How Has Globalization Affected On The Year 10 Years Essay

How has globalization affected UAE in the last 10 years? Globalization is a general term describing how different people, companies and governments come together usually initiated by international trade and investment and complemented by information technology. Currently, globalization is necessary in every country, whether it is already developed or developing, big or small. Since its inception in 1980, it has brought about technological advancements in the transport and communication sectors and opening up developing countries to international trade and investment. Every country, even the poorest are trying to take a chance in globalization by utilizing the world markets of manufactured products and services with their huge labor. Globalization mainly affects three main areas in a country: social, cultural and economic. UAE, which is one of the wealthiest member countries in the Middle East, has hugely benefited from globalization. Globalization has influenced UAE positively becau se it has increased the foreign investments, encouraged domestic investment and even stimulated free trade with other countries. UAE runs an autocratic government whereby one person possesses the power. They have a foreign policy that runs on the principle of non-interference in the internal matters of other countries and believes on peaceful resolutions in case of a dispute. UAE has for a long time enjoyed global economic success since the discovery of oil and gas deposits. Before the oil andShow MoreRelatedGlobalization And Its Effects On Society1011 Words   |  5 Pagesthousands of years people and businesses around the world have interacted and integrated with each other. This is called globalization. Globalization has reformed almost every industry and affects billions of lives whether you realize it or not. Around the world, people view international trade as a good thing but this is hindered by concerns about its side effects. 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