Economics Assignment help
Genre: Finance

How market globalization both responds to and promotes the convergence of consumer lifestyles around the world?

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Economics Assignment help

Globalization comes from the root word global which means one world. Globalization has been a process which has been ongoing for centuries now and in recent years has taken an altogether different level in scope, practice and concept. From the earlier times when a “Silk Route” existed between China and the rest of the world to the first true Multi National Company, British East India Company established its empire across the continents; globalization has been slowly but continually expanding its roots. Now a days the term globalization has taken a more crisp and well defined meaning with the emergence of international network and socio economic system.

According to many thought channels, there have been different definitions of globalization. Some define it to be the processes through which the entire world is getting threaded into one. While another line of thought describes it chain of events where any miniscule event in one part of the world is and can be shared with the entire globe and in the process establishes and intensifies social relations across the cultures and international boundaries (Kaynak, Erdener & Hassan, Salah, 1994).

Market globalization talking in a crude sense, explicitly refers to the unification of market places across the international boundaries and geographies where a powerful force derives the convergence of the world into being one. Most of the time this force is technology which facilitates the passage of information from one place to the other. Technology has helped both the buyers and sellers with useful information with taste of people and the new trends and available products across the places. Emerging technology has in a true way led to the unification of the world’s different markets into one.

All this free flow of information has led to one recurrent theme across the ages and across the geographies, a more informed and knowledgeable customer. Customers now know what they want and they have a fair idea what is in demand at other places. People move to different paces and get to see the things that are being sold in a different geography or market place and in turn buy it from there or demand a similar product at their own place.

In the early ages, there was a huge demand for the Chinese silk and tea in all parts of the world. The world tasted the Indian spices and has been an ardent fan of its aroma and taste ever since. There were explicit trade route for the import and export of these goods. This was in a time when the world had not imagined the concept of globalization and was happy living in a limited shell of theirs. Still, people had found about the taste and usage of products across the geographies and had started using those.

In more recent times, with social networking sites like the facebook, twitter, Orkut etc having made a deep inroad into the everyday life of all of us, sharing with people across the globe has been a more recurrent phenomenon in our lives. Without even consciously doing it, we are showcasing our culture and lifestyle to people living across the oceans. This helps in people from other places in knowing what people in other places and geographies are buying and using. For example, iPhone, a product launched and developed in the United States has seen a surge in demand across the demographic divide. The facebook, a social networking site developed as an internal website for a university campus, now takes an average of one hour of time each day for most of the people.

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