GLOBALIZATION

Globalization

Globalization is the process of international integration arising from the interchange of world views, products, ideas and other aspects of culture. It is a worldwide movement toward economic, financial, trade, and communications integration. The term globalization is a modern concept and has been increasingly used since mid-1980s. It is basically a process of expanding trade and commerce all over the world by creating a borderless market. But it has a far-reaching effect on many aspects of life. With the rapid advancement of communication and transportation technology the world has come closer which has turned the world into a global village. Now we can know in an instant what is happening in the remotest corner of the world and share our joys and sorrows like next door neighbors. Even if we wish we cannot close our doors to others. As a result; as mutual understanding and cooperation is increasing among the nations, so their customs, beliefs, behaviors and values are also getting integrated. This process is considered a great problem to many nations. However, the ultramodern technology has touched the every sphere of life. In finance and banking sector, worldwide money transfer and transaction of business have become the matter of clicking the mouse of a computer. International sporting events which are watchable live are creating the sense of brotherhood among the people of different nations. As a means of common lingual communication, people of the world have taken up English as their own language. On the other hand, in the field of trade and commerce, globalization is creating more opportunities for the developed countries rather than for the developing ones. In the name of help and cooperation, they are exploiting the cheap labor available in the poorer countries. This actually paves the way for a lasting poverty. The developing countries cannot stand a test in the process of borderless market. As a result, the gap between the wealthy and the poor is ever widening. In fine, whatever may be the after-effects of globalization, this process seems not to halt anywhere anytime.

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