An extremely controversial issue, globalization has been the center if much debate and has raised many questions. Some have viewed its process as beneficial, while many others argue that it produces unfavorable results and consequences. However, before the issues and concerns of globalization, it is necessary to determine or rather define globalization and all which is involved.
Although a fairly new term, dating to 1980s, globalization has been a historical process evident for over the last 100 years. Globalization specifically encompasses several aspects such as trade, capital movement, spread of knowledge, movement of people. Through use of trade and financial flow, globalization can be easily summed up as the integration of economies worldwide; furthermore, it includes international movement of technological knowledge and labor. As a result or rather in collaboration, there is a greater sense and existence of culture and politics.
In the broader scope, globalization promotes effectiveness by utilizing each market and nation's specialization; nonetheless, allowing people and economies to focus on what they do best.
Globalization gives opportunity to each nation to access each others markets as well as to capital flow, technology, imports, exports, politics, and culture. However, as some countries continually reap the benefits and flourish others are falling short.
With any global process there are definitely risks and consequences to follow. It is certain that globalization led to a great economical growth but it is obvious that prosperity is not equal. Already advanced countries are the ones who have benefited most by globalization; nevertheless, this is not to say slowly developing countries have not prospered as well. However, the poorest regions such as in Africa and the former Soviet have not been able to keep up with the worldwide phenomenon. Low income countries have not integrated with the global economy because of policies and outside...