Globalization Essay Example | Topics and Well Written Essays - 1500 words - 3

Globalization - Essay Example The core intention of promoting globalization and development among countries had positive purposes and tasks to make the world more mature, connected and interdependent. The supporters of globalization influenced many government policy makers, economists, businessmen and journalists into believing that globalization is inevitable and everyone involved should do their best to smooth the process of financial, political and cultural development and integration (Bridges, 2007; Stiglitz, 2006). However, financial and corporate globalization overcame the globalization of production and cultural development. In reality it occurred to be an opportunity for powerful imperialist countries to freely intrude into the economies of other countries and use their financial, natural and labor resources for their own benefits. Despite global economy has grown rapidly due to globalization and development, such international problems like poverty, inequality, illegal immigration and global environment degradation still exist and become even worse year after year. The current paper will determine the meaning of globalization and development in addition to discussing and comparing different approaches to globalization, mainly skeptical and hyper-globalist. It becomes extremely important to explore and critically assess the implications of globalization for patterns of global inequality and the prospects for sustainable development (Allen and Thomas, 2000). By better understanding the map of rhetorical formations in widely-read texts regarding globalization, it might be possible to understand better the concerns and intentions of these opposite viewpoints on globalization and recent global changes. Understanding the Globalization Globalization may be defined as the integration of production and consumption in all markets across the world through uninhibited trade, financial flows, and mutual exchange of technology and knowledge with the free inter-country movement of labor (Jones, 2 010; Watkins and Fowler, 2003). Allen and Thomas (2000) refers to globalization as the growing sense of interconnectedness, when â€Å"the strong are becoming stronger and the weak weaker† as the benefits of globalization accrue to a relatively small proportion of the world’s population while global poverty and social exclusion continue to increase. Globalization has intensified interdependence and competition between economies in the world market having a favorable impact on the overall growth rate of the economy. The process of globalization presumes opening up of world trade, internationalization of financial markets, development of advanced means of communication, growing importance of MNCs, population migration and the increased mobility of goods, capital, data, ideas and people (Ritzer, 2010). Due to globalization not only the GDP has increased, but the direction of growth in the sectors has also been changed. Earlier the maximum part of the GDP in the