Assignment 1

Bandula, Charena F.
2BSAIS-1
Assignment 1
As I browse and seek for noteworthy and insightful articles in line with this assignment, I
am captivated and struck by how Prachi Juneja's article, which was reviewed by the
Management Study Guide Content Team, expounded and exemplified profoundly the
concept of Globalization. The writer efficaciously and proficiently articulated his
viewpoints in a coherent and thorough manner, and thus the readers will undoubtedly
grasp and digest the article's underpinning context. The author significantly defined
globalization as a comprehensive progression of modifications in a targeted path. It is an
avenue for all individuals and societies towards economic, social, as well as cultural
convergence and integration, attempting to reach it all at the same time and all the time.
The editorial also encompasses and includes a number of factors that influence the
pattern and progression of globalization. The aforementioned variables are economic,
financial, political, technological, and societal factors, which acted as the catalysts for
globalization. Let me break these factors down one by one. First and foremost, there are
economic factors. Narrower trade as well as investment impediments are among them.
The advancement of the financial sector is also regarded as a major driving force behind
globalization. The fusion and standardization of financial marketplaces all over the world
as a result of economic deregulation as well as liberalization has accelerated the
economic structures' reciprocated dependencies.
The list also includes political considerations. In the face of globalization, it may be defined
as government policy efforts designed to stimulate business and international trade.
Furthermore, these programs and regulations can help to direct the flow of money and
resources. Throughout conceptualizing policies, a number of domestic as well as foreign
institutes and nations lead the globalization framework. The succeeding stop is
Technology. Technology brings a pertinent function in accelerating the pace of
globalization. It is postulated as a massive enabling factor as well as guiding force in
globalization systems. Technological advancements have enabled organizations to
dramatically internationalize their product lines. Through sharp internet access
orchestrated by technology, large corporate fast food companies are keen to propagate
and centralize their product lines across the global market. The progression of
containerized vessels and air transportation is regarded as a significant technological
advancement towards international trade and commerce. Due to various technological
advancements, the contemporary era of globalization is now currently undergoing
‘internet economies.' The proliferation of the internet is a paramount influence in the
development of interpersonal relationships all over the world. It is one of the vital
constituents for socioeconomic globalization, and it will indeed be inadequate without the
advent of technology.
Social factors are also an important driving factor in globalization. It promotes cultural
connectedness, which appears to be increasing global commonality by drastically
reducing transportation and communication costs. In recent times, the cost of information
transmission has been almost removed, reducing the world to a standard market. People
and social systems around the world are reaping the benefits of this massive cost
reduction through utilizing standard brand names and service providers. As a
consequence, societies are shifting toward taste unification, which itself is ramping up
homogeneity around the world.
This article showed me that economic interdependence has evolved in a modern culture
of interdependence. As a result, nation states must integrate with the rest of the world in
order to benefit from advanced technologies and innovation. The implementation of these
technological advances is indeed a dilemma for the majority of less fortunate countries
due to inadequate of human financial funding. Human resources bring no notable function
in ascertaining the globalization pathway throughout developing nations. Thus, it is highly
suggested that emerging economies put more money in human skills in order to keep up
with other nations. Further to that, infrastructure advancement is necessary to ramp up
economic relationship among regions of the world.
In general, the aforementioned elements give insight on how globalization appears to

function and how these effects are to be responsible for transforming the world.
Understanding the underlying factors of globalization is essential because their
implications differ across the world. Globalization varies in its scope and concentration
across countries and regions. This simply means and implies that the factors driving the
mechanism of globalization may impact advanced and expanding economic systems
diversely depending on the underlying economic condition of one's nation. That is why it
is absolutely essential and pivotal for us to be engaged and informed about these
concepts and issues, as these are now the predominant arteries through which our
society can thrive and keep up in this turbulent and messed up world. If this thing can
become an equitable and just platform for all of us, it will undoubtedly generate a
fundamental benefit that spurs the diffusion of technology and knowledge, assisting in the
propagation of economic expansion possibilities all over countries, which will certainly
support and assist our nation in combating this horrendous pandemic.
Reference:
 Lucia, M. (2019, March 15). Reflections of Globalization in Society Today.

Retrieved September 5, 2021, from
https://www.econstor.eu/bitstream/10419/108375/1/174-621-1- PB.pdf
 Ahmad, N. (2019, June 21). Driving Factors of Globalization: An Empirical Analysis
of the Developed and Developing Countries. Retrieved September 5, 2021, from
https://imsciences.edu.pk/files/journals/vol-10/Paper%206.pdf
 Homayounnejad, M. (2020, July 26). What factors have contributed to globalization
in recent years? Retrieved September 5, 2021, from
http://www.redbornecommunitycollege.com/_files/Curriculum/5F173131A1478B7
3B9D 918395207B05C.pdf
 Juneja, P. (2019, December 9). What is Globalization ? - Meaning and its
Importance. Retrieved September 5, 2021, from
https://www.managementstudyguide.com/what-isglobalization.htm
 Sankowski, A. (2020, August 12). Reflections on Globalization from Behind the
Closed Quarantined Door. Retrieved September 5, 2021, from
https://scholar.stjohns.edu/cgi/viewcontent.cgi?article=1002&context=jga

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Bandula, Charena F.

In general, the aforementioned elements give insight on how globalization appears to

 Lucia, M. (2019, March 15). Reflections of Globalization in Society Today.

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