Has Globalisation Led To Economic Growth

Globalization is the increased interdependence of nations due to increased integration of individuals, finance and trade (Ritzer 2011, pp. 2). It is characterized by increased integration and interaction of individuals, governments and companies (Scholte 2005, pp. 2).Advertising We will write a custom essay sample on Has Globalisation Led To Economic Growth? specifically for you for only $16.05 $11/page Learn More International trade and investment are the key factors that drive globalization. These two elements are the essential components of globalization. Additionally, advances in information technology allow the process of globalization to occur. Globalization affects the environment, political systems, culture and the economy. This paper seeks to determine whether globalization has resulted into economic growth in various countries. The process of globalization began after the end of World War 2. However, in the 1980s, technological developments and liberalization of the capital markets and trade accelerated the process of globalization. Improvements in technology resulted into a reduction in transportation, computation and communication costs. The reduction in these costs enabled firms to undertake different phases of the production processes in different countries. Liberalization of trade has made many governments not to offer protection to their domestic industries. Therefore, industries in such countries face foreign competition. Hence, firms must produce high quality goods and services to be able to compete globally (Anwar 2002, pp. 411). This promotes economic growth of different countries.Advertising Looking for essay on international relations? Let's see if we can help you! Get your first paper with 15% OFF Learn More Globalization increases the market that a country’s producers can access. Notably, countries that participate in globalization benefit from unrestricted trade with other countries (Ph elps 2007, pp. 371). Producers in a country are able to market their produce worldwide. In addition, a country’s economy can benefit from global division of labour. International division of labour makes domestic producers specialize in lines of production. This results into efficiency in the production processes. The result of efficiency, specialization and international competition is increased variety of products in the domestic market due to domestic and foreign production (Gup 2005, pp. 155). Additionally, consumers in a country that participates in globalization enjoy goods and services of high quality at lower prices. This is likely to result into economic growth of that country. Furthermore, countries that trade internationally due to globalization benefit from technological developments that occur in other countries. A country can benefit through acquisition of knowledge used in the manufacture of imported products (Breckenridge Moghaddam 2012, pp. 600). The country can then use this knowledge to begin the production of products that it normally imports. Moreover, the country will create more employment opportunities for its citizens due to domestic production of formerly imported products. Certain governments prefer to protect domestic industries from foreign competition. In many cases, these governments argue that domestic industries require protection until they develop competitive advantages (Thoumrungroje 2004, pp. 2).Advertising We will write a custom essay sample on Has Globalisation Led To Economic Growth? specifically for you for only $16.05 $11/page Learn More The views of such governments are that foreign competition makes domestic firms collapse since most of them have inefficient production processes and have inadequate capital. Governments of third world countries usually reduce quantities of imported goods and services through the imposition of quotas and tariffs. However, protection of domestic ind ustries makes domestic firms produce substandard goods and services. The result of inefficient production processes and production of low quality goods is economic stagnation of a country. In contrast, globalization allows international competition and results into improvement of production processes of domestic firms hence economic growth (Arndt 1998, pp. 480). Attempts by a country to isolate itself can be detrimental to its economy. International trade enables a country to access more goods and services at lower prices. Therefore, it is appropriate for a country to participate in international trade. International trade enables a country to profit from international specialization (Arnold 2010, pp. 300). A country has to determine its comparative advantages. This enables it to survive and improve its economy. However, in case a country does not determine its comparative advantages, its economy is likely to be affected in case there is sudden unfavourable change in terms of trade. However, international trade, which has resulted due to globalization, has risks. International trade is linked with strong market competition (Gaston 2010, pp. 3). Therefore, firms that are less adaptable and competitive internationally may collapse.Advertising Looking for essay on international relations? Let's see if we can help you! Get your first paper with 15% OFF Learn More Additionally, certain industries are critical in a country’s security. Therefore, reliance in other countries to supply it with certain products may be inappropriate. This shows that globalization may not lead to economic growth. However, the benefits of globalization in promotion of economic growth outweigh the negative effects that it has in economic growth of a country. Empirical evidence has shown that globalization contributes immensely towards economic growth. East Asian countries have tremendously benefited from globalization. China and the Republic of Korea are a few examples of countries that have benefited from globalization (Greenberg 1996, pp. 1). China is the fifth largest economy that trades internationally (Welfens 1999, pp. 13). It has maintained a yearly growth rate of about 9.3% in the last 20 years. Currently, it is the sixth largest economy in the world (Peixin 2003, pp. 1). Globalization enabled China to achieve these results. Globalization enabled Korea to improve the effectiveness of market intervention strategies. This enabled Korea to improve the performance of firms such as Hyundai and Samsung (Wen-Heng 2000, pp. 1). Conversely, some countries have not benefited from globalization. Many third world countries have not managed to mix with the international economy. The share that Sub-Sahara Africa has in international trade has declined persistently. Increased association of third world countries with international trade has contributed to slow economic growth through corruption and corporate exploitation. Corporate-led globalization has led to poverty and environmental destruction in Ghana hence lower rate of economic growth (Ofosu 2010, pp. 1). The goal of this paper was to find out whether globalization has led to economic growth. Based on the arguments presented, the benefits of globalization outweigh its costs. Thus, globalization leads to economic growth. It increases the quantity of products that consumers in a country can access. In addition, it makes firms produce goods and services of high quality since they face international competition. However, not all countries have benefited economically from globalization. List of References Anwar, S 2002, â€Å"Globalization and national economic development: Analyzing benefits and costs†, Journal of Business and Management, vol. 8, no. 4, pp. 411-423. Arndt, S.W 1998, â€Å"Super-specialization and the gains from trade†, Contemporary Economic Policy, vol. 16, no. 4, pp. 480-485. Arnold, R. A, 2010, Economics, South-Western Cengage Learning, Australia. Breckenridge, J Moghaddam, F 2012, ‘Globalization and a Conservative Dilemma: Economic Openness and Retributive Policies’, Journal of Social Issues, vol. 68, no. 3, pp. 559-570. Gaston, N. G, 2010, Globalization and economic integration: winners and losers in the Asia-Pacific, Cheltenham, UK. Greenberg, M 1996, Globalization in Korea and Asia. Web. Gup, B. E, 2005, Capital markets , globalization, and economic development, Springer, New York. Ofosu, V 2010, The Effects of Globalization on Ghana. Web. Peixin, Z 2003, China and Globalization. Web. Phelps, A 2007, â€Å"Gaining from Globalization? State Extraterritoriality and Domestic Economic Impacts-The Case of Singapore†, Economic Geography, vol. 83, no. 4, pp. 371-393. Ritzer, G 2011, Globalization: The Essentials, Chichester, West Sussex. Scholte, A 2005, Globalization: A Critical Introduction, Palgrave Macmillan, New York. Thoumrungroje, A 2004, The effects of globalization on marketing strategy and performance, Washington State University, Washington. Welfens, P. J. J, 1999, Globalization, economic growth and innovation dynamics, Springer, New York. Wen-Heng, C 2000, Impacts of Globalization on Asian Developing Economies: Lessons from the Experience of Taiwan and South Korea. Web. This essay on Has Globalisation Led To Economic Growth? was written and submitted by user Carley Russo to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Discuss the parent and child relationship in essays

Discuss the parent and child relationship in essays Discuss the parent and child relationship in "Snow Falling on Cedars". One of the most important themes in the book "Snow Falling on Cedars" is the parent-child relationship. Parents' believing and past experiences will influence their children, they wish their beliefs can help their child to be a better person who holds his own dignity and values. Each individual's behaviour and their way of thinking or jugdement is therefore, affected directly or sometimes indirectly by their parents' beliefs in this book. In 1954, after passing through the time of World War II, most people were still holding strongly to their traditional thoughts. While her daughters were growing up, Fujiko, Hatsue's mother, was wary of hakujin, the word she used to refer to white Americans. In addition to her past sufferings and experiences in life, she urged her young daughters to follow their Japanese cultural traditions and roles, and did not want to see them act like white Americans. She told her daughters about the Seattle rooms she had cleaned , the sheets on which hakujin had vomit blood, the toilet full of their excrement, etc. Fujiko stressed that her life had long been difficult under the world of hakijin. Fujiko even sent her daughter to Mrs Shigemura, who told Hatsue to avoid white men, claiming that they treated Japanese girls without respect. However, Hatsue, still in her young age of eighteen, with the growth of her own independent thinking and the influence of Western culture from her hakujin school mates, she disagreed the beliefs of her mother, arguing that people should be judged as individuals rather than stereotyped as members of groups. As Hatsue was once crowned as the Strawberry princess, and she was living harmony with her school mates, she thought that her mother was exaggerating, and she did not see any differences between the white and Japanese, she saw herself more America than Japanese. Fujiko did not wish Hatsue to be tainted by t...

Gramscis Notion of Hegemony in Relation to the Youths of Today Essay

Gramscis Notion of Hegemony in Relation to the Youths of Today - Essay Example It should be studied in relation to other matters which could explain more of its attributes and make clear some of its questionable notions. Significantly, an aspect of hegemony could be understood through the study of the behavior and ideology of today’s youth. A particular author has proposed a new concept of hegemony which is relevant to the plight of the present young generation. In exposing the other side of hegemony, Antonio Gramsci has emphasized the importance of making use of one’s intellect in changing the face of the society. In lieu of this fact, the essay will discuss Gramsci’s notion of hegemony and its relation to the youths of today. Gramsci’s Notion of Hegemony Gramsci explains the intellectual aspect of hegemony, suggesting an intellectual struggle instead of power or political struggle. This supports the introductory argument saying that hegemony could actually be understood in light of its other aspects. Intellectual hegemony exists fo r a fact according to Gramsci. He believes that intellectual and cultural activities could also affect social change and not just an economic change (Cuff, et al., 1998). To note, in political economy, hegemony is actually associated to the struggle of economic power in the international arena. To effect an economic change, a particular country applies soft power to influence the economic system of other nations. Certain cultures are used to achieve an economic domination. Nonetheless, for Gramsci, hegemony could actually be viewed in terms of social manipulation. The members of the society could be made to affirm a particular belief or practice through the application of some intellectual activities. Antonio Gramsci actually considers ideas as weapons to change the present state of affairs of the different societies in the world (Cuff, et al., 1998). To note, these ideas are expressed and relayed upon by the influential sectors of the society such as the media. For an idea to have a hegemonic effect, it should be spread to a great number of people. The media is very significant to achieve this objective. It has the ability to influence the thinking of a person by just presenting an idea. It is in this sense that the media could manipulate the thoughts and actions of the members of a particular community. Nonetheless, so as to be in accordance with Gramsci’s notion, the idea which is to be relayed by the media should be one which is aimed at changing the society. What is to be changed is of course the bad image of a particular community. However, for a change to occur there has to be an agent. Relevantly, the youths of today could fill up this need. They could be an effective instrument for social change to happen with the help of the media. In changing the society, there has to be intellectual domination. This means that a certain idea has to be instilled in the people’s mind. The installation however, should be one which could not allow any out side factors to make an opposite claim. In this instance, the members of the society are able to resist any position which is inconsistent to what they have been exposed to. This is to say that for an intellectual domination to take place, the members of the society must learn to adhere to a common idea. The Youths of Today To emphasize, the youths are the ones primarily influenced by the media (Scheibe, n.d. cited in Mazzarella, 2007, p.61). They are the ones who are most exposed to the ideas that the media introduces. Accordingly, the dominant ideology believed in by today’s youth is a product of media’s manipulation. This proves the efficacy of media’s manipulative power. If this attribute is used for the betterment of the society, then the media would be seen as essential in creating the intellectual dom

Labor Turnover in HK's Hospitality Industry Essay

Labor Turnover in HK's Hospitality Industry - Essay Example There is no denying that each manager in the hospitality industry wants to control the rate of employee turnover in order to ensure the stability of their organization. Managers have also found that hiring and training new employees cost more than retaining and promoting current employees. Employee turnover can cause bad effects, not only the cost of training and be hiring but in other areas as well. The hidden costs to the company are even greater due to bad customer service, poor brand projection, lower morale in the organization, loss of experience and lack of building a corporate legacy (Branham, 2000: 93). The hospitality industry depends on the relationship between customers and employees, because the employee is on the front line serving the customer directly. One expert points out: ‘the hospitality industry is one in which there is a high need to ensure customer loyalty as when a customer experiences good quality service, he tends to visit the same hotel again. However, if the employee turn over is fast, there is difficulty in building the customer loyalty as well as the quality of service.’ (Marder, 2006) Sometimes even some loyal customers can be swayed to switch to a competitor’s business because a senior employee quit. In fact, this is especially true for the banquet and event services. Another problem is when senior employees, like managers or supervisors, jump to other organizations they might be disclosing some confidential information to their competitors. These techniques can range from training to recipes. The conclusion about the control the rate of employee turnover is very important due to the high rate of employee turnover impacting the delivery of efficient services in hotels and restaurants. The trend of employee turnover should be investigated to enlighten managers about the value of retaining employees.  

Case Study SECOND NATIONAL BANK Essay Example | Topics and Well Written Essays - 1000 words

Case Study SECOND NATIONAL BANK - Essay Example The first step of the strategic process was the CEO’s comment about him thinking now much change has occurred during the last year. The executive mentioned an opinion, but does not provide any evidence of his position. This is one first blunders at Second National Bank. A strategic plan requires documentation of what is been done in order to be able to evaluate the results. A strategic plan determines where an organization is going over the next year or a large period of time, how it’s going to get there and how to evaluate if the company achieved its goals (Mcnamara, 2008). Another deficiency of the organizational practices at this Bank is that the company does not have any data to compare against to determine the efficiency of the strategic plan. The executives at this meeting are supposed to have hard historical data about different aspects of the organizations operations. There was evidence in the case from the comments of various executives that they did not have knowledge of the strategic objectives of the company. They needed a copy to remember the content of the plan, as if they had not done anything during the year to help the company accomplish its strategic goals. A strategic plan is not suppose to be a document that is filed in box, never to be seen again. It requires involvement from everyone in the company in order for the company to achieve its objectives. The executives of the company are suppose to know by memory all the major points of the plan since their job involves working in the strategic objectives of the company. Another example of the inefficiency of the Bank’s strategic plan evident during the meeting was the discussion about the objective to become the friendliest bank. The company created a marketing campaign about the having the most customer friendly tellers and bank officers. Despite the efforts nobody in the firm realized any follow-up work to determine how efficient the marketing campaign was and if at the end of

Communication Models: Overview and Analysis

Communication Models: Overview and Analysis Digging deeper into communication models, the research done by theorist and communication experts alike has helped the future generation to at least have a brief idea of what a communication model is. In this era, whereby the world is getting smaller coined the Global Village (Marshall McLuhan) communication has risen to new heights due to its importance. The understanding of communication would further enhance a mans understanding of how to communicate with efficiency and efficacy. The rise of the Internet has also changed how communication works whereby the former and commonly used type was direct communication (face-to-face) and it changed into communication that was based more on writing as more and more people are hooked to the Internet. A communication model would help with discovery of the difference in relationships between the different types of communication and how manipulative variables change efficiency, reach etc. A communication model would also clarify complex understanding of communication into a more disciplined, order and simple form of communication. Though models of communication has its advantages yet because of its simple nature could lead to oversimplifications, such as quoted There is no denying that much of the work in designing communication models illustrates the oft-repeated charge that anything in human affairs which can be modeled is by definition too superficial to be given serious consideration. Duhem (1954) thus a model may attempt to mirror real life information but in reality it is impossible to truly model real life communication. Therefore, communication models are generally divided into two, linear model and non-linear model, the former neglecting feedback of receivers, external factors etc. The linear model adapted a mathematical approach to communication based on codes that are decoded and encoded. The model dictates communication is possible only if two people share the same code whereby in this case is the same language. Language is the bridge that connects human thoughts into strings of sound, syllables and words and like any other computer in order to translate it requires the same code system. This means, an example if a person wants to transfer his/her thoughts it would be encoded into language then the message is delivered through a channel that is later on decoded by the receiver/recipient. Thus the introduction to the encode-decode model of communication, the linear model though revolutionary in communication introduced by Lasswell and later on enhanced by Shannon-Weaver model (Shannon, 1948) including noise into the communication. The main defect of these models are that it is linear and robotic, dictating that communication has  a beginning and ending while in reality communication does not have such limited specifications under communication. Linear models do not generally take into account how humans interpret meaningsà ¢Ã¢â€š ¬Ã‚ ¦the encode-decode model assumes that meaning is objective and can be captured in a fixed correspondence between aspects of the world and some system of representation (Lund and Waterworth) Thus, Schramm introduced the circular model that acknowledges communication is not linear and that emphasizes the circular nature of human communication, in which the roles of source/encoder and receiver/decoder interchange. In furtherance of a nalysis, the sample used is the Circular/Interactive Model of Osgood and Schramm. Wilbur Schramm and Osgood introduced the Circular Model, 1954 were one of the first to alter the mathematical model of Shannon and Weaver. The reason behind Schramm coming up with the circular model was to overcome the limitations of linear models. In fact, it is misleading to think of the communication process as starting somewhere and ending somewhere. It is really endless. We are little switchboard centers handling and rerouting the great endless current of information.(Schramm W. (1954) quoted in McQuail Windahl (1981). All communication process starts with a person that has a thought or information to pass on to other people. In the interactive model, that thought would first go through an element called the encoder, which will change our thought into codes. Encoding is actually an act of translating specific thoughts into codes (message) that is then transferred to another person, which will decode the codes (message), and interpret the meaning. The second part of the communication, is the feedback/response of the person to the particular code (message) that goes through the process of encoding, and then delivered back to the original sender. The difference here is that the circular model acknowledges the circular nature of human communication that is endless. An enhancement of previous linear models whereby the sender and receiver vice versa changes role depending on the communication. This helps improve the understanding of communication between two people rather then a one way linear model that does not represent the nature of communication in real life. The Circular Model is a dynamic model that shows how a situation can change and that communication is not generally one sided. The Circular Model also raises the importance of redundancy and that it is an essential part of communication, due to the fact that communication moves in a circular manner. Another advantage of the model is that it does not separate between sender and receiver, both sender and receiver is the same person. A more active communication models rather then the linear model that assumes passive receivers. The Circular Model emphasizes on the feedback feature to be central of the communication model, where models before failed to incorporate. The Circular model is not free from defects; one being the most highly criticized is that it does not incorporate the noise feature included in Shannon-Weaver model (Shannon, 1948). Noise is anything that influences effective communication and the interpretation of the code (message). Noise may have profound effects on interpretation of communication but is usually overlooked. Noise can be divided into three categories, which are Semantic Noise, Psychological Noise (internal noise) and Physical Noise (external noise). Understanding noise is essential in improving further the communication models. External Noise is anything outside the person that may distract the efficiency of communication, such as sight, sound, smell, and environment such as crowded environment. Whiles Internal Noise is anything that influences thoughts, feelings during communication such as hunger, headaches and fatigue. The final one is Semantic Noise which encoding errors by the sender which is not understood by the receiver such as writings in articles by the use of jargons or unnecessary technical language. Application of the circular model would most probably mirror communication limited to only 2 people. The Circular model is limited to that specific use since it fails to incorporate context and the surrounding nature and growth development of the individual. Room for improvement of the Circular Model (1954) has been made through the Helical Model (1967) attempting to show that the growth of communication is forever evolving and limitless. The extent of its growth depending on the development of the individual throughout his life and including individual factors such as environment, economic and relations change over time. As communication moves forward so does the form of such communication, therefore it is a need to take into account of the different for such as the epidemic growth of social media changing the communication as there is more reliance of the things said rather then the non-verbal messages sent in the past with direct communication. Based on extended reading, improvements of the Circular model taking into account present communication settings. Macintosh HD:Users:syafeeqz:Desktop:College:COmm:Templatechart.jpg Based on the Communication Model above, it clearly looks similar to the Circular model. The difference is the enhancement of noise in the middle section of the model. Message is changed into distortion; to infer that noise plays a part in the message sent thus naming it distortion. What this model represents is a more suitable approach to real life communication, as it incorporates the underlying factors of intention, perception, relationship and the context of communication while acknowledging all three types of noise. First of all, intention of the communication does have significance as if the intention was transactional it is specifically goal-oriented thus would affect interaction to achieve such goals. On the other hand, if the intention were of socializing purposes and demonstrating social intimacy with the receiver/counter-initiator thus the distortion (message) would be interpreted differently. As an example, the differences of response to sellers as compared to friends and family. The attention span/level is also based on such intentions. Intentions can also recognized as inference. Inference in this sense means humans communicate far more meaning than they ever encode linguistically. A perfect example is the use of the word Its gone, the ambiguity of linguistics fail to define the complete meaning of intention in language and the interpretation is inferred by the receiver/counter-initiator. Next, the relationship between initiator and receiver also governs the communication model such as symmetric power relationship between to friends, both with equal rights to speak as compare to a asymmetrical power relationship between and employee and employer would change the distortion (message) taking into measure the authority of the employer. Furthermore, the context is a combination of both the intention and relationship mixed with the location, time and noise during the communication thus turns into a major influence as how distortion (message) is received and the response given. An example to display such context, is the comparison of initiators/rebound distortion (message) during at work with a colleague compared too the distortion at home with a family member, while in both cases explaining the accident that took place while on the way to work. The context changes so much that the variables are limitless, while at the office the explanation of such event may be more dramat ized and exaggerated since it just happened, and also the fact that the receiver/counter-initiator is a colleague while at home the explanation of the same event would be shorter due to the redundancy, fear of the family members response and so fourth. The nuclear signed used was to signify the limitless boundaries of such context and the different combinations that may occur combined with the different types of noise that play a subtle role in influencing communication. The model incorporates all three types of noise that is semantic, external and internal. What differs from other models is it also features other major factors such as perception outwards toward the each other and perception inward of oneself. Example, if we perceive of what we are listening too in the radio is false thus the whether it is true we tend to ignore the distortion (message) this is called selective perception. Schramms model though outdated and has been improved with numerous other models; it remains to be the cornerstone of communication models, with the model centered on the theory of feedback. Schramms model is of use in todays social media lifestyle since social media relies mainly on the two-way circular nature of communication.

Causes of the Great Depression Essay -- United States History Economic

Causes of the Great Depression Throughout the 1920’s, new industries and new methods of production led to prosperity in America. America was able to use its great supply of raw materials to produce steel, chemicals, glass, and machinery that became the foundation of an enormous boom in consumer goods (Samuelson, 2). Many US citizens invested on the stock market, speculating to make a quick profit. This great prosperity ended in October 1929. People began to fear that the boom was going to end, the stock market crashed, the economy collapsed and the United States entered a long depression. The Great Depression of the thirties remains the most important economic event in American history. It caused enormous hardship for tens of millions of people and the failure of a large fraction of the nation’s banks, businesses, and farms. The stock market crash in October 1929 is believed to be the immediate cause of the Great Depression, but there were many other factors and long-term causes that developed in the years prior to the depression. The 1920’s may have been prosperous for some Americans, but the growing prosperity was actually weakening the economy. Many US citizens were never participating in the boom from the start. There were some wealthy individuals, but 60% of people were living below the poverty line. The coal mining industry had expanded greatly, creating many jobs, but with the introduction of oil and gas, the production of coal was decreased along with the amount of jobs. The United Mine Workers Union’s membership fell from 500,000 in 1920 to 75,000 in 1928 (Temin, 33). The cotton industry experienced similar unemployment problems. In the agricultural industry, an increase in production was met with a decrea... ...n increased 50 %, but workers could not buy goods as fast as the industry produced them because their wages were low. Workers reduced their spending to hold down their debts, the amount of money in circulation decreased, and business became even worse. The Stock Market Crash was an immediate cause of the Great Depression, but there were many long-term causes that gradually weakened the economy. Bibliography Matthews, Layth. â€Å"What Caused the Great Depression of the 1930’s?† Internet. http://www.shambhala.org. 2002. Samuelson, Robert. J. â€Å"Great Depression.† The Concise Encyclopedia of economics. Internet. http://www.econlib.org. 2002. Tanner, Neal. â€Å"The Easy Life of the ‘20’s Contributed to Great Depression.† Overview: The Great Depression. Internet. http://www.marist.edu/summerscholars. 2002. Temin, Peter. Lessons from the Great Depression. 1989.