Itm Essay

Topics: Economics, Economy, Economies Pages: 6 (2193 words) Published: July 28, 2013
Introduction
From the ancient human history to the modern society nowadays, there are not many nations or communities which are able to develop without exchange relations or communicate with other countries in all aspects of life such as economics, politics and culture. Therefore, international communication or globalization appears as the most popular relation. It is considered as not just a condition but as an essential result for all social development process. As a consequence, globalization has become an international inevitable trend of the humanity in over the last few decades. The substantial increase of globalization is associated with the development of economy, society, science and technology as well as the challenges for most command economies and Vietnam is not an exceptional of that vortex. The main purpose of this paper is aim to discuss the core theoretical of globalization in both advantage and disadvantage effects that leading many command economies to concur and approve a common market format and illustrate how Vietnam is experienced of this phenomenon. Understanding

In the last few decades, the term of globalization has become a protractedly debated issue at all segments of the society in all over the world. Although there are no accurate and specific definition that offered to describe the term “globalization”, people are still aware of its open driven characteristics that spread out over a tremendous background that shaped the international trend to an unprecedented homogenized. Some researchers and experts have argued that because of globalization interpretation is found from Western values and perceptions, others societies that not from the West would find it’s difficult to approve it completely (Ahmad 2003, Oka 1998). However, in order to clearly illustrate the effects of globalization to the nowadays society, there is a definition that could be seen as the most reasonable explanation for this phenomenon. According to a study conducted in 2006 by Dr Nayef Al-Rodhan, a director of Geneva Centre for Security Policy, globalization refers to a process that comprehends the causes and effects of transnational and transcultural consolidation of both human and non-human activities. Regardless of it multi-affected characteristics, globalization has been predominantly associated with economic circumstance which denotes recent evolution of the global economy including the significant development of economic transactions across the geographical frontiers. Therefore, economic globalization creates certain effects in both positive and negative fields for those countries that involved in. Globalization brings many undeniable benefits to the development of a nation. First of all, it creates the ability to develop and dissemination of information technology and telecommunication facilities. Therefore, it promotes the growth of economy and commercial trading as well as implying the creation of implicating objective economic regulations in a vast global area. Additionally, it facilitates the exchange of culture widely, making people get closer together. Globalization also offers the potential solutions to solve some common issues which are consequences of economic globalization and social development. For example, the advantages of globalization can be clearly seen on the changing and development of India’s economy since the nation economic reform in the early 1990s (Basdeo 2006). He also states that after India became an official member of the World Trade Organization (WTO) and the Group of 8 (G8), the India’s economy started to change significantly and fleetly to the advantages of more open, liberalised economy. Due to the development of technology in transportation and the natural barrier to trade of communication decrease, the international trading arrangements increase the importance. Another noticeable example of gaining benefits from globalization can be found in the context of China’s economy....
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