Globalization is the process by which regional economics, societies and culturals have become integrated through a global networkof communiction, transportation and trade.
Globalization as effected the world in various aspects.
Industrially, worldwide production markets have emerged and there is access to foreign products.
Economically, based on the freedom of exchange of goods and capitals, there is a global common market, With globalization, companies can produce goods and services in the lowest cost location. This may cause jobs to be moved to locations that have the lowest wages, least worker protection and lowest health benefits. For Industrial activities this may cause production to move to areas with the least pollution regulations or worker safety regulations.
Politically, it has led led to the creation of a world government which regulates the relationships among governments. The United States has enjoyed a position of power among the world powers, in part because of its strong and wealthy economy. With the influence of globalization and with the help of The United States' own economy, the People's Republic of China has experienced some tremendous growth within the past decade. If China continues to grow at the rate projected by the trends, then it is very likely that in the next twenty years, there will be a major reallocation of power among the world leaders. China will have enough wealth, industry, and technology to rival the United States for the position of leading world power
Globalization has merged different cultures and religious groups and made it into something different. Due to globalization, any change in particulararea effects the whole globe.
For instance, the collapse of suprime mortgage market in US led to a global financial crisis.Globalization has changed this world and it has been beneficial as well as detrimental. Nevertheless, for any country to develop,or keep developing, being globalized is a necessity.
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