M1A1 Project: Characteristics of Globalization & Society

Characteristics of Globalization
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Introduction
The concept of globalization has been around for a couple of years now. Although it has existed for close to a century, it only became propounded in the beginning of the 21st century. There are multiple definitions given to globalization. In a nutshell, however, globalization is the integration of economic activities at a deeper level and opening up economic ties thereby allowing for economic dependence. Globalization moves from a small independent slow growth economy to deeply integrated open economies that depend on each other. Business in ancient years was more characterized by barter trade. The introduction of money and actual selling of goods and services was motivated by the need to experience economic growth. Similarly, the concept of globalization is crucial because among other fundamental issues, it promotes economic growth. Through integration of both strong and weak economies, there is room for hastened improvement. In this paper the characteristics of globalization have been discussed extensively. Of more interest in this discussion is the stand taken by Leslie Sklair on matters of globalization.
Leslie Sklair, in his book Globalization: Capitalism and its alternatives, he has looked at globalization from a holistic pint of view. He notes that more often, when people talk about globalization, they only focus on the positive aspects of it. However, he argues that globalization is a wide concept that can only be understood when looked at from all round perspective. In his discussion, Sklair notes that there are some driving forces behind globalization. He further observes that there are certain traits with which globalization is associated and identified with. Some of these have been discussed herein below.
Characteristics of Globalization
Reduction and or Removal of Trade Barriers
Previously, there was a tendency by countries and economic regions to segregate themselves as autonomous and independent. This continually made it difficult for other external investors to come through into the region (Stiglitz, 2015). With the realization that there is more benefit in joining together as an economic block, countries have since removed the barriers. Globalization has promoted some sense of freedom that ensures that countries within the same trade bloc can transact freely without barriers such as excessive taxes.
Rapid Economic Growth
This is perhaps the most peculiar aspect of globalization. As a result of integration of economies, there is significant growth. This is due to opening up of the Markets that ensures more inflow of goods and outflow in terms of exports (Lechner, 2014). Investors also stream in as result of the integration and this injects more money into the economy. Establishment and growth of multinationals has been realized as result of globalization. With the freedom of movement of goods, services and people, economies have reaped big which has resulted to improved growth.
Increase of Direct Investments
With globalization, there has been an upsurge of direct investments coming from foreign countries. Often, investors will flock markets whose predictability is more certain. Globalization ha...