Globalization is a shift towards a more interdependent and integrated world economy (Hill, 2009). The globalization of markets and the globalization of production are a number of factors of globalization. Advances in transport and telecommunications make it possible for organisations to reach other countries. Nationwide economies are merging and material culture looks the same no matter where an individual remains in the world. Mercantilism, absolute advantage, comparative benefit, brand-new trade theory, Heckscher-Ohlin, item life-cycle, and nationwide competitive advantage are all international trade theories.
Drivers of Globalization One motorist of globalization is the declining trade and financial investment barriers. Lots of years back, rigorous barriers to international trade and direct foreign financial investment existed (Hill, 2009). The World Trade Company (WTO) was developed to help countries collaborate in an effort to cut tariffs on commercial services, goods, and agriculture. The other driver of globalization is technological change. Advances in details processing, transport, and the Internet have actually developed because World War II (Hill, 2009). The microprocessor is the single crucial innovation in technology.
Microprocessors encode, transmit, and decode information. The rapid expansion of the Internet has become the information backbone of the global economy (2009). The Internet makes it easy for buyers and sellers to conduct business without having to leave their home or office. Transportation technology has advanced with the development of containerization, superfreighters, and commercial jets. Commercial jets have reduced the time it takes to get from one place to another and containerization has lowered the cost of shipping goods around the world.
* Effects of Globalization on Community The values and norms of an individual’s culture are influenced by social structure, language, religion, and education.
Class-conscious societies are characterized by low social mobility and a high degree of stratification while less class-conscious societies are characterized by a low degree of stratification and high social mobility. Language has spoken and unspoken dimensions and countries with more than one language have more than one culture. Formal education is a way individuals are socialized into the values and norms of a society through learned skills. Religion is a system of shared beliefs and rituals.
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