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.
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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.
FAQs
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.
What is globalisation in 150 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.
How do I start an essay about globalization? ›
Explain to your reader what globalisation is in detail, and if possible, add citations from experts on the topic. You can find a lot of reliable books and well-written content in scholar google or online libraries. After doing this, make a list of the aspects that you can go through based on your paper's perspective.
What is globalization short note for students? ›
Globalization is a term used to describe how trade and technology have made the world into a more connected and interdependent place. Globalization also captures in its scope the economic and social changes that have come about as a result.
What is globalization simple for kids? ›
Globalization is the process by which all the peoples of the world have become interconnected. It involves world politics, economics, and culture. It has greatly increased the standard of living of people all over the globe.
What is globalization a very short summary? ›
"Globalisation is a set of processes that operate simultaneously and unevenly on several levels and in various dimensions;' the author claims. Steger focuses on four main aspects--economics, politics, culture, and ideology but strongly emphasises that the patterns of globalisation operate as an "interacting whole."
What is globalization in 500 words? ›
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.
What is globalization in own words? ›
Globalization is the word used to describe the growing interdependence of the world's economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.
What is globalization in 5 sentences? ›
Globalization changes the way nations, businesses and people interact. Specifically, it changes the nature of international economic activity, expanding trade, opening global supply chains and providing access to natural resources and labor markets.
How does globalization affect students like you today? ›
Globalisation affects students by facilitating the initiative of cultural exchange programs, thereby allowing students to study abroad. Such global-scale programmes promote cross-cultural understanding and tolerance.
Globalization is facilitated economically by free trade agreements, which permit barrier-free imports and exports across borders. While globalization brings many advantages—including lower prices and higher standards of living to some—it also has drawbacks, including wealth concentration and cultural hom*ogeneity.
How does globalization affect our daily life? ›
Globalization has a significant impact on our daily lives. It affects various aspects such as trade, communication, finance, technology, healthcare, labor, and the environment . The increased global flows of goods, services, and information have both positive and negative effects on people's everyday lives .
What is globalization as a student essay? ›
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.
What is globalization in 100 words? ›
Paragraph on Globalization in 100 words
Globalization refers to the process of interaction and integration among people, companies, and governments worldwide. It has made the world a global village, where information and goods move more freely across borders.
What is globalization in 300 words? ›
GLOBALIZATION ESSAY 300 WORDS: Globalization is a process of spreading science, technology, business etc. through transport, communication and trade. Globalization has also affected almost all countries worldwide socially, economically, politically and psychologically.
What is globalisation in very short answer? ›
Globalisation refers to the integration of global economics, industries, markets, culture and policies making around the world free from socio-political control and reduces distances between regions/countries through a global network of trade, communication, immigration, and transportation.
What is my own definition of globalization? ›
Globalization is the word used to describe the growing interdependence of the world's economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.
What is the best definition of globalization *? ›
Most agree that globalization rests upon, or simply is, the growth in international exchange of goods, services, and capital, and the increasing levels of integration that characterize economic activity. In this sense, globalization, is only another word for internationalization.
What is meant by globalisation in one word? ›
Globalisation means integrating the economy of a country with the economies of other countries under conditions of free flow of trade, capital and movement of persons across borders. It includes. (i) Increase in foreign trade. (ii) Export and import of techniques of production.
