Effect Globalization Essay

Culture still displays strong national, and even regional and local, variations.

While English is clearly in the process of emerging to be a common world language, at least as a second language, minority languages are making something of a comeback, at least in developed countries.

These trends have been driven by anti-immigration sentiments in Europe, although 2018 election results veer more pro- than anti-globalization.

Globalization has become a familiar enough word, the meaning of which has been discussed by others before me during this conference.

Globalization is manifested in the growth of world trade as a proportion of output (the ratio of world imports to gross world product, GWP, has grown from some 7% in 1938 to about 10% in 1970 to over 18% in 1996).

It is reflected in the explosion of foreign direct investment (FDI): FDI in developing countries has increased from .2 billion in 1970 to 4 billion in 1997.Global cross-border capital flows shrank by 65% between 20, according to a Mc Kinsey Global Institute analysis of data from the International Monetary Fund. and Europe, new banking regulations were introduced that limited capital flows.The decrease from .4 trillion to .3 trillion in those nine years includes declines in lending, FDI, and equity and bond purchases. Tariffs have been put in place at times to protect domestic industries seen as vital, such as a 127% U. tariff on Chinese paper clips or Japan’s 778% tariff on imported rice.in late 2017, Dani Rodrik, author of “Straight Talk on Trade: Ideas for a Sane World Economy,” argued that a rebalancing of globalization is necessary to restore more voice to labor and its needs for job and income stability while focusing attention globally on where the biggest economic gains can be made.The 2008 economic crisis led many politicians to question the merits of globalization.In particular, migration is very far from being free.Highly skilled professionals have a relatively high degree of mobility, but those without skills often face obstacles in migrating to higher-wage countries.Despite the difficulties, substantial proportions of the labour forces of some countries are in fact working abroad: for example, around 10% of the Sri Lankan labour force is now abroad.Moreover, globalization is much less of a reality in other fields than it is in the economic one.There was no fax or internet or e-mail or world-wide web, no PCs or satellites or cell-phones.Today we witness phenomena that no futurist dreamed of half a century ago, such as Indians with medical degrees residing in Bangalore who earn a living by acting as secretaries to American doctors by transcribing their tapes overnight.