Business Ethics: Clone town
In the eye of every individual, the definition of globalization and its effects on life takes a different meaning. Globalization is generally referred to as the increasing integration of world markets for capital, goods, and services. However, its definition is debatable and its impacts may be evaluated in different ways. The globalization trend has only been recently recognized and due importance paid, while economists knew about its existence since the early 1980s. Traditionally, globalization was categorized under four different terms or concepts as its rather undiscovered sides became more commonly known.
The concept of internationalization refers to the increase in cross border transactions and is thus considered a fundamental part of globalization. However, as can be seen throughout history, this is certainly not a new occurrence with the percentage of cross-border transactions having not fluctuated much over the centuries. Under liberalization, globalization is seen as the driver in the decrease of territorial background and the deregulation of trade. However, this is similar to internationalization in that, this process has been existent for centuries and thus cannot be considered as a new phenomenon. Globalization described as universalisation refers to the global increase and spread of products, lifestyles and ideas but the fact that world religions such as Christianity and Islam which have unified large parts and population of the world under one banner have existed and still exist leads to this definition of globalization to be taken rather loosely. Fourthly, a lot of the criticisms surrounding globalization focus on the fact that it results in the export of western culture to other culturally different regions. Und ...