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Globalization

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INTRODUCTION What is globalization? Globalization has begun centuries ago when humans first settled in different parts of the world due to individual exploration like how Christopher Columbus who chanced upon America in one of his expedition which was fueled by the need for economic expansion. Thomas L. Friedman in his book, “The World Is Flat”, describe the globalization phenomenon in an easy to understand and precise way, as summarized below : 1492 – 1800 Globalization 1.0 The world shrank fro
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  INTRODUCTIONWhat is globalization? Globalization has begun centuries ago when humans first settled in different parts of the worlddue to individual exploration like how Christopher Columbus who chanced upon America inone of his expedition which was fueled by the need for economic expansion.Thomas L. Friedman in his book, “The World Is Flat”, describe the globalization phenomenonin an easy to understand and precise way, as summarized below :1492 – 1800 Globalization 1.0The world shrank from a size large to medium  And this phenomenon were globalizing for the Countries 1800 – 2000 Globalization 2.0The world shrank from a size medium to small  And this phenomenon were globalizing the Companies 2000+ Globalization 3.0The world has shrank from a size small to tiny  And this latest phenomenon has  Individuals collaborating and competing globally And in our International Management text by Doh and Luthans (page 8), globalization isdefined as; “The process of social, political, economic, cultural, and technological integration among countries around the world.” Globalization integrates economies around the world and in particularly through the movementof goods, services, labor, capital and knowledge or technology across borders. And on a broader perspective, globalization can also involve cultural, political, and environmental‘movements’ across borders as mentioned above.1  Globalization comes with it’s advantages and disadvantages, for the past 20 years, we have seean extreme rapid progress in Globalizing which Friedman has elaborated vividly in his book.The advancement of technology plays the most important role in speeding up the globalization process, for example companies no longer outsource certain job functions but has move on tooffshoring whole production facilities and this is not limited to manufacturing but includesoffshoring in medical consultation and accountancy where for years now that someaccountancy firms in America actually outsource their whole tax consulting services to Indiacompanies. These are some positive impact but there is always two sides to a coin, with the positive, comes the negative impact such as environmental effects from globalization.But we cannot avoid this phenomenon from happening, politically, global and regionalintegration via trade agreements like the General Agreement on Tariffs and Trade (GATT), North American Free Trade Agreement (NAFTA) and Association of Southeast Asian Nations(ASEAN) are initiatives by global leader to further ease the globalization process byliberalizing trade across borders. ASEAN which was formed by 4 countries in 1967(Indonesia, Malaysia, Philippines and Singapore), today has more than 10 member countriesincluding Brunei, Cambodia, Laos, Myanmar, Vietnam and Thailand. ASEAN main purposeto foster closer political ties and increase economic, social and cultural development among itsmembers.The components of globalization encompasses growth domestic product (GDP), humandevelopment and industrialization. GDP is the market value of all finished goods and services produced by a country in a year, industrialization is the process driven by technology andaffects the social and economic development which will transform a country into a modern andindustrialized nation. The human development index includes the population’s life expectancy,knowledge, education and measured income.With these initiatives, it is still unavoidable where the shifting of demographics and distributionof economic power may not be balanced. With globalization, human beings are also faced witha different set of problems such as inequality in income distribution in some developing nation.We will discuss on the forces of globalization and it’s impact on Singapore. The forces of globalization are Social, Economic, Political, Technological and Cultural. SINGAPORE 2  Singapore, a small nation strategically located in South East Asia with a population of 4.5million though does not boost any natural resources but has immense human resources andadvanced technology to propel it’s economic growth tremendously. Singapore is also highly populated by migrant from all over the world especially from China, India, Malaysia,Philippines and many other countries. Singapore is a truly cosmopolitan city that absorbed allthese foreign talents easily.Singapore total trade has rose by 21% in year 2010 to S$902 billion due to increase in bothimports and exports and GDP growth for year 2011 is projected to increase from 4% to 6%.Graph extracted fromwww.iesingapore.gov.sgAnd recently, Singapore is also declared the greenest city in Asia in a study done by Siemensand the Economist Intelligence Unit (EIU). Singapore has proven that it is able to balance therapid economic growth with the sustainability of the environment.The above is important fact to under how globalization has impacted on Singapore and whatwill be the future challenges for Singapore in the midst of globalization.3  IMPACTS OF GLOBALIZATION Political ImpactIn the political front, Singapore is rather neutral in terms of political policy and it is alsomember of many free trade agreements which has allow Singapore to trade quite freely across borders and thus improving it’s economic front. Apart from being a member in ASEAN,Singapore also signed Free Trade Agreement with countries like China, Australia, Japan, CostaRica and bigger trade agreement like AFTA (Asean Free Trade Agreement).Social and Cultural ImpactSocially, as mentioned above, Singapore is a cosmopolitan city which boost many nationalitiesmigrant living peacefully, most of the time (about ½ million of the population are PermanentResidence). Overall, socially, the influx of migrant workers into Singapore has more positiveimpact than a negative impact even though some locals felt that the immigrants has taken awaytheir job opportunities but the government has repeatedly reassure that immigrant are broughtin mainly for jobs that Singaporean refused or not able to perform. On a more positive note,the influx of immigrant into Singapore’s society allows us to be more tolerant of differentculture and also the birth of a mixed society where inter-cultural or inter-religion marriage arevery common. We see more and more mixed parentage children which further ‘coloured’ our society and it also allows the children to learn tolerant of others races and religions from young.Economic ImpactFrom the data extract from Singapore Statistics Board, we can also see that throughglobalization and the free trade agreement that Singapore has with various nations has enableour country to yield a healthy income from our exports which supersedes our import value, thatis export value as at January 2011 is at S$42 million whereas the import value for Singapore isS$36 million.Technological ImpactBeing a nation that boost one of the most talented pools of skilled workers and professionalsalso means we are able to bring in and utilized more advance technology and at the same timeimprovised it as necessary. We are not only good at absorbing technology that we import,Singapore is also a nation that has churn out talents that invented new technology such as4
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