Contents

• INTRODUCTION
• DEFINITION OF GLOBALIZATION
• ECONOMIC DIMENSIONS OF GLOBALIZATION
• CULTURAL DIMENSIONS OF GLOBALIZATION
• CONCLUSION
• REFERENCING

Description

Though human societies have been trying to become closer since long, the process of global integration has increased drastically over the recent years. Dramatic improvements in the fields of communications, computer technology and transportation have accelerated the process to a great extent. This has led to the growth of multinational corporations as they have set up units in many underdeveloped countries and are selling their products to the consumers of different countries of the world. Globalization has seen transfer of money, human capital and technology to different countries of the world. The concept of globalization has seen a sea of social, political and economic changes. Not only money and products, but also ideas and cultures have swept across nations as a consequence of globalization.
When large corporations set up offices or manufacturing units in the underdeveloped countries, lots of job opportunities are created in those countries and these opportunities are created mostly in the informal sector. Though it is a fact these large corporations exploit the people by giving them employment in the informal sector, but lots of job opportunities are also created in the developing economies. It is not always true to represent these large corporations as demons as there cannot be economic growth without their participation or investment. It is because of the globalization that the developing countries are getting investment from the large corporations.
Some people are of the opinion that it creates the monopoly of the capital as large corporations develop a habit of dictating terms to the economy.