Essay: Globalisation as a worldwide economic phenomenon

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  • Subject area(s): Economics essays
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  • Published on: January 10, 2019
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University of Toronto

Winter 2018: SOCD25H3 S Advanced Seminar in Economy, Politics, and Society

Final Research Paper

Topic: Globalization as a worldwide economic phenomenon. Analyzing globalization from

economistic, cultural and structural perspective

Student Name: Anthony Wong

Student Number: 1002162072

Instructor: Professor Rania Salem

Date of Submission: April 6, 2018

1. Introduction

Globalization is considered a worldwide economic phenomenon. I will analyze this economic phenomenon from three perspectives: economistic, cultural and structural. Our world has become more interconnected and our relationship with one another is becoming closer. Compared with the past, we can now easily connect with each other using information technology. For instance: Using social media such as Whatsapp, Facebook, and Snapchat to keep in touch with our friends and relatives. These social media breaks the geographical constraints and enables us to stay connected with our friends anytime and anywhere. As a student, we can make use of the online platform to keep in touch with our professors and classmates so that we can receive important course-related materials and notifications from the university and discuss the subject matters through email or discussion board with our instructors and peers. From an economistic perspective, it becomes easier for firms and corporations as they can make use of the online platform to advertise and sell their goods and services. Since there are little restrictions on using the Internet, it enables us to obtain instant and first-hand information about what is happening around us. From a cultural perspective, we have similar tastes and preferences and consume the similar type of foods. Take Canada as an example, it is an immigrant country. It implies that we can eat a variety of foods from the different part of the world. People speak different languages, but we commonly use English to communicate with each other so that we can understand others easier. Meanwhile, while some people might think that globalization makes our world a better place, it poses some threats to us at the same time. For instance: Globalization will inevitably lead to the reduction of jobs that pay with high income, widens the income disparity between the rich and poor people and it will also create a phenomenon of cultural hegemony in which a local culture will be dominated by another powerful country like the United States. The structural perspective means the social networks that connect us with one another in the era of globalization. In this essay, I will take into account the three theoretical perspectives: economistic, structural and cultural perspective to analyze my chosen economic phenomenon and provide the best perspective that can be used to explain this phenomenon.

2. Description of the economic phenomenon: Globalization

The development of information and communication technology is prevalent in the era of globalization. Nowadays, people make good use of the Internet to exchange and share information with one another. They can easily upload and post some formal or informal information on the social media sites instantaneously so that other people can know what is happening around them within a short period of time. Globalization itself is a complicated process and almost every single country around the world experiences it. (Samimi & Jenatabali 2014: 1). Generally speaking, Globalization is interrelated to our daily life, and it affects us economically, culturally and structurally. Many countries especially those developing countries have concerns about the different effects brought by globalization such as how it will affect economic growth and development of a country, how globalization derives the problem of poverty and social inequality as well as cultural hegemony dominated by the super nation like the United States. (Samimi & Jenatabali 2014: 1)

3. Analysis of the economic phenomenon: an Economistic perspective of globalization

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