Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art.
This free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment as you listen to your favorite UK-based artist or stream a Bollywood movie. Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly.
Because knowledge also transfers so fast, this means that scientific advances made in Asia can be at work in the United States in a matter of days. Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers.
Lowered costs help people in both developing and already-developed countries live better on less money. Developing nations experience an improved standard of living—thanks to globalization.
Further, the target of the first Millennium Development Goal was to cut the poverty rate in half by This was achieved five years ahead of schedule, in Across the globe, nearly 1. Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas. International Professional Employer Organizations PEOs make it easier than ever to employ workers in other countries quickly and compliantly.
This means that, for many companies, there is no longer the need to establish a foreign entity to expand overseas. In addition to new markets, globalization allows companies to find new, specialized talent that is not available in their current market.
For example, globalization gives companies the opportunity to explore tech talent in booming markets such as Berlin or Stockholm, rather than Silicon Valley. Again, International PEO allows companies to compliantly employ workers overseas, without having to establish a legal entity , making global hiring easier than ever.
Some of the hurdles companies face when going global include:. Recruiting across borders creates unknowns for HR teams. First, companies create a plan for how they will interview and thoroughly vet candidates to make sure they are qualified when thousands of miles separate them from headquarters. To ensure successful hires, HR teams must factor in challenges like time zones, cultural differences, and language barriers to find a good fit for the company. Immigration laws change often, and in some countries, it is extremely difficult to secure visas for employees that are foreign nationals.
The U. Another challenge both U. For companies looking to sell products abroad, getting those items overseas can be expensive, depending on the market. However, given the fact that India is the second most populated country of the world, after China, this growth cannot be considered as sufficient enough as other countries such as China have increased their growth rates at much faster pace than India.
For instance, the average flow of FDI in India, over the past few years has been around 0. In fact, India is considered among the least globalized economy among the major countries. Summarily, there has been a tremendous increase in the competition and interdependence that India faces due to Globalization, but a lot is yet to be done.
It is not possible for a country to ignore the developments and globalization occurring in the rest of the world and one need to keep the pace of growth at a steady rate or else you may be left far behind.
The twentieth century witnessed a revolutionary global policy aiming to turn the entire globe into a single market. The motive of globalization can broadly define to bring substantial improvement in the living condition of people all around the world, education, and shelter to everybody, elimination of poverty, equal justice without any race or gender consideration, etc.
The four main aspects of globalization are; Capital and Investment movements, Trade and Transactions, Education and Spread of knowledge, along with Migration and Unrestricted Movement of People. In simpler terms, globalization visualizes that one can purchase and sell goods from any part of the world, communicate and interact with anyone, anywhere in the world and also enables cultural exchange among the global population.
It is operational at three levels namely, economic globalization, cultural globalization, and political globalization. Right from its inception, the impact of globalization has both advantages and disadvantages worldwide. As the word itself suggests, this policy involves all the nations across the globe. The lifting of trade barriers can have a huge impact especially in developing countries.
It augments the flow of technology, education, medicines, etc. Globalization expects to create ample job opportunities as more and more companies can extend their presence to different parts of the world. Multinational companies can establish their presence in developing countries.
Globalization gives educational aspirants from developing and underdeveloped countries more quality learning opportunities. It leads not only to the pursuit of best higher education but also to cultural and language exchanges. Globalization also enhances a faster flow of information and quick transportation of goods and services. Moreover one can order any item from anywhere merely sitting at home.
Another plus point of globalization is the diminishing cultural barriers between nations as it offers free access and cultural interactions. Also, it has been observed that there is a considerable reduction of poverty worldwide due to globalization. In addition to this, it also enables the effective use of resources. Globalization turned out to be a significant threat to the cottage and small-scale industries as they have to compete with the products of multi-national companies.
Another dangerous effect of globalization is the condition of weak sections of the society, as they are getting poorer and the rich are getting richer. The situation leads to the domination of economically rich countries over emerging countries and the increase of disparity. The actions of multi-national companies are deplorable and always facing criticism from various social, government and world bodies as they are incompetent in offering decent working conditions for the workers.
Irrational tapping of natural resources which are instrumental in causing ecological imbalance is another major accusation against multi-national companies.
Globalization is also blamed to have paved the way for human trafficking, labor exploitation and spread of infectious diseases too.
In addition to all these, if any economic disaster hit a country and if they subsequently suffer from economic depression, its ripples are felt deeply in other countries as well.
Despite all its disadvantages, globalization has transformed the entire globe into a single market irrespective of its region, religion, language, culture, and diversity differences. It also leads to an increase in demand for goods, which in turn calls for more production and industrialization. Our focus should be to minimize the risks and maximize the positive outcome of global policy, which in turn can help for a sustainable long-standing development for people all around the world.
Globalization is the procedure of global political, economic, as well as cultural incorporation of countries. It lets the producers and manufacturers of the goods or products to trade their goods internationally without any constraint.
The businessman fetches huge profit as they easily get low price workforce in developing nations with the concept of globalization. It offers a big prospect to the firms who wish to deal with the global market. Globalization assists any nation to contribute, set up or amalgamate businesses, capitalize on shares or equity, vending of services or products in any country.
Globalization benefits the international market to the entire deliberate world like a solitary marketplace. Merchants are spreading their extents of trade by aiming world as a worldwide community. In the s, there was a limit of importing some goods that were already mass-produced in India such as engineering goods, agricultural products, toiletries, food items, etc.
But, in the s the rich countries pressurize the WTO World Trade Organization , World Bank affianced in improvement financing activities , and IMF International Monetary Fund to let other nations spread their trades by introducing market and trade in the deprived and emerging countries.
The process of liberalization and globalization in India began in the year below the Union Finance Minister Mr. Manmohan Singh. After numerous years, globalization has fetched major uprising inside the Indian marketplace when international brands arrived in India such as KFC, PepsiCo, Mc. The entire leading brands presented actual uprising of globalization at this time as a marvellous improvement to the economy of an industrial sector. Rates of the quality goods were also getting low owing to the cut-throat war happening in the marketplace.
Liberalization and globalization of the businesses in the Indian marketplace is submerging the quality of imported goods but influencing the local Indian businesses badly in large part causing the job loss of illiterate and poor labors.
Globalization has remained a goldmine for the customers, but it is also a burial ground for the small-scale manufacturers in India. Globalization has influenced the education sectors and students of India predominantly by making accessible the education material and enormous info on the internet. Association of Indian universities with the overseas universities has fetched a massive modification in the education business.
The health industries are too influenced enormously by the globalization of health observing electronic apparatuses, conventional drugs, etc. The trade globalization in the agricultural sector has provided a range of high-quality seeds possessing disease-fighting property. But, it is not beneficial for the underprivileged Indian agriculturalists owing to the reason of expensive seeds as well as agricultural equipment. Globalization has given an enormous rebellion to the occupation sector by increasing the growth of trades related to the handloom , cottage, artisans and carving, carpet, jewellery, ceramics, and glassware, etc.
Globalization is definitely required by the people and nation to progress and turn into an established society and country.
It benefits in expanding our visualization and thoughts. It also aids in endorsing the philosophy that we fit in a huge crowd of persons, i. Once the two nations congregate, they flourish by sharing their beliefs, thoughts, opinions, customs, and behaviors.
People come to know new things and also acquire a chance to discover and get acquainted with other values. Globalization has provided many reasonably priced valued goods and complete economic welfares to the emerging nations in addition to the employment. But, it has also given growth to the crime, competition, terrorism, anti-national activities, etc. Thus, along with the pleasure it has supplied some grief too. Globalization is a term that we hear about every now and then.
Question is; do we really know what it is all about? Globalization is defined as the process of integration and interaction among people, cultures and nations who come together in order to get things done easily through contact. Globalization began with the migration of people from Africa to different parts of the world.
Global developments have been achieved in various sectors through the different types of globalization. The effects of globalization have been felt in every part of the world and more people continue to embrace it.
Globalization has some of its core elements that help in the process. Globalization does not just transform a sector unless the strategies are related to that specific sector.
The first type of globalization is financial and economic globalization whereby interaction takes place in the financial and economic sectors especially through stock market exchange and international trade.
The other type is technological globalization which involves the integration and connection of different nations through technological methods like the internet.
Political globalization transforms the politics of a nation through interactions with adoption of policies and government that cut across other nations. The increase flows of capital mediated by digital technology have stimulated several transactions.
However, the uncontrollable use of capital flows has also triggered economic issues like economic crises, deficits in the balance of payments, capital outflows, and inconveniences with the exchange rate. Although capital flows could be considered risky, it is important to consider the evolution of international economy and the interaction of its economic actors to determine if capital flows trigger benefits. According with Steger, the contemporary economic globalization started with the emergence of Bretton Woods.
He continues to explain that scientists describe globalization as a human factor while others look at the concept with hostility or even fear Muscalu According to Dicken, , p. The concept of globalisation is so broad and diverse for this reason there are many definitions and meanings to it.
Nsibambi, , p. World trade expanded very rapidly which greatly benefitted the trading nations because new information technology, ideas, products, and resources were now available. Without globalization in the first place, common agricultural goods and minerals that westerners depend on every day coffee beans, sugar, etc. The international economy has eroded the national borders and barriers of economic activities, and the progress of transnational corporations continue to progress.
From that points onwards NTT business started to grow in every aspect in the innovation sector. Globalization has accelerated the growth of education across the world. Individuals are free to move from one country to another in search of the better forms of education to acquire the necessary knowledge and skills for the chosen career paths. People are also able to carry out research on various projects in other countries to acquire the necessary knowledge to develop the home countries.
For example, Japan is well known for efficiency and high quality and many countries send their people to learn there and apply the knowledge in their countries Pankaj , 6. Before globalization, countries had hard times to prosecute the criminals because of the jurisdictions that existed among nations and criminals could therefore escape the law once they sought refuge in other countries. Due to globalizations, the problem has been solved through the introduction of the international courts of justices, which handle cases of such criminals by bringing them forward for the law to be imposed on them.
Countries have also been able to join hands together and fight against terrorism since there is mutual understanding between the security agencies. This has assisted to curb such cases of crimes hence creation of security Ritzer , Globalization has contributed to the formation of organizations that cater for the environment as well as the social activities.
Nations have joined hands to form organizations, which monitor the climate and the environment such as UNEP United Nations Environmental Programmed , and many other organizations, which have assisted in the reduction of production fluctuations in countries. Globalization has therefore resulted to better resolutions across the globe in reference to technology, economy and culture. The effect of economic integration and globalization has created many changes in the face of individuals and countries.
For this aspect of economic integration to come to reality, technology has contributed in terms of communication and transportation for business to take place among the countries.
Economic integration has contributed to the following benefits Mulgan , Globalization has made many people realize their dreams in the businesses since they are able to acquire the financial support they need.
Before the emergence of globalization, many companies were not able to access the funds they required to develop their businesses since they were limited to local sources for their capital but due to globalization, companies have been able to access money from other developed countries. For instance, the World Bank is an international organization, which enables companies, and developing countries receive loans for developing at friendly rates World Bank , 1.
The small business enterprises are also able to access loans to develop their businesses since there are groups, which lend money to people at a non-profit rate, and individuals across the world are able to access them. In the global economy, the companies can seek foreign investors from any country to invest in their businesses.
This has increased the economy of countries as well as improving the living standards of individuals IMF Issues Brief , 1. Economic globalization has resulted to changes in language since people of different communities with different languages are involved in the business. Before the introduction of foreign trade, many people used to speak in their native languages since trade was done within their territories. Due to globalization, many people have learnt other foreign languages for easy communication.
This has therefore made some languages to be recognized as international like English, which is used as a professional language. This has led to better ways of communication, which has facilitated unity among nations since people are able to understand one another and the appreciation of other languages that people never recognized.
For instance, the Mandarin Chinese is a language that has become of interest among the Americans Naim , 1. Economic integration has created changes in the culture of different countries and communities. Through foreign trade, people have been able to buy new products from other countries, which are designed according to their cultures, and this has led to the appreciation of different cultures.
This has therefore resulted to unity among the nations Castells , Due to economic integration, many commercial advances have been realized in different countries. Through this integration, various products and consumer items have gained an edge in the market as compared to the ancient times before economic integration where people could not appreciate goods and other consumables from some foreign countries. Companies like Coca Cola, Sony and many others have managed to manipulate themselves across the world.
This has contributed to the popularity of some products, which were not recognized in some countries hence increased income that increases the economy of a country as well as improving the living standards of individuals Foreign Policy , 2.
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