Sustainable Consumption Essay Example | Topics and Well Written Essays - 4250 words

Sustainable Consumption - Essay Example Globalization is a process of integration among people, governments and companies through the mode of international trade, which is aided by the information technology. The procedure has an impact on culture, environment, economic development, political systems and the society. Globalization has helped to form an interdependent and interconnected world, where free transfer of capital as well as goods and services take place across national boundaries (Blowfield and Dolan, 2014). During the middle-ages, individuals, followed by corporations, bought and sold goods through the eminent Silk Road across Central Asia (Hill, Cronk and Wickramasekera, 2013). Likewise, globalization has substantially supported corporations to invest in other countries. Constant technological and policy developments over past few decades can be attributed to globalization. It has spurred a rise in the cross-border migration, investment and trade massively (Young, et al.,2014). The rapid globalization has enabled the world to enter into a new stage of economic development. Since 1950, the volume of trade globally has increased by almost 20 times (Gwynne and Cristobal, 2014). From 1997 to 1999, the inflow of foreign investment has nearly doubled from $468 to $4827 billion (Gwynne and Cristobal, 2014). The entire process of globalization has become cheaper, faster and deeper in the recent past (Daly, 2013). The fresh wave of globalization is driven by policies that have opened the econo mies internationally and domestically. Since the Second World War, the governments of various countries have adapted to the system of free market economy, which has facilitated improvement in their productivity, thereby creating innumerable new prospects for investment and international trade (Hall and Vredenburg, 2012).