Impact of Globalization



Impact of Globalization

Introduction

Globalization has become one of the most popular concepts since the mid- 90 years, not only in social science, but also in the general public. The term is frequently used in political discourse, most often justify restructuring in the public domain and the withdrawal of the state in certain areas economic activities (Appadurai, 2001). In the business world, it usually refers to the globalization to explain the need to "streamline" the activities of the company and to justify waves of mergers and acquisitions internationally. For a large part of the population finally, globalization is synonymous with job losses, worker exploitation by large companies and rising inequality.

Discussion

The economic development can be related with the socio-economic term “Globalization”. In other words, it is prolong process on a global level of development of different societies, culture, civilization, traditions, and economies put together with each other by means of exchange of thoughts and different communication medium. If anybody has the idea of globalization, individual can understand the grounds which plays an important role in social and monetary change (Basu, 2008). The concept of globalization is not new. Thousands year ago people used to travel and cover long distances for the purpose of trading. The road which connects Europe to china named as Silk Road, during the middle age different merchants travel by the side of Silk Road for the sake of trading (Rehbein, 2007).

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 are very much concerned about the economic, social and political changes that take place by globalization ...