According to Merriam-Webster globalization is “The development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets”. In other words, globalization is exporting products, services, and more to other countries to connect places worldwide. Globalization connects countries through political, economic, and social means making it able to affect the U.S. government. An important term connected to Globalization is civics which is the study of the rights and duties of citizens. These two are linked as globalization takes a look into the perspective of citizens around the globe and they can influence choices made by the companies using globalization.
Globalization first began in the era of the Silk Road when the exchange of ideas, products, and cultures took place between places across the Eastern Hemisphere. Through those years globalization eventually evolved and became a more stable process. Though globalization as an idea was very well known according to Adam Volle, a writer for Britannica, “German-born American economist Theodore Levitt has been credited with having coined the term globalization in a 1983 article titled ‘The Globalization of Market’”. Globalization dates back years before it was even considered a term and as time progressed it became an idea used by many. Globalization has impacted the likes of many countries often becoming a part of history for not just the U.S. but the entire world.
Globalization has always been about spreading worldwide but it was not always as easy as today. At first, transporting different materials from one place to another was a long process, so globalization had a slow start due to less developed societies relying on traveling on foot from place to place. According to National Geographic, “With the Information Age, globalization went into overdrive. Advances in computer and communications technology launched a new global era…”. With new advancements in technology and transportation, the process increased in speed allowing for the increase in Globalization. Along with that developments in communication technology makes it easier for companies to find which products work the best and send them to specific countries. Through the years globalization has changed in speed and communication and with this change it has caused the spread of many different products, ideas, and more across the globe.
Globalization has had many benefits throughout its course in history according to the Peterson Institute for International Economics it “makes production more efficient, promotes economic growth, and lowers prices of goods and services”. It has also led to developing cultural and economic ties between countries allowing for better communication and trade. While globalization has many benefits it also carries its set of setbacks such as causing cultures to change and benefiting mostly large corporations. According to the article “The Pros and Cons of Globalization” on the website Smart Asset “Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones”, Smart Asset also states that “Another criticism leveled at globalization is that is has empowered multinational corporation at the expense of governments and citizens”. Globalization is often argued against making it a controversial tactic used by corporations and people alike.
Globalization is an important subject because it has been an important part of the changes in different countries. Learning about globalization can help people understand how the U.S. is tied to other countries through different corporations. It has changed the social, cultural, and economic structures of all kinds of societies by connecting countries worldwide. Despite its many faults, Globalization has become an important part of today's society. It will likely be around for much longer making it an important part of this world to learn about.
Reference List
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https://econlife.com/2018/11/six-facts-about-globalization/
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