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Unlocking the full potential of globalization: a coexistence of

opportunities and challenges
The first step towards change is awareness,
The second is acceptance
Nathaniel Branden

Globalisation is the growing integration and interdependence among societies due to diaspora and the
exchange of ideas and information from one country to another. The modernisation of trading strategies
has led to competitiveness that greatly enhances the global economy and benefits financially-stable
countries. However, it leaves outsourced developing countries with an outdated armamentarium and
exiguous opportunities. It is important to overcome this challenge in the pursuit of fairer conditions. In
this essay both of these issues and their social outcomes will be discussed from a financial facet by
juxtaposing them, and possible solutions will be provided in an attempt to explore other approaches to
this phenomena.
Technological development, especially in the area of communication, and the liberalisation of
governmental trade policies, both generated from financial prosperity, have assisted to abolish barriers,
lower overall business costs and shorten distances, benefitting thus the society and global economy
(Bishop, Reinke, & Adams, 2011). Globalisation has been established as the shaping entity of the
Global Society1. It has assuaged burdensome issues through cooperation and has provided links for
trading. Moreover, it is the cause of rapid social and cultural evolution that has led many countries to
prosperity by means of mutual cooperation and trade. For instance, transportation is viewed as the main
factor for reducing barriers in trade2 and assists in the introduction and development of new technology
worldwide. (Roudometof, 2014). The modernisation of technology and other societal systems is one of
the key advances perpetrated as a benefit from globalisation.

1 The modern business world and society (Bishop, Reinke, & Adams, 2011)

2 After the communication barriers were overcome by the technological revolution of the past 30 years
(Roudometof, 2014)
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In contrast, a new challenge has risen from inequality, entire countries and nations are bereft of
opportunities either by the high competiveness of the system or by a lack of partnerships and trade
agreements. These inimical outcomes include Cubas current situation. For example, it has been
isolated from the global mainstream due to chauvinistic leaders and policies. Furthermore, the
International Trading Fund (IMF) and the World Bank exert pressure on other nascent economies
(Bergh & Nilsson, 2014), thus, undermining their systems and increasing their governmental accrue3.
Other examples include African countries, such as Rwanda, Niger, Guinea, Gambia, with outdated
economic policies and systems that struggle to keep up with the rapid changing environment.
Consequently, the major challenge of globalisation is to overcome the imbalance of power and lack of
opportunities among the incipient economies.
The evisceration of human relationships and trade, and the lack of openness and flexibility from
governments have hindered globalisation from fulfilling the outcomes it has the potential to achieve as
a worldwide process. A possible solution could be brought about through education, social solidarity,
community empowerment, the creation of suitable work opportunities and the rising of global
consciousness and awareness. Hence, addressing the problems of global nescience, gender inequality,
loss of cultural identity and the increasing inequalities of incomes between citizens of a single nation.
Transmuting the current paradigm of globalisation will require significant changes to the present
methodology as stated by The World Commission on the Social Dimension of Globalisation (2004). To
attain sustainable development in social, economic and environmental aspects, it is imperative for
developing nations to participate in trade agreements and implement policies to allocate resources
efficiently4 in order to gain recognition in the world market. The problems mentioned are major issues
among the global society and education and the rising of awareness are the tools to overcome such
contingencies and further aid in the development of nations.

3 Those who are at the helm of global politics and economics have made sure that their wealth gets
amassed and their power is protected. (Basu 2003)

4 Defined as Glocalization by Roudmetof (2014)

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In conclusion, while globalisation can be beneficial for all nations, its potential has not been fulfilled
due to the power imbalance between rich and poor countries, self-isolating policies of retrograde
governments and outdated resources and trading agreements of developing countries, as the
aforementioned cases illustrate. In order to overcome these issues, world commitment and solidarity
are required. The measures to be implemented will require time and are very demanding in terms of
economic investment, but will ultimately prove idoneous for the global economy and system, as well as
for the inchoate, struggling economies.

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Bibliography
Basu, K. (2003, Sep). Globalization and the Politics of International Finance: The Stiglitz Verdict.
Journal of Economic Literature, XLI, 885-899. doi:10.1257/002205103322436223
Bergh, A., & Nilsson, T. (2014). Is Globalization Reducing Absolute Poverty? World Development, 62,
42-61. doi:10.1016/j.worlddev.2014.04.007
Bishop, T., Reinke, J., & Adams, T. (2011, November 01). Globalization: Trends and Perspectives.
Journal of International Business Research, 10(1), 117-130. Retrieved September 25, 2014
Das, D. K. (2010). Financial globalization: a macroeconomic angle. Financial globalization, 2(4), 307325 . doi:10.1108/17576381011100847
Roudometof, V. (2014). Nationalism, Globalization and Glocalization. Thesis Eleven, 122(1), 18-33.
doi:10.1177/0725513614535700
World Commission on the Social Dimension of Globalization. (2004). A Fair Globalization: Creating
Opportunities for All. International Labour Organization. Retrieved Sep 24, 2014, from
www.ilo.org/wcsdg

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Appendix A: Evaluating Online Sources

Academic English researched essay - source #1
The complete reference for this source is:
World Commission on the Social Dimension of Globalization. (2004). A Fair Globalization:
Creating Opportunities for All. International Labour Organization. Retrieved Sep 24,
2014, from www.ilo.org/wcsdg
Briefly explain how you found this source. ( e.g., the search engine used, key search
words used, a website recommended by a text or by a teacher, a library search, etc. )
ANU Library SuperSearch search engine
What type of source is this?
REPORT
TIP 1: Who is the author of this source?
World Commission on the Social Dimension of Globalisation
TIP 2: Who is the source affiliated with? (Be specific).
Worldwide organisation
TIP 3: What is the purpose of this source?
To provide statistics and rise conscience on the modern issue of
globalisation
TIP 4: Does the author reference his or her sources?
Yes, government resources and other organisations
TIP 5: Does the information appear to be accurate?
Yes, I rate it as very reliable it is accurate and relevant
TIP 6: Is the language objective and dispassionate?
Yes, only objective language used
TIP 7: Is this source current?
2004. It may affect the overall numbers and figures but not the
concepts; no other editions of the report available
Based upon your evaluation, how useful will this source be for your AE discussion?
Why?
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It is a very useful source providing relevant information, predictions and definitions for
the essay.

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Academic English researched essay - source #2

The complete reference for this source is:
Bergh, A., & Nilsson, T. (2014). Is Globalization Reducing Absolute Poverty? World
Development, 62, 42-61. doi:10.1016/j.worlddev.2014.04.007
Briefly explain how you found this source. ( e.g., the search engine used, key search
words used, a website recommended by a text or by a teacher, a library search, etc. )
ANU Library SuperSearch engine
What type of source is this?
Journal Article
TIP 1: Who is the author of this source?
Bergh, Andreas; Nilsson, Therese
TIP 2: Who is the source affiliated with? (Be specific).
Lund University Sweden, Research Institute of Industrial Economics
(IFN) Stockholm, Sweden
TIP 3: What is the purpose of this source?
To give facts and analise globalisation
TIP 4: Does the author reference his or her sources?
Yes, they are from respected, liable sources
TIP 5: Does the information appear to be accurate?
I deem it very accurate and appropriate for the purpose of the essay
TIP 6: Is the language objective and dispassionate?
Yes, only objective language used
TIP 7: Is this source current?
2014, I think is very up-to-date and relevant
Based upon your evaluation, how useful will this source be for your AE discussion?
Why?
I think it is very useful for my essay, and provides enough information to strengthen my
argument

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Academic English researched essay - source #3

The complete reference for this source is:
Bishop, T., Reinke, J., & Adams, T. (2011, November 01). Globalization: Trends and
Perspectives. Journal of International Business Research, 10(1), 117-130. Retrieved
September 25, 2014
Briefly explain how you found this source. ( e.g., the search engine used, key search
words used, a website recommended by a text or by a teacher, a library search, etc. )
ANU Library SuperSearch engine
What type of source is this?
Journal Article
TIP 1: Who is the author of this source?
Bishop, Tiffany; Reinke, John; Adams, Tommy
TIP 2: Who is the source affiliated with? (Be specific).
Sam Houston State University
TIP 3: What is the purpose of this source?
Give facts and convey a message
TIP 4: Does the author reference his or her sources?
Yes, they are from respected, liable sources
TIP 5: Does the information appear to be accurate?
I deem it very accurate and appropriate for the purpose of the essay
TIP 6: Is the language objective and dispassionate?
Yes, only objective language used
TIP 7: Is this source current?
01/November/2011; I think is very up-to-date and relevant
Based upon your evaluation, how useful will this source be for your AE discussion?
Why?
I think it is very useful for my essay, and provides enough information to strengthen my
argument

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Academic English researched essay - source #4

The complete reference for this source is:
Das, D. K. (2010). Financial globalization: a macroeconomic angle. Financial globalization,
2(4), 307-325 . doi:10.1108/17576381011100847
Briefly explain how you found this source. ( e.g., the search engine used, key search
words used, a website recommended by a text or by a teacher, a library search, etc. )
ANU Library SuperSearch engine
What type of source is this?
Journal Article
TIP 1: Who is the author of this source?
Dilip K. Das
TIP 2: Who is the source affiliated with? (Be specific).
SolBridge International School of Business, The Institute of Asian
Business, Woosong University, Daejeon, Republic of Korea
TIP 3: What is the purpose of this source?
To analise globalisation and its possible future outcomes
TIP 4: Does the author reference his or her sources?
Yes, they are from respected, liable sources
TIP 5: Does the information appear to be accurate?
I deem it very accurate and appropriate for the purpose of the essay
TIP 6: Is the language objective and dispassionate?
Yes, only objective language used
TIP 7: Is this source current?
2010, I think is very up-to-date and relevant
Based upon your evaluation, how useful will this source be for your AE discussion?
Why?
I think it is very useful for my essay, and provides enough information to strengthen my
argument

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Academic English researched essay - source #5

The complete reference for this source is:
Roudometof, V. (2014). Nationalism, Globalization and Glocalization. Thesis Eleven, 122(1),
18-33. doi:10.1177/0725513614535700
Briefly explain how you found this source. ( e.g., the search engine used, key search
words used, a website recommended by a text or by a teacher, a library search, etc. )
ANU Library SuperSearch engine
What type of source is this?
Journal Article
TIP 1: Who is the author of this source?
Victor Roudometof
TIP 2: Who is the source affiliated with? (Be specific).
University of Cyprus
TIP 3: What is the purpose of this source?
To analise globalisation, and convey a message
TIP 4: Does the author reference his or her sources?
I deem it very accurate and appropriate for the purpose of the essay
TIP 5: Does the information appear to be accurate?
Yes, they are from respected, liable sources
TIP 6: Is the language objective and dispassionate?
Yes, only objective language used
TIP 7: Is this source current?
2014. I think is very up-to-date and relevant
Based upon your evaluation, how useful will this source be for your AE discussion?
Why?
I think it is very useful for my essay, and provides enough information to strengthen my
argument

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Academic English researched essay - source #6

The complete reference for this source is:
Basu, K. (2003, Sep). Globalization and the Politics of International Finance: The Stiglitz
Verdict. Journal of Economic Literature, XLI, 885-899.
doi:10.1257/002205103322436223
Briefly explain how you found this source. ( e.g., the search engine used, key search
words used, a website recommended by a text or by a teacher, a library search, etc. )
ANU Library SuperSearch engine
What type of source is this?
Journal Article
TIP 1: Who is the author of this source?
KAUSHIK BASU
TIP 2: Who is the source affiliated with? (Be specific).
Indian Government
TIP 3: What is the purpose of this source?
To act as a consultant for the government
TIP 4: Does the author reference his or her sources?
Yes, they are from respected, liable sources
TIP 5: Does the information appear to be accurate?
I deem it very accurate and appropriate for the purpose of the essay
TIP 6: Is the language objective and dispassionate?
Yes, only objective language used
TIP 7: Is this source current?
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2003. I think is relevant, although some of the figures may not be upto-date
Based upon your evaluation, how useful will this source be for your AE discussion?
Why?
I think it is very useful for my essay, and provides enough information to strengthen my
argument

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