What is globalization?

  Globalization is a process of interaction and integration between people, companies and governments in different countries, supported by international trade and investment and information technology.This process has implications for the environment, culture, political systems, economic development and prosperity, and human health in societies around the world.

  The current wave of globalization is driven by policies to open the economy both domestically and internationally.Since the Second World War, and especially over the past two decades, many Governments have adopted free market economic regimes, greatly enhancing their productive potential and creating numerous new opportunities for international trade and investment.Governments have also negotiated substantial reductions in commercial barriers and established international agreements to promote trade in goods, services and investments.Taking advantage of new opportunities in foreign markets, enterprises have established foreign factories and established production and marketing arrangements with foreign partners.A distinct feature of globalization is therefore that technology is another major driver of globalization.

In particular, advances in information technology have dramatically changed economic life.Information technology provides a valuable new tool for economic players, consumers, investors and businesses to identify and pursue economic opportunities, including faster and more informed analysis of economic trends around the world. 

  The benefits of globalization include free trade as a way for countries to exchange goods and resources.This means that countries can specialize in goods with comparative advantages (which means they can produce goods at lower opportunity costs), and when countries specialize, there are gains from trade, such as wider choice of goods, such as food imports

  Domestic manufacturers have a larger export market and realize economies of scale by focusing on certain products.

  The benefits of globalization also include the benefits of increased labour migration for workers and recipient countries.If unemployment is high in one country, chances of finding work elsewhere will increase.This labour migration process also contributes to reducing geographical inequality.This worked very well in the EU, with many Eastern European workers moving west.

  But globalized free trade could affect the interests of developing countries.Developing countries were often difficult to compete with developed countries, and it was considered that developed countries had a greater interest in free trade.There is a baby industry argument that industries in developing countries need to protect free trade in order to develop.Globalization has also enabled workers to move more freely.As a result, outflows from developing countries are so severe that some countries find it difficult to catch the best skilled workers elsewhere who are better paid.And globalization has led some developed countries to set up high-polluting enterprises and factories in developing countries, destroying the local ecological environment.

  So in general, I think globalization is a kind of phenomenal process of human social development that has both advantages and disadvantages.

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