Economic globalization examples

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Economic Globalization

Hottest Questions. Previously Viewed. Unanswered Questions. What are examples of economic globalization? Wiki User Economic globalization refers to the way that cheap international transport and unrestricted international commerce has strongly linked the economies of all countries.

There are now very few markets that are not globalized in to a great extent. Major global markets are in the commodities, such as raw materials such as metal ores, bulk metals and processed minerals, fibers such as cotton and wool, and foodstuffs like as wheat and corn.

Related Questions Asked in Nigeria How has the globalization trend affects economic operation of Nigeria? How has the globalization trend affects economic operation of nigeria? Depending on the category of globalization, yes and no.

economic globalization examples

For the economic definition of globalization, yes it is based on trade. However, for the historical context of globalization, it is based on culture. Asked in Sentence and Word Structure What is a sentence for globalization? Asked in US Constitution Does globalization reduce national sovereignty in economic policy-making?

No, globalization does not reduce national sovereignty in economic policy making. In fact, globalization has been shown to strengthen incentives for governments to create a stronger economy.

Volker Freystedt has written: 'Equilibrismus' -- subject s : Economic aspects, Economic aspects of Globalization, Economic policy, Environmental aspects, Environmental aspects of Economic policy, Environmental economics, Globalization. Marina Della Giusta has written: 'Critical perspectives on globalization' -- subject s : Economic aspects, Globalization, International economic relations, International economic integration.

The three examples of globalization are the major drivers of globalization. The first is politics, the second is technology, and the third is economics.Globalization in economics refers to the interdependence of nations around the globe promoted through free trade. Reduction of barriers between national economies facilitates the spread of products, information, jobs and technology across national borders.

Globalization in economics has facilitated the growth of international tradecultural aspects and transportation. This had led to integration among people, companies and regulatory authorities worldwide. Globalization has resulted in increased connectivity among people across borders thereby encouraging the exchange of ideas by means of communication. Social media connectivity platforms such as Facebook, Twitter, LinkedIn and Instagram are good examples of globalization. People can connect with others from diverse backgrounds, culture and professions.

It is estimated that Facebook has 2. Every minute on Facebook, numerous comments are posted and photos are uploaded which can be accessed by viewers throughout the world. Google Search is one of the most used search engines on the World Wide Web across all platforms.

People make use of this to view information on topics of their interest. Since social media platforms have been actively used by a number of people, it has helped in faster communication that may positively impact the lives of people. An individual can circulate the important message on Facebook for help required in a particular city affected by a natural calamity, motivational thoughts, job opportunities available in companies and so on.

Global news networks like CNN provides the latest news on business, politics, weather, media and entertainment. An individual keen to know about the currency rates, commodity prices and economics may refer to the Bloomberg site to access information and keep himself abreast with the market developments.

economic globalization examples

The use of internet has acted as a catalyst in globalization in economics. Let us take the case of a year-old upper-middle-class person living in India in the s. He used more of Indian brands as global brands were rarely available in India. There was only one government-owned channel — DD National, which he was compelled to watch. HMT was a government-owned enterprise that made both tractors and watches. He has an iPhone, which is an American company carrying out manufacturing operations in China.

He uses Paytm for transferring money which is funded among others by Japanese major Softbank. These two contrasting examples of two people living in different eras show the impact of global companies and MNCs in our lives. In developing countries, the transfer of technology has helped to boost innovation and productivity. The improved developments in transportation have paved the way for airlines. The reforms and liberalization process which started inis to be credited with the spread of globalization in India.Globalization is the process of integrating the economy of the country with the world economy.

Through the globalization process, organizations develop influences at the international level and operate on an international scale. The following different globalization example gives an understanding of the most common type of areas where globalization exists. As there are multiple areas where the globalization took place in the past, it is not possible to provide all the type of examples.

So, some of the examples of globalization are given below showing the different situations. Cultures are also being spread without confining to political boundaries. Like, the Greek culture is being spread over Africa, Asia, and Europe which can be seen in the cities having the name of Alexander in Africa, Turkey, and Egypt.

Effects of Economic Globalization

Watch our Demo Courses and Videos. The Silk Road which was made to encourage trade between China and the countries around the Mediterranean Sea will not only flourish the trade between these countries but at the same time also allow the exchange of culture and knowledge. Satellite television also helps in spreading the cultures globally as the shows of the one country will also be broadcasted in many other countries of the world.

The globalization not only took place in different industries but there also exists the diplomatic globalization. Many international organizations have been established in the past for different reasons considering many of the countries of the world.

The diplomatic organization also consists of things like the treaties and cooperation between two or more countries on different issues. They might outsource their job to be done by a person residing in struggling countries resulting in bringing much-needed jobs for the person and cost saving for the MNCs.

This would be a win-win situation for both the company and the employee as he was struggling to get the job. Also, one shirt sold in the United States could have been made using the Chinese cotton by the workers in a factory in Thailand which would be shipped after getting manufactured on a French freighter ran by a Spanish crew. This shows that due to the globalization, production of even a single product might use the work from many countries to complete the work in an efficient and cost-effective manner.

Exports of automotive products have grown tremendously because of globalization as co-operation among countries provides better economies of scale. The point is that there is a low cost of production in Mexico, so these companies manufacture cars in Mexico by investing there and then ship back to the US once it gets manufactured. Following this, they were able to become the price maker.

We can see some automobile industry using the parts manufactured in other countries for cost saving, as in a car being assembled in the United States and their parts coming from Japan, Germany or Korea. They have the edge of adopting global demand. They are having a presence in more than countries. They focus on appealing to different cultures over different regions. It has a long tradition of adapting the needs of the global market.

Their cultural adapting quality can be apparently seen from their decision of launching only vegetarian burgers at outlets opened in some religious places of India.

Food is also one of the important factors of globalization. It can be seen in people eating sushi in Peru and Indian food in Europe. The internet is the major contributor to globalization and that too not confining to technologically but to other areas as well as it helps in the cultural exchange of arts easily. CNN which is the global news network is able to spread and telecasting its news globally by using the technology.

The cell phone connects peoples of all over the world and that too at multimedia level. It is holding operation in 85 countries globally with its headquarters located in London. This shows that globalization has a good presence in the banking industry. Trade across the world has got increased because of the concept of a Letter of credit issued for a person by the bank and acts as a representative for him for a defined level of credit.

Thus the globalization is the process of expanding the system from the regional or national level to encompass the entire planet. There are various other examples as well which shows that globalization exists in various different areas.Globalization is the process of integrating the economy of the country with the world economy.

Through the globalization process, organizations develop influences at the international level and operate on an international scale.

economic globalization examples

The following different globalization example gives an understanding of the most common type of areas where globalization exists.

As there are multiple areas where the globalization took place in the past, it is not possible to provide all the type of examples. So, some of the examples of globalization are given below showing the different situations. Cultures are also being spread without confining to political boundaries.

Like, the Greek culture is being spread over Africa, Asia, and Europe which can be seen in the cities having the name of Alexander in Africa, Turkey, and Egypt. The Silk Road which was made to encourage trade between China and the countries around the Mediterranean Sea will not only flourish the trade between these countries but at the same time also allow the exchange of culture and knowledge.

Satellite television also helps in spreading the cultures globally as the shows of the one country will also be broadcasted in many other countries of the world. The globalization not only took place in different industries but there also exists the diplomatic globalization.

Many international organizations have been established in the past for different reasons considering many of the countries of the world. The diplomatic organization also consists of things like the treaties and cooperation between two or more countries on different issues. They might outsource their job to be done by a person residing in struggling countries resulting in bringing much-needed jobs for the person and cost saving for the MNCs.

This would be a win-win situation for both the company and the employee as he was struggling to get the job. Also, one shirt sold in the United States could have been made using the Chinese cotton by the workers in a factory in Thailand which would be shipped after getting manufactured on a French freighter ran by a Spanish crew.

This shows that due to the globalization, production of even a single product might use the work from many countries to complete the work in an efficient and cost-effective manner.

Exports of automotive products have grown tremendously because of globalization as co-operation among countries provides better economies of scale. The point is that there is a low cost of production in Mexico, so these companies manufacture cars in Mexico by investing there and then ship back to the US once it gets manufactured.

Following this, they were able to become the price maker. We can see some automobile industry using the parts manufactured in other countries for cost saving, as in a car being assembled in the United States and their parts coming from Japan, Germany or Korea. They have the edge of adopting global demand.

They are having a presence in more than countries. They focus on appealing to different cultures over different regions. It has a long tradition of adapting the needs of the global market. Their cultural adapting quality can be apparently seen from their decision of launching only vegetarian burgers at outlets opened in some religious places of India. Food is also one of the important factors of globalization.Learn something new every day More Info Many allied countries would supply resources to each other that the other countries do not have.

These resources can cover imported products, technology, and even human labor. One popular activity under globalization is international tradein which products and services are exchanged between or among nations.

Many countries that have abundant natural resources rely on this trading system to market their unique local products and, in turn, improve their economic state. International trade has been practiced for centuries, as evidenced by the Silk Road that connects Asia and Europe for trading purposes. Trading policies and tax treaties are created between countries to regulate trade and protect either country from threats of terrorism.

Multinational companies are changing some cultural aspects of many countries; fast food restaurants, for example, have changed the eating habits of Asian countries that consider rice as a staple food. Fashion trends from European countries are also carried over to the opposite side of the globe. This can lead to economic growth and a higher standard of living. The reliance of countries on each other has also led to better chances of international peace. It has also paved the way for cultural awareness and understanding, largely through the help of technology.

On the other side, some people believe that globalization has more disadvantages than benefits. One negative result is that natural resources are depleted at a faster rate, since the demand for raw materials has increased among many countries.

Another drawback is the violation of human rightsas many countries can exploit human labor outsourced from developing countries.

So, what is economic globalization? Is it just the increase of trade and international economy?

economic globalization examples

If so, then I see why it's controversial. An obvious negative effect that I'm sure everyone remembers is the housing bubble of spreading throughout the world to countries like Britain, Ireland and Iceland. Electronic commerce also makes it harder for tax authorities to do their job, meaning the government stands to lose tax revenues. Engelbert Post 1 Regardless of whether it's a good or a bad thing, I think economic globalization was bound to happen, the reason being the fall in the costs of doing business with other countries due to the so called IT revolution.

The IT revolution - mainly talking about the Internet here - resulted in a massive drop in communication and information costs.All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply. Hottest Questions.

Globalization

Previously Viewed. Unanswered Questions. What are examples of economic globalization? Wiki User April 04, PM. Economic globalization refers to the way that cheap international transport and unrestricted international commerce has strongly linked the economies of all countries. There are now very few markets that are not globalized in to a great extent. Major global markets are in the commodities, such as raw materials such as metal ores, bulk metals and processed minerals, fibers such as cotton and wool, and foodstuffs like as wheat and corn.

Related Questions Asked in Nigeria How has the globalization trend affects economic operation of Nigeria? How has the globalization trend affects economic operation of nigeria? Depending on the category of globalization, yes and no. For the economic definition of globalization, yes it is based on trade. However, for the historical context of globalization, it is based on culture. Asked in Sentence and Word Structure What is a sentence for globalization?

Asked in US Constitution Does globalization reduce national sovereignty in economic policy-making? No, globalization does not reduce national sovereignty in economic policy making. In fact, globalization has been shown to strengthen incentives for governments to create a stronger economy.

Volker Freystedt has written: 'Equilibrismus' -- subject s : Economic aspects, Economic aspects of Globalization, Economic policy, Environmental aspects, Environmental aspects of Economic policy, Environmental economics, Globalization.

Marina Della Giusta has written: 'Critical perspectives on globalization' -- subject s : Economic aspects, Globalization, International economic relations, International economic integration.Learn something new every day More Info Many allied countries would supply resources to each other that the other countries do not have.

These resources can cover imported products, technology, and even human labor.

Examples of Globalization

One popular activity under globalization is international tradein which products and services are exchanged between or among nations. Many countries that have abundant natural resources rely on this trading system to market their unique local products and, in turn, improve their economic state. International trade has been practiced for centuries, as evidenced by the Silk Road that connects Asia and Europe for trading purposes. Trading policies and tax treaties are created between countries to regulate trade and protect either country from threats of terrorism.

Multinational companies are changing some cultural aspects of many countries; fast food restaurants, for example, have changed the eating habits of Asian countries that consider rice as a staple food.

Fashion trends from European countries are also carried over to the opposite side of the globe. This can lead to economic growth and a higher standard of living.

The reliance of countries on each other has also led to better chances of international peace. It has also paved the way for cultural awareness and understanding, largely through the help of technology. On the other side, some people believe that globalization has more disadvantages than benefits. One negative result is that natural resources are depleted at a faster rate, since the demand for raw materials has increased among many countries.

Another drawback is the violation of human rightsas many countries can exploit human labor outsourced from developing countries.

So, what is economic globalization? Is it just the increase of trade and international economy? If so, then I see why it's controversial. An obvious negative effect that I'm sure everyone remembers is the housing bubble of spreading throughout the world to countries like Britain, Ireland and Iceland.

Electronic commerce also makes it harder for tax authorities to do their job, meaning the government stands to lose tax revenues. Engelbert Post 1 Regardless of whether it's a good or a bad thing, I think economic globalization was bound to happen, the reason being the fall in the costs of doing business with other countries due to the so called IT revolution. The IT revolution - mainly talking about the Internet here - resulted in a massive drop in communication and information costs.

Because the barriers between countries were breaking down and the importance of trade was becoming more apparent, national policies responded by beginning to remove restrictions on capital markets shares, bonds, investments. The daily turnover of foreign exchange on world markets increased by per cent in the 90s alone. Post your comments Post Anonymously Please enter the code:.

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