What is globalization? Essay

Published: 2019-11-20 09:30:53
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Category: Globalization

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What is globalization? There are many definitions to the term. Most of these definitions acknowledge the movement of goods, capital, people and ideas because of increased economic integration which is as a result of trade and investments. It is like widening your operating scope that is, from your country to others. Globalization is an extremely complex web of many things. It is the progressive integration between national economies and the elimination of barriers between trade and financial flows globally. China is ranked number seven amongst the strongest countries world wide.

Globalization has its merits and demerits. While the Chinese foreign minister was speaking at the Aseant 10 meeting he said that Asian opportunities and benefits have been brought about by globalization. He said that it has led to rapid economic growth, improved the lives of Asia and has contributed largely in making Asia to be one of the most dynamic and developed region in the world. On the other hand though globalization has led to development of Asia, it has eroded the cultural values of the third world states.

The bases of the norms that govern international relations have been threatened. Also, the security and the sovereignty of third world countries have been compromised by chinas globalization. Those countries that engage themselves well in world wide market have advanced economically more than those nations that try to protect themselves by avoiding being involved in foreign relations. It is noted that their economies grows at the rate 2. 5% more than those nations that are opposed to globalization. The high rates of economic growth have led to reduction in poverty rates.

According to the World Bank and international monetary fund (IMF) for a period between 1981 and 2004, there was a notable decline in the extremely poor people in China. This is attributed to the economic and social progress of the world. By China opening up to work with other nations world wide, it has become one of the biggest trade countries where about 40% of its national income is gotten from foreign trade. There are over 160 Chinese investments and factories in foreign countries while there are only 180 foreign investments in China.

These have opened more than 300,000 companies in China whereby they earn about 350 US billion dollars as foreign direct investment for the country. Chinas globalization achievements are used as role models to other poor countries. For example a country like India felt greatly challenged by Chinas success. India learnt from China that by breaking itself from its old hostility to globalization this could lead to prosperity. India began operating more slowly than China did but later its growth rates doubled.

Countries that have a high economic growth are capable of improving the living standards of their citizens and also alleviate poverty. For example, China has been able to significantly reduce the number of poor people living in rural areas from 250 million in 1978 to 34 millions in 1999. Due to its cheaper importation of products, a wider range of products is accessible to its citizens and thus they have easy access to these commodities. Chinas globalization has thrown challenges to those nations which where still pursuing retrogressive and unproductive goals.

For example a country like India which in the past gave much priority to conflicting geographical goals has switched now to economic oriented goals. Earlier it was thought that Chinas globalization and its success, would impoverish other undeveloped nations by taking and controlling the trade and investment but the opposite happened. China is seen a role model by other nations. In fact it taught them how to attract foreign investment. Today, the total pool of foreign investment in the world has become extended.

Many countries that sell their raw materials to China have benefited greatly. For example Australia has benefited greatly. Its trade is at its best in history. The increased and sustained demand for raw materials kept these poor nations alive and the quality of their lives improved. No grants aid or IMF gold sales could have helped these countries to rise from the economic depression they were in. Through stable economic growth as a result of globalization, access to clean water and good health system has increased the life expectancy of people in China.

The citizens can live for at least sixty years. This is twice the life expectancy hundred years ago. Chinas success at balancing debt with equity, improving on how Hong Kong, Taiwan and Singapore managed their economies, has led to the change in how much of the countries in the world manage their economies. This Chinese influence is mostly felt in Asia where the former government systems were opposed to direct investment. China in the past used to get money from domestic and foreign banks.

The government controlled the industry development through bank loans channeling. Most countries that are trying to compete with China have now embarked on direct investment. This will not only benefit the Chinese but all in people in the world. Also due to globalization countries like South Korea and Philippines were saved from economic recess by Chinese demand during the global slow down as a result of the tech bust. Chinese demand saved Japan from collapsing economically . Improved technologies have led to improved environmental awareness and accountability.

The pollution is now less in China because technology has come up with machines that are not pollutants. Africa people have been benefiting from Chinese government in their bid to overturn the colonial governments that have been oppressing Africans. Many African states have diplomatic relations with china in fact Africa countries are in more diplomatic ties than other parts of the world. China is helping these nations in upholding sovereignty, protecting independence and advancing economic development. China- Africa relationship is getting stronger day by day.

As we had said earlier, globalization has both merits and demerits. The third world nations are much affected by globalization. For example chinas weight in international markets affects the exports of these countries for it exports and sells its products cheaply. By thus doing they destroy the struggling economies of these poor nations. Due to mining, fishing industries and corrupt behaviors that take place in developing nations, environmental hazards are on the increase. Globalization has economic, cultural and political consequences.

Chinas penetration into other foreign markets spreads its culture thus eroding that of the locals. Its penetration in to the world market has aggravated the already declining income of Chinese farmers especially when tariffs that once protected the local farmers from imports were removed. This is also what is doing to other nations by exporting its products to nations that rely on such exports. While chinas economic rise is sending expectations that it would become the new empire in the world, it shows no intention of establishing itself as the advocate of the worlds poor.

Chinese globalization has led to pollution complaints occurring every two days on average. China contributes greatly in air pollution. The coal it uses in producing electrical power produces harmful gases. Six of the top ten most polluted cities are in china according to the World Bank pollution report. It is estimated that china spends about 54 billion US dollars a year in health problems and in environmental damages. Chinas globalization has resulted to many environmental degradations.

Apart from air and water pollution, there is another problem of sandstorms. The capital city of China is frequently hit by sandstorms. They are as a result of damaged grasslands. If these sandstorms are to be controlled, then more trees should be planted and destroyed grasslands be restored. Another disadvantage of globalization is increased need of transportation of products to the less developed nations. This has led to the increase in emissions of these harmful gases. China is one of these nations that emit high volumes of green hose gases.

These come from their transportation systems and from their manufacturing plants that release gases to the atmosphere. In conclusion, we can say that though globalization has some negative effects, the benefits associated with it cannot be ignored. China has created a lot of job employments to many people in the world. These are as a result of Chinas participating in direct investments in various countries in the world. Again Chinas commodities reach many people worldwide because of its globalization strategy.

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