The core challenges of capitalist globalisation are ethical rather Essay

The core challenges of capitalist globalisation are ethical rather than economic Discuss - Essay Example Although, globalization particularly capitalist globalization is mainly viewed as an economic based process, it can make maximal social impacts in various forms. Whether through business organizations’ functioning and through other economic based decisions, globalization can make many business and social impacts, and this is where ethical challenges will arise. With globalization mainly carried out to fulfil economic potential, ethical aspects could be given second preference. That is, when economic opportunities are ‘vehemently’ tapped through globalization, without focusing on other aspects particularly social aspects and business ethics, ethical challenges could be a major issue. Needless to say there are both die-hard critics as well as ardent supporters of the trend of capitalist globalization, with ethical issues brought into more prominence. When the term, globalization is focused from an overall perspective, it can be used to define the practices and processes that are carried out by business organizations, governments, social groups and common people to interact and assimilate among themselves in different spheres of human life, from economical to cultural, social, etc., breaking the geographical boundaries or a particular country’s borders in various, etc.. â€Å"Globalization may be thought of as the widening, deepening and speeding up of worldwide interconnectedness in all aspects of contemporary social life, from the cultural to the criminal, the financial to the spiritually.† (Wiley, Nandi and Shahidullah, 1998). This definition of globalization was further reinforced by Joseph E Stiglitz, recipient of the Nobel Prize in Economics. He defined it as â€Å"the closer integration of the countries and peoples of the world ...brought about by the enormous reduction of costs of transportation and communi cation, and the breaking down of artificial barriers to the flows of goods, services, capital, knowledge, and people across borders." (2002,