before submiting on Friday

Student ‘s name: Tran Le Nguyen

Essay question:

Summarise the main effects of globalisation and discuss to what extent they are beneficial to your subject area.

Word count: 1018 words

Plan:

1. Introduction (179 words)

2. Media (207 words)

3. Culture (132 words)

4. Politics (156 words)

5. Business- Economic (284 words)
6. Conclusion (60 words)

7. References

From the late 1980s to early 1990s, the financial and investment market’s gradually growing scope started to across national borders. In consequence, the original appearance of what so-called ‘globalisation’ became a new business method as well as a practical solution to run the financial market. According to Collins, “Globalisation – whatever that means” (economics editor Evan Davies) is a ‘result of deregulation and improved communications’ (Guardian 2002). Many agreements on trade, co-operative development programme have been signed between a country and other ones. Many new laws have been issued to follow the current trend of the world. Modern information technology has made our communications faster. It is widely believed that globalisation is an effective remedy to improve the life quality and to reduce poverty. However, contrary to popular beliefs, some people argued that it is generally unfair and its negative effects widen the gap between rich and poor worldwide. This essay will cautiously examine two sides of its main effects on some certain areas, and then particularly consider how far it impacts on my subject - business and economics- positively.

Global mass media has been changing in recent years. Many kinds of new media mean help us communicate with someone all over the world more quickly and economically. These communicated means moreover provide a new service to meet higher need of entertainment. Nokia mobiles’ the Comes With Music service is a typical example to describe how the other countries can receive benefits from a country in the global media status. Comes With Music service is a involvement of four leading record labels: Nokia, Universal Music, Sony BMG and Warner Music. Nokia will launch the handset accompanied this service in the United Kingdom in November and in France, Germany, Italy, the Netherlands and Spain, plus Australia and Singapore, and some developing countries next year (Financial Times 2008). This means that the benefits of global media are allocated in other countries. Nevertheless, a threat of controlling a media world is possibly occurred in fast integrated countries. Many media means are produced in developing or imported countries but its various prices are decided by multinational companies. The content of media changed by powerful corporation will also limit locally cultural expression. Two aspects of global media are a result of a continuous development of technology to communicate everyone in international transactions.

Diversified culture is a part of international integration process. A European people can eat the tropical fruits such as durian, blue dragon, litchis in their countries where they cannot be grown or are difficult to grow. For another example, a language diversification is obviously seen in London where there are a lot of immigrants in the world. However, some local words and traditional values are disappeared from cultural integration. Nowadays young Chinese people often live with their children in their own house rather than with their parents in a big one. A full of sexual, materialistic lifestyle formed in their thinking is effected by Western culture and by the complexity of many other factors (Reith lectures BBC 1999). Cultural diversification is actually happening and progressively replacing the specific culture of a country.

In terms of politics, some international organisations have been established to link each country’s politics closer. Group Seven (G7), European Nations (EU) and World Trade Organisation (WTO) are the pattern organisations. A standard and common rule is built and applied for all member countries to solve both political and economic problems. Moreover, a country with an unstable politics will be supported dramatically by other countries. For instance, strategic management policy is appropriately reformed and implied to reason and sentiment to adapt the world’s political environment. On the other hand, the dark side of this aid is an extensive intervention on weak political countries such as Iraq’s situation. The United States’ political power has governed some countries in a wide and deep way. This leads to a number of problems on a flood of immigration, grey matter, stagnating economic development in some countries with political weakness. Therefore, the closer political relationship is, the more seriously problem arises.

Political instability is one of many leading reasons to decide how much the volume of capital investment is in a country. International capital flows is an importantly operated engine of global trade and world economics. In integrative condition, trade liberalisation and world economics have changed in both negatively and positively. Cheap working force is the most benefit for investors. In order to produce a good quality commodity with a competitive price, many international groups prefer to countries in which they can find low labour-cost, firmly political environment, full of resources. With the same product, the labour force in Vietnam is extremely much cheaper than in United Kingdom. As a result, a large number of multinational companies as foreign branches are established to do international business in globalising countries. World trade including export, import, manufacture in domestic has significantly increased more than 100 times (from $95 billion to $12 trillion) since 1955 (BBC News 2007). This partly explains why the annual economic growth rate has remarkably increased among trade liberalizers and better than the non-globalising developing countries (Dollar and Kraay 2001b). In consequence, some developing countries such as China, India have become emergent economies with a very strong growth and prospective markets for investors.

However, there is a steady decline in growth from a high of 4.7 percent in 1960s to 2.2 percent in 1990s in rich countries (IMF 2001). Globalisation’s unfairly benefit distribution in each country increases the gap between the rich and poor countries. Furthermore, high inflation, low interest rate, low wages for workers is ominous signs of a weak economy from globalisation process. In generally, business and economics which are two sensitive aspects evidently describe the advantage and disadvantage effects of globalisation.


In conclusion, the international integration is key condition to encourage the national development of media, culture, politics, especially business and economics. Although it is an effective way to follow the modern world’s global trend, globalisation still has some negative influences. Therefore, widely opening the economy to the world is not absolutely benefit. The importance is a selectively strategic integration method.