This is the process of integration and more interaction among the people, different governments, and companies due to spread of international investment and trade with the help of enhanced information technology.(we have to ensure that worldwide market is embedded in all shared practice and values that shows global social requirements and that the worldwide economy shares all the benefits brought by globalization) Globalization is basically an economic progress in integration with cultural and social aspects.(No generation has had the opportunity, that we have now, for building a worldwide economy with no one left behind, it is the best opportunity with profound responsibility) Globalization has brought both positive and negative impact in most countries on political, cultural, and economic states of the economy, the most important merit of globalization is the reduction of the level of unemployment in the economies.(Baylis, John, Patricia Owens, and Steve Smith, 2017).
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Historical occurrences of globalization have been trending for decades, whether it is generating growth and development or the possibility of not depending on which point of view one takes about globalization. Europeans nations and Americans are the full-time beneficiaries of the globalization even thou some of the experts argue that it does not do well in the developed countries or it may be resulting to social inequalities and promoting poverty in developed countries.
This era of communication democratization and a free flow of information e.g. the internet platform where people are able to produce products, distribute it in various forms to many different people at once leading significance loss of distance. Globalization has led to compression of countries boundaries due to increase in trading activities around the globe, as a result, there was formation of organizations such as World Trade Organization, legal international institutions, and increased dialogue among political leaders. A political leader has tried to make their image great in the global market.( Antunes, Ctia, and Karwan Fatah-Black, 2016)
Globalization process has affected the environment, political structures, cultural change, economic prosperity and development, and the lifestyle of humans in the society around the globe. The competition brought about by globalization among the organizations in fighting to meet the demand of the customers globally with the ability to distribute them; this has led to increasing in time of completion of products in relation to other organizations around the world. This has made business and organizations to maximize on more customers than the opponent’s business and this leads to satisfaction of needs of customers thru providing quality products and services and raising the living standards of the people creating economic stability.
Exchange of cultural activities which are of benefit to a country is picked, welcoming the civilization has enlarged the societies. Globalization has promoted foreign investment in different countries which has resulted in the infrastructural development and increased employment opportunities and promoting foreign exchange rate. Globalization has promoted global markets due to ready, wider markets in the world with the demand for products increasing the transaction levels across borders. Globalization has created and widens foreign trade around the globe making available things that were found only in developed markets can be accessed by other countries in the world.( Bartsch, Fabian, Petra Riefler, and Adamantios Diamantopoulos, 2016)
Globalizations have negative effects to the developed counties such as fluctuation in prices of commodities due to large supply sources, job insecurity as only the skilled and experienced are mobile and can be hired at any place at any time around the world, capital flows, fluctuation in currency, and promotes terrorism due to immigration of people freely without boundaries on entry to different state.(Fukuda, Katsufumi, 2016)
In conclusion, I go with globalization as a good awareness as it has brought the world to a global village, where trading activities can take place in a blink of a second. Globalization has promoted development in different countries, due to an enhanced exchange of information and communication, an intense competition which brings quality products to the customer, raising the standards of living among the people, and promoting development.
1. Baylis, John, Patricia Owens, and Steve Smith, eds. The globalization of world politics: An introduction to international relations. Oxford University Press, 2017.
2. Antunes, Ctia, and Karwan Fatah-Black, eds. Explorations in History and Globalization. Routledge, 2016.
3. Bartsch, Fabian, Petra Riefler, and Adamantios Diamantopoulos. “”A taxonomy and review of positive consumer dispositions toward foreign countries and globalization.”” American Marketing Association, 2016.
4. Fukuda, Katsufumi. “”The effects of globalization on regional inequality in a model of semi-endogenous growth and footloose capital.”” Asia-Pacific Journal of Accounting & Economics 24.1-2 (2017): 95-105.
5. Filatotchev, Igor, R. Greg Bell, and Abdul A. Rasheed. “”Globalization of Capital Markets: Implications for Firm Strategies.”” Journal of International Management 22.3 (2016): 211-221.
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