Globalisation

In the past few decades the topic of globalisation has become a dominant economic, political and social theme. Many different thoughts and opinions exist as to whether the process of globalisation has been advantageous, or detrimental. This essay will address this question, paying particular attention to how it influences us and why it is of major importance to think about it. Firstly the essay gives a brief definition and overview of the process of globalisation. Secondly it provides a discussion of the pro and cons of the globalising process and thirdly it investigates how everybody of us is influenced by it. Finally, a brief conclusion is drawn and an outlook to the future is given.

Globalization is a series of social, economical, technological, cultural, and political changes that promote interdependence and growth. It raises the standard of living in developing countries, spreads technological knowledge, and increases political liberation. This is enhanced by the fact that the globalising process entails the free movement of capital, goods, services and labour around the world and therefore requires a certain control of the world's economy. The term is most closely associated with the term economic globalization which means the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration and the spread of technology.

This definition leads to a highly discussed and controversal topic which has many advantages as well as disadvantages. One of the most positive effects of globalization, beginning after World War II, is its impact on trade. With an increase in free trade, the prosperity and wealth of nations as well as their interdependence on one another has increased. This, in turn, has considerably reduced the chances of war, speaking specifically from an economic point of view. Some of the direct effects of free trade include the establishment of free trade zones (these zones levy minimal or no tariffs), reduction in transportation costs, elimination, or at least, reduction in capital controls, establishment of subsidiaries by global corporations, and standardization and universal recognition of intellectual property laws. For us, the consumers, especially in the western world, it has the advantage that prices getting cheaper and we can buy products from all over the world daily with an affordable price. On a cultural front, globalization has lead to what is referred to as homogenization. With developments in information and communication technology, the world has become a smaller place. For me as a student for instance, this gives me the opportunity to work and study worldwide and have friends all over the world.

On the other hand, there are several disadvantages that have to be considered. While globalization has helped the economies of developing countries by increasing competition and production in worldwide