According to Hamilton (2008), globalization is a social process that enhances connectivity and relations of the world’s markets. Jones (2010) asserts that globalization is inevitable since it’s the extension of world’s social relations. He also reports that the process of globalization has taken shape within the last two decades therefore, illuminating the impact of globalization on the world economies. The dramatic rise of globalization has been attributed to the massive improvement of communication infrastructure and the wide-ranging use of internet (Ritzer, 2009). This paper will focus on the positive effects of globalization on world economies with particular emphasis on industrialization, information dissemination and culture transformation.
Jones (2010) asserts that globalization has contributed to modern day industrialization. This has been attributed to the emergence of new world markets for products and free trade areas. Globally, consumers have more access to foreign products and as such, existing manufacturers have increased their production quotas in order to meet the increasing demand of their products. This has contributed to the imminent establishment of international companies in the quest to broaden market targets and consumer reach (Waters, 2001). Therefore, consumers are able to enjoy foreign products while foreign companies are able to increase their profits and thus the expansion of world economies.
According to Hamilton (2008), free flow of information has arguably been one of the success aspects of globalization. Globalization has contributed to upgrading of information infrastructures such as telecommunication and internet use. With the traverse use of optic fiber as a way of relaying information and the increasing use of satellite signals, information dissemination has become a modern day reality. By increasing information flow, the world has become a global village where news from one corner of the planet can be communicated to the rest of the world within seconds. Therefore, the world is more aware of its surroundings (Ritzer, 2009).
According to Steger (2010) in the past two decades, the world has experienced unprecedented cultural transformation which has been attributed to globalization. This has been accredited to the dire need of people from all works of life to experiment with new products and ideas from other cultures. Jones (2010) reports that people are more willing to diversify their culture stance in order to improve their way of living .The trend of culture transformation has led to an increase in tourism activities and travelling as more people are willing to embrace culture diffusion. Further, local products have also been introduced to the international markets due to their cultural inclination.
In conclusion, globalization has extended social relations in the past two decades by positively impacting on the global economies. Globalization has contributed to modern day industrialization through emergence of new world markets. This has led to the establishment of international companies. Through globalization, information infrastructures have greatly improved thus increasing the rate of information dissemination and creating more awareness among the planet dwellers. The extension of social relations has also contributed to culture transformation as more people are willing to learn and practice foreign cultures. This has contributed to the booming tourism industry and the emergence of international markets for local products that have cultural value.