable new opportunities for international trade and investment.

The governments have reduced all barriers to commerce and established new international agreements to promote trade in goods, services and investments. These beneficial measures gave rise to opportunities for global trade. With these new opportunities in the foreign markets, corporations established new factories and started production and marketing alliances with foreign partners. Hence, Globalization is defined as an international industrial and financial business structure.

Advantages and Disadvantages

The frontiers of the state with increased confidence in the market economy and renewed policies in the private capital and resources, a process of structural adjustment spurred by the studies and with the support of the World Bank and other international organizations have started in many of the developing countries. Globalization has also brought in new opportunities to developing countries. Greater access to developed country markets and technology transfer has promised to improve their productivity and higher standards. 

At the same time, Globalization has also created challenges like growing inequality across and within nations, instability in the financial market and environmental deterioration. Globalization is a fascinating exhibition that can be understood as a global system of competition and connectivity. It has created tough competition among countries and global corporations.

Impact of Globalization in India

The British Colonial rule had destroyed the self-sufficient economy of India and left India to be the poorest Independent country. Our first Prime Minister gave preference to a mixed economy to boost the economic condition of the country. Public sectors were set up along with the private enterprises, but because of the socialistic model of the economy, the new strategy did not produce profitable results. Due to this, a number of public sectors became sick and the growth rates of production began to fall. 

During that time, the poverty of the people in India was increasing at an alarming rate and because of low domestic savings and acute balance of payment crisis, there was no adequate capital for investment. During that time of crisis, Prime Minister PV Narsimha Rao introduced the policy of liberalization, privatization to overcome the financial situation. 

India opened up to Globalization after the economic policy of 1991 came into force. Mounting debts and pressure from the International Monetary Fund drove the nation to go global. The process of Globalization has been an integral part of the recent economic growth of India. Globalization has played a very significant role in the growth of export, leading to the expansion of the job market in India. One of the major sectors of Globalization in India has been in the growth of outsourced IT and Business Process Outsourcing services. There has been an incredible increase in the number of skilled professionals in India employed by domestic and foreign companies to cater service to the customers globally, especially in the USA and Europe. 

There was not a doubt that Globalization in India brought a monumental change in the living standards of the people. People in India realized many benefits from Globalization. The establishment of multinational companies generating billions of jobs and access to umpteen numbers of brands and an increase in the forex reserves of the country took India to a higher platform globally. Despite this monumental change in the economy of the country, India also faced the challenges of severe competition from the foreign market and the domestic producers started fearing marginalization and pulverization because of the better quality products produced by the foreign producers.

Globalization had both desirable and undesirable consequences for India and the world. Even though it has accelerated progress in some countries, it has also widened the gap between the rich and the poor.

The impact of Globalization has been both positive and negative on the entire world, but we can surely hope for more advancement in the global economy due to this process.

FAQs on Globalisation Essay

1. How Did Globalization Help India to Improve the Economic Conditions?

Globalization generated umpteen employment opportunities for the people of India by establishing multinational companies. The policy of liberalization and privatization invited foreign traders to do business with India. This has increased the inflow of men, money, material, labor, technology, etc., from foreign countries to India. People have access to foreign brands and the living standards have improved drastically.

2. How is Globalization a Threat to Domestic Producers?

The domestic producers fear marginalization and pulverization because of the entry of foreign and better quality products.

3. What are the advantages and disadvantages of Globalization?

With increasing confidence in market economies and new policies on private capital and resources, many developing countries are beginning to adapt to developments with the support of the World Bank and other international institutions involved in research and development. Globalization also offers new opportunities for developing countries. Greater access to markets in developed countries and the transfer of technology will increase their productivity and demand.

At the same time, Globalization has created challenges such as increasing inequality between and within countries, instability of financial markets and environmental degradation. Globalization is an interesting exhibition that can also be seen as a system of competition and international relations. This has created intense competition between countries and international companies. 

4. What do you mean by Globalization?

Globalization means the integration of economies and societies through the flow of information, ideas, technology, goods, services, capital, finance, and people. The true meaning of Globalization in a broad sense is a connectedness in all areas of human life. It is the process by which other companies or organizations enhance their international reputation or start operating internationally. Globalization has its own benefits and drawbacks. We can learn more about Globalization and how to write an essay on it in detail on the Vedantu website, which has all the necessary materials that students need in order to write an essay on Globalization. 

5. How can Globalization help India improve its economic situation?

In our present times, Globalization has been a boon to many people as it not only allows companies to expand their business but also makes things accessible for everyone. In a simple sense, we can say that it helps in connecting people with the world. Globalization has created many job opportunities in India through the creation of multinational companies. Policies of liberalization and privatization have encouraged foreign traders to trade with India. This has increased the number of people, money, materials, labor, technology and so on—inflows from abroad to India. People have access to foreign brands and the standard of living has improved significantly.

6. How does Globalization threaten domestic producers?

Domestic producers are afraid of marginalization and due to the entry of foreign and better quality products into the market. Globalization can be associated with increasing income and wealth inequality. Many of the world's poorest people lack access to basic technologies and public goods. They are excluded from treatment. Some critics of globalization point to the loss of economic and cultural diversity as international multinational giants and brands dominate domestic markets in many countries. Globalization can hinder competition if international companies with dominant brands and high technology gain a foothold in key markets, be it telecommunications, the automotive industry, and so on.

7. What are the main industries that have grown tremendously because of Globalization?

The integration of national economies into the global economy is one of the most important developments of the last century. This process of integration, often referred to as Globalization, has manifested itself in a tremendous increase in cross-border trade.

The outsourcing business has grown exponentially due to Globalization. The main industries resulting from Globalization are trade and commerce. Automobile companies, clothing manufacturers and transportation, are the three main industries taken over as a result of Globalization.

Essay on Globalization for Students and Children

500+ words essay on globalization.

Globalization refers to integration between people, companies, and governments. Most noteworthy, this integration occurs on a global scale. Furthermore, it is the process of expanding the business all over the world. In Globalization, many businesses expand globally and assume an international image. Consequently, there is a requirement for huge investment to develop international companies.

How Globalization Came into Existence?

First of all, people have been trading goods since civilization began. In the 1st century BC, there was the transportation of goods from China to Europe. The goods transportation took place along the Silk Road. The Silk Road route was very long in distance. This was a remarkable development in the history of Globalization. This is because, for the first time ever, goods were sold across continents.

Globalization kept on growing gradually since 1st BC. Another significant development took place in the 7th century AD. This was the time when the religion of Islam spread. Most noteworthy, Arab merchants led to a rapid expansion of international trade . By the 9th century, there was the domination of Muslim traders on international trade. Furthermore, the focus of trade at this time was spices.

True Global trade began in the Age of Discovery in the 15th century. The Eastern and Western continents were connected by European merchants. There was the discovery of America in this period. Consequently, global trade reached America from Europe.

From the 19th century, there was a domination of Great Britain all over the world. There was a rapid spread of international trade. The British developed powerful ships and trains. Consequently, the speed of transportation greatly increased. The rate of production of goods also significantly increased. Communication also got faster which was better for Global trade .

Finally, in 20th and 21st -Century Globalization took its ultimate form. Above all, the development of technology and the internet took place. This was a massive aid for Globalization. Hence, E-commerce plays a huge role in Globalization.

Get the huge list of more than 500 Essay Topics and Ideas

Impact of Globalization

First of all, Foreign Direct Investment (FDI) increases at a great rate. This certainly is a huge contribution of Globalization. Due to FDI, there is industrial development. Furthermore, there is the growth of global companies. Also, many third world countries would also benefit from FDI.

Technological Innovation is another notable contribution of Globalization. Most noteworthy, there is a huge emphasis on technology development in Globalization. Furthermore, there is also technology transfer due to Globalization. The technology would certainly benefit the common people.

The quality of products improves due to Globalization. This is because manufacturers try to make products of high-quality. This is due to the pressure of intense competition. If the product is inferior, people can easily switch to another high-quality product.

To sum it up, Globalization is a very visible phenomenon currently. Most noteworthy, it is continuously increasing. Above all, it is a great blessing to trade. This is because it brings a lot of economic and social benefits to it.

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Essay on Globalisation

List of essays on globalisation, essay on globalisation – definition, existence and impact (essay 1 – 250 words), essay on globalisation (essay 2 – 250 words), essay on globalisation – in india (essay 3 – 400 words), essay on globalisation – objectives, advantages, disadvantages and conclusion (essay 4 – 500 words), essay on globalisation – for school students (class 6,7,8,9 and 10) (essay 5 – 600 words), essay on globalisation (essay 6 – 750 words), essay on globalisation – for college and university students (essay 7 – 1000 words), essay on globalisation – for ias, civil services, ips, upsc and other competitive exams (essay 8 – 1500 words).

The worldwide integration of people, services and interests is what globalisation is all about. Since the last decade, there has been a tremendous focus on globalisation with everyone trying to have a reach at even the remotest locations of the world. This has probably been possible due to the advancement in technology and communication.

Audience: The below given essays are especially written for school, college and university students. Furthermore, those students preparing for IAS, IPS, UPSC, Civil Services and other competitive exams can also increase their knowledge by studying these essays.

The word ‘Globalization’ is often heard in the business world, in corporate meetings, in trade markets, at international conferences, in schools, colleges and many other places. So what does globalization symbolize? Is it a new concept or did it exist earlier? Let’s see.

Definition:

Globalization refers to the integration of the world nations by means of its people, goods, and services. The statement – ‘ globalization has made the world a small village ’ is very true.

Countries inviting foreign investment, free trade and relaxation in the visa rules to allow seamless movement of people from one country to another are all part of globalization.

In a nutshell, globalization has reduced the distance between nations and its people.

Many among us refer to the current period that we live in as ‘The Era of Globalization’ and think that the process of globalization has started only recently. But the real fact is that globalization is not a new phenomenon . The world was moving towards globalization from a very long time. The term globalization was in existence since mid-1980s. But it was only from the early 21 st century that globalization picked up momentum due to the advancements in technology and communication.

Impact of Globalization:

Globalization has more positive outcomes than the negative ones. The impact of globalization on the developing countries such as India, China and some African countries are overwhelming. Foreign investments have created a lot of employment opportunities in the developing countries and have boosted their economy. Globalization has also enabled people to interchange their knowledge and culture.

Conclusion:

Although the world is not completely globalized, we can very well say that globalization is the best way to achieve equality among nations.

In simple words, globalization means the spreading of a business, culture, or any technology on an international level. When the boundaries of countries and continents matter no more, and the whole world becomes one global village in itself. Globalization is an effort to reduce the geographical and political barriers for the smooth functioning of any business.

There are four main factors that form the four pillars of globalization. These are the free flow of goods, capitals, technology, and labors, all across the world. Although, many of the experts that support globalization clearly refuse to acknowledge the free flow of labor as their work culture.

The international phenomenon of global culture presents many implications and requires a specific environment to flourish. For instance, it needs the other countries to come to a mutual agreement in terms of political, cultural, and economic policies. There is greater sharing of ideas and knowledge and liberalization has gained a huge importance.

Undoubtedly, globalization helps in improving the economic growth rate of the developing countries . The advanced global policies also inspire businesses to work in a cost-effective way. As a result, the production quality is enhanced and employment opportunities are also rising in the domestic countries.

However, there are still some negative consequences of globalization that are yet to be dealt with. It leads to greater economic and socio-cultural disparities between the developed and the developing countries. Due to the MNC culture, the small-scale industries are losing their place in the market.

Exchanges and integration of social aspect of people along with their cultural and economic prospects is what we term as Globalization. It is considered as a relatively new term, which has been in discussion since the nineties.

Initial Steps towards Globalization:

India has been an exporter of various goods to other countries since the earlier times. Hence Globalization, for India, is not something new. However, it was only around in the early nineties that India opened up its economy for the world as it faced a major crisis of severe crunch of foreign exchange. Since then, there has been a major shift in the government’s strategies while dealing with the PSUs along with a reduction in the monopoly of the government organisations perfectly blended with the introduction of the private companies so as to achieve a sustainable growth and recognition across the world.

The Measurement of Success:

The success of such measures can be measured in the form of the GDP of India which hovered around 5.6% during the year 1990-91 and has been now around 8.9% during the first quarter of 2018-19. In fact, in the year 1996-97, it was said to have peaked up to as high as 77.8%. India’s global position is improved tremendously due to the steady growth in the GDP thus furthering the impact of globalization on India. As on date, India is ranked as the sixth biggest economy in the world. This globalization leading to the integration and trade has been instrumental in reducing the poverty rate as well.

However, given the fact that India is the second most populated country of the world, after China, this growth cannot be considered as sufficient enough as other countries such as China have increased their growth rates at much faster pace than India. For instance, the average flow of FDI in India, over the past few years has been around 0.5% of the GDP while for countries such as China it has been around 5% and Brazil has had a flow of around 5.5%. In fact, India is considered among the least globalized economy among the major countries.

Summarily, there has been a tremendous increase in the competition and interdependence that India faces due to Globalization, but a lot is yet to be done. It is not possible for a country to ignore the developments and globalization occurring in the rest of the world and one need to keep the pace of growth at a steady rate or else you may be left far behind.

The twentieth century witnessed a revolutionary global policy aiming to turn the entire globe into a single market. The motive of globalization can broadly define to bring substantial improvement in the living condition of people all around the world, education, and shelter to everybody, elimination of poverty, equal justice without any race or gender consideration, etc. Globalization also aims to lessen government involvement in various development activities, allowing more direct investors/peoples’ participation cutting across border restrictions thus expected to reap reasonable prosperity to human beings.

Main Objectives of Globalization:

The four main aspects of globalization are; Capital and Investment movements, Trade and Transactions, Education and Spread of knowledge, along with Migration and Unrestricted Movement of People.

In simpler terms, globalization visualizes that one can purchase and sell goods from any part of the world, communicate and interact with anyone, anywhere in the world and also enables cultural exchange among the global population. It is operational at three levels namely, economic globalization, cultural globalization, and political globalization. Right from its inception, the impact of globalization has both advantages and disadvantages worldwide.

Advantages of Globalization:

As the word itself suggests, this policy involves all the nations across the globe. The lifting of trade barriers can have a huge impact especially in developing countries. It augments the flow of technology, education, medicines, etc., to these countries which are a real blessing.

Globalization expects to create ample job opportunities as more and more companies can extend their presence to different parts of the world. Multinational companies can establish their presence in developing countries. Globalization gives educational aspirants from developing and underdeveloped countries more quality learning opportunities. It leads not only to the pursuit of best higher education but also to cultural and language exchanges.

Globalization also enhances a faster flow of information and quick transportation of goods and services. Moreover one can order any item from anywhere merely sitting at home. Another plus point of globalization is the diminishing cultural barriers between nations as it offers free access and cultural interactions . Also, it has been observed that there is a considerable reduction of poverty worldwide due to globalization . In addition to this, it also enables the effective use of resources.

Disadvantages of Globalization:

Globalization turned out to be a significant threat to the cottage and small-scale industries as they have to compete with the products of multi-national companies. Another dangerous effect of globalization is the condition of weak sections of the society, as they are getting poorer and the rich are getting richer. The situation leads to the domination of economically rich countries over emerging countries and the increase of disparity.

The actions of multi-national companies are deplorable and always facing criticism from various social, government and world bodies as they are incompetent in offering decent working conditions for the workers. Irrational tapping of natural resources which are instrumental in causing ecological imbalance is another major accusation against multi-national companies.

Globalization is also blamed to have paved the way for human trafficking, labor exploitation and spread of infectious diseases too. In addition to all these, if any economic disaster hit a country and if they subsequently suffer from economic depression, its ripples are felt deeply in other countries as well.

Despite all its disadvantages, globalization has transformed the entire globe into a single market irrespective of its region, religion, language, culture, and diversity differences. It also leads to an increase in demand for goods, which in turn calls for more production and industrialization. Our focus should be to minimize the risks and maximize the positive outcome of global policy, which in turn can help for a sustainable long-standing development for people all around the world.

Introduction:

Globalization is the procedure of global political, economic, as well as cultural incorporation of countries . It lets the producers and manufacturers of the goods or products to trade their goods internationally without any constraint.

The businessman fetches huge profit as they easily get low price workforce in developing nations with the concept of globalization. It offers a big prospect to the firms who wish to deal with the global market. Globalization assists any nation to contribute, set up or amalgamate businesses, capitalize on shares or equity, vending of services or products in any country.

How does the Globalization Work?

Globalization benefits the international market to the entire deliberate world like a solitary marketplace. Merchants are spreading their extents of trade by aiming world as a worldwide community. In the 1990s, there was a limit of importing some goods that were already mass-produced in India such as engineering goods, agricultural products, toiletries, food items, etc.

But, in the 1990s the rich countries pressurize the WTO (World Trade Organization), World Bank (affianced in improvement financing activities), and IMF (International Monetary Fund) to let other nations spread their trades by introducing market and trade in the deprived and emerging countries. The process of liberalization and globalization in India began in the year 1991 below the Union Finance Minister Mr. Manmohan Singh.

After numerous years, globalization has fetched major uprising inside the Indian marketplace when international brands arrived in India such as KFC, PepsiCo, Mc. Donald, Nokia, IBM, Aiwa, Ericsson, etc., and began the delivery of an extensive variety of quality goods at low-cost rates.

The entire leading brands presented actual uprising of globalization at this time as a marvellous improvement to the economy of an industrial sector. Rates of the quality goods were also getting low owing to the cut-throat war happening in the marketplace.

Liberalization and globalization of the businesses in the Indian marketplace is submerging the quality of imported goods but influencing the local Indian businesses badly in large part causing the job loss of illiterate and poor labors. Globalization has remained a goldmine for the customers, but it is also a burial ground for the small-scale manufacturers in India.

Positive Influences of Globalisation:

Globalization has influenced the education sectors and students of India predominantly by making accessible the education material and enormous info on the internet. Association of Indian universities with the overseas universities has fetched a massive modification in the education business.

The health industries are too influenced enormously by the globalization of health observing electronic apparatuses, conventional drugs, etc. The trade globalization in the agricultural sector has provided a range of high-quality seeds possessing disease-fighting property. But, it is not beneficial for the underprivileged Indian agriculturalists owing to the reason of expensive seeds as well as agricultural equipment.

Globalization has given an enormous rebellion to the occupation sector by increasing the growth of trades related to the handloom , cottage, artisans and carving, carpet, jewellery, ceramics, and glassware, etc.

Globalization is definitely required by the people and nation to progress and turn into an established society and country. It benefits in expanding our visualization and thoughts. It also aids in endorsing the philosophy that we fit in a huge crowd of persons, i.e., the humankind. Once the two nations congregate, they flourish by sharing their beliefs, thoughts, opinions, customs, and behaviors. People come to know new things and also acquire a chance to discover and get acquainted with other values.

Globalization has provided many reasonably priced valued goods and complete economic welfares to the emerging nations in addition to the employment. But, it has also given growth to the crime, competition, terrorism, anti-national activities, etc. Thus, along with the pleasure it has supplied some grief too.

Globalization is a term that we hear about every now and then. Question is; do we really know what it is all about? Globalization is defined as the process of integration and interaction among people, cultures and nations who come together in order to get things done easily through contact. Globalization began with the migration of people from Africa to different parts of the world. Global developments have been achieved in various sectors through the different types of globalization. The effects of globalization have been felt in every part of the world and more people continue to embrace it. Globalization has some of its core elements that help in the process.

Types of Globalization:

Globalization does not just transform a sector unless the strategies are related to that specific sector. The first type of globalization is financial and economic globalization whereby interaction takes place in the financial and economic sectors especially through stock market exchange and international trade. The other type is technological globalization which involves the integration and connection of different nations through technological methods like the internet. Political globalization transforms the politics of a nation through interactions with adoption of policies and government that cut across other nations. Cultural globalization is basically the interaction of people from different cultures and sharing. Ecological globalization is the viewing of the earth as one ecosystem and sociological globalization is on equality for all people.

Elements of Globalization:

Globalization works with characteristic elements. Trade agreements is one of the components that significantly benefits the economic and financial globalization. These trade agreements have been designed to promote and sustain globalization by preventing barriers that inhibit trade among nations or regions. Another element is capital flow that is concerned with the measures of either a decline or a rise in domestic or foreign assets. Migration patterns is a socio-economical and cultural element that monitors the impacts of immigration and emigration actively. The element of information transfer involves communications and maintains the functioning of the markets and economies. Spread of technology is an element of globalization that facilitates service exchanges. Without these elements, globalization would have faced many challenges, which would even stagnate the process of globalization.

Impacts of Globalization:

The impact of globalization is felt differently among individuals but the end result will be either positive or negative. Globalization has impacts on the lives of individuals, on the aspects of culture, religions and education. The positive impacts of globalization include the simplification of business management through efficiency. In business, the quality of goods and services has increased due to global competition. Foreign investment has been facilitated by globalization and the global market has been able to expand. Cultural growth has been experienced through intermingling and accommodation. Interdependence among nations has developed and more people have been exposed to the exchange program between nations. Improvement of human rights and legal matters has improved through media and technology sharing. Poverty has been alleviated in developing countries due to globalization and also employment opportunities are provided. Through technology, developments have been positively influenced in most parts of the world.

Although globalization has positive impacts, the negative impacts will remain constant unless solutions are sought. One of the negative effects of globalization is job insecurity for some people. Through globalization, more innovations are achieved, for e.g., technology causes automation and therefore people get replaced and they lack jobs. Another negative impact is the frequent fluctuation of prices of commodities that arises from global competitions. On the cultural side, the fast food sector has become wide spread globally, which is an unhealthy lifestyle that was adopted due to globalization. Also, Culture has been negatively affected for people in Africa because they tend to focus more on adopting the western culture and ignore their cultural practices.

Possible Solutions to the Negative Impacts of Globalization:

Globalization has impacted the society negatively and some of the solutions might help to mitigate the impacts. When adopting cultures from other people, it is important to be keen on the effects of the culture on the people and the existing culture being practiced. For example, Africans should not focus more of the western culture such that they ignore their own culture.

In conclusion, it is evident that globalization results in both negative and positive consequences. The society should embrace the positive and mitigate the negative impacts. Globalisation is a dynamic process which involves change, so flexibility among people is a must.

The buzzword befitted to describe the growth of Modern Indian economy is ‘Globalization’. But what exactly is Globalization? Globalization can be defined as integrating the economy of a country with the rest of the countries of the world. From the Indian perspective, this implies encouraging free trade policies, opening up our economy to foreign direct investment, removing constraints and obstacles to the entry of multinational corporations in India, also allowing Indian companies to set up joint ventures abroad, eliminating import restrictions, in-short encouraging Free Trade policies.

India opened its markets to Global Trade majorly during the early Nineties after a major economic crisis hit the country. New economic reforms were introduced in 1991 by then Prime Minister Shri. P V. Narasimha Rao and Finance Minister at the time, Dr. Manmohan Singh. In many ways, the new economic policies positively contributed to the implementation of the concept of Globalization in India.

It’s Impact:

1. Economic Impact :

Globalization in India targets to attract Multinational Companies and Institutions to approach Indian markets. India has a demography with a large workforce of young citizens who  are in need of jobs. Globalization has indeed left a major impact in the jobs sector. Indian companies are also expanding their business all over the world. They are driving funds from the bigwigs of the Global economy.

The Best example in today’s time is OYO Rooms, a budding Indian company in the hospitality sector. OYO Rooms recently made headlines when it declared to raise a fund close to $1 Billion from Japan’s Soft Bank Vision Fund. Globalization has also led the Indian Consumer market on the boom. The Giant of FMCG (fast-moving consumer goods) sector WALMART is also enthusiastic and actively investing in the India market.

2. Socio-Cultural impact on the Indian Society:

The world has become a smaller place, thanks to the social networking platforms blooming of the internet. India is a beautiful country which takes immense pride in “Unity in Diversity” as it is home to many different cultures and traditions. Globalization in India has left a lasting impression on the socio-cultural aspect of Indian society.

Food chains like McDonald’s are finding its way to the dining tables. With every passing day, Indians are indulging more and more in the Western culture and lifestyle. But Globalization in India has also provided a vibrant World platform for Indian Art, Music, Clothing, and Cuisine.

The psychological impact on a common Indian Man: The educated youth in India is developing a pictorial identity where they are integrating themselves with the fast-paced, technology-driven world and at the same time they are nurturing the deep roots of Indian Culture. Indians are fostering their Global identity through social media platforms and are actively interacting with the World community. They are more aware of burning issues like Climate Change, Net neutrality, and LGBT rights.

Advantages:

India has taken the Centre Stage amongst the Developing Nations because of its growing economy on the World Map. Globalization in India has brought tremendous change in the way India builds its National and International policies. It has created tremendous employment opportunities with increased compensations.

A large number of people are hired for Special Economic Zones (SEZs), Export Processing Zones (EPZs), etc., are set up across the country in which hundreds of people are hired. Developed western countries like USA and UK outsource their work to Indian companies as the cost of labour is cheap in India. This, in turn, creates more employment. This has resulted in a better standard of living across the demographic of young educated Indians. The Indian youth is definitely empowered in a big way.

Young lads below the age of 20 are now aspiring to become part of global organizations. Indian culture and morals are always strengthening their roots in modern world History as the world is now celebrating ‘International Yoga Day’ on 21st June every year. Globalization in India has led to a tremendous cash flow from Developed Nations in the Indian market. As a positive effect, India is witnessing the speedy completion of Metro projects across the country. Another spectacular example of newly constructed High-end Infrastructure in the country is the remarkable and thrilling ‘Chenani-Nashri Tunnel’, Longest Tunnel in India constructed in the State of Jammu and Kashmir. Globalization has greatly contributed in numerous ways to the development of Modern India.

Disadvantages:

As there are so many pros we cannot turn a blind eye to the cons of Globalization which are quite evident with the Indian perspective. The worst impact is seen in the environment across Indian cities due to heavy industrialization. Delhi, the capital of India has made headlines for the worst ever air pollution, which is increasing at an alarming rate.

India takes pride in calling itself an Agriculture oriented nation, but now Agriculture contributes to fragile 17% of the GDP. Globalization in India has been a major reason for the vulnerable condition of Indian Farmers and shrinking Agriculture sector. The intrusion of world players and import of food grains by the Indian Government has left minimal space for Indian farmers to trade their produce.

The impact of westernization has deeply kindled individualism and ‘Me factor’ and as a result, the look of an average Indian family has changed drastically where a Nuclear family is preferred over a traditional Joint family. The pervasive media and social networking platforms have deeply impacted the value system of our country where bigotry and homophobia are becoming an obvious threat.

One cannot clearly state that the impact of Globalization in India has been good or bad as both are quite evident. From the economic standpoint, Globalization has indeed brought a breath of fresh air to the aspirations of the Indian market. However, it is indeed a matter of deep concern when the Indian traditions and value system are at stake. India is one of the oldest civilizations and World trade has been the keystone of its History. Globalization must be practiced as a way towards development without compromising the Indian value system.

Globalisation can simply be defined as the process of integration and interaction between different people, corporations and also governments worldwide. Technology advancement which has in turn advanced means of communication and transportation has helped in the growth of globalisation. Globalisation has brought along with it an increase in international trade, culture and exchange of ideas. Globalisation is basically an economic process that involves integration and interaction that deals also with cultural and social aspects. Important features of globalisation, both modern and historically are diplomacy and conflicts.

In term of economy, globalisation involves services and goods, and the resources of technology, capital and data. The steamship, steam locomotive, container ship and jet engine are a few of the many technological advances in transportation while the inception of the telegraph and its babies, mobile phones and the internet portray technological advances in communications. These advancements have been contributing factors in the world of globalisation and they have led to interdependence of cultural and economic activities all over the world.

There are many theories regarding the origin of globalisation, some posit that the origin is in modern times while others say that it goes way back through history before adventures to the new world and the European discovery age. Some have even taken it further back to the third millennium. Globalisation on a large-scale began around the 1820s. Globalisation in its current meaning only started taking shape in the 1970s. There are four primary parts of globalisation, they are: transactions and trade, investments and capital movement, movement and migration of people and the circulation of knowledge and information. Globalization is subdivided into three: economic globalisation, political globalisation and cultural globalisation.

There are two primary forms of globalisation: Archaic and Modern Globalisations. Archaic globalisation is a period in the globalisation history from the period of the first civilisations until around the 1600s. Archaic globalisation is the interaction between states and communities and also how they were incepted by the spread by geography of social norms and ideas at different levels.

Archaic globalisation had three major requirements. First is the Eastern Origin idea, the second is distance, the third is all about regularity, stability and inter-dependency. The Silk Road and trade on it was a very important factor in archaic globalisation through the development of various civilisations from Persia, China, Arabia, Indian subcontinent and Europe birthing long distance economic and political relationships between them. Silk was the major item from China along the Silk Road; other goods such as sugar and salt were also traded.

Philosophies, different religious beliefs and varying technologies and also diseases also moved along the Silk Road route. Apart from economic trade, the Silk Road also was a means of cultural exchange among the various civilisations along its route. The cultural exchange was as a result of people’s movement including missionaries, refugees, craftsmen, robbers, artists and envoys, resulting in religions, languages, art and new technologies being exchanged.

Modern globalisation can be sub-divided into early modern and Modern. Early modern globalisation spans about 200 years of globalisation between 1600 and 1800. It is the period of cultural exchange and trade links increasing just before the modern globalisation of the late 19 th century. Early modern globalisation was characterised by Europeans empires’ maritime of the 16 th and 17 th centuries. The Spanish and Portuguese Empires were the first and then we had the British and Dutch Empires. The establishment of chartered companies (British East India Company and the Dutch East India Company) further developed world trade.

Modern Globalisation of the 19 th century was as a result of the famed Industrial Revolution. Railroads and steamships made both local and international transportation easier and a lot less expensive which helped improve economic exchange and movement of people all over the world, the transportation revolution happened between 1820 and 1850. A lot more nations have embraced global trade. Globalisation has been shaped decisively by the imperialism in Africa and in Asia around the 19 th century. Also, the ingenious invention in 1956 of the shipping container has really helped to quicken the advancement of globalisation.

The Bretton Woods conference agreement after the Second World War helped lay the groundwork for finance, international monetary policy and commerce and also the conception of many institutions that are supposed to help economic growth through lowering barriers to trade. From the 1970s, there has been a drop in the affordability of aviation to middle class people in countries that are developed. Also, around the 1990s, the cost of communication networks also drastically dropped thus lowering the cost of communicating between various countries. Communication has been a blessing such that much work can be done on a computer in different countries and the internet and other advanced means of communications has helped remove the boundary of distance and cost of having to travel and move from place to place just to get business done.

One other thing that became popular after the Second World War is student exchange programmes which help the involved students learn about, understand and tolerate another culture totally different from theirs, it also helps improve their language skills and also improve their social skills. Surveys have shown that the number of exchange students have increased by about nine times between 1963 and 2006.

Economic globalisation is differentiated from modern globalisation by the information exchange level, the method of handling global trade and expansionism.

Economic Globalisation:

Economic globalisation is just the ever increasing interdependence of economies of nations worldwide caused by the hike in movement across borders of goods, services, capital and technology. Economic globalisation is basically the means of increasing economic relationships between countries, giving rise to the birth of a single or global market. Based on the worldview, Economic globalisation can be seen as either a negative or positive thing.

Economic globalisation includes: Globalisation of production; which is getting services and goods from a source from very different locations all over the world to gain from the difference in quality and cost. There is globalisation of markets; which is the coming together of separate and different markets into one global market. Economic globalisation includes technology, industries, competition and corporations.

Globalisation today is all about less developed countries and economies receiving FDI (Foreign Direct Investment) from the more developed countries and economies, reduction in barriers to trade and to particular extent immigration.

Political Globalisation:

Political globalisation is going to on-the-long-run drop the need for separate nation or states. Institutions like the International Criminal court and WTO are beginning to replace individual nations in their functions and this could eventually lead to a union of all the nations of the world in a European Union style.

Non-governmental organisations have also helped in political globalisation by influencing laws and policies across borders and in different countries, including developmental efforts and humanitarian aid.

Political globalisation isn’t all good as some countries have chosen to embrace policies of isolation as a reactionary measure to globalisation. A typical example is the government of North Korea which makes it extremely difficult and hard for foreigners to even enter their country and monitor all of the activities of foreigners strictly if they allow them in. Citizens are not allowed to leave the country freely and aid workers are put under serious scrutiny and are not allowed in regions and places where the government does not want them to enter.

Intergovernmentalism is the treatment of national governments and states as the major basic factors for integration. Multi-level governance is the concept that there are many structures of authority interacting in the gradual emergence of political globalisation.

Cultural Globalisation:

Cultural globalisation is the transmission of values, ideas and meanings all over the world in a way that intensify and extend social relations. Cultural globalisation is known by the consumption of different cultures that have been propagated on the internet, international travel and culture media. The propagation of cultures helps individuals to engage in social relations which break regional boundaries. Cultural globalisation also includes the start of shared knowledge and norm which people can identify their cultures collectively; it helps foster relationships between different cultures and populations.

It can be argued that cultural globalisation distorts and harms cultural diversity. As one country’s culture is inputted into another country by the means of globalisation, the new culture becomes a threat to the cultural diversity of the receiving country.

Globalisation has made the world into one very small community where we all interact and relate, learn about other cultures and civilisations different from ours. Globalisation has helped improve the ease of doing business all around the world and has made the production of goods and services quite easy and affordable. Globalisation isn’t all good and rosy as it can be argued that Globalisation is just westernisation as most cultures and beliefs are being influenced by the western culture and belief and this harms cultural diversity. Nevertheless, the good of globalisation outweighs the bad so globalisation is actually a very good thing and has helped shape the world as we know it.

Economics , Globalisation

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Essay on Globalization

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Essay on Globalization: Globalization is a process of integrating trade and commerce throughout the globe. Governments, private companies and even people merge their differences and intermingle, interact, devise new trade policies, bringing different cultures and countries closer to each other. Unprecedented advancements in transport and communication technologies have added to the growth of globalization.

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Primarily, globalization is a commercial activity which also integrates different cultures and societies through trade and commerce. The origin of globalization is however a matter of dispute between historians and modern economist. Former believe it to be existing since ancient times while latter assert that it started only in 21 st century.

Long and Short Essay on Globalization in English

Below we have provided Long and short Essay on Globalization in English for your information and knowledge.

These Globalization Essay will let you know the meaning of globalization and its significance in today’s context.

You will also understand how globalization is shrinking boundaries and bringing people together.

These essays on Globalization will help you in your school assignments and several other competitions where you need to speak/write about globalization.

Globalization Essay 100 words

Globalization is the process of growing, developing and expanding the business, services or technologies all through the world. It is the expansion of various businesses to the global markets throughout the world. It requires huge international investment to develop large multinational corporations for the worldwide economic integration. It is to increase the connectivity and interdependence of the businesses in the worldwide markets.

In the last few decades, globalization has taken the form of technological advancement which resulted in easier travel, communication, and other businesses on international level for the people. On one hand, where globalization has made easy access of technologies to the people, it has also decreased the opportunity of success by increasing competition.

Globalization Essay 150 words

Globalization means connecting people, businesses, and governments all around the world. It’s like businesses growing and becoming known worldwide. During globalization, lots of companies expand globally and present themselves as international players.

Globalization is making the availability of businesses or technologies all across the world through the speed of markets. Globalization is making various huge changes in the world where people are moving away from their self-contained countries to the more integrated world. In order to globalize a business, a company need to bring change in a business strategy made for a single country to the special one having ability to operate in multiple countries.

Impact of Globalization

Globalization impacts a business and a company in various ways. Globalization impact on businesses in the worldwide market can be described under two broad categories of market globalization and production globalization. Market globalization is the reduction in selling barriers of products or services to other countries other than its home country. It is very necessary for a company to make success easier by effectively globalizing selling products to the international market. Production globalization is the set up of plant in many countries to produce products locally on low labour cost and earn more profit than its home country.

Globalization Essay 200 words

Globalization is the spreading of anything worldwide. However, generally it is the process of globalizing products, businesses, technologies, philosophies, etc all through the world. It is the creation of a successful interconnected marketplace without any limitation of time zone and national boundaries.

The most common and clear example of globalization is the spread of McDonalds restaurants all around the world. It became so successful in the worldwide markets because of its effective strategy adapting the culture of different countries in their menus to suit local tastes of people. We can say it as internationalization which is a great combination of both, the globalization and the localization.

It is very hard to decide whether the revolution of global marketplace is beneficial or harmful to the humanity. It is still a big confusion. However, it is also tough to ignore that globalization has created greater opportunities to people worldwide. It has changed status and way of living of people in the society to a great extent. It is hugely benefiting the developing nations by providing various developmental opportunities.

If we take it positively, it may eradicate the regional diversity and establish a homogenized world culture. It is supported by the information technology and show huge interaction and integration among businesses, companies, government and people of various countries. Globalization has positively and negatively affected the tradition, culture, political system, economic development, lifestyle, prosperity, etc.

Globalization Essay 250 words

In the last few decades globalization has been very fast which has resulted in the worldwide economical, social, political and cultural integration through the advancement in the technologies, telecommunication, transportation, etc. It has affected human lives in both positive and negative manner; its negative effects are needed to be addressed accordingly. Globalization has contributed a lot to the worldwide economies in various positive ways. Unbelievable advancement in the science and technologies has given amazing opportunity to the businesses to easily spread across the territorial boundaries.

Just because of the globalization, there has been huge economical growth of the companies. They have been more productive and thus given rise a more competitive world. There is a competition in the quality of products, services, etc. Successful companies of the developed countries are establishing their foreign branches to take advantage locally through the low cost man labor than their home countries. Such type of business activities are giving employment to the people of developing or poor countries thus giving way to go ahead.

Together with the positive aspects of the globalization, negative aspects are not forgettable. There has been risk of epidemic diseases by means of transportation from one country to another. There has been proper control of the government of all countries on the globalization in order to reduce its negative impacts on the human lives.

Globalization Essay 300 words

Globalization is a process of worldwide spread of science, technologies, businesses, etc through the means of transportation, communication, and trade. Globalization has affected almost all the countries worldwide in various ways such as socially, economically, politically, and psychologically too. Globalization is a term indicating fast and continues integration and interdependence of countries in the field of business and technologies. The effects of globalization have been seen on the tradition, environment, culture, security, lifestyle, and ideas. There are many factors affecting and accelerating globalization trends worldwide.

The reason of acceleration in the globalization is because of the people demands, free-trade activities, worldwide acceptance of markets, emerging new technologies, new researches in the science, etc. Globalization has huge negative impacts on the environment and given rise to various environmental issues like water pollution, deforestation, air pollution, soil pollution, contamination of water resources, climate change, biodiversity loss, etc. All the ever growing environmental issues need to be solved on urgent basis by international efforts otherwise they may finish the existence of life on the earth a day in future.

In order to prevent the loss of environment, there is need of globalization of eco-friendly technologies and huge level environmental awareness among people. In order to deal with the negative effects of globalization, companies need to develop greener technologies which may replace the current status of the environment. However, globalization has helped a lot positively to save the environment by improving various resources (reducing adverse effects on the environment like hybrid cars using less fuel) and promoting education.

Apple brand has also aimed to manufacture Eco-friendly products to reduce negative impacts of globalization and exceed positive effects. Increasing demands of the ever increasing population lead towards extensive deforestation causing great level environmental issue. Till now, almost half of the useful forests have been cut in the past years. So, there is a need to make globalization under control to reduce its negative effects.

Globalization Essay 400 words

Globalization is the way to open businesses, improve technological growth, economy, etc on international level for the international players. It is the way to manufacturers and producers of the products or goods to sell their products globally without any restriction. It provides huge profit to the businessmen as they get low cost labor in poor countries easily through the globalization. It provides a big opportunity to the companies to deal with the worldwide market. It facilitates any country to participate, set up or merge industries, invest in equity or shares, selling of products or services in any country.

How Globalization Work

Globalization helps global market to consider whole world as a single market. Traders are extending their areas of business by focusing world as a global village. Earlier to the 1990s, there was restriction of importing certain products which were already manufactured in India like agricultural products, engineering goods, food items, toiletries, etc. However, during 1990s there was a pressure from rich countries over World Trade Organization, World Bank (engaged in development financing activities), and International Monetary Fund to allow other countries to spread their businesses by opening trade and market in the poor and developing countries. In India the globalization and liberalization process was started in 1991 under the Union Finance Minister (Manmohan Singh).

After many years, globalization has brought major revolution in the Indian market when multinational brands came to India like PepsiCo, KFC, Mc. Donald, Boomer Chewing gums, IBM, Nokia, Ericsson, Aiwa etc and started delivering wide range of quality products at cheap prices. All the dominating brands shown real revolution of globalization here as a tremendous boost to the industrial sector economy. Prices of the quality products are getting down because of the cut throat competition running in the market.

Globalization and liberalization of the businesses in the Indian market is flooding the quality foreign products however affecting the local Indian industries adversely to a great extent resulting in the job loss of poor and uneducated workers. Globalization has been bonanza for the consumers however grave for the small-scale Indian producers.

Positive Effects of Globalization

• Globalization has affected the Indian students and education sectors to a great extent by making available study books and huge information over internet. Collaboration of foreign universities with the Indian universities has brought a huge change in the education industry.
• Health sectors are also affected a lot by the globalization of common medicines, health monitoring electronic machines, etc.
• Globalization of trade in the agricultural sector has brought variety of quality seeds having disease resistance property. However it is not good for the poor Indian farmers because of costly seeds and agricultural technologies.
• It has brought a huge revolution to the employment sector by the spread of businesses like cottage, handloom, carpet, artisans and carving, ceramic, jewellery, and glassware etc.

Conclusion:

Globalization has brought variety of affordable priced quality products and overall economic benefits to the developing countries as well as employment to the large population. However, it has given rise to the competition, crime, anti-national activities, terrorism etc. So, together with the happiness it has brought some sadness also.

Globalization is positively needed by the society and country to go ahead and become a developed society and nation. A range of globalization essay is given above to help students getting education in various classes. Essay on globalization given above are easily worded and written by the professional content writer by keeping in mind the need and requirement of students. You can also get other related essays and related information such as:

Essay on Globalization FAQs

What is globalization in own words.

Globalization means the world becoming more connected, where people, businesses, and countries work together on a global scale.

What is globalisation 10 points?

Globalization, in 10 points, is about worldwide connections: trade between countries, cultural exchange, faster communication, multinational companies, sharing ideas, easier travel, increased interdependence, access to global products, and a broader perspective on the world.

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A Model for Expanding Your Business into Foreign Markets

• Joshua Conrad Jackson

Four strategies leaders should adopt when taking their brand abroad.

It used to be thought that globalization would flatten out cultural differences among countries and regions of the world, making it easier than ever for companies to move into foreign markets. According to a new study by the author and a colleague, however, cultural differences are greater today than they were 40 years ago, which explains why some major corporations have failed in their recent efforts to establish a foothold in new countries. Companies need to adapt, the author argues, and to that end in this article he presents a general model for global leadership in the face of cultural divergence.

Walmart in the 1990s seemed on pace to become a global giant. After rapid growth in the U.S. domestic market throughout the 1980s, the company opened its first international store in Mexico City in 1991, followed by Canada in 1994. By 1998 it had expanded to Germany and South Korea, betting that its “always the low price” approach to business would be enough to outcompete foreign vendors.

• Joshua Conrad Jackson is a Neubauer Family Assistant Professor at the University of Chicago’s Booth School of Business.

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Hockey’s globalization lessening impact of Canada’s Stanley Cup drought

Inside the NHL

Now the real fun, or agony depending on one’s outlook, begins for fans north of the Canadian border when it comes to the Stanley Cup Playoffs and national pride.

The Edmonton Oilers, who ousted Vancouver in Game 7 on Monday night, will try to become the first Canadian-based team to win the Cup since Montreal did it 31 years ago. That’s one plotline for local fans to follow as they await a Kraken coaching hire that became a little clearer after Carolina was eliminated last week and promptly re-signed Rod Brind’Amour to an extension. Boston getting ousted as well also leaves assistant coach Joe Sacco out there for interviews should the Kraken seek permission from the Bruins. 

The conference showdowns feature the New York Rangers and Florida Panthers in the East along with the Oilers and Dallas Stars in the West. Dallas won its only Cup in 1999, while the Rangers last won in 1994 and the Oilers in 1990. Florida is 0-2 in finals appearances from last season and 1996. 

Another drought looming large, given the NHL’s vast Canadian influence, is the lack of a Cup for teams north of the border since Montreal defeated Los Angeles in the 1993 final. And believe me, you’ll hear a lot more about that in coming days because it actually matters to millions of people who love hockey .

I was a crime reporter standing outside the Montreal Forum that 1993 night preparing to cover the inevitable and destructive riot that broke out within seconds of the Canadiens capturing their record 24 th  title. 

My riot coverage story made the now-somewhat-iconic front page of the Montreal Gazette on June 10, 1993, to the left of a photo of Canadiens goalie Patrick Roy hoisting the Cup aloft along with an accompanying main story and a column by future Sports Illustrated senior writer Michael Farber. No one back then suspected Canada’s title drought to come.

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But hockey has changed plenty since and no major professional North American league has felt the impact of globalization quite like the NHL.

By the mid-1970s, the NHL had maxed out at 18 teams and was comprised of roughly 95% Canadian players. But that was before the 1980 Team USA “Miracle on Ice” gold medal victory at the Lake Placid Winter Olympics turned Americans onto hockey in greater numbers. And before the Soviet Union’s collapse in 1991 opened NHL floodgates to Russians and more Europeans. 

By the last decade, Canadians comprised only half of all NHL players. This season, they formed just 41.7% which may explain where Canadian angst about Cup team geography comes from.

Mind you, Canada still has the most NHL players. The U.S. is a distant second at 29.1% while third-place Sweden has 9.1%. Canada still enters most international tournaments as the consensus favorite and its current entry at the IIHF World Hockey Championships in Prague — bolstered by Kraken players Jared McCann, Jamie Oleksiak and Brandon Tanev — remains undefeated through seven games.

So, some Canadian angst is overblown. That a nation of just 39 million people continues to do so well in hockey is in itself worthy of praise. But in a healthy, globalized sport, it will never be what it once was.

On top of that, so many additional players helped the NHL expand to 32 teams. With only seven teams from Canada, well, Cup odds take a hit. Back before full-on free agency and salary caps, good Canadian-based teams could keep contending cores together longer. Now, it’s largely just a numbers game of hoping to win out during that brief window your odds hit.

Since Montreal’s win in 1993, we’ve seen Canadian teams reach the final six more times — a once-every-five-years rate roughly mirroring their current seven-of-32 composition within the league. They just haven’t prevailed in those championship series.

And it’s all got me wondering: Does it even matter anymore if a Canadian-based team wins a Cup in a globalized league? Does team geography have anything to do with a nation’s hockey prowess?

Had Vancouver beaten Edmonton on Monday, “Canada’s hope” would now be a Canucks team that dressed only two Canadian-born players on its Game 7 20-man roster. The Canucks used eight Americans and dressed as many Latvian players as Canadians. 

Had Vancouver advanced, it would have made more sense for Canadian fans to cheer for Dallas this round. Half of the Stars’ 20-man roster hails from Canada.

Sure, the Oilers team now facing Dallas has a whopping 16 Canadians among their 20 players. But given what I’ve just shown with Vancouver, the Oilers’ lineup feels more luck of the draw than serious commentary about national ability. 

Former Montreal colleague Farber suggested in a contributor piece for Sports Illustrated several months back that hockey was becoming an American game. And small wonder, given this country of 333 million people boasts a pipeline from the junior-level United States Hockey League to the NCAA along with an elite National Team Development Program that offers alternatives to Canadian-based major junior ranks that once monopolized NHL entry. 

Similarly, the mass arrival of NHL players from beyond North America has seen them return to their countries to bolster amateur and pro feeder systems there.

Hockey is truly going global. And that’s the best compliment anybody can pay Canada’s game.

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Now-retired Sports Illustrated great Farber was an American who arrived in Montreal for a columnist’s job in 1979 and remains there as a recently minted Canadian citizen. His writing has done more than almost anyone’s to help sell hockey on both sides of the border.

When I write about the Kraken, I hope to generate similar enthusiasm locally about my birth country’s sport.

That iconic Gazette front page from Montreal’s win 31 years ago? The newspaper even sold thousands of T-shirts with the cover reproduced on its front. Last I checked Tuesday morning, you can still buy the shirt for $65 CDN on eBay. And oh yes, I still get a kick out of seeing it.

But that’s as far as any lingering pride goes. And if our newspaper ever has cause to produce a similar Kraken championship keepsake, this Canadian would gladly — and proudly — add it to the personal collection.

More on Kraken coaching search

While Sacco is out there for the Kraken, Todd McLellan has already interviewed, with Dean Evason and Gerard Gallant also out there as available ex-coaches as well as internal options in Kraken assistant Jay Leach and AHL bench boss Dan Bylsma.

I don’t see the Kraken hiring an untested college coach, given the franchise’s urgency to turn things around, so we’ll see.

My guess is the earliest we hear something is once the conference finals are done.

The opinions expressed in reader comments are those of the author only and do not reflect the opinions of The Seattle Times.

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Guest Essay

It’s Time to End the Quiet Cruelty of Property Taxes

By Andrew W. Kahrl

Dr. Kahrl is a professor of history and African American studies at the University of Virginia and the author of “The Black Tax: 150 Years of Theft, Exploitation, and Dispossession in America.”

Property taxes, the lifeblood of local governments and school districts, are among the most powerful and stealthy engines of racism and wealth inequality our nation has ever produced. And while the Biden administration has offered many solutions for making the tax code fairer, it has yet to effectively tackle a problem that has resulted not only in the extraordinary overtaxation of Black and Latino homeowners but also in the worsening of disparities between wealthy and poorer communities. Fixing these problems requires nothing short of a fundamental re-examination of how taxes are distributed.

In theory, the property tax would seem to be an eminently fair one: The higher the value of your property, the more you pay. The problem with this system is that the tax is administered by local officials who enjoy a remarkable degree of autonomy and that tax rates are typically based on the collective wealth of a given community. This results in wealthy communities enjoying lower effective tax rates while generating more tax revenues; at the same time, poorer ones are forced to tax property at higher effective rates while generating less in return. As such, property assessments have been manipulated throughout our nation’s history to ensure that valuable property is taxed the least relative to its worth and that the wealthiest places will always have more resources than poorer ones.

Black people have paid the heaviest cost. Since they began acquiring property after emancipation, African Americans have been overtaxed by local governments. By the early 1900s, an acre of Black-owned land was valued, for tax purposes, higher than an acre of white-owned land in most of Virginia’s counties, according to my calculations, despite being worth about half as much. And for all the taxes Black people paid, they got little to nothing in return. Where Black neighborhoods began, paved streets, sidewalks and water and sewer lines often ended. Black taxpayers helped to pay for the better-resourced schools white children attended. Even as white supremacists treated “colored” schools as another of the white man’s burdens, the truth was that throughout the Jim Crow era, Black taxpayers subsidized white education.

Freedom from these kleptocratic regimes drove millions of African Americans to move to Northern and Midwestern states in the Great Migration from 1915 to 1970, but they were unable to escape racist assessments, which encompassed both the undervaluation of their property for sales purposes and the overvaluation of their property for taxation purposes. During those years, the nation’s real estate industry made white-owned property in white neighborhoods worth more because it was white. Since local tax revenue was tied to local real estate markets, newly formed suburbs had a fiscal incentive to exclude Black people, and cities had even more reason to keep Black people confined to urban ghettos.

As the postwar metropolis became a patchwork of local governments, each with its own tax base, the fiscal rationale for segregation intensified. Cities were fiscally incentivized to cater to the interests of white homeowners and provide better services for white neighborhoods, especially as middle-class white people began streaming into the suburbs, taking their tax dollars with them.

One way to cater to wealthy and white homeowners’ interests is to intentionally conduct property assessments less often. The city of Boston did not conduct a citywide property reassessment between 1946 and 1977. Over that time, the values of properties in Black neighborhoods increased slowly when compared with the values in white neighborhoods or even fell, which led to property owners’ paying relatively more in taxes than their homes were worth. At the same time, owners of properties in white neighborhoods got an increasingly good tax deal as their neighborhoods increased in value.

As was the case in other American cities, Boston’s decision most likely derived from the fear that any updates would hasten the exodus of white homeowners and businesses to the suburbs. By the 1960s, assessments on residential properties in Boston’s poor neighborhoods were up to one and a half times as great as their actual values, while assessments in the city’s more affluent neighborhoods were, on average, 40 percent of market value.

Jersey City, N.J., did not conduct a citywide real estate reassessment between 1988 and 2018 as part of a larger strategy for promoting high-end real estate development. During that time, real estate prices along the city’s waterfront soared but their owners’ tax bills remained relatively steady. By 2015, a home in one of the city’s Black and Latino neighborhoods worth $175,000 received the same tax bill as a home in the city’s downtown worth $530,000.

These are hardly exceptions. Numerous studies conducted during those years found that assessments in predominantly Black neighborhoods of U.S. cities were grossly higher relative to value than those in white areas.

These problems persist. A recent report by the University of Chicago’s Harris School of Public Policy found that property assessments were regressive (meaning lower-valued properties were assessed higher relative to value than higher-valued ones) in 97.7 percent of U.S. counties. Black-owned homes and properties in Black neighborhoods continue to be devalued on the open market, making this regressive tax, in effect, a racist tax.

The overtaxation of Black homes and neighborhoods is also a symptom of a much larger problem in America’s federated fiscal structure. By design, this system produces winners and losers: localities with ample resources to provide the goods and services that we as a nation have entrusted to local governments and others that struggle to keep the lights on, the streets paved, the schools open and drinking water safe . Worse yet, it compels any fiscally disadvantaged locality seeking to improve its fortunes to do so by showering businesses and corporations with tax breaks and subsidies while cutting services and shifting tax burdens onto the poor and disadvantaged. A local tax on local real estate places Black people and cities with large Black populations at a permanent disadvantage. More than that, it gives middle-class white people strong incentives to preserve their relative advantages, fueling the zero-sum politics that keep Americans divided, accelerates the upward redistribution of wealth and impoverishes us all.

There are technical solutions. One, which requires local governments to adopt more accurate assessment models and regularly update assessment rolls, can help make property taxes fairer. But none of the proposed reforms being discussed can be applied nationally because local tax policies are the prerogative of the states and, often, local governments themselves. Given the variety and complexity of state and local property tax laws and procedures and how much local governments continue to rely on tax reductions and tax shifting to attract and retain certain people and businesses, we cannot expect them to fix these problems on their own.

The best way to make local property taxes fairer and more equitable is to make them less important. The federal government can do this by reinvesting in our cities, counties and school districts through a federal fiscal equity program, like those found in other advanced federated nations. Canada, Germany and Australia, among others, direct federal funds to lower units of government with lower capacities to raise revenue.

And what better way to pay for the program than to tap our wealthiest, who have benefited from our unjust taxation scheme for so long? President Biden is calling for a 25 percent tax on the incomes and annual increases in the values of the holdings of people claiming more than $100 million in assets, but we could accomplish far more by enacting a wealth tax on the 1 percent. Even a modest 4 percent wealth tax on people whose total assets exceed $50 million could generate upward of $400 billion in additional annual revenue, which should be more than enough to ensure that the needs of every city, county and public school system in America are met. By ensuring that localities have the resources they need, we can counteract the unequal outcomes and rank injustices that our current system generates.

Andrew W. Kahrl is a professor of history and African American studies at the University of Virginia and the author of “ The Black Tax : 150 Years of Theft, Exploitation, and Dispossession in America.”

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Globalization: Maximizing Opportunities and Mitigating Risks Essay

Introduction.

Globalization is important for any company looking to expand into foreign markets, increase profits, and reach new customer segments. Because of globalization, businesses can locate methods of production that are significantly less expensive. Additionally, it boosts worldwide competition, lowering prices and providing customers with a greater selection of options to select from. People in both emerging nations and those that are already developed can improve their standard of living with the same amount of money because of falling prices. Consequently, the company must adequately consider the decision to pursue globalization with all factors considered before making a final choice.

To pursue globalization, the company has to consider many strategic factors, such as competitive analysis, cost-benefit analysis, risk assessment, and market potential. In addition, it is of the utmost importance that the business creates a balanced Scorecard to evaluate the costs of globalization and the possible benefits of globalization. By carrying out these steps, the organization can decide whether or not globalization is financially and strategically beneficial.

When deciding which geographic location should be pursued for globalization efforts, the company must consider various criteria, including economic growth rates in different countries or regions, political stability, and availability of resources. Furthermore, the company should also consider the cultural differences between local markets and their own to maximize success when globalization efforts are launched. Additionally, information such as trade agreements or tariffs should be considered when deciding on a target market. Consequently, it would be much more beneficial for the company to prioritize emerging economies such as India rather than only centering operations in developed economies. This is because emerging economies have a better potential for commercial growth and thus take advantage of the market.

The necessary background information would include data gathered from research such as population statistics, economic growth rates, political stability, and potential customer segments to support the decision to expand the reach to emerging economies. In addition, companies should also analyze existing market trends in different countries that may offer insight into globalization decisions. Emerging economies such as India, for instance, are significantly experiencing population increase resulting in diverse consumer segments and supply chains (Patwa et al., 2021). Moreover, many of these economies’ political stability has been improving over the years. This background information will help the company understand the dynamics of different markets and thus make better globalization decisions.

It is inevitably necessary to decide to pursue globalization since doing so has the potential to generate profits through worldwide expansion and the acquisition of new segments of customers. As a result, the company must take a strategic and cautious approach to globalization to guarantee that it is making sensible choices and making the most of the opportunities it presents. The firm can ensure that it will make the correct decision regarding globalization by taking into account all of the relevant aspects, such as strategic considerations and competitive analyses, which will, in the end, lead to growth and expansion.

Generally, globalization can be beneficial for the company to reach new customer segments or expand into foreign markets. However, the company must also carefully consider the demerits that could be associated with globalization before making any decisions with strategic considerations. Additionally, background information gathered from research should also be used to ensure that globalization efforts are targeted toward the right population segment. The ultimate goal of globalization is to increase profits and expand the company, thus, a globalization strategy would benefit the company.

Patwa, N., Sivarajah, U., Seetharaman, A., Sarkar, S., Maiti, K., & Hingorani, K. (2021). Towards a circular economy: An emerging economies context . Journal of Business Research , 122 , 725-735. Web.

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IvyPanda. (2024, May 25). Globalization: Maximizing Opportunities and Mitigating Risks. https://ivypanda.com/essays/globalization-maximizing-opportunities-and-mitigating-risks/

"Globalization: Maximizing Opportunities and Mitigating Risks." IvyPanda , 25 May 2024, ivypanda.com/essays/globalization-maximizing-opportunities-and-mitigating-risks/.

IvyPanda . (2024) 'Globalization: Maximizing Opportunities and Mitigating Risks'. 25 May.

IvyPanda . 2024. "Globalization: Maximizing Opportunities and Mitigating Risks." May 25, 2024. https://ivypanda.com/essays/globalization-maximizing-opportunities-and-mitigating-risks/.

1. IvyPanda . "Globalization: Maximizing Opportunities and Mitigating Risks." May 25, 2024. https://ivypanda.com/essays/globalization-maximizing-opportunities-and-mitigating-risks/.

Bibliography

IvyPanda . "Globalization: Maximizing Opportunities and Mitigating Risks." May 25, 2024. https://ivypanda.com/essays/globalization-maximizing-opportunities-and-mitigating-risks/.