GLOBALIZATION: 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. GLOBALIZATION — points to the whole effort towards making the world global community as a one village, Goods that were only found in western countries can now be found across the globe. Now, underdeveloped areas can enjoy the benefits of scientific advances and industrial progress available in developed countries for the improvement and growth of their areas. Because of globalization, the economies of the world are being increasingly integrated, example mobile phones and internet have brought people closer. The world is becoming a smaller place. Work can be outsourced to any part of the world that has internet connection because of improvements in traffic infrastructure one is able to reach one’s destination in a short time. GLOBALIZATION can also be defined as an ongoing process by which regional economies and cultures have become integrated through a globe-spanning network of communication and trade. The process of globalization includes a number of factors which are rapid technology developments that make global communications possible, political developments such as the fall of communism, and transportation developments that make travelling faster and more frequent. These produce greater development opportunities for companies with the opening up of additional markets, allow greater customer harmonization as a result of the increase in shared cultural values, and provide a superior competitive position with lower operating costs in other countries and access to new raw materials, resources and investment opportunities. What is globalization in simple words? In simple terms, globalization is the process by which people and goods move easily across borders. Principally, it's an economic concept the integration of markets, trade and investments with few barriers to slow the flow of products and services between nations. Globalization, in its simplest form, means a more connected world. Globalization is the movement and integration of goods and people among different countries. Globalization is driven by international trade and aided by information technology. GLOBALIZATION through global communications, global markets and global production have promoted and facilitated by a fourth area of global activity in relation to money. For example, the American dollar, the Japanese Yen, Euro and other national currencies circulate globally. They are being used anywhere on earth and moving electronically and via air transport anywhere in effectively no time. Most bankcards can extract cash in local currency from the thousands of automated teller machines (ATMs) across the word. Also credit cards like Visa, MasterCard and American Express can be used for payments in almost every country in the globe. People can move from one country to another, trade restrictions are reducing, domestic markets are opening up for foreign investments, telecommunications are better established and the countries that are leading the innovations are passing on their technologies to other countries in need, GLOBALIZATION makes business management easier and efficient for the company. It simplifies business management in the world. This is due to the advancement in technology, transport, communication, education and regulations of trade that makes trade fair to all parties. This attracts more people to engage in international business and international trade. Managers within the globe face a lot of challenges due to high competition in the industry, good decisions must be made in order to satisfy and maintain their customer andattract more customers for their products. Companies enjoy economies of scale in the business due to reduction of cost in the management. Globalization is something that affects all of us, no matter what our profession or interest is. Globalization despite having benefits to the world, also has a negative effects of it. How does globalization benefits everyone? Globalization allows people, goods, services, ideas, languages, information, and commodities to flow across national borders all the time. The effect of globalization is that the world is becoming increasingly smaller as we all become more and more connected. ‘THE POSITIVE EFFECTS OF GLOBALIZATION IN THE FOLLOWING ASPECTS: ‘TRANSPORTATION DEVELOPMENT: ~ Transportation is essential in the globalization for all countries. Transportation boosts trade in goods and contributes to the global economy as a cluster of service sectors. It includes carriage by air, by railway and trucks, and by sea. - Transportation methods ensure deliveries to and from your facility flow smoothly and arrive at their designated de: is on time. - The importance of transportation is that it enables trade, commerce, and communication that establish civilization. It is good planning that manages traffic flows and enables the undisturbed and steady movement from one place to another. - Improvements in transportation - larger cargo ships mean that the cost of transporting goods between countries has decreased. Economies of scale mean the cost per item can reduce when operating on a larger scale. - Transport improvements also mean that goods and people can travel more quickly. - Faster and cheaper transportation systems allow multinational corporations to build manufacturing facilities across the globe while maintaining scheduled, frequent deliveries of parts and finished products - Transportation is important because it facilitates exchange and travel. Without transportation the different regions are isolated from each other. Improved transportation plays an important role in a country's economic growth, tourism industry and infrastructure. We can call transportation “lifeline” of a nation. 2. CULTURE: = Globalization of culture contributes to the exchange of cultural values of different countries, the convergence of traditions, - Globalization allows you to learn about other cultures and develop a wider cultural understanding through the internet and increased opportunities for international travel. The positive effects of globalization on culture are many. Not all good practices were born in one civilization. ‘The world that we live today is a result of several culture coming together. People of one culture, if receptive, tend to see the flaws in their culture and pick up the culture or in tune with the times. Societies have become larger as they have welcomed people of other civilizations and backgrounds and created a whole new culture of their own. Cooking styles, languages and customs have spread all due to globalization. The same can be said about movies, musical styles and other art forms(ex. tattoos). They too have moved from one country to another, leaving an impression on a culture which has adopted them. - Because of globalization, you can purchase cheaper goods, communicate with individuals from all over the world, and work in just about any country. Importantly, globalization has also opened our eyes to various cultures, which has increased people's understanding of one another. ~ Our culture shapes the way we work and play, and it makes a difference in how we view ourselves and others. it affects our values—what we consider right and wrong. This is how the society we live in influences our choices. But our choices can also influence others and ultimately help shape our society.- A vital part of our culture is the languages we speak and the music and food we enjoy. Therefore, Globalization also changes our personalities by enabling us to encounter a broader variety of cultural cultures, such as food and music. 3. LEGAL EFFECTS: Increase media coverage draws the attention of the world to human rights violations. This leads to improvement in human rights. Global economic growth does not necessarily make people happier, worldwide free trade, should also benefit humanity as to protect nature, not just reward managers and stockholders. Those who would be authentic leaders need to address inequalities. Globalization should promote openness and information along with exchange with greater democracy and prosperity. Gone are the days where the limited jurisdiction became a hindrance in the prosecution of criminals. These days due to international courts of justice, these criminals can no longer seek asylum in a foreign country, but will be brought forward and there will be justice. Due to globalization, there is also an understanding between the security agencies and the police of two or more different countries who will come out together to curb global terrorism. Hence, it is now possible to catch the perpetrators of crime irrespective of which country they choose to hide in. This is undoubtedly one of the greatest positive effects of globalization in society. 4. POVERTY ALLEVIATION: ‘As far as poverty reduction is concerned, globalization played a role in poverty reduction in developing countries. Indeed most developed countries experienced reduction in poverty in the proportion of their living below the poverty line, including fast developing countries like China, India, Vietnam. 5. EMPLOYMENT SITUATION: Through globalization, people from different countries are provided with job opportunities within the globe. It has created the concept of outsourcing. Developed countries prefer to provide work to developing countries where costs are cheap. It has given the opportunity to invest in the emerging markets and tap up the talent which is available there. In developing countries, there is often a lack of capital which hinders the growth of domestic companies and hence, employment. In such cases, due to global nature of the businesses, people of developing countries too can obtain gainful employment opportunities. 6. EDUCATION: ~ Globalization has improved the quality of education. Due to globalization, countries got the opportunity to witness the best education systems worldwide and thus could replicate them. New methods of learning such as e-learning, blended learning was quickly adopted by many countries due to globalization. Globalization from the point of view has positive effects as well as negative effects. It has increased the access of higher education, examples, universities, and reducing the knowledge gap in developing countries, it equally has negative aspects which can seriously threaten universities in those countries. From point of view it has brought more positive effects to developing countries through increasing access to higher learning institutions. Today you can move in the search of the best educational facilities in the world including developing countries without any hindrance. This is due to increased output from secondary schools, greater participation of women in higher education, a growing private sector demand for graduates, especially in the north.7. FOREIGN TRADE: ~Globalization has resulted in greater interconnectedness among markets around the world and increased ‘communication and awareness of business opportunities in the far corners of the globe. More investors can access new investment opportunities and study new markets at a greater distance than before. Despite having negative effects of globalization, it has a good side too. One of the most significant effect: hhas brought to developing countries is trade. Before, people used to exchange goods for goods or services for services but now, people can trade goods for money. This is mostly through international trade whereby People exports and imports goods within countries. Globalization has led to reduction of costs in trade within the globe. It has led to reduction of tax of importation of goods.