Globalization Essay

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EFFECT OF GLOBLIZATION- POSITIVE AND NEGATIVE Globalization • • • The European Central Bank in Frankfurt, Germany, is the central bank for the Eurozone. Globalization refers to the increasingly global relationships of culture, people and economic activity. Most often, it refers to economics: the global distribution of the production of goods and services, through reduction of barriers to international trade such as tariffs, export fees, and import quotas. Globalization accompanied and allegedly contributed to economic growth in developed and developing countries through increased specialization and the principle of comparative advantage. The term can also refer to the transnational circulation of ideas, languages, and popular culture. Opponents alleged that globalization's benefits have been overstated and its costs underestimated. Among other points, they argued that it decreased inter-cultural contact while increasing the possibility of international and intra-national conflict. Introduction There is a new place for the industrialization for the new aspect of the The discourse regarding the effects of globalization on cultural diversity is a challenging debate. The advancement of technology dissolves international boundaries and opens cultures to a whole new arena (Smith, 2000), enabling globalization to occur. Globalization can be an empowering entity. It can interconnect the world, support economic development, provide information availability and assist in developing a global village (Moahi, 2007). There is a paradoxical dichotomy, a tangible undercurrent, when it comes to globalization and cultural diversity. On one hand, globalization has the potential to mobilize and empower people, provide a means for self-representation, support a collective identity through socialization and provide

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