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Globalisation and its effects on society

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Introduction

The aim of this assignment is to investigate the significance of the term 'Globalization', to bring an understanding of its repercussions, in doing so, giving a broader meaning and clarify the effects that the globalization processes may have on both the economical and employment structures in Britain and its society. The expression 'Globalization' was first coined in the 1960's, the term was not only used in an academic manner, but additionally in a popular way in order to illustrate a practice, a procedure, a condition and an era. Unfortunately, due to the different manner in which the word globalization is utilised, it has a tendency to be somewhat ambiguous and leads to confusion. The general idea of globalization, although in the forefront of many societies' economies since the 1960's, it is not a complete new concept, Karl Marx and Friedrich Engels made mention of a 'truly global market' in their 1847 publication "The Communist Manifesto" (Steger, 2003). It cannot de denied that referring to globalization solely as an ensemble of social procedures is very simplistic, and regrettably offers just a limited point of view, omitting other existing processes that may enhance the subject area. ...read more.

Middle

The final definition recognises not only the objective aspects of globalization as mentioned previously, but it takes into account the subjective involvement of the individual. Consequently as actors become aware of these new social processes and the existence of the 'global village', has an effect of gradually changing both cultural and personal identities, and therefore the manner in which interaction occurs with the world at large (Steger, 2003). One of the underlining characteristics of globalization is its promotion of 'Free Trade', within the capitalist society that we bathe; the principal aim is to produce the maximum profit margin as possible, while limiting the production costs. The concept of the global village has permitted Transnational Corporarations (TNC) the possibility to relocate their production and industries, and install them in various locations around the planet, where the human and technical costs are hugely inferior. It is argued by those in power, that this form of production is dually advantages, as it provides work and employment for many developing nations and equally produces articles for consumers at a cheaper rate (Marsh and Keating, 1996). ...read more.

Conclusion

It is important to state that Britain is the biggest European financial investor in China, which unsurprisingly boost the Chinese economy at the detriment of that of the British economy, has each pound invested in China or elsewhere in the world, is one less pound likely to be invested in the United Kingdom (Marsh and Keating, 1996). In the analysing of this essay and the arguments put forward, it is comprehensible to understand that the issues surrounding the topic of globalization are controversial, personal opinion may take one of two perspectives, either for or against, and this standpoint largely depends on the individual situation. It cannot be denied that many third world and underdeveloped countries have benefited from this international competition, ranging from better life chances to improved living conditions. Nevertheless, it should not be forgotten that every coin has its other side, thousands of individuals have seen themselves become unemployed or in precarious positions, due to these mass relocation of factories and industries, global capitalism is so focused on profit making, that it has lost sight of the obvious... the individual. ...read more.

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