I'm Amy, Hundreds of philosophers and social observers have taken sides for many years, either supporting or opposing the standard dimension of global processes. 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Globalization refers to interconnectedness among countries through various relationships, from business, geopolitics, and technology to travel, culture, and the media. In my opinion, the countless defense techniques imposed on globalization, claiming that it will bring the world on a unified network, are truly flawed. With more customers and enhanced brand reach and value, the sales and profits are sure to rake high and above as compared to being confined to the ones native country. As a result, they can produce lower cost goods that can be sold globally. Transportation. This is simply on the scale of media, but it should go as far as politics. 10 Global Talent Acquisition Trends for 2023, G-P (Globalization Partners) 2023 Predictions, How to Ensure Business Success in South Korea, Todays Workforce is Planning Ahead: Results from G-Ps 2022 Global Employee Survey. It's more. Cycles: it explains that there is no single point of origin in globalization but it is a long-term cyclical process wherein the current global age today is only a modication of the global age in the past. Globalization Makes Us More Productive, 10. Critics also suggest that employment opportunities for children in poor countries may increase negative impacts of child labor and lure children of poor families away from school. The views and perceptions of people depend on who they are, where they live and what they possess. On a similar note, globalization increases the availability of jobs worldwide which is a great thing for people because more job opportunities mean higher salaries and living standards, which in turn keeps bringing new money into the economy so it feeds itself allowing everyone to benefit from globalization. When assessing the importance of Globalization, its good to look back to where it originated; Extent of the Silk Road and Spice trade routes blocked by the Ottoman Empire in 1453 spurred exploration and saw rise to international trade. Globalization Is Needed For Spreading Technology and Information Across Borders, 3. As we know, it is the process through which the world stimulates into a unified network. It is very vital for the companies operating in todays dynamic and ever competitive market that the customer has to be given the topmost importance and priority in order to beat the competition and successfully survive in the market. This ultimately makes everyone feel appreciated for being unique individuals.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'curiousdesire_com-leader-3','ezslot_10',109,'0','0'])};__ez_fad_position('div-gpt-ad-curiousdesire_com-leader-3-0'); The future is unknown, which is why its important to prepare ourselves for whatever might come next. Meanings and Perspectives of Globalization, This example was written and submitted by a fellow student. When medical professionals from around the world came together through Doctors Without Borders, in cooperation with the World Health Organization, and workedto eradicate SARS in Vietnam, they prepared a SARS kit afterward and developed guidelines for dealing with the infection. The infant mortality rate in Kenya, especially in its slums, is one of thetop 65 in the world, but globalization has provided tools to help address some of the difficulty with pre- and postnatal care. Increased Flow of Capital. Where it is dangerous or difficult to travel, small business owners simply use their mobile phones to reach clients and contractors. Difficulty navigating these systems may lead to impediments in expanding to new countries and severe repercussions for missteps made. The G-P leadership team weighs in on global hiring trends, HR tech and whats South Korea has always been attractive for companies looking to expand internationally. For developing countries, especially, being able to skip the long technological development processes of industrialized countries brings rapid progress. Like it or not, globalization has proven to be a potent force for growth and development, and it is changing the world in ways that have a sweeping, sometimes unpredictable impact. Our goal is to bring educated, relevant, and unique perspectives on global affairs through the form of articles and video. In other words, when countries that were hitherto closed to trade and foreign investment open up their economies and go global, the result is an increasing interconnectedness and integration of the economies of the world. Write CSS OR LESS and hit save. Proponents of globalization argue that it improves the state of the world in many ways, such as the following: Many proponents view globalization as way to solve systemic economic problems. Without globalization, it would be very difficult for refugees to flee war-torn countries like modern day Syria and Yemen. Many businesses located in the United States have outsourced their call centers or information technology services to companies in India. One of the main aims and objectives of the firm is to attain a higher market share, higher sales, and higher profits. 1. As globalization continues to shape worldwide interactions in commerce, technology, and more, companies will need to understand both its benefits and challenges. Create a free account and access your personalized content collection with our latest publications and analyses. Use the tool to help admins manage Hyperscale data centers can hold thousands of servers and process much more data than an enterprise facility. Foreigners come to seem completely unfamiliar under such conditions. This convergence promotes -- and in some cases necessitates -- increased interaction, integration and interdependence among nations. It removes the barriers set by geographic constraints, political boundaries and political economies. if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'curiousdesire_com-leader-2','ezslot_8',111,'0','0'])};__ez_fad_position('div-gpt-ad-curiousdesire_com-leader-2-0');With all this being said, globalization is important because many positive effects on society, including making us more productive, promoting cultural diversity, enabling us to prepare for upcoming challenges, and making us more tolerant towards others. Most Kenyans dont have access to banks or bank accounts, but they can use their phones to send and receive funds, using a text-based app since most mobile phones in the country are not smartphones. Increasing populations of immigrants and refugees present a challenge for industrialized nations. The Triangular Trade network in which ships carried manufactured goods from Europe to Africa, enslaved Africans to the Americas, and raw materials back to Europe is another example of globalization. Arguably one of the top advantages of globalization has been the rapid spread of technology worldwide. With the power of internet marketing and social media, the entire world is like a global village and customers having access to all the domestic and international brands in a seamless and eased out manner. For information on user permissions, please read our Terms of Service. They bring jobs, skills and wealth to the region they are investing or doing business in. And in such a scenario, large and known firms enjoy the power of monopoly in the market as they have been into the market for a longer period of time and have a huge list of loyal customers. Globalization also gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies.With globalization, different parts of a product may be made in different regions of the world. This makes goods and services more affordable for everyone who can then purchase them. He currently studies Public Management and economics with hopes of one day becoming an accomplished journalist. revolution [B] to ensure more education for people [C] to advance economic globalization [D] to pass more bills in the 21st century 25. And with globalization, the competition reaches its peak as the native players of any country face the competition from the outside firms luring and attracting their loyal customers with the products and services that are high on innovation and novelty. Sustainable prosperity is when people of any ethnicity,religion or gender have all their needs met, all have an equal opportunity to create wealth and all to have the chance to pursue happiness. Global stock markets plummeted after the Sept. 11, 2001, terrorist attacks in the United States, but rebounded in subsequent years. The rapid adoption of mobile technology hasspurred entrepreneurism in countries like Kenya. Examples include the following: The term globalization as it's used today came to prominence in the 1980s, reflecting several technological advancements that increased international interactions. Patriotism is their absolute trait and thats why any foreign influence causes a threat to the society. Political policies also affect cultural globalization, enabling people to communicate and move around the globe more freely. Increased trade to larger and more diverse markets results in greater revenues and increased gross domestic product (GDP). Most companieson the planet are working remotely, so the assumption might be that most companies are indeed remote-first. So when something has gone global it means that its reach is far and wide. One of the biggest benefits of Globalization is that there is a free movement of goods and services manufactured and offered by the firms on national and international levels. It is the flow of goods, technology, information, services, money, people . The importance of this economic phenomenon cant be stressed enough; arguably the most significant contributor to increasing a countrys GDP (standard of living) is foreign direct investment that is, foreign companies who invest in your country. Effectively, this means that workers in the developed world must compete with lower-cost markets for jobs; unions and workers may be unable to defend against the threat of corporations that offer the alternative between lower pay or losing jobs to a supplier in a less expensive labor market.The situation is more complex in the developing world, where economies are undergoing rapid change. The resulting advancements lead to results like the spread of motorized farm machinery in Southeast Asia, for instance, where there had previously only been manual labor. It offers some advantages as well as disadvantages, but the advantages outweigh the disadvantages as globalization allows people to experience new cultures and ways of life that were previously inaccessible due to geographical boundaries. 87 students ordered this very topic and got Businesses can -- and often do Amazon CodeGuru reviews code and suggests improvements to users looking to make their code more efficient as well as optimize Establishing sound multi-cloud governance practices can mitigate challenges and enforce security. China is a prime example of a country that has benefited immensely from globalization. At its core globalization is an easing of borders, making them less important as countries become dependent on each other to thrive. Your email address will not be published. This, however, is not the case. Specifically, it changes the nature of economic activity among nations, expanding trade, opening global supply chains and providing access to natural resources and labor markets. However, the exploitation of globalization is also inadequate for the less developed nations. This means that companies can offer goods at a lower price to consumers. The result is more jobs in countries where jobs are needed, which can have a positive effect on the national economy and result in a higher standard of living. This piece was originally published on Globalmillennial.org, Millennial Perspectives On Global Affairs, David is the founder of The Global Millennial: a think-tank millennials a platform to freely express their ideas on the world. As part of the North American Free Trade Agreement (NAFTA), U.S. automobile companies relocated their operations to Mexico, where labor costs are lower. Give us a so more people can see it! Globalization Helps Reduce Inequality, 13. The benefits they offer are often unsustainable because the loyalty of multinationals is to their investors and bottom lines and not to the local people, economies and cultures where they are doing business. Globalization Lowers The Costs of Commodities, 6. But critics see it as increasing global inequality. Though it has become commonplace to say it, its true that the world is getting smaller. They have very similar effects: they raise output in countries, raise productivity, create more jobs, raise wages, and lower prices of products in the world economy. Globalization is the most important trend of global development. But they also can destroy local businesses, exploit cheap labor and threaten indigenous cultures. Hundreds of philosophers and social observers have taken sides for many years, either supporting or opposing the standard . The firms have the facility to tie up and amalgam with the international firms for the import and export of the goods and services. The global financial crisis, for example, hit many nations hard. Forbes reports that the move toward globalization has led to deindustrialization throughout the United States, which was once home to many more factories and auto plants. At the same time, innovations in information technology enable immediate communication and the rapid transfer of financial assets across national borders. Economic Globalization refers to those world Economic activities that beyond borders. In some cases, this may contribute to improved health by enabling a more varied and healthier diet; in others, it is blamed for increases in unhealthy food consumption and diabetes.DownsidesNot everything about globalization is beneficial. And the aspect of globalization opens the avenues of providing the best of customer service at a lower cost. This is part of whats known as economies of scale where businesses can make huge profits by producing more items with less effort and time while still charging the same price for each item. Globalization Promotes Cultural Diversity, 11. The word globe as we know it refers to earth. The midwives, in turn, use their phones to connect to a system that doctors monitor at all hours. The internet has increased the sharing and flow of information and knowledge, access to ideas and exchange of culture among people of different countries. Political and economic stability facilitate globalization as well. The result is a smaller, more connected world. In continuation of the above-mentioned point where we discussed the competition in the market. balist " perspective (Hirst and Thompson 1999 ) - globalization is a reality. Ultimately, globalization needs better management, and the failure to manage increased flows across national borders is what gave rise to the financial crisis, climate change and COVID-19. When the firms realize the Importance of Globalization and mold their business operations according to the same, they have huge access to international markets. One of the best things about globalization is that it spreads different cultures and traditions worldwide which helps us learn from one another, making us more tolerant towards those who are different from ourselves as well as accepting our own differences as something special. But then again, doesnt that make the homosexual advocates ignorant and close-minded. If globalization is fully implemented, many cultures will be eradicated and wiped out, because it doesnt matter how rich the culture is and money always has the final say. Globalization has ebbed and flowed throughout history, with periods of expansion and retrenchment. A modern example of this is American companys outsourcing labour to Mexico and China because labour costs are cheaper in these areas. Those who support view globalization optimistically as promoting new growth and employment opportunities for low-income countries. It reminds me of the arguments that homosexuality advocates use towards homophobic, calling them ignorant and close-minded. Thats why setting boundaries and not pushing limits is the most efficient moderate card on the poker table today. Learn how companies are rethinking global supply chains to avoid disruption and reap the benefits of globalization. Hardwired proposes that globalization originated from the basic motivation of human beings to seek a better life (Chanda, 2007). In addition to economic trade, the Silk Road was a route for cultural trade among the civilizations along its network. A complete ban on globalization will paralyze the world, bringing nations apart and causing more wars. Make sure your essay is plagiarism-free or hire a writer to get a unique paper crafted to your needs. You can use a phone to reach someone instantly, no matter how far across the globe that person is. Globalization enables countries to access less expensive natural resources and lower cost labor. At times, their prices are much more economical in nature. Much has been written around the environmental benefits of going virtual, yet the jury is still out over whether thiswork modelis a full-proofsustainability enabler. The pandemic has had similar effects on borders and immigration and also disrupted supply chains. Because the world was able to communicate across boundaries, nations were able to work together to quickly produce vaccines for the virus. Trusted by over 1 million students worldwide. This sense of independence makes life much more enjoyable for those who embrace it as globalization continues to grow around us as we speak. In a world where globalization is widely accepted, those who work hard will be able to climb the social ladder despite their background because everyone has equal opportunities. And with this merit both the parties involved customers, as well as the companies, are able to take benefit of the same. Meanings and Perspectives of Globalization. Imagine a teenager in Poland listening to Rihanna at night and in the morning getting her Fjallraven-Kanken backpack ready for school, where she will read Proust, Dostoevsky, Murakami, and Bolao in her literature class. Among the recent technological changes that have played a role in globalization are the following: Internet and internet communication. In business, the term is used in an economic context to describe integrated economies marked by free trade, the free flow of capital among countries and easy access to foreign resources, including labor markets, to maximize returns and benefit for the common good. David Mcdonald. Combining efforts and resources allows for more creativity and innovation to solve problems that affect people all around the globe. Without international trade, we would lack the physical and capital requirements to grow large cities that are abundant with skyscrapers that employ thousands of people who deal with international relations etc. Nongovernmental organizations (NGOs) use a collaborative approach to address issues that are not confined within borders, such as child labor, human trafficking, and health care and disease prevention. Its easy for people to fear others whom they have never met. Blockchain facilitates the secure access to data required in industries such as healthcare and banking. All Rights Reserved. For instance, a Chinese herbal cosmetic brand can cater to Indian markets quite easily as Indians love to indulge in herbal products. Your email address will not be published. Globalization is the process in which people, ideas and goods spread throughout the world, spurring more interaction and integration between the world's cultures, governments and economies . Manufacturing. On this platform, I aim to utilize my passion for writing in the best possible manner, using it as a medium to share whatever knowledge I have with the readers. Download Report. These globalization pros and cons show that a borderless world potentially offers many benefits, but with many enormous challenges, which need to be resolved for globalization to be workable. Hi, I am an MBA and the CEO of Marketing91. Globalization is the process by which ideas, knowledge, information, goods and services spread around the world. May 13, 2019 By Hitesh Bhasin Filed Under: Business. Together, we aim to promote a more educated future by providing a greater knowledge around the studies of economics and political science. Anthony Giddens, the outstanding sociologist, believes that some social sectors quite simply dont share a positive feeling towards globalization and perhaps denounce it, while other sectors of the society are starting to acknowledge it, paving a way to inevitable consequences to come along capitalism. scribe. Interconnected markets also mean that with a lack of regulation, if something goes wrong, the repercussions will resound globally. Turning our back on globalization is not the . In other words, when countries that were hitherto closed to trade and foreign investment open up their economies and go global, the result is an increasing interconnectedness and integration of the economies of the . (MBA2013MBA) [A] to accelerate the I.T. Businesses in several different countries may be involved in producing even seemingly simple products such as cotton T-shirts.Globalization affects services too. However, countries also enacted strict travel restrictions and many closed their borders to cut down on the free movement of people and spread of the virus. Another example is Vietnam, where globalization has contributed to an increase in the prices for rice, lifting many poor rice farmers out of poverty. Hi! As a high-income country with a growing, technologically advanced market economy and exceptionally well-educated workforce, Israel is an excellent location for international growth. The world of business has been blessed with a boon of globalization that has worked wonders not only for the big players in the market but also for the new and small ones that are still finding their strong foothold. American companies have been known to use cheap foreign sweatshop labor to make cheap American goods. In any given specific industry, there are various firms offering similar kinds of products and services. Image:REUTERS/Edgar Su. Its clear that globalization provides an abundance of benefits worldwide but what are the disadvantages of globalization? And with this merit both the parties involved customers, as well as the companies, are able to take benefit of the same. Globalization changes the way nations, businesses and people interact. To get a custom and plagiarism-free essay. Writing, to me, is the smoothest way to explain things to others and share knowledge with them. Give me your paper requirements and I connect you to an academic expert. How did the Python supply chain attack occur? Basically, when we talk about Globalization, we arent just talking about the trade of goods and exchange of capital, we must realize the various social and cultural opportunities that have been realized with international trade. By expanding into new countries, businesses reach markets that are hungry for their novel goods and eager to pay top dollar for them. Today, we as a global society, benefit from Globalization not only in economic means, but in social, cultural, political, and environmental circumstances. The council should make rules to put a ceiling to the foreign investments in such nations, cutting some slack for national organizations to have a say as well. It is the world economy which we think of as being globalized. Globalization also captures in its scope the economic and social changes that have come about as a result. These technologies are enabling the tracking of assets in transit and as they move across borders, making cross-border product management more efficient. The solution is easy if you ask me is to form a new global council to monitor the impacts of globalization. Cycles: it explains that there is no single point of origin in Show transcribed image text Expert Answer What is a Service Level Agreement or SLA? Here we discuss the opportunities and challenges in achieving the kind of global growth and success we can all share. Cookie Preferences Advances such as automation and 3D printing have reduced geographic constraints in the manufacturing industry. And changes in shipping logistics technology moves raw materials, parts and finished products around the globe more efficiently. For example, Cuba sent doctors to Italy at the beginning of the pandemic to assist with the crisis as it developed there. The 2020 summit was to be in Riyadh, Saudi Arabia, but was held virtually because of the pandemic. Globalization Ensures Better Job Opportunities For People, Related Video The Myth Of Globalization, 5. (2021, Mar 23). I personally believe that these three portions are correct in their own sense. World GDP has grown from about $50 trillion in 2000 to about $75 trillion in 2016, primarily as a result of economic . Atmines in the Democratic Republic of Congo, where metals needed for electronics abound gold and tungsten, tin and tantalum armed militia groups, often using child soldiers, have taken over, keeping power with violence and trading minerals for guns. For instance, the exchange of people and goods across borders can bring fresh ideas and help business. For more than 1,500 years, Europeans traded glass and manufactured goods for Chinese silk and spices, contributing to a global economy in which both Europe and Asia became accustomed to goods from far away. Advances in air and fast rail technology have facilitated the movement of people and products. There are advantages to the more open border and free trade that globalization promotes, as well as negative consequences. Diseases, most notably plague, also spread along the Silk Routes.
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