The pros and cons of Globalization Essay Example | Topics and Well Written Essays - 3500 words

The pros and cons of Globalization - Essay Exampleaddition a important debate is continuously rising on weighing the unconditional and negative impacts of globalisation and exploring the people who ar directly or indirectly influenced by the changes brought in by this concept.Globalization is a comprehensive and big topic and covers a huge list of important issues including economic, social, political, cultural, religious and moral etc. The definition of globalization is also defined in the light of all these perspectives. As it is defined by James Rosenau, a political scientist, as as a label that is presently in vogue to account for peoples, activities, norms, ideas, goods, services, and currencies that be decreasingly confined to a particular geographic space and its local and established practices (1997, p.360).Most of the look forers bordered their research on the economic impacts of globalization. It is undoubtedly clear that globalization has impacted the overall econo mic situation of the circulating(prenominal) world. However, the social, political and other areas also require attention as globalization has affected the policies, education, culture and overall social structure of the states. The economic aspects of globalization are not limited to its effects on microenvironment precisely it has affected markets on a macro level. The microeconomic effects refer to the technological advancements and the impact at individual firm levels, whereas, the macroeconomic effects involve the collaborative analysis of markets for business purposes (Oman, 1994).The list of positive aspects of globalization includes the excess availability of external finance. This excess amount of finance is helpful especially for the underdeveloped countries. The excess availability of excess finance from external sources is evidenced by the IMF, Direction of Trade Statistics yearly and World Bank, Global Development Finance, 1999. For instance the increase in capital f lows is observed in the eastern hemisphere Asia Pacific from 15.8 in 1980 to 36.3 1997.