GLOBALIZATION: TRENDS AND PERSPECTIVES
ARTICLE REVIEW 8
GLOBOLIZATION: TRENDS AND PERSPECTIVES
City and State Where Institution is Located
A critical review of Tiffany Bishop, John Reinke and Tommy Adams, 2011 ‘Globalization: Trends and Perspectives’ Journal of international Business Research, Volume 10:1, and Pg no. 118- 130.
The main agenda of this article is to explore and ascertain facts about globalization, its trends and the different perspectives it takes. Majorly, authors of the article focus on the trends of globalization in the past thirty years. They define globalization through its development in the past three decades and its economical effects on the financial marketplace, the industry and politics. In general, this article voices globalization by elaborating its history, valuating the recent trends it has and analyzing the different approaches it takes. In addition, the article looks into the positive and negative effects of globalization. They writers investigate and state the pros and cons of globalization on the basis of different trends and perspectives. Even though the article has different perspectives, it still elaborates the role of different entities in facilitating globalization; such entities include the government and the private sector. Ultimately, the writers offer their recommendations for the future by suggesting what regulations should be put in place and elaborate on the importance of policies to effectively sustain, regulate and monitor globalization.
To begin with, globalization is defined to be the growing interdependence and interrogation among nations resulting from the modern flow of people, trade, finance and ideas. Even though globalization is in each and every aspect, its most recognizable form is through technological innovations. In emphasis to the communications sector, technological enhancement and innovations provide a rapport which cultures the growth and expansion of businesses since it has facilitated quicker and easier financial transactions, recordkeeping, data collection and implementation of policies. In addition to the fact that globalization has influence in human rights, the environment and national security, it also bridges the gap between diverse sectors such as the media, politics, the society and art.
In a broader perspective, globalization breeds new ideologies and initiatives that affect the systems of politics and governance. Further, it affects policy making in different dimensions regardless of the level. Majorly, affected levels include higher political institutions and individual countries. On the brighter side, this illustrates that political institutions have come together in a bid to expound in size, essentiality and boldness so as to attain modern conventional wisdom.
In presentation, globalization has two views which include the pro-globalization and the anti-globalization. However, the article reveals that true analysis shows that people are either true capitalist or true isolationist. Despite that, pro-globalization argues that not much evidence of income inequality mainly because of lack of primary data to prove the hypothesis and the levels of income inequality in pro-globalization phase is undeterminable. In contrast, anti-globalization argues that the lowest cost provider does not mean more income equality for the people of that nation.
Generally, with increase in reliability, affordability and convenience in the transportation sector, the rise of globalization is inevitable. Mainly, this is cultivates trade and communication in between large areas such that it is simpler to move goods, services and labor from one country to another. Ideally, this makes technology and transport pro-active agents of globalization thus facilitating innovations and developments in global transport. Affordability in the transport sector triggers more business profits as major enterprises are able to relocate their production areas to suit their needs. In matters technology, the digital platform has immensely fuelled globalization. The introduction of the digital platform can be termed as revolutionary to all aspects of the society. In emphasis to the market place, technological innovations have restructured activities such as transfer of files, financial transactions, and production systems and inter and extra-organizational communications. Thus, globalization cultivates the need to offer more telecommunication innovations that will offer proper and conducive environment for economical growth. In revelation, improvement in communication technology decreases the cost of conducting business internationally.
Even though globalization can be termed as illogical, it is also inescapable. Proper globalization relies on the government. Factually, this is because the government should set, monitor and regulate the structure of international trade. Globalization is mainly effective as it makes the market place an efficient place to allocate resources. Hence, it is the responsibility of the government to create an effective market place by offering structures of corporate control and trade law, providing a stable economic composition and ensuring a supply-side elasticity at a micro level.
In addition, globalization leads to a swell in the inequalities among nations. In this trend, the participation of already developed countries in international trade over shadows the participation of developing countries mainly because of the reforms and trade regimes that are in favor a stable economy. However, with the right and correct policies developing nations have a better chance to develop more with globalization. Further, globalization can increase the inequalities among the citizens of a single nation. In relation to the latter, this affects more the developing nations, as it is believed that globalization affects all sorts of personnel, skilled, semi-skilled and skilled. However, the cause of disparity and margins in a population are attributed to technological advancement rather than trade. Since technology is highly globalised, divergence in wage occurs based in technological knowhow.
Globalization has different perspectives. This perspectives are based on the pro and cons in globalization. Firstly, hyper globalist goes beyond history and present economics and joins them to create a new rapport where countries unite both economically and politically. In this approach, the countries that are less inclined to unite are left behind in the new globalised community. The approach illustrates that the world economy is more controlled by the current market place than the governments.
In the contrary, the skeptical approach critique globalization to be more regions concentrated rather than the one global marketplace. It dismisses the global culture of development and believes that different regions are globalised together. It states that the global market is an extension of regional corporations and economic sectors between nations. In additional, transformation list perspective believes that there is no individual cause behind globalization. However, they also believe the results of globalization are undetermined. The latter state that globalization is a phenomenon that occurs and does not have a definite future or past.
The writers have mainly focused on shading light on globalization and its effects, how it is perceived in different society and its trends in the last thirty five years. In their analysis the writers analysis the global market and different trends that have affected it in the last decade. In a bid to elaborate more, they integrate information on its history and rate of growth with specific economical factions. In addition, the authors have acknowledged that all factions of the society; politics, marketplace and industry undergo increasing globalization. In this context, the authors have transgressed through history in order to illustrate the degrees of globalization and the types and forms it occurs through. The economical sector of the United States of America has been used to elaborate more about the effect of globalization. Despite, having also sought good avenues to show the effects of globalization on economical systems, the writers have not well exemplified the effects of globalization on political systems. This article is a major boost to the continuous discussion on globalization trends and perspectives. It offers the secondary data needed to have a technical knowhow on globalization. It stands out because of how it classifies the trends and offers supporting information behind each trend and approach. The writer’s approaches on economic matters provide the relevant information to the price. However, not much information is directed to describing how trends of globalization affect political systems and the structures of the society.
In relation to other resources, this article offers a close look into globalization. It shows the essentiality of globalization to trends such as transport and technology meanwhile critising the fact that it also cause wage and wealth disparity in the society. It also limits the extent to which globalization should go by introducing the role of the government in monitoring, regulating and formulating the structures of the market place. In relation to (Frankel 2000) who says that the world has become more integrated with respect to trade and finance due to the decline of costs of transportation, communication and declining government barriers, this article also terms technology and affordability of transport as major stimulants of globalization in the modern day. In the context of (Avik 2000) who asks “do nations that trade more have a more unequal distribution of income?” the article specifies that globalization can be a cause of disparity of income in a nation. In addition to the former, this article further offers necessary recommendations on how to distribute wealth in such circumstances.
The writers review theory on other information while providing own insights in the article. Essentially, this is because the fields of globalization and the economy, globalization and the society and globalization and politics has few primary data thus it is easier, convenient and appropriate to use of analysis of a secondary form of data so as to create a review. The use of this methodology creates a more objective driven approach towards analyzing theory, thus facilitating the production of a detailed report
Basically, the article is well structured as it creates a decisive statement. It clearly states that in the last three decades globalization has completely transformed how business between nations is conducted. It notes that the recent trends of globalization are the highest contributors to this phenomenon and that as long as technology continues developing, economical globalization will also rise. In addition the sources of the text are steadfast since writers choose data from India and China to illustrate that there are indeed inequalities in citizens of a single country. The text legitimizes its claim especially on the inequalities by differentiating the developed countries and the developing countries. It gives the article an opportunity to compare the positive and negative effects of globalization on different platforms. In a bid to maximize consistency, the article reviews an empirical study done by the United Nations Conference on Trade and Development (UNCTAD 1995) is Asia. The article uses the information acquired to support globalization. The study which looks into the effects of foreign investment ascertained that it is positive and also essential so as to have a reliable economy. This source validates the arguments and proves the topic of concern is indeed a global discussion.
The writers provide a good score of information that offers the reader an insightful instinct on the topic of debate. Even though the writers contradict with some research in the text, they offer reliable evidence that validate their views.
In the article, the writers offer claims that a government establishes globalization and chooses which steps to undertake. In the hyper globalist argument, the article interprets that success occurs when many governments work together and follow rule that are conventional regardless of contraction in individual nation regulations. Thus, due to contrast in different types of governments, the article states that it will take time before hyper-globalist occurs. In these statements the article takes a high road and yet it fails to offer resource full sources that will trigger correct understanding.
The article is precise and almost all of its arguments are well structured. It is majorly exceptional because it offers information on the both pros and cons of globalization. It states two trends that can be termed as positives and two trends that can be judged as negatives. The framework used makes it easier to understand even though the writers have not stated their personal conclusion on weather globalization is indeed a pro or a con.
In summing up, it is clear that globalization will always be a topic of discussion in different platforms. This article gives a precise view and information on the topic thus enhancing the understanding of individuals on the history of globalization while also viewing the causes of globalization, its impact on the society regardless of the dimension and the future of globalization regardless of the perspective. It is a concise text that offers relevant recommendations on various issues on globalization. The article is very essential as it educates each individual especially entrepreneurs on the various platforms of trade and business trends. Its importance is summed up by the fact that the global market place affects nations directly and the article elaborates how that occurs.
Bishop, T, Reinke, J & Adams, T 2011, Globalization: Trends and Perspectives, Journal of international Business research, Vol 10. No. 1 Pg 118-130.
Chakrabarti, A2000, “Do Nations that Trade More Have a More Unequal Distribution of Income” University of Wisconsin, Milwaukee.
Jeffrey, A. Frankel, 2000, Globalization of the Economy, National Bureau of Economic Research, Cambridge, Cambridge University Press.
Mukherjee, Ife, 2008, Impact of Globalization on International Trade. ICFAI Journal of International Business, vol 3, no. 1 Pg no. 28-45.
UNCTAD, 1995, Trade and Development Report, Geneva: UNCTAD.