Essay by EssaySwap ContributorUniversity, Master's February 2008

download word file, 3 pages 5.0

Economic Globalization focuses on worldwide activity. It operates the open markets; competition and the free flow of goods, plus services, the capital and knowledge. Globalization helps us benefit by allowing us to a faster growth process, we also receive new technology quicker, we are able to pay less on imports and increases better competition for everyone.

Not everything is perfect because even with all the great benefits globalization provides for us, it also has its flaws. The most common problem that occurs is adaptation. It is not only the government?s responsibility, but also the business firms to ensure that the change is followed through with socially oriented measures. This is to allow help for those who lose out from the initial process. Globalization requires the changing of culture, which is an important thing. Different regional and national conditions take the affect of both the shape that the pace at which it spreads and globalization takes.

One of the beautiful things that globalization has provided is employment for hundreds of millions of people in countries all over. We all know that employment is what everybody wants or is looking for unless you?re a drunk bum. So many people are able to support their families because of the employment that economic globalization has provided.

The process of trade began to speed up tremendously during the 1980?s and 1990?s because of many things that happened. Some of the things that hapened was the ability to transfer ideas, technologies and knowledge instantly across the globe. The internet played a huge role in this along with the convergence of computing and telecom technologies. The government broke down the monopolies and then communications costs fell in high competitive markets. Computer technology is now increasing rapidly. Most firms are merging together especially in the areas with high...