The Concept of Globalization. Main Effects of the Process of Essay

The Concept of Globalization. Main Effects of the Process of Globalization in the Contemporary World - Essay Example The paper outlines the growing importance of the globalization in the world of today, which is defined as the integration of the world economies by the way of lifting restrictions on trade and finance, and critically considers its advantages and disadvantages, which it brings to disparate in economic respect countries. Proponents of the globalization say that it is a positive force that is making the world a better place. In fact, they say, economic and social indicators show that the world's people are better off than they were before globalization. The solution to economies that are not sufficiently open to trade is more globalization, in the form of free trade, not less. As globalization went on, the plight of the world's poor has improved. The number of people, living in the poverty would undoubtedly be higher and the level of poverty deeper if not for the advances, such as open economies and technology transfers, brought about by globalization, they argue. Some people are totally opposed to globalization, claiming that, among other ill effects, it hinders the efforts of poor nations to climb out of poverty. They believe that the process of opening borders to trade and the free flow of money and ideas should be abandoned. Globalization has failed to deliver the promised benefits to the world's poor. There have been improvements in certain areas, such as health care and infant mortality rates in parts of the developing world, they concede, but, overall, the vast majority of wealth and opportunity still goes to a disproportionately small percentage of population. Although the common perception is that globalization is a new phenomenon, some economists and historians say that it has been taking place for centuries.