Introduction
According to KOF Index of Globalization 2013, Singapore was ranked the fifth most globalized country in the world (Dr. Martin Gassebner, 2013). Many other globalization rankings, like the Foreign Policy (Mike Hales, 2012) and Ernest & Young’s Globalization Index (Donna Liew, 2013), have all featured Singapore to be the top 10 most globalized country in the world. All these are strong indicators to show that Singapore is a globalized country. The paper will explain both the pros and the cons of globalization and its impact on Singapore and her people. I will argue that the advantages of globalization outweigh the disadvantages.
Literature Review
The term ‘globalization’ was referred by Hussein Mutalib in his studies as “the process of further integrating the global community into an inter-dependent, border-less world through means such as capital, exchange, production and information flows” (Mutalib, 2002). In essence, globalization includes: (a) economic globalization; (b) political globalization, (c) socio-cultural globalization and (d) world opinion on various issues and agendas that call for universal action (Mutalib, 2002).
Historical Background
Globalization has impacted Singapore and her people as early as her independence days. Singapore chose to go beyond being a Southeast Asian regional center. She implemented an open-door financial institution policy in 1968 to increase her foreign direct investments and establish her political security. Without a hinterland, Singapore needs to rely on Multinational Companies (MNCs) to jumpstart its industrialization process since she lacks a substantial pool of industrial entrepreneurs (Ann, 2011). MNCs being the main engine of globalization have propelled Singapore for...
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...ill be further strengthened by other policies (Iqbal, 2013). Implementation of minimum wage policy would tightened the salary gap between locals and foreigners and create incentives to hire locals. They will not only reduce reliance on foreign workers but will also remove the wage stagnation problem.
Conclusion
As discussed above, globalization has its advantages and disadvantages but it is a global phenomenon and as a small country, we are not able to stop it. Instead of trying to go against globalization, we should make full advantage of globalization and mitigate the negative impacts of globalization and reap its benefits to the fullest. As an old Chinese saying goes, “to turn crisis into opportunity”, coupled with good public policies and governance, we can improve the underlying negative issues of globalization and turn them into opportunities for Singapore.
The rapid growth rates in Singapore can be attributed to the various economic and political factors such as the role of the state, debacles between states and countries and effect of the international environment. What we expect is that, at the end of an influential dispute there will be many changes in the international environment which may end, leading to huge effects related to globalization in production. Singapore is a unique city-state without a rural population (Shatkin, 2014). The implication is that it will be difficult to understand the difference in the situation between rural and urban sector, which are important prerequisites in the study of...
Singapore acts as a role of an entrepôt for Southeast Asia due to their strategic location, port infrastructure and highly skilled workforce. Singapore also purchases raw materials from other country and then refine the product into a better product to re-export. The reason for Singapore to do this is because of the lack of human and natural resources.
Globalisation involves the removal of trade barriers and the increasing integration between economies. It features a high degree of transfer of labour, capital, intellectual capital and ideas as well as financial resources and technology. Singapore is a country that has been largely impacted by the effect of globalisation. Globalisation has strongly influenced Singapore as it has increased world trade, strengthened economic integration, lowered costs and raised productivity. Specifically, the effect international convergence, trade, investment and transnational corporations as well as economic growth and development, quality of life and the distribution of income and wealth.
(Bilton et al 1996:5) The process of globalization has certainly had many changing effects to the world we live in; it has also changed the way many factors operate. Globalization is said "to have transformed the structure and scale of human relationships that social, cultural, political, and economic processes now operate at a global scale with a consequent reduction in the significance of other geographical scales. "(The Dictionary of human geography 2004:315) Globalization has had both positive and negative effects on a local, national, international and global level. Globalization often brings benefits at one level which cause negative effects at another, these results and the scale at which they manifest are often uncertain and unpredictable.
Singapore is an island and a smallest country in Southeast Asia. Singapore is one of the “Four Asian Tigers” where the world major cargo seaport occurs. Despite the small size of the nation, Singapore economy have strong international trade link with capitalist mixed economy when the government intervention in the market is minimal (Economy watch, 2011).
Upon independence, Singapore had a workforce consisting of three million people and a huge proportion of them were unemployed. More than two-thirds of the city state’s population was living in slums and squatter settlements. (Zhou) It lacked natural resources, sanitation, proper infrastructure and adequate water supply. Then, former Prime Minister Lee Kuan Yew tried to seek for international assistance but it was to no avail, leaving Singapore to bootstrap itself out of its adverse situation. Learning from Israel’s ability and success to bypass its Arab neighbors who boycotted them and trade with Europe and America, Singapore knew that we have to connect with the developed world and convince their multinational corporations to invest in Singapore. That is when globalization was experimented and it has been officially embraced as one of the state policy in Singapore.
After the cold war, word ‘globalization’ was commonly used at a time of unprecedented interconnectedness when advanced nations experienced a ruthless development by exploiting energy resources and stressing culture forms in developing countries. To identify the definition of ‘globalization’, it is significant to clarify its appearance as well as implication.
Globalization is an overwhelming trend. It is no doubt that there are many positives rise out of globalization, but equally some serious negatives brought from this trend, such as gradual disappearance of ethnic identity (Buckley, 1998). This essay is going to address some positive effects of globalization generally, and then it will focus on impacts of this trend on developing countries.
Singapore’s economy is of a good reputation, and its stability in growth has earned the country the title “Asian tiger.” With a high dependency on exports, the country faces international crises. Its location serves...
Globalization is defined as “the historical process involving a fundamental shift or transformation in the spatial scale of human social organization that links distant communities and expands the reach of power relations across regions and continents (Baylis, 2014).”
Globalization’s history is extremely diversified and began during the beginning of civilization. Now we live in a world that is constantly evolving, demanding people to use resources in locations that are very difficult to obtain certain resources. This could make it completely impossible to operate in these specific parts of the world. However, globalization allows people across the world to acquire much needed resources. Globalization creates the opportunity for businesses to take advantage and exploit the ability to take part of their business to a different country. Nevertheless, globalization is part of today’s society and will be involved in virtually all situations.
The term globalization is one that is an exceptionally wide-ranging term and it is used to explain a wide variety of definitions. Many people link the term globalization with the how the world is connected on an international and a local scale. One example of this is how Inda and Rosaldo illustrate globalization as being in “a world full of movement and mixture, contact and linkages, and persistent cultural interaction and exchange” (Inda and Rosaldo 4). On the other hand, they also imply that although movement and connections are prime components of globalization, disconnection and exclusion also form globalization (Inda and Rosaldo 30). Global flows of economic and social structures are not fluid and constant; they have the power to exclude and immobilize as well as enhance movement and include certain beings. In the 60s, the term `global village' was used by Ma...
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)
Many negative and positive thoughts have been given to the process of globalization. The proponents of globalization rather see the benefits of globalization, while the opponents have based their opinions on the disadvantages of globalization.
Globalization is one of the main aspects in the 21st century. Globalization has brought the world closer; all the things that are happening nowadays are recognized globally even if they happened locally (Buckley). According to Nayef Al-Rodhan GCSP (Geneva Centre for Security Policy) globalization is not a single word or concept. It contains many other concepts within itself. Globalization is composed of different concepts like incorporation regarding the economics, transmitting information or understandings, stability within beliefs, and other concepts (Al-Rodhan p.3). This paper deals with the definition of Globalization, the advantages and disadvantages of globalization, and based on these information the views that to which extend the globalization is beneficial for majority of the world's population. The concept of globalization has changed the whole shape of the world. It has both its positive and negative impacts on people's life. However, by taking both the advantages and disadvantages into consideration we can find that to a large extend globalization is beneficial for majority of the world's population. With the help of globalization the works that were difficult in past is getting easier in today's environment. People are getting closer to each other, which is a product of globalization. Moreover, the knowledge and informations are being circulated in very good way which is a very good sign for having a good and prosperous life.