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What is the meant “ globalization” We often hear the word globalization in many contexts and repeated frequently as a concept to denote more trade, foreign companies and even the ongoing economic crisis. Before we launch into a full-fledged review of the term and its various manifestations, it is important to consider what exactly we mean when we say globalization. Globalization is the free movement of goods, services and people across the world in a seamless and integrated manner. Globalization can be thought of to be the result of the opening up of the global economy and the concomitant increase in trade between nations. In other words, when countries that were hitherto closed to trade and foreign investment open up their economies and go global, the result is an increasing interconnectedness and integration of the economies of the world. This is a brief introduction to globalization. Further, globalization can also mean that countries liberalize their import protocols and welcome foreign investment into sectors that are the mainstays of its economy. What this means is that countries become magnets for attracting global capital by opening up their economies to multinational corporations. Further, globalization also means that countries liberalize their visa rules and procedures so as to permit the free flow of people from country to country. Moreover, globalization results in freeing up the unproductive sectors to investment and the productive sectors to export related activities resulting in a win-win situation for the economies of the world. Globalization is grounded in the theory of comparative advantage which states that countries that are good at producing a particular good are better off exporting it to countries that are less efficient at producing that good. Conversely, the latter country can then export the goods that it produces in an efficient manner to the former country which might be deficient in the same. The underlying assumption here is that not all countries are good at producing all sorts of goods and hence they benefit by trading with each other. Further, because of the wage differential and the way in which different countries are endowed with different resources, countries stand to gain by trading with each other. Globalization also means that countries of the world subscribe to the rules and procedures of the WTO or the World Trade Organization that oversees the terms and conditions of trade between countries. There are other world bodies like the UN and several arbitration bodies where countries agree in principle to observe the policies of free trade and non-discriminatory trade policies when they open up their economies. In succeeding articles, we look at the various dimensions of globalization and the impact it has had on the global economy as well as in the mobility of people from poverty to middle class status. The point here is that globalization has had positive and negative effects and hence a nuanced and deep approach is needed when discussing the concept. What is undeniable is that globalization is here to stay and hence it is better for the countries in the global economy to embrace the concept and live with it. Advantage of the globalization Peaceful Relations Most of the countries have resorted to trade relations with each other in order to boost their economy, leaving behind any bitter past experiences if any. Nations now try to raise capital and fortify their stand in international trade, rather than hosting a war. Thus, globalization has induced international peace and security in a big way. Free Trade Free trade is a policy in which a country does not levy taxes, duties, subsidies or quota on the import/export of goods or services from other countries. There are countries which have resolved to free trade in specific regions. This allows consumers to buy goods and services, comparatively at a lower cost. Global Connectivity Globalization has promoted international connectivity. With the use of the Internet, the world has definitely become a smaller place. There has been exchange of thoughts and ideas which has morally boosted and interlinked the mindset of people all round the world. New Markets The opportunities for new markets has increased dramatically. Numerous companies have started investing in different countries and luring customers for their brands. These ever-expanding markets have helped countries to raise capital in terms of foreign domestic investments, thus improving the economy of the country. Employment Opportunities One of the most advantageous factors of globalization is that it fosters the generation of employment. This happens due to the emergence of new companies and new markets, where lots of skilled and unskilled labor is required. Immigration between countries also increases, providing better opportunities for people all round the world. By providing employment, globalization helps in increasing the standard of living of the people, and also reduces poverty. Quality Products The competition among different companies finds place at an international level. It becomes important for the companies to focus on quality goods and services, in order to have a strong foothold in the market. The consumer is benefited in the process, and gets quality products at cheaper rates. He/she also gets the opportunity to select his goods from a large variety available in the market. Environmental Protection Mutual trade carried out by countries has brought about an understanding for the protection of the environment from which they benefit so much. It has been accepted by most countries that action needs to be taken in saving natural resources and wildlife, without thinking about the boundaries that separate them. Global environmental problems like cross-boundary pollution, over-fishing in the oceans, climate change, etc., are solved by discussions and conventions. Good for Developing Nations It is claimed that globalization increases the economic prosperity of developing nations. Developed countries invest in such countries with an aim of capturing new markets, which helps them improve their infrastructure and technologies to international levels. A lot of capital is invested in such projects, which in turn proves fruitful to the economy of the developing nation as well. Equality for All Globalization has helped in creating international criminal courts, and international justice movements are also launched to provide justice to people at a global level. Disputes are solved through global standards such as patents, copyright laws, and world trade agreements. Thus, it has ensured that people do not get discriminated with regard to country, caste, creed or sex. Ease of Transportation With the advent of globalization, there has been an immense increase in the transportation of goods and services worldwide. Things which took weeks for conveyance, can now easily be availed within a couple of days. Due to the development of containerization for ocean shipping, transportation costs are reduced to a great extent, lowering the cost of products in world markets. Travel and Tourism Globalization has promoted tourism to great heights. There are many places that have tourism as their main source of capital generation. International trade among different countries also helps in increasing the number of tourists that visit different places around the world. In the conduct of globalization and integration alongside economic development opportunities aslo pose many diffculties and chanllenges, including : a, The process of globalization is both competent in fighting cooperation between the praticipants , mainly between developed countries and less developed to the developed coutries . Due to the advantages of capbility and performance dominates the world market in the process of globalization, the developed countries are power regulation and control of the "rules" common of them. , To ensure all countries have an interest in opening up and integration , which requires parties to cooperate with each other . Therefore, the advantages of capital , technology , market , management experience and market forces that govern the world . In the process of globalization in developed countries are power regulation and control of the general rules in their favor . Although the " rules " seem "fair " but in fact they always give an edge to those who are strong . The developing countries , poor countries often suffer disadvantage , marginalized on their side . In the process of globalization in order to obtain benefits , the developed countries are always looking for ways pinched the developing countries on all aspects of social life . As economically developed countries use force to crush the developing countries accept the terms to his advantage , creating a disadvantage for developing countries , making the country dependent on experience more and more international . b, Particitipation in interation economic organizations to go to trade liberalization is accepted to economic countries in economic instituons that we have and will partipate. For example, compared with other countries i AFTA ,per capita income of our country is less than one third of Indonesia and Philippines, with the ninth of Thailand, fifth of Malaysia and less 1/100 of Singapore . Thus ,the efficiency and competitiveness of Vietnam's economy is manufacturing ,trading and services is weak . While the world economy is the stronger competitor many times our domestic market and the world . Oligopoly is gradually replacing proprietary application . Form which countries have higher levels of development are becoming the "center" while others become "periphery" of the world economy . Therefore , trade liberalization often bring big benefits than for the development of the technology of their products are of high quality at low prices , beautiful designs. Meanwhile management techniques and technology so that our poor weak market competitiveness. However say trade liberalization ,but the industrialized countries still adopt a system of pubic protection as standard or process etc. Despite technological transfer but the industrialized countries often do not transfer achievements latest. c, Globalization uneven distribution of benefits and opportunities for developing countries. Due to the overwhelming economic power and dominance in all aspects of the developed countries are holding key positions in the international division and in the process of globalization. They always find ways to win the economic advantage on their side, pushing the disadvantage of the developing countries. This has created an uneven distribution of benefits, increased differentiation between rich and poor countries and within each country. In fact, if globalization gives developing countries the vast resources and increasing their wealth a multitude of ways, it also makes many developing countries and is increasingly lagging majority of poor people around the world increasingly impoverished. The polarization of the world between rich and poor is increasing both in width and depth. d, Economic globalization especially in the field and monetary huge benefit for the large country , the financier and aslo promote the increase of capital , leading to the into the " bubble" financial - caused the financial crisis scale. They always find ways to win the economic advantage on their side , pushing the disadvantage of the developing countries . This has created an uneven distribution of benefits , increased differentiation between rich and poor countries and within each country . In fact , if globalization gives developing countries the vast resources and increasing their wealth a multitude of ways , it also makes many developing countries and is increasingly lagging majority of poor people around the world increasingly impoverished . The polarization of the world between rich and poor is increasing both in width and depth. The financial system in particular monetary and general economic systems are non- linear systems . Should any variation of it has a " wave " effect spread to almost every component in the system . When the borders between nations are protected by tariff barriers , " hard " , then the wave is damped . And now when the other border is disabled , the effect due to non-linear wave another significant influence . In the conditions of globalization , the developed country's crisis , a region can create shock spread across borders leads to even wobble caused the crisis to other countries , other areas and globally. But the biggest risk of the less developed countries because of their already weak support conditions had not depend even more dependent . Join the economic globalization that is acceptable shocks can occur in the global economic system . In that case if management capacities poor macroeconomic , financial system , banking backwardness , corruption and bureaucracy without the raging positive active defense , the economy shed unavoidable breaking crisis . This is a big challenge for Vietnam as trea