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Old Monday, October 08, 2007
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Globalization


I-INTROCUTION:

Globalization, comprehensive term for the emergence of a global society in which economic, political, environmental, and cultural events in one part of the world quickly come to have significance for people in other parts of the world. Globalization is the result of advances in communication, transportation, and information technologies. It describes the growing economic, political, technological, and cultural linkages that connect individuals, communities, businesses, and governments around the world. Globalization also involves the growth of multinational corporations (businesses that have operations or investments in many countries) and transnational corporations (businesses that see themselves functioning in a global marketplace). The international institutions that oversee world trade and finance play an increasingly important role in this era of globalization.

Although most people continue to live as citizens of a single nation, they are culturally, materially, and psychologically engaged with the lives of people in other countries as never before. Distant events often have an immediate and significant impact, blurring the boundaries of our personal worlds. Items common to our everyday lives—such as the clothes we wear, the food we eat, and the cars we drive—are the products of globalization.

Globalization has both negative and positive aspects. Among the negative aspects are the rapid spread of diseases, illicit drugs, crime, terrorism, and uncontrolled migration. Among globalization’s benefits are a sharing of basic knowledge, technology, investments, resources, and ethical values.
The most dramatic evidence of globalization is the increase in trade and the movement of capital (stocks, bonds, currencies, and other investments). From 1950 to 2001 the volume of world exports rose by 20 times. By 2001 world trade amounted to a quarter of all the goods and services produced in the world. As for capital, in the early 1970s only $10 billion to $20 billion in national currencies were exchanged daily. By the early part of the 21st century more than $1.5 trillion worth of yen, euros, dollars, and other currencies were traded daily to support the expanded levels of trade and investment. Large volumes of currency trades were also made as investors speculated on whether the value of particular currencies might go up or down.


II-REASONS FOR GLOBALIZATION
:

Most experts attribute globalization to improvements in communication, transportation, and information technologies. For example, not only currencies, but also stocks, bonds, and other financial assets can be traded around the clock and around the world due to innovations in communication and information processing. A three-minute telephone call from New York City to London in 1930 cost more than $300 (in year 2000 prices), making instant communication very expensive. Today the cost is insignificant.
Advances in communication and information technologies have helped slash the cost of processing business orders by well over 90 percent. Using a computer to do banking on the Internet, for example, costs the banking industry pennies per transaction instead of dollars by traditional methods. Over the last third of the 20th century the real cost of computer processing power fell by 35 percent on average each year. Vast amounts of information can be processed, shared, and stored on a disk or a computer chip, and the cost is continually declining. People can be almost anywhere and remain in instant communication with their employers, customers, or families 24 hours a day, 7 days a week, or 24/7 as it has come to be known. When people in the United States call a helpline or make an airline reservation, they may be connected to someone in Mumbai (Bombay), India, who has been trained to speak English with an American accent. Other English speakers around the world prepare tax returns for U.S. companies, evaluate insurance claims, and attempt to collect overdue bills by telephone from thousands of kilometers and a number of time zones away.

Advances in communications instantly unite people around the globe. For example, communications satellites allow global television broadcasts to bring news of faraway events, such as wars and national disasters as well as sports and other forms of entertainment. The Internet, the cell phone, and the fax machine permit instantaneous communication. The World Wide Web and computers that store vast amounts of data allow instant access to information exceeding that of any library.

Improvements in transportation are also part of globalization. The world becomes smaller due to next-day delivery by jet airplane. Even slow, oceangoing vessels have streamlined transportation and lowered costs due to innovations such as containerized shipping.

Advances in transportation have allowed U.S. corporations to subcontract manufacturing to foreign factories. For example, in the early 2000s the Guadalajara, Mexico, factory of Flextronic International made pocket computers, Web-connected TVs, computer printers, and even high-tech blood-glucose monitors, for a variety of U.S. firms. Low transportation costs enabled Flextronic to ship these products around the world, and the North American Free Trade Agreement (NAFTA) made the Mexico location more attractive to Flextronic.
Advances in information technologies have also lowered business costs. The global corporation Cisco Systems, for example, is one of the world’s largest companies as measured by its stock market value. Yet Cisco owns only three factories to make the equipment used to help maintain the Internet. Cisco subcontracts the rest of its work to other companies around the world. Information platforms, such as the World Wide Web, enable Cisco’s subcontractors to bid for business on Cisco’s Web site where auctions take place and where suppliers and customers stay in constant contact.

The lowering of costs that has enabled U.S. companies to locate abroad has also made it easier for foreign producers to locate in the United States. Two-thirds of the automobiles sold in North America by Japan’s Toyota Motor Company are built in North America, many in Kentucky and in seven other states. Michelin, the French corporate giant, produces tires in South Carolina where the German car company BMW also manufactures cars for the North American market.

Not only do goods, money, and information move great distances quickly, but also more people are moving great distances as well. Migration, both legal and illegal, is a major feature of this era of globalization. Remittances (money sent home by workers to their home countries) have become an important source of income for many countries. In the case of El Salvador, for example, remittances are equal to 13 percent of the country’s total national income—a more significant source of income than foreign aid, investment, or tourism.


III-THE INSTITUTIONS OF GLOBALIZATION:


Three key institutions helped shape the current era of globalization: the International Monetary Fund (IMF), the World Bank, and the World Trade Organization (WTO). All three institutions trace their origins to the end of World War II (1939-1945) when the United States and the United Kingdom decided to set up new institutions and rules for the global economy. At the Bretton Woods Conference in New Hampshire in 1944, they and other countries created the IMF to help stabilize currency markets. They also established what was then called the International Bank for Reconstruction and Development (IBRD) to help finance the rebuilding of Europe after the war.


VI-REGULATING GLOBALIZATION:


The debate over globalization focuses in particular on how it can be regulated to address growing income and wealth inequalities, labor rights, health and environmental problems, and issues regarding cultural diversity and national sovereignty.

A: Inequality
B: Labor Rights
C:
Health Issues
D: Environmental Issues
E: Culture
F: National Sovereignty
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