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Globalization is the process of increasing interdependency and connectivity of the word’s market and businesses. This process has speed up due to the advancement of technology. The technology advance in the last two decades has made it easier for people to move from one point to another, communicate and do their business internationally. The major driving force is the advancement in telecommunication due to the improvement of information communication technology such as the internet and this has facilitated the connection of one economy to another. Globalization has therefore become a more common feature of the world economies. Globalization has brought increases benefits and opportunities since it makes businesses to be more productive as they market their products and goods globally (Glyn, 2006).

Traditional International Trade Theories:

  • Ricardian Model: suggest that the only differences between countries are their production level of technologies and all other features are considered to be identical. It also states that the international trade will be advantageous and that countries trade because of different level of production technology.
  • The Heckscher-Ohlin (Factor Proportions) Model: developed by two Swedish economists and it incorporates characteristics of production not taken care off in Ricardian model. Factors of production are expanded and there is the assumption that labor and capital are used in the final production of goods. Capital means physical equipments and machines such as buildings, computers among others.
  • The Specific Factor Model: Was discussed by Jacob Viner and it varies from Ricardian Model. It assumes that one production factor is specific to particular industry. A given factor is stuck or immovable from one industry to another

There are several drivers of globalization but the main driver is communication and media and communication which have played an important role in globalization round the globe. Example of these media and communication devices include television, telephone, internet, newspapers among other. Internet has been the main agent where the whole world is connected through the World Wide Web, where transactions are made online and also goods are being bought and sold online.

Decreasing and lowering trade and investment hurdles internationally is another driver of globalization where movements of people and goods from one region to another are facilitated. The establishment of the world trade organization allowed the free trade that lowered the trade tariffs (Glyn, 2006).

Effects of globalization

White color jobs are being outsourced meaning that less people will be required and some are laid off. All individuals involved in the manufacturing jobs are affected when manufacturing is outsourced to the developing countries where the cost of manufacturing is low leaving a lot of people jobless and this lowers their standard s of living.  

The local industries are being taken over by foreign multinationals

Globalization has resulted to the erosion of people culture and tradition .Local cultures on television have been adopted. The internet is a major influence of people’s culture. Children are accessing lots of unwanted information from the internet.

Code: Sample20

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