World A Global Village

Today, world has become more of a global village than a place with different borders. Today, globalization is expansion & integration of people, goods, capital, ideas & culture across the borders. Globalization, today, affects every country in the world in one way or another, whether it is positive or negative. Through globalization, there has been flow of labour, knowledge & technology across the world. A scenario where a European company manufacture a part of its products, assemble it in other country and sells it across different continents of the world is the perfect example of Globalization. However, this also includes exchange of technology, manpower, ideas & knowledge. This helps us understand how the countries across the globe have come closer. There are many factors influencing globalization like faster transportation, rapid change in technology & manpower exchange. Internet has played a major role in influencing the globalization by exchange of thoughts & ideas. Today, billions are connected to each other across the world through Internet. Business transactions have ease as companies around the world can negotiate different parameters of business within minutes. Medium like email, fax & video conference has made the communication easier than before. Social Media Site like Facebook, Twitter, Myspace, etc. has been penetrated in different parts of the world. Today one can access any information occurring in different parts of the world through TV & internet. Brands like McDonald & Mickey Mouse are well known across the world. Many companies are setting up their manufacturing units in different parts of the world due to expertise knowledge & cheap labour. Nokia, a Finnish company manufacture its mobile device in China but has a large market base in developing countries like India. American companies have outsourced their business to Asian countries due to large resource of talent & low labour cost. IT companies across Asian countries has a large market presence in Western & European countries. Expansion of markets through acquisition of companies has also influence globalization. Acquisition of Jaquar & Land Rover by an Indian based TATA Motors is one of the examples of globalization. Bharti Airtels presence in African countries illustrates how companies are expanding their presence across the different part of world. This kind of business activity provides more influx of cash or investment funds into the less developed countries. Modern transportation has made the flow of population much simpler around the world, which earlier took months. Today, one can travel from America to China within few hours. This has helped people from migrating from one country to another for their livelihood & educational purpose. Asian students have access to the renowned foreign University like Oxford & Stanford. Today, students are exploring the opportunities for studying and working in the different parts of world. A general increase in awareness, opportunity, and transportation has allowed people to move around the world in search of a new home & a new job. One of the important aspects of Globalization has been International trade. International economic institutions, such as the World Trade Organization (WTO) and the International Monetary Fund

(IMF), have facilitated the barrier-free flow of goods, services, and capital internationally. Regionally, too, organizations like the North America Free Trade Association (NAFTA), the European Union (EU), and the Association of South East Asian Nations (ASEAN) work towards economic integration within their respective geographical regions. Today, no country is dependent on its own resources. Transactions of goods from one part of the world to another have become trouble-free. Countries have trade relations worth millions which notifies the dependence of countries on each other for economic integration. Developing countries are able to reap the benefits of current technology without undergoing the pains of developing these technologies. As more money is poured in to developing countries, these countries have good chance to economically succeed and increase their standard of living. Today, tourism has also brought countries closer due to ease in transportation. Today, an average Indian family can plan their holiday to America and Europe. Asian countries like Singapore, Malaysia depends upon tourism for its GDP growth. Today, cheaper health facilities & expertise medical professional and researcher have made India a hub for Medical tourism. There has been social & cultural exchange between different parts of the world. English language is being widely spoken across the world population. Exchange in terms of knowledge, foods, music, movies & sports have been possible. Today, personalities like Michael Jackson, Lady Gaga, Lione Messi & Sachin Tendulkar are well-known across the different continents. People watch their favourite movies and sports personalities from different parts of countries. Various International events like Oscars, EPL, and Cricket World Cup, etc has made the integration deeper. International organizations like World health Organization (WHO) has been committed towards the Global health integration and coordination with different bodies of countries for the betterment of world health. Global epidemics like AIDS, Bird flu, etc has brought the world closer towards achieving its objective of global health. There has been coordination between countries towards the treatment of deadly disease like AIDS, Bird Flu. New scientific technologies through R&D are been adopted in order to eradicate deadly disease and health problems like Alzheimer disease, Polio, etc. Different health programs initiated in African region proves the worlds commitment towards Global health. Global Warming is one of the important issues facing the world today. The recent Tsunami that occurred in Japan has triggered this global warming debate. United Nations Framework Convention on Climate Change (UNFCCC) through its Kyoto protocol held in Copenhagen and Durban explains the gravity towards Global warming issue by our world leaders. Through such events, World is committed towards reducing Green house gas effect and helping less developed countries towards achieving this objective. But Globalization has also made the world vulnerable to the insignificant events occurring across the continents. The recent recession that struck developed countries like US, Japan & European countries had a cascading effect on other countries too. The recent Euro crisis & US debt crisis has made the Indian Rupee value depreciate, which in turn has increased the inflation and lower the GDP growth. Every fluctuation in world oil price has its effect on the domestic market. The Bombay Stock Exchange (BSE) & National Stock Exchange (NSE) are exposed to the instability of European and American share market.

Every political or natural interruption has an effect on the world function. Globalization has also made world vulnerable to terrorists and criminals attack. Many companies have setup their BPO office in other countries affecting the employment opportunities. A recent attack on Indian students in Australian explains the protectionist mind-set. It has also increased many illegal activities like smuggling of drugs, weapons, etc. Illegal migration is also a matter of concern. There may be a greater chance of disease like Bird Flu, SARS spreading worldwide, as well as invasion of flora and fauna that could prove devastating in ecosystems. Hence, Globalization is the process of increased interconnection among countries in the areas of economics, politics, and culture. Either it is good or bad, globalization is here to stay.