Globalization and Emerging Issues in Engineering

Abstract

Globalization refers to the absence of the walls of matchboxes that every country had, between themselves based on suspicion, mutual distrust and ambition. We were different countries, in fact divided into worlds, and therefore could never manage to deal with natural holocausts and deadly epidemics, which time and again challenged us. Globalization has strengthened the nexus and has helped us to know each other's need in a better way. lt has helped to demolish those walls that separated us and curbed our natural identity of being fellow human beings. Globalization has primarily become a fiscal term, but its impact is not limited to the economy of the countries only, the term globalization refers to every aspect of life like cultural, social, psychological and of course, political. It is true that the impact of globalization is visible and affects largely the politics and the economy of the country but its effect on the mindset and the culture is noticeable gradually in the way people think and react. In our rapidly shrinking world, countries and affairs that once seemed far away have an ever stronger and more profound impact on our lives. This globalization process is undoubtedly technogenic. The size and complexity of the modern global economy, finance, manufacturing and engineering design present a great challenge to politicians, economists and engineers alike. Under the umbrella of such complex systems, decisions made by significant players may have effects that are profound and often difficult to predict. Therefore, particularly well-placed would seem the efforts aimed at identifying and developing network metrics, e.g. measures of impact of decisions on the global system.