Globalization: Globalization and Economics Research Journal Essay

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International Business & Economics Research Journal – January 2007

Volume 6, Number 1

Globalization: Its Effects
Ali M. Alli, (Email:, Oklahoma City University Gregory S. Winter, Oklahoma City University David L. May, Oklahoma City University

ABSTRACT A global culture is now increasingly emerging. The process of globalization is facilitated by technology. This technology comes from but one place – education. The primary way to accept (or fight it) globalization is through knowledge. Education is the main way to facilitate interaction and increase the quality of life for people everywhere.

INTRODUCTION global culture is becoming increasingly emergent. That we are continually revising our definition of “modern” is evidence of this continuing evolution. The globalization process is characterized by challenges such as environmental degradation, over-population, over-consumption, public health, and education. The integrating global economy, legal system, culture, infrastructure and the widespread recognition and acceptance of human rights such as equality of opportunity, and freedom of thought and expression are other factors we are facing together as a world. The process of globalization is facilitated by technology which dislocates humans from both time and space and projects them into a world where the future and past exist simultaneously. This technology comes from but one place – education. As we experience globalization and its effects we realize that the only way to accept it (or fight it) is through knowledge. A growing inter-independence through technology is bringing people together. People are better able to communication with, understand, and learn from each other using technology as a standard context. We are looking beyond our sectarian religionism nationalities, genders, and cultures towards the global village. In this village, all people are citizens of planet Earth, where diversity is at least tolerated in the name of peace and profit. A world is being created where people cooperate and collaborate to overcome common challenges. This increased interdependence is seen in such areas as the military intervention in Kosovo, the joint space program of the U.S. and Russia, and the global impact of such bodies as the World Bank and the IMF. There are many ways to define Globalization. Ruud Lubbets in his article “Globalization and Sustainable Development” describes globalization as “the phenomenon that the degree of global human interaction increases to such an extent that both its primary effects and the reactions it provokes, give rise to numerous new developments,” Globalization is the interaction between economies, technologies and politics. It creates an environment that reduces state regulation of the market promoting a more dominant role for large multinational corporations. Globalization has already changed our world drastically: CNN is with us 24 hours a day, the internet and E-mail are globally instantaneous methods of information collection and communication. The recent Asian currency crisis affected not only Asia, but all financial markets worldwide. Instability in one area quickly speeds to others. Another consequence of globalization is that more countries are adopting the political model of democracy in combination with the free market approach of economics. MAIN AREAS AFFECTED BY GLOBALIZATION There are five main areas affected by globalization: globalization of and by the economy, globalization of and by information/communication technology, globalization of and by politics, globalization of and by business, and globalization of and by education. 89


International Business & Economics Research Journal – January 2007 Globalization Of And By The Economy

Volume 6, Number 1

The globalization of the world economy is reflected in many ways. The General Agreement on Tariffs and Trade (GATT) simulates free trade between countries by encouraging the reduction of tariff