Globalization and Unification of Economic Orders

Globalisation and the unification of economic orders

Globalization and Unification of Economic Orders

Introduction

The society is experiencing various changes due to the introduction of globalization and unification of economic orders. The present situation of the global society is far different from the society in the previous years. The society is experiencing these changes because of globalization and unification of economic orders all over the world. Globalization generally refers to the process of international integration. This concept occurs due to the interchange of views, ideas and products and other cultural aspects all over the world. The emergence of the internet has contributed to effective communication between people from different regions of the world. This is a major factor that contributes to the interdependence and effectiveness of globalization on the prevailing society (Appadurai, 2001, pp. 110). Unification of economic orders aims to unify the economic policies between different states. This process enables trade between two states on the basis of full and partial abolition of tariff and nontariff restrictions. The basic purpose of unification of economic orders is to decrease the costs of the economic activities and trade and increasing the economic productivity of the states. Unification of economic orders is also referred to as economic integration. Overall, globalization andunification of economic orders go hand in hand. The basic difference between both these concepts is that globalization involves various social and cultural aspects, whereas unification of economic activities involves the trade and economic aspects between the states. Apart from this difference, globalization and unification of economic orders aim to enhance the relation between different states of the word and improving exchange of information and trade among them (Lechner, 2009, pp. 216). The global society has changed in many ways due to the emergence of globalization and unification of economic orders.

Impact of Globalization and Unification of Economic Orders on Society

People in present society are greatly influenced by the concept of globalization; similarly the trade and business people who aim to expand their business abroad seek the assistance of unification of economic orders. These concepts help people to communicate and coordinate with people from different parts of the world. People is very much concerned about the economic, social and political changes that take place by globalization and unification of economic activities. Globalization is basically a social process in which people interacts with people from different cultures and backgrounds. Changes were evolved because of the implementation of globalization and unification of economic orders because old practices were replaced by new practices. Globalization and unification of economic orders affects the society in both positive and negative ways. It depends upon the type of society whether it has the capability of accepting the changes or not (Hammach, 2009, pp. 225). It is noticed that some societies benefit for the concept of globalization and unification of economic orders whereas some societies are not capable of gaining much advantage from the global and economic order changes. Some of the significant changes that occurred in ...