Effects and benefits of globalization?
Answers:
Economically
Increase in international trade at a much faster rate than the growth in the world economy
Increase in international flow of capital including foreign direct investment
Creation of international agreements leading to organizations like the WTO and economic cartels such as OPEC
Development of global financial systems
Increased role of international organizations such as WTO, WIPO, IMF that deal with international transactions
Increase of economic practices like outsourcing and offshoring by multinational corporations
Culturally
Greater international cultural exchange,
Spreading of multiculturalism, and better individual access to cultural diversity, for example through the export of Hollywood and Bollywood movies. However, the imported culture can easily supplant the local culture, causing reduction in diversity through hybridization or even assimilation. The most prominent form of this is Westernization, but Sinicization of cultures also takes place.
Greater international travel and tourism
Greater immigration, including illegal immigration
Spread of local consumer products (e.g., food) to other countries (often adapted to their culture)
World-wide Fads and Pop Culture such as Pokémon, Sudoku, Numa Numa, Origami, Idol series, YouTube, MySpace, and many others.
World-wide sporting events such as FIFA World Cup and the Olympic Games.
Formation or development of a set of universal values
Technical/legal
Development of a global telecommunications infrastructure and greater transborder data flow, using such technologies as the Internet, communication satellites, submarine fiber optic cable, and wireless telephones
Increase in the number of standards applied globally; e.g. copyright laws and patents
The push by many advocates for an international criminal court and international justice movements (see the International Criminal Court and International Court of Justice respectively).
How long have you got?
globalization is good
So far most effects have been negative. if globalization is left to multinationals, corrup governments/dictators of the east and selfish nations of the west, it is not surprising that the globalization as we see it today is marked by increase in the difference between the rich and the poor, wars on so-called-terror, increase in racism, decrease in social welfare in the western countries. and so on, and so on.
Bummer for the whole world. Could it have been any difference? I don't know.
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