Globalization

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I need help to get started with a 1,000 word paper in which I have to define globalization, and identify challenges and opportunities associated with globalization. Please cite 2 references.

Globalization refers to the research, manufacturing, and marketing of products that are meant for worldwide sales. Globalization also means the process by which different national economies of the world unite by way of free movement of capital and free trade. In a way globalization is an integration process where products are made for worldwide distribution, manufacturing facilities are set up in such countries where there are greatest advantages in factor costs and capital is invested in such economies where the returns are perceived to be the highest. The process means integration of markets for goods and services and economic activity is carried on across national boundaries. From a broader perspective there is also an economic, cultural, political and social integration across national and continental borders(1).

From the economic perspective the result of globalization is an increase in the flow of goods and services, people and capital across countries. It also means the enforcement of international laws whereby entry barriers for goods, services and capital are systematically dismantled. From a wider perspective Globalization implies a multiplicity of linkages and interconnections that cut across countries and societies and leads to the formation of an integrated world system. Globalization is a new order where decisions and actions in one part of the world have significant effects for individuals and communities in different parts of the world (1).

There are significant challenges for globalization. Social and political motives may influence global strategies that may lead to ...