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Globalization: Causes, Consequences and Reflections Globalization: Causes, Consequences and Reflections Preface Globalization, a proverbial phenomenon observed mostly
or trade off their shares and invest money in companies and countries that performed. Standard theory would guide one to suppose that all countries will profit, as
technical rational and professional artistry. The technical-rational paradigm adopts a nomothetic approach, believing that systems are what matter and that these,
Submitted by siphan on October 30, 2006
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Globalization: Causes, Consequences and Reflections
Preface
Globalization, a proverbial phenomenon observed mostly in the domains of commerce and culture, poses sweeping impact to the modern world and overall human experience. It is recognized as the expanding collaborations amongst interest groups, corporations, and countries that go beyond nation-state borders, as societies around the world experience an increased level of interdependence. In essence, it refers to the collective perception of "the compression of the world and the intensification of consciousness of the world as a whole" (R. Robertson, Globalization, 1992:8) This movement, some deems inevitable and irreversible, is manifested in the prevalence of multinational projects and the gradual integration of regional markets, which was resulted from rapid movements of information, labour, capital, products, and services. It is also reflected in the sizeable growth of world trade as percentage as Gross World Product (GWP) from 8.5% in 1970 to 16.2% in 2001(17).
The following discussion briefly outlines the causes, consequences, as well as the authors' conclusion of globalization. Consequences described herewith are focused on business and trading. Broader effects that take place in the cultural and political front, although equally significant, are not included.
Causes
The majority of research and debates points to technological advance as the first and foremost driving force for globalization. Granted, the improvement of technology drastically reduced the costs of communication and transportation, providing the backdrop of a closer-connected world. Apart from IT revolution, public policy is another imperative factor that determines the pace and direction of economic integration (18).
Technological Innovation
The availability of low-cost, rapid communication and transportation fundamentally changed the business landscape, as...
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