The theoretical definition of Globalization defines globalization as integration of several nations and economies for the purpose of trade, foreign investments and capital migration. The opening up of the economies of several nations, for free trade purposes, supported with technological advancement of the twenty first century were the key supporters for the sudden spurt of Globalization in this modern age (Carr & Chen, 2001). The concept of Globalization is also commonly referred as ‘globality’, which refers to a boundary less, highly connected market place; such a market place which is neither distinguished by time zones, not the national borders of several countries (Pologeorgis, 2012). Globalization evolved as a necessity for several business organizations to reach out to larger consumer base spread across several parts of the world. The Facilitation of global communications and social economic, technological, environmental and political revolutions developed this phenomenon.
The impacts of Globalization are commonly observed on the Personalities, character, lifestyle and behavioral traits of Individuals living in a globalised society. The globalization has in fact impacted every aspect of personal life of individuals, who are part of both developed as well as developing nations (Broda and Weinstein, 2006). One’s own life of an individual thriving in the twenty first century gets highly influenced in terms of vibrant exposure to divergent cultures, tastes and preferences, languages, religious ethos, etc. The intensity of this impact however, differs from person to person depending upon several demographic traits that bring the individuals closer to an international exposure. The demographic aspects may range from income level of the individual, age of the individual, the location of the individual, his nature of work, interests, etc. The Individuals belonging to developed nations are observed to be highly influenced by the impacts of globalization, in comparison to their counterparts belonging to poorer or underdeveloped countries (Mackay, 2000). The reason for this observation is pretty simple. The individuals belonging to the under developed countries are deprived of conducive environment, including the technological support and infrastructure, which makes them deprived to take the benefits of globalization.
There have been several studies conducted on the pros and cons of globalization in terms of adding values or difficulties in one’s own lives. The shaping of online social communities is one of the most interesting positive impacts of globalization on human life (Tisdell and Sen, 2004). This has lead to several instances of development of greater cultural understanding among the people, irrespective of the differences between them. Sharing of New Ideas, knowledge and new methods of working world wide, even in remotest part of the globe are the literal benefits of globalization to human life. The Globalization has also resulted in increased employment opportunities to the individuals across the globe. The national borders are no more the limits for individuals to search for their dream job (Thomas, 2000). Globalization has also facilitated changing of gender roles and securing women’s place in a work place, especially in the developing countries. The trend of having more skill intensive jobs, over mere qualifications, is also a positive impact of globalization. Many of the educational systems across the world are also preparing themselves to deliver industry ready candidates with globally accepted skills (Jackson and Andrews, 1999).
The phenomenon of Globalization has also brought in several difficulties in individuals lives along with positive impacts. The ill effects of the intensified competition across the globe, like increased job insecurity, increase in human trafficking are few of them. The world economies have been increasingly integrated through the internet and mobile phones. Outsourcing of work to different countries, especially having cheap labor is another problem face by individuals belonging to the developed nations (Wade, 2003). The programmers, accountants, scientist and editors belonging to these nations have limited job opportunities due to outsourcing of these jobs to cheaper locations like the Asian countries. The abundance of information has also resulted in to several privacy issues for individuals that ride on this globalization wave (Milanovic, 2003).
The Globalization has also severely impacted the Business models and Functionalities of several Business Organizations that employ these individual, giving them an opportunity to increase their exposure to the other parts of the world. The Proliferation of the Fast food restaurants McDonalds across the globe, by adapting the menus and offerings to suit the local tastes in the respective countries is the result of Globalization (Olivero, 2011). The Goods and services deployed by these businesses have achieved more easiness and speed in terms of transporting them to different parts of the world. Several of the Business corporations have achieved the ease and flexibility of setting up its business operations in desired locations across the globe. These minor reflections on the business level, results in consequent impacts on the country level. The diminishing possibility of probable tiffs between these exporting and importing countries is a major social advantage that nations enjoy, due to globalization (Broda and Weinstein, 2006). The increasing trade interdependence among the several nations has made this possible. The decreased communication barriers have enabled the government of the nations to solve the environmental problems like climatic changes, cross boundary pollution, etc. through discussions with each other (Mackay, 2000). Overall a spirit of multiculturalism has been fostered in the nations as the residing population of the nation has free individual access to cultural diversity. The Globalization has also benefited the nations to attract more international tourist, by enabling increased tourism development, trigged due to the opening up of the economies (Milanovic, 2003). These nations are also getting opportunity to participate in the world financial system, and attracting huge foreign investments in the nation. The investment avenues for the nations in terms of its treasury operations have also benefited largely.
The Globalization has also observed to give some negative impact at the country level. The budding small scale industries that are run by nascent entrepreneurs are suddenly exposed to intense international competition. As a result, many of the local industries in developing regions have become unsheltered and are taken over by the foreign multinationals (Milanovic, 2003). Several of the researchers have also compared this phenomenon of globalization, to be similar to the concept of Capitalism, as described by Sir Adam Smith. In both the situation, the gap between the poor and richer (individuals and well as nations) is widening resulting in to inequalities and poverty for the already poor nation (Wade, 2003). The increased amount of the Trans border information flow has also increased responsibility of effectively managing communication satellites and wireless networks to protect the critical data from information leaks and data thefts. The growing amount of cultural diffusion in the nation is also unhealthy for maintaining the age old traditions and customs of the land that are quickly modernizing and westernizing with the advent of globalization (Jackson and Andrews, 1999). The local communities of nations, especially in case of the developing nations, are aspiring to adapt ideas, product, practices and technologies with the western influence, leading to slowing fading of their own customs and practices of their land.
To conclude with, Globalization is a dual edge sword that has both positive and negative impacts on the individual level as well as national level. The Globalization has necessarily increased economic prosperity and opportunities in several developing nations, but has also deprived several qualified professionals from developed countries, thanks to its Outsourcing phenomenon. Overall the Globalization has facilitated sharing of resources, information and skills for the development and progress of the entire global economy.
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