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What is 'Globalization'?

Technology is a major contributor to


Globalization represents the global integration of globalization. Advancements in IT and the flow of
international trade, investment, information information across borders have increased
technology and cultures. Government policies awareness among populations of economic
designed to open economies domestically and trends and investment opportunities.
internationally to boost development in poorer Technological advancement such as digitalization
countries and raise standards of living for their has simplified and accelerated the transfer of
people are what drive globalization. However, financial assets between countries.
these policies have created an international free
market that has mainly benefited multinational The Broader Meaning of Globalization
corporations in the Western world to the Globalization is also a social, cultural, political and
detriment of smaller businesses, cultures and legal phenomenon. In social terms, globalization
common people. represents greater interconnectedness among
global populations. Culturally, globalization
BREAKING DOWN 'Globalization' represents the exchange of ideas and values
Through globalization, corporations can gain a among cultures, and even a trend toward the
competitive advantage from lower operating development of a single world culture. Politically,
costs, and access to new raw materials and globalization has shifted countries' political
additional markets. In addition, multinational activities to the global level through
corporations can manufacture, buy and sell intergovernmental organizations like the United
goods worldwide. For example, a Japan-based car Nations and the World Trade Organization. With
manufacturer can manufacture auto parts in regard to law, globalization has altered how
several developing countries, ship the parts to international law is created and enforced.
another country for assembly and sell the finished
cars to any nation. The Globalization Controversy
Proponents of globalization believe it allows
Globalization is not a new concept. In ancient developing countries to catch up to industrialized
times, traders traveled vast distances to buy rare nations through increased manufacturing,
commodities such as salt, spices and gold, which diversification, economic expansion and
they would then sell in their home countries. The improvements in standards of living. China is a
19th century Industrial Revolution brought good example of a national economy that has
advances in communication and transportation benefited immensely from globalization.
that have removed borders and increased cross-
border trade. In the last few decades, Outsourcing by companies brings jobs and
globalization has occurred at an unprecedented technology to developing countries. Trade
pace. initiatives increase cross-border trading by
removing supply-side and trade-related
Public policy and technology are the two main constraints. The North American Free Trade
driving factors behind the current globalization Agreement, for example, encouraged U.S. car
boom. Over the past 20 years, governments manufacturers to relocate operations to Mexico
worldwide have integrated a free market where labor costs are lower, and many U.S.
economic system through fiscal policies and trade companies have outsourced call centers to India.
agreements. This evolution of economic systems
has increased industrialization and financial Globalization has advanced social justice on an
opportunities abroad. Governments now focus on international scale, and globalization advocates
removing barriers to trade and promoting report that it has drawn attention to human rights
international commerce. worldwide. In addition, some feel the spread of
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exchange of ideas, art, language and music. Provider
Name
Disadvantages of Globalization Description
Economic downturns in one country can affect
other countries' economies through a domino Advertiser Disclosure
effect. For example, when Greece experienced a RELATED TERMS
debt crisis in 2010, the all of Europe felt the Corporate Culture
impact. In addition, globalization may have Corporate culture refers to the beliefs and
disproportionately benefited Western behaviors that determine ...
corporations and enhanced wealth disparity. Peak Globalization
Peak globalization is the point at which the
Free trade implies a greater risk of failure for movement toward ...
small, private or family-owned companies Global Fund
competing in a global market. There is also a A global fund is a fund that invests in companies
digital divide because not all populations have located anywhere ...
internet access. Some suggest that globalization International Investing
has created a concentration of information and International investing is an investing strategy
power in the hands of a small elite, and certain that involves ...
groups have acquired resources and power that Country Fund
exceed those of any single nation, posing new A country fund is a mutual fund that invests in one
threats to human rights on an international scale. country.
Multinational Corporation - MNC
Standards of living have risen overall as more A multinational corporation has its facilities and
third-world countries experience industrialization. other assets ...
However, some politicians argue that RELATED ARTICLES
globalization is detrimental to the middle class,
and is causing increasing economic and political INSIGHTS
polarization in the United States. Outsourcing, Globalization: Progress Or Profiteering?
where U.S. companies transfer their facilities Proponents of globalization argue that it helps
abroad to lower labor costs and avoid negotiating the economies of developing nations and makes
with unions, means workers in the United States goods cheaper, while critics say that globalization
must now compete internationally for jobs. reduces domestic jobs and exploits foreign
workers. ...
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Learn about the significant global trends What are the typical day-to-day responsibilities of
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FINANCIAL ADVISOR Is industrialization good for the economy?
Expect FINRA to Ask These Culture Questions Industrialization is the process by which an
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INSIGHTS Globalization
4 Ways Outsourcing Damages Industry Over many centuries, human societies across the
While outsourcing has preserved capital for many globe have established progressively closer
companies, it could be damaging to American contacts. Recently, the pace of global integration
industry. has dramatically increased. Unprecedented
changes in communications, transportation, and
INVESTING computer technology have given the process new
Why Invest In International Equity Mutual Funds? impetus and made the world more
Going global may help increase your portfolio interdependent than ever. Multinational
return but is the unique risk worth it? corporations manufacture products in many
countries and sell to consumers around the world.
FINANCIAL ADVISOR Money, technology and raw materials move ever
These Will Be the World's Top Economies in 2020 more swiftly across national borders. Along with
Discover the current economic forces that are products and finances, ideas and cultures
anticipated to significantly shift the landscape of circulate more freely. As a result, laws, economies,
the world's most powerful economies over the and social movements are forming at the
next decade. international level.

INVESTING This site considers not only the Globalization of


3 Reasons Global Bond ETFs Should Be in Your the Economy but also the Globalization of Politics,
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Learn about the global bond market and discover sweeps away regulation and undermines local
three reasons to include this asset class in your and national politics, just as the consolidation of
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category. dialects, cultures and political forms.
Globalization creates new markets and wealth,
INVESTING even as it causes widespread suffering, disorder,
Countries With The Lowest Unemployment Rates and unrest. It is both a source of repression and a
A high U.S. unemployment rate may not be as catalyst for global movements of social justice
restrictive as you think. Find out where the jobs and emancipation. The great financial crisis of
really are. 2008-09 has revealed the dangers of an unstable,
RELATED FAQS deregulated, global economy but it has also given
Globalization and International Investment rise to important global initiatives for change.
Learn how globalization impacts international
investment and transforms economies around
The term globalization encompasses a range of conduct small-scale migration projects that move
social, political, and economic changes. Within a single system, or take on large-scale migration
the section Defining Globalization, we provide an projects that involve many systems, new
introduction to the key debates. The materials ask applications or a redesigned network.
what is new, what drives the process, how it
changes politics, and how it affects global Database and data migration
institutions like the UN. Database migration is the migration of data from
one kind of database to another kind of database.
Globalization expands and accelerates the This usually requires converting the data into a
exchange of ideas and commodities over vast common format that can be output from the old
distances. It is common to discuss the database and input into the new database. Since
phenomenon in highly generalized terms, but the new database may be organized differently, it
globalization's impacts are often best understood may be necessary to write a program that can
at the local level. Cases of Globalization explore process the migrating files.
the various manifestations of interconnectedness
in the world, noting how globalization affects real Data migration is the transfer of data between
people and places. data storage systems, data formats or computer
systems. A data migration project is usually
Tables and Charts on Globalization provide data undertaken to replace or upgrade servers or
on the growing global interconnectedness and storage equipment, for a website consolidation,
draw a statistical and graphic picture of to conduct server maintenance or to relocate a
Globalization. data center.

Globalization often appears to be a force of Factors to consider in a data migration project


nature, a phenomenon without bounds or include the amount of downtime required to
alternatives. But peoples’ movements have shown complete the migration, as well as business risks
that it is neither unalterable nor inevitable. due to technical compatibility issues, data
Citizens all over the world—ordinary people from corruption, application performance problems
the global North and South—can work together and data loss.
to shape alternate futures, to build a globalization
of cooperation, solidarity and respect for our Application migration
common planetary environment. Application migration is the process of moving an
application program from one environment to
Migration another, such as the migration from an on-
premises enterprise server to a cloud provider's
This definition is part of our Essential Guide: environment. This type of migration project may
Guide to easing the migration to Office 365 require the use of middleware products to bridge
In information technology (IT), migration is the any gaps between technologies.
process of moving from the use of one operating
environment to another operating environment Application migration can be a complicated
that is, in most cases, thought to be a better one. process due to the differences between the
Migration can involve upgrading to new original and new environments. Elements such as
hardware, new software or both. operating systems, management tools, the
networking architecture, the storage system and
The migration process includes making sure the the virtual machine configuration can all differ
new environment's features are exploited, old from those in the environment where the
settings do not require changing and that current application was developed or deployed.
applications continue to work. Companies can
Cloud migration data from a computer's main hard disk to a virtual
Cloud migration is the process of moving data, machine or a disk partition. Virtual to virtual is the
applications or other business elements from an migration of operating systems, application
organization's on-site computers to the cloud, or programs and data from a virtual machine or disk
moving them from one cloud environment to partition to another virtual machine or disk
another. Like application migration, moving partition. Virtual to physical refers to the
company data to a cloud service provider's migration of operating systems, application
environment may require the use of middleware, programs and data from a virtual machine or disk
such as a cloud integration tool, to bridge any partition to a computer's main hard disk.
gaps between the cloud vendor's and the
customer's technologies. What Is Discrimination?
Discrimination means treating a person unfairly
Cloud-to-cloud migration projects are because of who they are or because they possess
complicated because the data being moved is certain characteristics. If you have been treated
stored and managed remotely and controlled by differently from other people only because of
external organizations that are often in multiple who you are or because you possess certain
locations. As a result, special considerations must characteristics, you may have been discriminated
be made in regards to data privacy, against.
interoperability, data and application portability,
data integrity, business continuity, and security. The Equality Act 2010 highlights 9 protected
characteristics:
Other types of migration
Migration projects can also refer to smaller-scale Age
projects that upgrade a specific technology or Gender
service. Some examples of these types of IT Race
migration include: Disability
Software migration is the transfer of a company's Religion
programs used to operate computers and related Pregnancy and maternity
devices into a new, upgraded operating system. Sexual orientation
System migration is the transfer of business Gender reassignment
process IT resources to a newer hardware Marriage and civil partnership
infrastructure or a different software platform. Discrimination that occurs because of one or
Digital migration is the process of replacing more of the above characteristics is unlawful
broadcasting services offered on analog under the Equality Act. Considering every person
technology with digital-based networks. The has at least some of these characteristics such as
transition from analog television to digital age, race or gender, the Act protects every person
television is referred to as a digital migration. from being discriminated against.
Content migration is the process of moving
information that is currently stored on a web- If you are treated unfavourably because someone
based content management system, a digital thinks you belong to a particular group of people
asset management system, a document with protected characteristics, this is also unlawful
management system or an HTML based system discrimination.
and into a new, upgraded system.
In the digital age, other types of migration have Types of Discrimination
been developed as companies adapt to the Discrimination can occur in the following forms:
digitization of business processes and company
data. Physical to virtual refers to the migration of Direct Discrimination
operating systems or application programs and
Under similar circumstances, when a person with passing sexual comments or telling unwelcome
a protected characteristic is treated less jokes within earshot of a female gym member
favourably than others, it is direct discrimination. could constitute harassment.
For example – you have the qualifications and
experience necessary for the job but your Victimisation
application is turned down because you are ‘too When a person is treated badly or subjected to
young’ or ‘too old’. detriment because they complained about
discrimination or supported another victim of
Indirect Discrimination discrimination, this may be considered
If there is a rule or policy in the workplace that victimisation. For example – you are denied
puts you at a disadvantage as compared to training or advancement avenues at work
others, it may be considered indirect because you filed a sexual harassment complaint
discrimination. For example – an organisation against your boss.
includes a clause that forces all employees to
work on Sunday. This puts Christians at a Understanding When And Where You Are
particular disadvantage as it is common Protected From Discrimination
knowledge that Sunday is a day of worship for The Equality Act 2010 specifies several situations
Christians. where you are protected from discrimination.
Some of these situations and settings include but
You have a right to challenge the clause if it are not limited to the following:
affects you directly.
As an employee in any kind of workplace
Discrimination by Association including offices, factories or construction sites
If you are treated unfairly because someone you amongst others
know or are associated with has a protected As a student or staff in schools, colleges and other
characteristic, this may be construed as educational institutions
discrimination by association. For example – you When looking for a place or property to rent or
are refused service in a restaurant because you buy a property from estate agents or housing
are with someone who belongs to a particular associations
race. As a client of a business or organisation that
provides services or goods such as banks, shops
Discrimination by Perception and utility companies
Receiving unfair treatment because someone When using transport services such as buses, taxis
thinks you belong to a group with protected or trains
characteristics, you may be experiencing As a patient or resident at any healthcare setting
discrimination by perception. For example – you including hospitals, private clinics and nursing
are heterosexual but an estate agency refuses to homes
lease out a flat to you because they assume you When interacting with public bodies such as local
are gay due to their misconceptions about how authorities and government departments
gay people look, dress or behave. Special Clauses In The Equality Act 2010
Regarding Disability Discrimination
Harassment Under the Act, it is against the law to discriminate
Harassment comprises of unwanted behaviour against disabled individuals or put them at an
that makes another person feel offended, unfair disadvantage in educational settings, at
humiliated or intimidated. Unwanted behaviour work, when renting or buying property or when
could include physical gestures, abuse, jokes, providing goods, services and other facilities. The
spoken or written words or offensive emails and only time when disability discrimination is
expressions. For example – male gym members considered legal is if it is possible to justify the
action on health and safety grounds or because domestic violence by their male partners and they
of unavoidable business reasons. would be reluctant to speak to other men about
their experience.
In the workplace, employers must make
reasonable adjustments to the workplace so that A Roman Catholic school is justified in restricting
disabled workers have access to the all the applications for a job as a scripture teacher to
facilities and benefits as workers who do not have only baptised Catholics.
any disability.
If an employer turns down an application because
Special Clauses In The Equality Act 2010 a prospective worker insists they be given time off
Regarding Discrimination In The Workplace at certain times for religious observance, it could
The Equality law protects you from being be construed as religious discrimination.
discriminated against at work during every phase However, if the time off coincides with the
of employment, including: employer’s business time and all workers are
required to be on the job to ensure customer’s
Recruitment orders are met, then the employer may be
Training justified in taking this action by citing the
Employment terms and conditions ‘occupational requirements’ clause.
Salary and benefits
Promotion, transfer and other advancement
opportunities
Redundancy
Dismissal
Understanding When It May Not Be Considered
Discrimination
In some instances, it may not be considered
unlawful discrimination if someone treats you
unfairly on the basis of any of the protected
characteristics, provided that they have good
enough reason for this unfair treatment and are
able to justify the discrimination.

These few examples demonstrate when


discrimination may not be considered unlawful:

A construction company requires all applicants


for a high-rise construction job to take a series of
physical tests. While this might put older
applicants at a disadvantage and could be
considered as indirect age discrimination, the
company is justified as an older worker may not
be able to meet the physical rigors of the job.

A shelter for women posts an advertisement for


female counsellors only. In this case the
employers could escape any potential sex
discrimination complaint by arguing that all of
their clients are women who have suffered

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