Economic Globalization

Economic Globalization

Introduction

For every country, there is a powerful economic system which plays a vital role in the development of the country. Without this system, country is like a man with no hands and no legs. Economy is the powerful tool which runs the country and lifts the country to skies. The layman and the government should take bold decisions in order to make the country's economy powerful. There are different types of system in one economy and link with each other. Globalization is the combination of different processes. It is absolutely wrong to consider it as one process. Globalization is not a continuous process, and it is changing daily. Moreover, attitudes of people towards globalization are also not constant. The process of globalization affects many things such as the government, business, trading and the social life of people. There are certain different meanings of economical globalization for different people. Globalization adversely affects the life of the people, their interactions, way of livings and perceptions (Sara Bongiorni, 2007).

Discussion

An economist should be aware of all the facts including market behavior, oligopoly, sales, purchase, orders, productions, manufacturing of materials, and Political issues. The term globalization relates to economic globalization. National economies are the components of economic globalization. It includes labor, costs, trade, market structures, and other issues relate to communications (Bhagwati, 2004). Globalization is not only cultural, traditional, political but also economic (Giddens, 1999). Globalization is now part of our lives, and it is variable as we see the rapid increment in the means of communication, rapid growth and development of trades all over the world, imports and exports. When we say that the national economy is mixing into the global economy, is not false. It increases with the increase of demands and needs of human, an increase of their resources. The needs, wants and demands, are the strategies of marketing and business. The interaction of all these needs and demands influence the cultural differences of organizations, and issues in making similarities in policies, in different laws. There is a rapid change in knowledge, skills and abilities over the years due to this economic globalization. Industrial/Organizational Psychology is working diligently to point out the changes due to economic globalization. It has not received much attention yet but; it is still addressing many pivotal points and giving trainings to meet the demands of economic changes and globalization. There needs to make I/O important all over the world by giving its education. There should be forums at a professional level all over the world in order to spread knowledge of economic globalization.

There are two types of the world in our beliefs. One is the ideal world in which there is no hunger, poverty, crime, diseases, bad politics and other vital issues of society. There is no existence of such society. People all over the world face certain circumstances daily, and this is the real world. The country like United States of America believes in the actual world. The affects of economic globalization is everywhere in ...