Definition Essay on Globalization

975 Words4 Pages
Globalization Has globalization brought positive or negative changes to our lives? In simple terms globalization can be defined as a series of social, economic, technological, cultural and political changes that promote independence and growth on a worldwide basis. Globalization has the power to raise the standard of living in developing countries, but also affect those that outsource jobs. It has caused the world to change and today the effect of globalization can be seen in almost every aspect of life. Globalization is a social phenomenon that has changed the world by providing an open market between countries, united countries through the creation of the United Nations organization, and affected our own country’s economy by outsourcing jobs. Globalization has changed our world by providing an open market between countries. This has made it possible for countries to trade and sale goods amongst each other. Open market is a market that has no regulatory barriers such as high tariffs, taxes, and licensing requirements for countries to participate. China is an example of this. Before the nineteen eighties, China was relatively isolated from the global market. However, during the eighties they decided to open to the outside world and adapted the concept of an open market. China set the coastal areas of the country for foreign investment and priced them relatively low. Investors gave the country a shot and the results were outstanding. Due to this, other parts of the economy took notice and soon enough China’s economy started to develop rapidly. According to author Xiaodong Zhu in her article "Understanding China's Growth: Past, Present, and Future”, China used to so be poor, but after globalizing it’s economy it grew to the point of even rivaling the United States. Zhu states, “In 1978, China was one of the poorest countries
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