The Process of Globalization Essay

Globalization is the most important phenomenon of modern era. It determines not only the economy of different countries, but also their society, political structure and international relations. Many believe that it is also an irresistible force that may be used for good or for mischief. However, history shows that everything depends on different factors and actions. It would be wrong to consider that the processes of globalization will stop in the future or that it will be favorable in all respects. In a case of proper attitude to globalization, this century will be an era of unprecedented peace, partnership and prosperity. Thus, globalization predetermines the expansion, deepening and intensification of interconnections at the planetary level between all aspects of society – from culture to crime, from finance to religion. The world turns into a single social space, formed under the influence of a complex intertwining of economic and technogenic factors.

Nowadays, the term “globalization” has acquired a pronounced emotional color. Some believe that this is a useful process that is the key to the development of the world economy in the future, as well as it is inevitable and irreversible process. Others regard it as hostile, even with fear, believing that globalization leads to an increase in inequality between and within countries, poses a threat to the growth of unemployment and a decline in the standard of living, and serves as a brake on social progress.

Globalization offers the widest opportunities for truly global development, but the pace of its spread is uneven. The process of integration into the world economy is happening in some countries faster than in others. In countries that have achieved integration can be observed higher rates of economic growth and poverty reduction. For instance, the policy of foreign orientation brought dynamism and prosperity to a significant part of East Asia, completely transforming this region because it was among the poorest regions in the world forty years ago. In turn, raising the standard of living has created opportunities for the development of democracy and moving forward in addressing economic issues such as protecting the environment and improving working conditions.

The globalization of the world economy is expressed in the process of creating new world space, or adding some changes to it. It means that globalization transforms the world into a single working zone, helping countries to cooperate their efforts in providing effective actions for the purpose to achieve a high level of prosperity for their people.[1] To explain, a new space that is created by globalization helps to spread new innovative ideas and contribute to the development of relevant institutional formations, as well as it helps to achieve a certain level of interaction between them.

In summary, globalization offers incredible opportunities to sustainable prosperity for all people. Markets contribute to increased efficiency through competition and division of labor, a specialization, as a result of which people and countries can focus their efforts on what they do best. The globalization of markets opens up additional opportunities for countries to enter new and wider markets around the world, which means expanding their access to capital flows, technologies, cheaper imports and wider export markets. However, markets do not necessarily serve as a guarantee that the benefits brought by increasing efficiency will go to everyone without exception. Countries should be willing to undertake the necessary policies, and in the case of the poorest countries, support from the international community may be needed.

To conclude, the consequence of the process of globalization of world systems is the emergence of a single space at the international level: cultural, information, legal and economic. In other words, the phenomenon of globalization is not limited to the sphere of economy, but largely affects all key spheres of society’s life – ideology, culture and politics. Undoubtedly, this phenomenon plays the central role in the world economy of the new century, and this role consists in catalyzing the formation of a renewed world system of relations in politics and economics, adapted to globalization.

Bibliography

Bhagwati, Jagdish. In Defense of Globalization. New York: Oxford University Press, 2004.


[1] Jagdish Bhagwati, In Defense of Globalization (New York: Oxford University Press, 2004), 69-72.

The terms offer and acceptance. (2016, May 17). Retrieved from

[Accessed: March 29, 2024]

"The terms offer and acceptance." freeessays.club, 17 May 2016.

[Accessed: March 29, 2024]

freeessays.club (2016) The terms offer and acceptance [Online].
Available at:

[Accessed: March 29, 2024]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: March 29, 2024]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: March 29, 2024]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: March 29, 2024]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: March 29, 2024]
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