Globalization and Economic Development in Relation to Social Media
1. Introduction
The study of Economic Development is diverse and broad which deals with various factors and idiosyncrasies that lead to economic growth. I intend to focus this paper on how social media can aid economic development. Globalization has created a platform in which the world is seen as a global village, and also an integration and interaction among companies, people and nations. This process facilitates where from the rural Nigeria, ideas can be exported to the international community with the click of just a button.
In this paper I intend to elaborate on the meaning of globalization and what economic development stands for and the correlation between them. I would
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Globalization is the integration of international communities arising from the exchange of world views, ideas, culture and products. The various advances in telecommunication and transportation infrastructure, including the rise of the internet are major factors in globalization, generating further interdependence of cultural and economic activities. The various aspect of globalization include investment movements, capital, migration, trade and transactions, and the dissemination of knowledge are all related with technological advancements which could all drive economic development .
b) Economic Development
Development Economics could be said to not be the same as the economist of modern neoclassical economics (advanced capitalist Nations) nor is it similar to the economics of the past centralized socialist system. It is the economics of the contemporary poor, less developed nations with conflicting ideological orientations, diverse socio cultural backgrounds, and very complex yet close economic problems that demand new thinking and approaches . Economic development deals with the social, economic, political and institutional mechanisms, both private and public, necessary to bring about rapid large scale improvements in the growth of any economy
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I tried to link social media which could be said to be a factor of globalization which influence economic development. I explained that social media has bridge the gap and bottlenecks for people of different background, race, religion and culture to connect in a virtual world or online community in the process or aim of selling an idea, innovation or investment opportunity which could in the long run translate towards economic development and
The term 'globalization' has been subjected to a variety of interpretations. Though at its simplest it can be seen as how the world has become integrated economically, politcally, socially and culturally through the advances of technology, communication and transport John Baylis et al. (2011).
"Introduction to The Global Impact of Social Media: Current Controversies." The Global Impact of Social Media. Ed. Dedria Bryfonski. Detroit: Greenhaven Press, 2012. Current Controversies. Opposing Viewpoints in Context. Web. 3 Mar. 2014.
Globalization is the phenomena of increased economic integration among nations characterized by the movement of people, ideas, culture, and resources across borders. This phenomena dates back to the trade routes developed by the Silk Road, as well as those that were discovered by European explorers such as Columbus, Magellan, and Marco Polo. Globalization has been crucial for the development of both individual countries as well as the world as a whole. The conquests and subsequent settlement of new lands with new biological resources, the potential to accommodate transfers of population, crops, and livestock, international trade, as well as technological innovations are all key elements of globalization.
A. M. Kaplan and M. Haenlein, ‘Users of the world, unite! The challenges and opportunities of Social Media’, Business Horizons, vol. 53, no. 1, 2010, pp. 59-68.
Globalization becomes important today because increasing in depending to the world. Globalization can be determined as increasing in trade and exchange in open economy, integrated and borderless international economy (Intriligator, 2003). Globalization is often used to refer to economic globalization. The integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and the spread of technology. Besides that, globalization also can be defined as process of greater interdependence among countries and their citizens. It consists of increased integration of product and resource markets across nations via trade, immigration and foreign investment-that is via international flows of goods and services, of people and of investment such as equipment, factories, stocks and bonds. It also includes non-economic elements such as culture and the environment.
Technology has come a long ways from its existence till today. In today’s modern world, people are surrounded by technology everywhere. In the present, people are surrounded by disrupting technologies every day. Today innovators are always creating new technologies that will make an impact on the daily lives of millions. Technology has made the lives of many people easier. The influence of technology has made an impact on social media. Social media has impacted the society in many ways. Whether it is the life of an individual to how successful a company is going to be. Social media is not just about tweeting about what you just accomplished or instagraming what food you are about to eat at a very nice restaurant. The uses of social media is way broader. Now most social media companies are buying out and merging with many other companies that will be off use to them. The people of society has certainly come from a long way. Social media is influencing consumers in what they are going to buy next. Social media is helping businesses to become more aware of their impact they have on they customers. Social media has a big presence for an individual and a business. This research paper is going to be over how social media impacts an individual. Then it is going to be about how much of an impact it has on businesses. Afterwards it is going to go over the pros and the cons of social media in society. Then this research paper is going to conclude on where social media is heading towards in the near future and so on.
Although social media has provided todays society with instant forms of communication and ways to connect, it also created a new standard for living and has caused problems for many groups of citizens in all walks of life and has caused society to re-think its usage. There are two views about social media, either. It is a positive addition to society and its benefits outweigh the risks, or that social media causes more harm than good and it’s usage should be limited. Some of the ideas that are central to the idea that social media is a benefit to today’s society are that social media encourages increased communication with friends and family, provides fast access to breaking news and other information, and helps businesses attract new business and correspond more quickly with their existing customers.
Globalization is a new concept that was introduced to the world after the fall of the communist regime. Globalization has to its identity social, economic, and political reforms, .however the globalization that we are about to discuss is the term that combines the past socio-economic and political reforms and cross with them to the world where their are no boundaries, restrictions, and immobilization what Mittelman describes as ? cross-border flows of capital, knowledge, and consumer goods ? (Mittelman 1). For the world to become a one or a single entity it has to pass through a process of economic, and technological integration. The consequence of this unification is the aim of this research, positive and negative, although the negative aspects will be the dominating part.
Globalization, love it or hate it, but you can’t escape it. Globalization may be regarded as beneficial from an economic and business point of view, but however cannot be perceived the ditto when examined from the social sciences and humanities side of it. Globalization can be argued as a tool for economic growth, advancement and prosperity through co-operation between the developed and developing countries. The pro-globalization critics argue that the benefits that globalization brings to developing nations surpasses or outcasts the negative impacts caused by globalization and may even go a step further to state that it is the only source of hope for developing nations to prosper and stand out. However, the real question to be asked is as to what extent are the positives argued upon without taking into account the negative aspects of globalization towards developing countries. Moreover, how many developing countries out of many are exactly benefiting or even prospering from globalization is another question to consider. Therefore, my paper will dispute that indeed growth and advancement provided by globalization to developing countries is beneficial in short-term, but in the long-run, it will only bring upon negative impacts and challenges due to the obstacles involved such as exploitation of labour and resources, higher increase in poverty, and effects of multi-national corporations on local businesses and the economy, and to an extent the effects on the developing country itself.
In this millennium virtual world, Internet, digital media and social media have emerged as most popular media of communication. Its reach, freedom to communicate and interact without barriers of geography, religion. caste, community and language made it most used media for interaction among people and masses. World is witnessing that social media has revolutionized the communication and brought the interactivity to a new level. The focus of web technologies towards social interactions, community building and networking is influencing all aspects of life and society. (1) The global organisations like world bank, UN women development, UNICEF believe that new information technologies, social media have exceptional capacity to mobilize the public attention and public accountability. The possibilities are endless, through tweets, Instagram pictures, Facebook pages and
Globalization is the connection of different parts of the world. Globalization results in the expansion of international, cultural, economic, and political activities. As people, ideas, knowledge, and goods move easily around the globe, the experiences of people around the world become more similar. (“Definition of Globalization“, n.d., ¶ 1)
The social media is one of the most common means of communication and pretty much of knowing anything and everything around the world these days, and it is growing very rapidly. It changes and affects each person in a different way, or ways. Some may argue that social media has a bad influence on children and young adults, while most people see that the social media has a more positive effect on them than a negative one. Social media is basically the new way of keeping in touch with everything and everyone, and of even strengthening bonds between each other. This essay will argue that social media has improved communication between people, and has also improved the means of communication between them.
The term ‘Globalization’ refers to is the integration of economies, industries, markets, cultures and policy-making round the globe. It explains a progression by which both national and regional economies, societies, and cultures have become incorporated through the universal system of commerce, communication, migration and transportation.
In addition, social media changed the way of living and the working level of many people like organizing vacations and researching for school and university projects. With attributes that may affect the way people interact online, social media open a new ways for many newspapers, magazines to publish their issues online to promote their ideas quickly and to let the people in contact with their news and to make more productivity and make more money. Also, they can listen to any type of music, reads books, story, purchase any product, buy clothe online...
"Globalization is a process of world shrinkage, of distances getting shorter, things moving closer. It pertains to t...