Globalization: Its Meaning and Importance
Globalization is a word that is all too familiar because it’s often used in the mainstream media or we read about it in different publications. So what is globalization?
Globalization can simply be defined as the process of going global. The word globe as we know it refers to earth. So when something has gone global it means that its reach is far and wide.
It is an act that aims to turn the world into a village where different nations and people from all walks of life relate and interact without barriers. This process of integration and international cooperation is mainly aided by information and technology. Different countries conduct trade between and among themselves while the citizens have cross-border interactions
Globalization has been mostly good. We have seen international cooperation lead to better healthcare systems in the developing world, improved economic outlooks across several countries, much better living standards and generally peace between nations.
Importance of Globalization
There is no denying that globalization has certainly been a blessing for the modern world. These are some of the reasons why it has become so important in our world today:
- Better Performing Economies: Economic globalization has led to better-performing economies. International trade has made it possible for many countries to increase their incomes from exports. The locals traders are also able to import goods from different countries and in turn enjoy economic prosperity that comes with this process.
- Understanding and appreciating different cultures: The result of social globalization is that people from one country or geographical location can now learn about the culture and way of life of those from different nations. This leads to an understanding and appreciation of different cultures and makes the world more tolerant and a better place.
- The World is a Village: This is another reason why globalization is so important. We are now living in a smaller world and this cultivates a sense of brotherhood. Borders are now just symbols of sovereignty and not barriers to block outsiders. Cross-border relations and interactions are much more improved.
- Improving the democratic space and human rights: Citizens are now more aware of what best governance practices should be. This has led to an improved democratic space as well as human rights. Globalization has eliminated that feeling of helplessness that citizens often had. It’s hard to imagine what would happen without it.
- Fostering Peace and Stability: Interdependent economies would not resort to force or violence to sort out their differences. Since there is already an established line of communication, such issues would be solved diplomatically. The fact is that globalization has played a great role in fostering peace and stability among nations.
- Multi-national corporations and Foreign investment: Multi-national corporations are able to operate across multiple countries with a lot of ease and very little restrictions. This leads to more competition among companies and thus better service provision and high-quality product offerings. Increased foreign investment results in improved economies. There is also the reduced cost of doing business that ultimately sees higher returns on investment.
- Ability to outsource talent: Globalization makes it easier to outsource talent and hire skilled professionals to improve service provision in different sectors of a country’s economy. This is clearly demonstrated by countries that hire teachers from foreign nations to teach students global languages like English.
Conclusion
It’s great to interact with people from different nationalities and geographical locations. The world is such an amazing place when people come together and discard the artificial boundaries. Globalization is so important to our world today, and when we embrace all the positive aspects, peace and prosperity are realized.
