Globalization

Globalization describes the changes in societies and the world economy that result from dramatically increased international trade and cultural exchange. It describes the increase of trade and investing due to the falling of barriers and the interdependence of countries. In specifically economic contexts, the term refers almost exclusively to the effects of trade, particularly trade liberalization or free trade, Theodore Levitt is usually credited with globalization's first use in an economic context. rom 1910 to 1950, a series of political and economic upheavals dramatically reduced the volume and importance of international trade. But these trends reversed starting with WWI and continuing through WWII, when the Bretton Woods institutions were created (i.e. the IMF and the World Bank). After World War II, international trade dramatically expanded, fostered by international economic institutions and rebuilding programs. From the 1970s, the effects of this trade became increasingly visible in terms of benefits and disruptive effects. It is useful to distinguish economic, political, and cultural aspects of globalization, although all three aspects are closely intertwined. The other key aspect of globalization is changes in technology, particularly in transport and communications, which it is claimed are creating a global village. There are several definitions and all usually mention the increasing connectivity of economies and ways of life across the world. The Encyclopedia Britannica says that globalization is the "process by which the experience of everyday life is becoming standardized around the world." Globalization in the era since World War II has been driven by trade negotiation rounds such as GATT (General Agreement On Tariffs and Trade), which led to a series of agreements to remove restrictions on free trade. The Uruguay round led to a treaty to create the World Trade Organization or WTO, to mediate trade disputes. Other bilateral trade agreements, including sections of Europe's Maastricht Treaty and the North American Free Trade Agreement or NAFTA have also been signed in pursuit of the goal of reducing tariffs and barriers to trade. Globalization has been a frequent topic of discussion among scholars and observers, while others may stress that globalization can lead to dire consequences especially for least developed countries, pro-globalists argue that globalization leads to a more efficient allocation of a country’s resources due to the economic theories of comparative advantage and a step towards a better economy and improved interconnected living environment for everyone.

It seems that today economic development and capital gain is on top of every country’s to-do list, with the emergence of free trade and vanishing of certain barriers, whether technological or cultural, most of the nations today are more intertwined with each other, the same could not be said centuries or maybe even a few years ago, when some nations where even virtually unknown to some. They say that all these improvements couldn’t have happened without the help of globalization and the organizations that support and advocate this idea. What others fail to see is that globalization itself has always been around, always there, it’ not something that you choose to take part in or something that you administer. If you take a simple look at the products around your house, you’re almost certain to find something that’s not made in your own country, even the ones that are locally made use ingredients or materials from other countries. Globalization is a way of life, its not only about keeping up with the others or catching the latest trends, even the little things such as watching television or reading the news is globalization at its best. The pro and anti globalists might have their own say, but either way its still there, even the fact that activists from around the globe all met and wrecked havoc in Seattle is globalization itself in action. I think globalization is just a state of mind, fueled by the interests, wants and needs of individuals right up to the corporations and