Nowadays the phenomenon of globalization can be described as a dominating power behind major business and sociological developments all around the world. From day to day global economy, politics and culture become more and more autocratic in every land. In the following paper, major developments in the process of globalization along with the affects that the last world economic crisis had on it will be examined. Overall, after the evaluation of facts, it appears that globalization can be considered as the process of expanding and deepening of the integrating processes and interdependence between the countries all over the world which are based on the economic, social, cultural, and political aspects; this process has acquired unprecedented scope in the recent years.
First of all, to analyze the main tendencies of the development of this phenomenon, it is necessary to define the process of globalization. According to Smith (2012, par.3), ‘globalization is the tendency of investment funds and businesses to move beyond domestic and national markets to other markets around the globe, allowing them to become interconnected with different markets’. The process of globalization elapses being affected by the variety of economic indicators including market power, the tendency to run more and more international corporations and companies, the tendency of weakening in the private sector of the countries’ economy, privatization, imbalance between collective and private public interests (Globalization. As Economies and Societies Integrate 2012). Globalization is also the characteristic feature of the global politics. Thus, all the world countries are involved in the process. Overall, it appears that globalization can be considered as the process of expanding and deepening of the integrating processes and interdependence between the countries all over the world which are based on the economic, social, cultural, and political aspects
Further, with regards to the effects of the last economic crisis in the world on the process of globalization, it should be stated that it is significant. The way the world economy was paralyzed as a result of the problems originating in the United States indicated that the world was involved into the process of globalization more than ever before. Nowadays, as the world economy is being under ‘reconstruction’ after the crisis, it is well seen that the dependence between the economies of different countries is indissoluble (The good, the bad, and the ugly side of globalization 2011).
Finally, today globalization is in a constant progress. The progress of interdependence in the world economy is based on the rapid technological change and on the transformation of the governments’ policies and their approaches to the international trade. Such tendency is explained by the fact that the possibilities to realize the trade relations all over the world without references to the states’ borders contributed to working out and the implementation of procedures according to which the principles of fixing the quotas, tariffs, and taxes were changed. Thus, today the development of the economy in one country can affect significantly the economic growth or decrease in the other country because of the peculiarities of their trade relations (Wheelen & Hunger 2012).
In conclusion, the process of globalization or the process of expanding and deepening of the integrating processes and interdependence between the countries all over the world which are based on the economic, social, cultural, and political aspects is in its ever growing condition nowadays. The effects of the last world economic crisis only added to this the development of this process in the world.
Globalization. As Economies and Societies Integrate, Our World Grows Smaller. (2012). Youthink. Web.
Smith, L. (2012). Globalization: Progress Or Profiteering? Investopedia. Web.
The good, the bad, and the ugly side of globalization. (2011). Forbes. Web.
Wheelen, T., & Hunger, D. (2012). Concepts in Strategic Management and Business Policy: Toward Global Sustainability, (13th ed.). The United States: Prentice Hall.