Modern globalization Essay Example | Topics and Well Written Essays - 1500 words

Modern globalization - Essay Example One most important effect of globalization is power discourse. Globalization refers to the process that takes place around the globe and that creates remarkably significant effect on the position of power among the nations (Cavusgil, Knight and Riesenberger, 2013). This shows that the term globalization does not relate to any single concept that might be encapsulated within a definite frame at a defined point of time. It is a process with a long history. Although globalization is regarded as a recent phenomenon, several environmentalists, economists and scientists univocally claim that this process has its beginning in the distant past and it cannot be clearly predicted whether it has any definitive end. While most of the activities of the modern world are shaped under the effect of globalization, several activities are recognized as the ‘bad effects’ of this process (Sassen, 2000). After a prolonged period of time, scientists have seen signs of this process of globaliza tion to weaken in the current international economic and business scenario. These effects also cannot be determined as absolutely good or bad. It rather depends upon the way in which the term has been defined in a particular context and the level of impact that this phenomenon has cast on the performance of the sector or firm. Thus, in popular discourse, the term holds varied meanings. Hence, it is imperative to distinguish between the two types of concepts of globalization; one that is viewed as contemporary ideology of modern politics and the other that is related to as structural globalization. The current wave of globalization is the outcome of large scale interaction within dense networks of individuals and institutions around the world. International trade has increasingly become a function of global production of goods and services and their distribution (Chase-Dunn, Kawano and Brewer, 2008). Various arguments made by different economists, policy makers and environmentalists can be presented in this context. Some of these arguments support the positive impacts of globalization while others support the negative impacts of globalization. Arguments for and against globalization At present, the economic development of the global economy is highly dependent on the waves of globalization. With the beginning of the 21st century the world has moved on to a higher level of networking and interconnectivity. This is applied to all the aspects of society and economy. There has been structural reformation in the fields of technology and knowledge transfer has become more advanced (Hipsher, 2006). The fragmented dimensions of the economy in different parts of the globe of the globe get interconnected with smooth flow of technology and better networking. The different parts of the world are becoming more interconnected with one another and socially as well as economically. This structural reformation lays emphasis on the integration of diversities imbibed in the cultu re and practices of the different nations. On the other side of the coin, the process of globalization takes into account the diversities or differences in culture. Hence, it implies that this process leads to unification of the different ideas, cultures and practices among the nations. Under this process the world is considered as a single unit or economy that runs by following a uniform system. This leads to the formation of one single society. However, there are also certain drawbacks of the global integration.