Globalization of politics has had a big influence on the spread of different ideas in the world. They reject any merchandise produced by companies which do not conform to good labor and environmental practices. There is also an increase in the number of consumers who are sensitive about environmental, labor and human rights issues. Steger (2009) reveals that this has a major impact on consumer behavior in different regions across the world (p. Many consumers are driven by the need to stay modern and sophisticated, which makes them purchase products sold by multinational corporations. Their products influence specific consumption patterns in different markets across the world. These companies hire a lot of employees and their brands are easily recognized by consumers in different global markets. Companies such as Coca Cola, Microsoft, Apple, Nestle, Barclays Bank and McDonalds, have operations in different countries across the world. Globalization has also made multinational corporations become more influential globally. These cities have large financial institutions which carry out many financial transactions (Ritzer, 2011, p. London, Dubai, Hong Kong, Singapore and New York, are some of the most active financial hubs in the world. Globalization has also made it possible for some countries and cities to be recognized as major financial hubs. Many financial institutions are inter -connected through modern technologies, which makes it easy for them to share crucial information regarding financial matters. Investors are able to trade and monitor prices of stocks through the internet in different stock markets across the world. This has led to the rise of major financial hubs with active financial institutions. Globalization has also made the global financial system to be more connected than ever before. They are considered emerging economies because of the big influence they have on international trade.įigure showing imported crude oil in the US in 2011 worth 332 billion dollars. They also have large manufacturing industries, which provide employment opportunities to their citizens. These countries export large volumes of goods to many regions in the world because their products are priced competitively (Ritzer, 2011, p. This form of globalization can be seen through increase in foreign trade, commerce and foreign investments in different countries.There has been a reduction in trade barriers, which in the past made it difficult for some countries to take part in international trade.Įconomic globalization has made some countries implement favorable domestic policies to make their goods more competitive in the international market.Ĭhina, Brazil, Malaysia, South Korea and India, are some of the nations that have implemented favorable policies, that encourage foreign investors to set up their operations there. This paper will discuss globalization and its impacts in the world. This has opened up different regions in the world because people can communicate more easily compared to the past. The advent of mobile phones, internet and other technologies, has increased the level of connectivity in the world. The end of the cold war increased the rate of globalization because more countries realized the importance of participating in international trade. Globalization influences important global systems and has enabled many countries in the world sustain good bilateral relations with other countries.
Globalization is the exchange of ideas between people in different regions which enables the sharing of political, economic and cultural resources. Microsoft, Samsung, Apple, Coca Cola and Walmart have a large influence on global trade and commerce. Multinational corporations have also become more powerful because of the role they play in international trade. Globalization has made some countries to influence global politics on a larger scale because of the power they wield internationally. This has increased trade volumes between different countries because many countries have opened up their economies to foreign investments.
Globalization has made it easy for different people to share political ideas, trade links and cultural resources.
The world is more connected than ever before because of advances made in technology, transport, communication systems and education. Globalization is the process by which people from different geographical regions exchange ideas, products, information and other resources.