Globalisation and International Division of Labour

Essay by faranjust4u July 2009

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Globalization:The term globalization has obtained a new meaning in recent years. Experts all over the world have been defining globalization in their own different ways. Several definitions and modern developments have forced us to think beyond the basic meaning of the term. In my opinion, the basic meaning of the term globalization is the expansion of a company outside its political borders. Globalization is the growth in international trade and services. (Nathalie Bassaler, Isabelle Bensoidum) .This is also perfectly acceptable since the growth in trade is the same as business. The latest trend in globalization has come since the end of 1990's due to the emergence of china as an inter-industry trade (Benjamin Delozier, Sylvie Montout). Globalization is caused by movements in capital throughout the global economy (Sayantani Chatterjee). There are four basic types of capital movements viz: Human capital, finance capital, resource capital and power capital. These four movements are the root causes of globalization.

In addition to these, the newer transport and communication technologies have made possible the exchange of data and goods at an unprecedented rate which in turn has boosted globalization.

Globalization to the general public means easy access to all goods and/or services from all over the globe. Three concepts are central to the running of globalization at a speedy rate. These are: trade, investment and migration. If we were to provide meaning to each of the terms we would suggest that globalization of trade means the general public have easy access to products from all over the globe; globalization of investment mean multi national companies invest in a foreign country to the interest of the citizens of that foreign country; and globalization of migration means people can migrate to any part of the world to seek work and employment. Critics of each of these...