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Globalisation

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Globalisation Portfolio Essay

Name: Hang Gao(Tom)

Student Number: M00678265

Globalisation

Globalisation is an integrating process from political, economic, cultural, ecological and immigration aspects across the world(Baylis, Smith and Owens. 2014) For example, globalisation makes use of advantages of some countries to compensate some others. However, globalisation brings about not only opportunities but also risks. Therefore, as for those developing countries, it is important to develop relevant policies to make their country more quickly adapt to changes, reduce the risks caused by globalisation and generate more profits to catch up with the world 's leading countries. Countries are primarily linked to each other by trading capital, raw materials, labour and products around the world. This explains why the economy has a major impact on globalisation. In addition, mass migration was happening at the same time. For example, in the 19th century, when the European population emigrated to the Americas. America needed good policies to accept these Europeans. Therefore, governments should have effective policies to confront the problems of globalisation. This essay will analyse how globalisation has affected economies and policies around the world. It will also identify which countries have benefited and which countries have been damaged by globalisation.

The economy is the key factor for the beginning of globalisation. The international market has been opened due to colonization and has formed a connection with the economy, which is probably the biggest reason for the economy to be affected by globalisation. There are many positive influences triggered by globalisation. For example, between 1993 to 2011, in the developing countries, the percentage of poor people who were unable to afford a daily diet profoundly jumped from 42 to 17 as a result of globalisation (Radelet, 2015). Furthermore, there was also an increase in people’s income and international investment, as well as a reduction in the product price. However, globalisation also had some negative impact. For instance, the impact of the financial crisis was serious, which nearly destroyed the world bond market and it required many countries had to spend a large amount of the public purse to solved it. (Baylis, Smith and Owens. 2014) Moreover, globalisation increases the interconnectedness of economies since globalisation brings the lower price of labour and much cheaper cost of raw materials which leads to falling costs of products. Those international companies could earn more money from the globalisation, therefore they became the important role to rise up the relation with worldwide.

Policies are the key for governments to adapt to globalisation. Changes in the development of globalisation will bring benefits and risks, and countries need to adopt policies to ensure that countries gain benefits while avoiding risks.The Europen Union had a good example for us, they want to increase the tariffs in order to control the import and export replace for higher social welfare. (Bremmer, 2018) In fact, policies not only control the economy in order to protect domestic companies but also limit the defective goods into the country and then protect customers. In the process of the development of globalisation, there must be many changes in traditional behaviours, so there are some potential risks in these changes. Policies have become an effective way to avoid risks or solve problems and make it possible for countries to continue to develop globalisation. Therefore, the quality of political determines whether the country can succeed in globalisation.

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