ASSESSMENT QUESTION ON GLOBALIZATION

Assessment Question on Globalization

Assessment Question on Globalization

Introduction

Globalisation can be seen as the creation and expansion of economic and social connections among people and organisations around the world. In fact, history reveals that the different populations or cultures have always interacted and established economic and cultural connections for centuries (Michael, et al., 2012).

During middle ages, merchants and travellers exchanged goods and ideas throughout different regions including Europe, North Africa, Middle East and Asia. However, in recent decades, the concept of Globalisation has advanced at an increasingly swift pace. Internet and business are recognised as major forces in this development. In fact internet opened new doors of communications and expansion of businesses allowed people to enter different markets.

Researchers have found that individuals and corporations in industrialized countries tend to benefit more than those in developing countries. On the other hand, there are some challenges in connection with on-going globalisation that mainly include managing balance between international standards and local differentiations, classification of business processes, managing diversity in terms of human resource, handling employees' motivation and trust, etc. in order to proceed further, it is better to through some light on Globalisation and its impact (Michael et al., 2012). This papers discusses the impact of globalisation on wine markets and productions across the globe.

Discussion

The Concept of Globalisation

Direct logical extension of theories of modernization and convergence should be considered the concept of globalization, which has become the millennium's most popular theme in the social sciences. It is important to understand that movement of people, goods, ideas, technology and money generally boosts up the process across national boundaries, which in today's modern world is recognised as Globalisation. In other words, it can be seen as an on-going process of worldwide integration. Globalisation offers various benefits to the economies (Caprio, 2012). Researchers are of the suggestion that the only way to survive in the market without having to reduce excessive wages and profits is economic Globalisation, which can be seen as result of advancement in technologies (Michael et al., 2012).

As the global economy can only protect employment by improving the level of professionalism, or by improving the competitiveness of the national production system, Globalisation presence as an opportunity for economic and social growth for people who prove able to adapt its rules, gives way, also citizens of the world to be united by a collective mentality. Proponents of Globalisation believe that, through its processes, for the next twenty years the economy will grow by 5.4% per year in developing countries, by 4.9% per year in the newly industrialized countries of 4.2% per year in the Middle East and North Africa and 2.4% per year in OECD countries. This data indicates that economic growth may affect all the states and that the poorest countries today are growing much faster than richer ones (Caprio, 2012).

The current Globalisation is first and foremost an economical Globalisation, with the creation of a global capital market and the explosion of hedge funds (James, ...