Contemporary Society: Globalisation, Elements and Perspectives

This essay provides an overview of globalization as a contemporary business and economic development, focusing on its amplified interaction and integration of individuals, organizations, resources, and economies. It explores various definitions and perspectives on globalization, including the views of hyper-globalists and skeptics. The essay analyses the positive and negative impacts of globalization, such as increased employment opportunities and trade, alongside challenges like competition, disguised unemployment, resource exploitation, and environmental concerns. Furthermore, it identifies key elements of globalization, including trade agreements, capital flow, migration of labor and resources, and advancements in technology. The conclusion emphasizes the need for sustainability to achieve the greater and multiplier effects of globalization, highlighting its role in fostering development and integration while addressing associated challenges and social disparities. Desklib offers access to this and similar student-contributed essays, along with AI-powered study tools.

CONTEMPORARY SOCIETY IN GLOBAL WORLD
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Table of Contents
Introduction......................................................................................................................................3
Definitions of Globalisation........................................................................................................4
Perspectives on Globalisation.....................................................................................................5
Impacts of Globalisation.............................................................................................................6
Elements of Globalisation...........................................................................................................7
Conclusion.......................................................................................................................................8
Outline Plan.....................................................................................................................................9
References......................................................................................................................................10
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Introduction
Globalisation is a contemporary business and economic development. The concept of
globalisation is focused towards amplified interaction and integration of individuals,
organisations, resources and economies. The concept has been observed as an inevitable
emergence of the advancements and developments in the business environment and the global
economy. The concept of globalisation emerged in the mid the mid-1800. Since then the pace of
its growth hasn’t stopped and has covered almost all the parts of the global economies. The
report will represent with a discussion of globalisation introduction and history. The report will
profess on the perspectives, elements and impacts of this business development.
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Definitions of Globalisation
As per the thoughts and thinking of Cuterela (2012), globalisation can be termed as a global
business and economic development. The advancements in communication and transport
technologies have fostered the scope and development of globalisation. It can primarily be
defined as an economic process which has enabled the integration of cultural and social aspect of
the global economy.
(Source: Cuterela, 2012)
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Perspectives on Globalisation
Globalisation has been observed with various thoughts and perception of numerous economic
and business leaders. The perspectives towards globalisation can be understood through two
different schools of thinking one as the hyper globalists and the other as sceptics. The hyper
globalists define and undertake the concepts and aspects of globalisation as a positive and
effective economic development. As per their thinking globalisation has enhanced and enriched
the social and political outcomes for the global economy.
On the other hand in the thinking and perception of the sceptics, globalisation is not a new
development and advancement in the global economy. They consider it has a further
development of the economies and business through the already existing business resources and
conditions (Straw and Glennie, 2012). It condemns the inclination towards the leading and
developed business economies and the ignorance or exploitation of the developing and under
developed economies. The modern concepts in the globalisation of capitalism have negatively
impacted the global tradition, culture and economic conditions in various parts of the globe.
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Impacts of Globalisation
The impacts and implication of globalisation can be determined in two basic aspects i.e. positive
impact and negative impact. While there are various positive and negative impacts of
globalisation in the global business and economic conditions that most eminent developments
include the following:
 Increased employment opportunities- The concept of globalisation has provided with
increased employment opportunities for the developing economies specifically. The
increased business operations of the MNC’s have lead towards increased employment
opportunities.
 Increased trade and business- The development of globalisation have enabled increased
trade and business for the economies (Potrafke, 2015). The application of multinational
organisations has fostered the growth and development of business and its operations in
various parts of the globe.
 Competition and Disguised unemployment- The execution of globalisation in the
global economic context has increased the rates of disguised unemployment. The
increased competition in the business has resulted in undue pressure for the organisations
and thus resulted in disguised unemployment.
 Exploitation of resources- Globalisation has resulted in exploitation of natural resources
and human resources in the developing economies. These economies provide with
resources at cheaper rates and expenditures which has resulted in exploitation and undue
advantage of the resources (Adesina, 2012).
 Environmental challenges- Globalisation has also posed for environmental challenges
such as deletion of natural resources, increased pollution, degradation of resources, over
utilisation and exploitation of the natural surroundings etc. has created an adverse and
negative impact on various developing and under developed economies.
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Elements of Globalisation
There are various elements that function in the orbit of globalisation and increase its impact on
the global and social conditions of the economies. The element of trade agreements and capital
flow represents the various agreements and laws developed in order to foster the development
and increased scope of international trade and business. The element of capital flow denotes
increased trade and business which affiliates the foreign direct investments and the local
economic development for the economies. The element of migration of labour and resources
denotes the transfer of skilled and unskilled human resources, natural resources and the exchange
of knowledge and skill between the numerous developments and developing economies
(Cuterela, 2012). Further, the elements can be identified as spread and advancements in
technology such as the development of mobile phones, information technology, internet,
increased and enhanced forms of communication etc. The advancement in technology of
communication and transport has made it easy for the development and integration of global
economies. All these elements have made the world a smaller place and provide with easy access
to remote parts of the globe.
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Conclusion
The above discussion can be interpreted and concluded to denote that globalisation is an
inevitable contemporary business and economic development. The aspects of globalisation have
fostered the development and integration of the business and the trade economies. It is observed
that globalisation has provided with various challenges and hurdles for the global economies in
the terms of environmental challenges and social disparities. The report has denoted that
globalisation increases the interaction and development of the economies, this concept must be
supported with the notation of sustainability in order to achieve the greater and multiplier effects
of the contemporary development.
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Outline Plan
The concept of globalisation envisions increased interaction and integration of the individuals,
the organisations, the resources and the economies in order to develop the business operations
and the various economies. Globalisation occurs in the global environment in three different
natures that are Political Globalisation, Economic Globalisation and Cultural Globalisation. The
sceptics do not oppose or condemn the concepts of the globalisation but opposition to its current
form can be observed. This school of thinking denotes that the current and modern form of
globalisation creates dissatisfaction and unequal distribution of the wealth and income amongst
various cultures and ethnic groups. The hyper globalists consider globalisation as a development
which has fostered the integration and interaction of the economies all over the globe.
Globalisation is observed in the lights of a development that has enhanced the international
trading and business laws.
The theory of Liberalism can be adopted in the concept of globalisation. It determines
globalisation as a process which an extension or upgraded version of the market led
modernisation. Globalisation as per this theory is observed as an outcome of the human desires
to expand the economies and profitability that can be fetched from the increased business
operations and trade. The theory is applicable in the modern context of globalisation as it is
connectivity and a link established between the human wants and exploitation of the natural
resources in the urge to achieve the desired requirements and fulfil the development-oriented
needs and demands.
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References
 Adesina, O.S., 2012. The negative impact of globalization on Nigeria. International
Journal of Humanities and Social Science, 2(15), pp.193-201.
 Cuterela, S., 2012. Globalization: Definition, Processes and Concepts. Romanian
Statistical Review.
 McCann, P., 2016. The UK regional–national economic problem: Geography,
globalisation and governance. Routledge.
 Potrafke, N., 2015. The evidence on globalisation. The World Economy, 38(3), pp.509-
552.
 Straw, W. and Glennie, A., 2012. The third wave of globalisation. IPPR Review on the
Future of Globalization.
 UNCTA, 2012. Development and globalisation facts and figures. [Online]. UNCTAD.
Available at: http://unctad.org/en/PublicationsLibrary/webgdsdsi2012d2_en.pdf.
[Accessed: 14.03.2018].
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