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Running head: GLOBALIZATION AND WORK 1

Globalization and Work

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GLOBALIZATION AND WORK 2

Dimensions of Globalization

Globalization refers to the global integration of economic, financial, trade and

communications. Globalization is a process, and it cannot be achieved overnight but is

influenced over the years. Globalization is marked by free trade, capital flow, and tapping of

cheaper foreign labor markets across national frontiers. Globalization can be taken as a process, a

project and as a practice. This paper focuses on the three mentioned dimensions of globalization

in details.

While taking globalization as a process, the interconnectedness between globalization

and financial markets is evident. Capital markets are considered to be the major factor

contributing to globalization as it succeeded in becoming globally liberal. The financial markets

primary aim is to obtain profits. However, there are other aspects related to it. In a bid to

conform to international financial market standards and requirements, many countries have

become globalized. Globalization, in this case, is achieved through a process.

No country is self-sufficient in a global economy. Each country is involved in the trade to

sell the surplus produce or purchase what such States lack. In world trade, exchange of goods or

services takes place across nations and promotes economic efficiency hence products are

available in wider varieties and at a lower cost. Global trade grows and faces changes and legal

regulations over time, and this is, therefore, a process as it has sequences and rules.

Foreign direct investment (FDI) refers to an investment made by an individual or a

company to an international company either in one’s country or another country. The mentioned

aspect of investment has become a crucial engine of economic growth among nations. The FDI

has influenced both economic conditions and policies in various countries. Economic distance

GLOBALIZATION AND WORK 3

between nations has reduced, capital movements exploded, transfer of wealth and knowledge

have increased and trade. Foreign direct investments are a key driver of globalization.

Globalization can be taken as a project, that is, several planned endeavors are undertaken

to bring about globalization. Neoliberalism refers to a collection of economic policies that argue

for reduced state intervention in the economy and a promotion of Laissez-faire capitalism to

promote human well-being, economic efficiency, and personal freedom. It is a core set of

capitalist ideas as opposed to a formerly usual form of liberalization. Neo-liberalization is

believed to be the primary driver of globalization, and it can be seen as the effect of global

neoliberalism.

Neoliberalism has influenced many states though they may not illustrate a firm

commitment to domestic neoliberal ideas. International Financial Institutions (IFIs) have placed

on the removal of trade barriers, and capital controls while attempting to liberalize the global

economy. On the other hand, trade globalization can be attributed to neoliberal institutionalism

or classical liberal theory that states that a country can maximize its economic gain by

specializing in production and trade of goods it can produce relatively cheaper. In contrast, a

neoliberal argument is considered as an individualist; it supports free trade where there is

freedom to conduct business transnationally and the freedom to choose where and with whom to

do business.

There has been a reduction in trade barriers such as tariffs and quotas. This decrease has

resulted in increased world trade with relation to GDP and output. The World Trade

Organization’s (WTO’s) policies on lowering trade barriers are as a result of neoliberal

institutionalism theory as they emphasize economic efficiency and business gains due to

GLOBALIZATION AND WORK 4

comparative advantage. Therefore, neoliberalism has contributed lots to globalization and

international trade. In this light, globalization is taken as a project in that neo-liberalization is

taken as a deliberate endeavor undertaken to bring about globalization.

Globalization has another dimension, that is, globalization as a practice, it refers to the

application or use of an idea, belief or methods. Development of an international regulation for

minimum labor standards is a practical approach resulting from globalization. International labor

standards are conventions agreed upon by international actors, as a result of value judgments

aimed at protecting fundamental worker rights, enhance job security, and improve terms of

employment for workers on a global scale. The intention of labor standardization is to establish a

global minimum level of worker protection from inhumane labor practices through worldwide

adoption and implementation of the said measures. Global labor standards have high potential in

improving working lives of significant numbers of people all over the world. The development

of an appropriate regulatory body for enforcing basic international standards could serve as a

model governing international economic activities more generally. Therefore, international

regulations on minimum labor standards are a practice that promotes globalization.

In summary, globalization has a positive impact worldwide. The process of globalization

has been influenced, over the years, by development in different fields. Globalization has

promoted increased trade and exchange of goods and services at a global level which has helped

many states to obtain what they do not produce and export what they produce in plenty. As a

result, goods are availed in plenty and at a considerably lower price. Globalization could take

three dimensions, in that; it can be considered as a process, a project, and as a practice.

GLOBALIZATION AND WORK 5

References

Chaudhury, S. K., Sarkar, S., & Panigrahi, A. K. (2014). Foreign Direct Investment (FDI). New

Delhi: Avon Publications.

Clark, C., & Clark, E. A. (2016). Challenging Neoliberalism: Globalization and the Economic

Miracles in Chile and Taiwan.

In Navarro, V. (2007). Neoliberalism, Globalization, and Inequalities: Consequences for Health

and Quality of Life. Amityville, NY: Baywood.

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