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Title: Globalisation has benefited everyone. It helped all the people to increase their living standards, brought advantages to organisations and businesses and enabled economies to develop.” Discuss

Introduction

We live in a self-regulating world. Countries are influenced by the economic health of other countries and by their governments’ policies. Problems in one part of the world can spread to other parts of the world. There many major issues in which the development of globalisation affects individual economies to begin with they can affect economies through financial markets and secondly they can also affect the economy through trade. Over many years countries have established communication progressively. In recent times, the speed of global integration has considerably improved. There have been enhanced changes in communications, transportation, and computer technology have given the process new movement and made the world more interdependent than ever. Multinational corporations produce goods in many countries and sell to customers around the world. Money, technology and raw materials move ever more swiftly across national borders. Along with products and finances, ideas and cultures circulate more freely. As a result, laws, economies, and social movements are structuring at the international level.

Advantages of globalisation

There are many advantages when considering globalisation its has increased trade between nations which is a benefit because it means there is an increased level of liquidity of capital this allows investors from poorer parts of the world (developing countries) to invest in those countries which are well established and further developed. Globalisation means that there is increased flexibility for large corporations to operate across borders without restrictions. Another positive impact of globalisation is that the flow of communication between nations and corporations increase and vital information can be transferred more effectively and quickly.

With technology now getting more and more advanced it has been easier to communicate with anyone at any time. In recent times global news providers such as BBC Sky and CNN have expanded systems built around the 24 hour clock, with the news room moving between continents as the sun and daylight move around the world; this permits individuals to have 24 hour access to the news. The continuous nature of having the news available 24 hours a day as well as other large associations such as financial centres and global businesses means that opportunities are provided for individuals wherever they are located in the world whether its midnight in one country its 10 am in another which means global businesses are not controlled by time.

The development of globalisation has somewhat been also encouraged by a collection of cultures. For example, St Patrick’s Day is the celebration of the patron saint of Ireland. Yet in this day and age it is now celebrated by many other nationalities. Individuals from the UK, US and Australia also celebrate St. Patricks Day this could be due to the fact that many Irish have emigrated to other parts of the world but the main concern is that other parts of the world are more accepting and understanding of other cultures which assists with the integration of nations.

* Travel- increased international trade encourages the acceptance of other cultures. Travel makes it much easier for trialling with diverse types of food language and customs.

Disadvantages of globalisation

With advantages come disadvantages too. Globalisation can have negative effects and threats on nations. Firstly, the constant boosting flow of skilled to non-skilled jobs from developed to undeveloped nations as large organisations seem to be searching for the cheapest labour available. Secondly larger can have more of an influence when it comes to decision making which leave smaller poorer countries without a say; no equal opportunities.

Trade restrictions

In economics the law of comparative advantage states that economics should specialise in the goods that they are comparatively better at producing (Economic for business, 2007). Comparative advantage and the gains from trade are very influential arguments and provided many governments with a reasonable motive for freer international trade; a problem with comparative is that it raises economic output for the world which does not necessarily make improvements in the economic state of individual nations. E.g. In trading with the UK, if Germany decided to abandon car manufacturing and began to focus more on the production of T.Vs employees from the car manufacturing will be left jobless and will not be skilled in the area for manufacturing T.Vs so in this case German car makers will not find appeal to the comparative advantage. On the other hand with uncompetitive industries the government can be asked to provide protectionist measures; these are put into place in order to reduce the competitiveness of international rivals (Economic for business, 2007).

Non- Tariff barriers

Trade can be restricted in other ways by the government one of which is by a quota. A quota can control trade by limiting the amount of a product that can be brought in into a country for example; a copper quota may limit the importation of copper to 300 million tonnes a year. Due to the fact that a quota limits international supply the price is usually increased.

* Reason for protecting trade- Governments may wish to support an industry that has strategic value for example copper could be very important for China. The Chinese government would not like to see their economy depend upon another economy for copper; they also fear that future disputes may mean that the supply of copper is stopped.

At the outset, language is an evident barrier to good communication. Ordering new materials supplies in a foreign language may be done with no trouble with the help of a translator, but to make clear complex technical methods or setting up marketing plans and recruitment will oblige a considerable amount of understanding of traditions and laws that may be relevant. Secondly local laws may be significantly different of those from the original base. Labour laws may vary, trade unions may be tougher resulting in more company disputes; environmental issues may mean an increase in production cost to manufacture in a more environmentally friendly manner furthermore the most common downfall are import restrictions for example businesses operating in the EU, but from non-EU countries, are needed to source more than 70 per cent of their production inputs from within the EU. Thirdly input factors can have varying quality. Labour is a good example, basic numeracy and literacy skills varying across developed and less developed countries. These skills are crucial for training staff particularly those who require using a computer controlled machinery. Enhancing skills within the work force will be beneficial but organisations aim to cut time by taking the international company’s highly productive workers. Lastly well known global companies such as Nike have been heavily criticised for the exploitation of their workers this has a very big effect on their brand image and negative press means that they may lose out on potential shareholders.

After evaluating both sides for and against globalisation, globalisation has brought the world together and with time and with all the advance in technology I feel that nations will begin to interact more effectively and efficiently. International trading means that more consumers needs are met and the broaden of independence ideals to developed nations. Globalisation can be beneficial to many countries around the world because regional economic mixing means that there are concurrence between countries in a geographic region this lowers tariff and non-tariff obstructions to the free flow of merchandise, services, and issue of manufacturing between each other.

Word count: 1293

“ Economics for business ” 2nd edition (2007) David Begg and Damian Ward published by: McGraw- Hill Education pgs 319-348

“Economics” fourth edition (2000) John Sloman published by: Pearson Education Ltd pgs 725-741

Dark September Available at http://www.darkseptemberrain.com/ideas/advantages.htm

Advantages and disadvantages of globalisation (accessed 22.03.2010)

Global Policy available at http://www.globalpolicy.org/globalization.html (accessed 22.03.2010)

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Home — Essay Samples — Sociology — Globalization — History of Globalization and Its Benefits for Society

History of Globalization and Its Benefits for Society

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Globalization: Definition, Benefits, Effects, Examples – What is Globalization?

Publié le 21 January 2019
Mis à jour le 25 March 2024

Globalization – what is it? What is the definition of globalization? Benefits and negative effects? What are the top examples of globalization? What famous quotes have been said about globalization?

What is Globalization? All Definitions of Globalization

A simple globalization definition.

Globalization means the speedup of movements and exchanges (of human beings, goods, and services, capital, technologies or cultural practices) all over the planet. One of the effects of globalization is that it promotes and increases interactions between different regions and populations around the globe.

Related: Traveling Today And Tomorrow: Cities And Countries With More Travelers

An Official Definition of Globalization by the World Health Organization (WHO)

According to WHO , globalization can be defined as ” the increased interconnectedness and interdependence of peoples and countries. It is generally understood to include two inter-related elements: the opening of international borders to increasingly fast flows of goods, services, finance, people and ideas; and the changes in institutions and policies at national and international levels that facilitate or promote such flows.”

What Is Globalization in the Economy?

According to the Committee for Development Policy (a subsidiary body of the United Nations), from an economic point of view, globalization can be defined as: “(…) the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, the flow of international capital and the wide and rapid spread of technologies. It reflects the continuing expansion and mutual integration of market frontiers (…) and the rapid growing significance of information in all types of productive activities and marketization are the two major driving forces for economic globalization.”

Related: Planet VS Economy: How Coronavirus Is Unraveling A Dysfunctional System

What Is Globalization in Geography?

In geography, globalization is defined as the set of processes (economic, social, cultural, technological, institutional) that contribute to the relationship between societies and individuals around the world. It is a progressive process by which exchanges and flows between different parts of the world are intensified.

Globalization and the G20: What is the G20?

The G20 is a global bloc composed by the governments and central bank governors from 19 countries and the European Union (EU). Established in 1999, the G20 gathers the most important industrialized and developing economies to discuss international economic and financial stability. Together, the nations of the G20 account for around 80% of global economic output, nearly 75 percent of all global trade, and about two-thirds of the world’s population.

G20 leaders get together in an annual summit to discuss and coordinate pressing global issues of mutual interest. Though economics and trade are usually the centerpieces of each summit’s agenda, issues like climate change, migration policies, terrorism, the future of work, or global wealth are recurring focuses too. Since the G20 leaders represent the “ political backbone of the global financial architecture that secures open markets, orderly capital flows, and a safety net for countries in difficulty”, it is often thanks to bilateral meetings during summits that major international agreements are achieved and that globalization is able to move forward.

The joint action of G20 leaders has unquestionably been useful to save the global financial system in the 2008/2009 crisis, thanks to trade barriers removal and the implementation of huge financial reforms. Nonetheless, the G20 was been struggling to be successful at coordinating monetary and fiscal policies and unable to root out tax evasion and corruption, among other downsides of globalization. As a result of this and other failures from the G20 in coordinating globalization, popular, nationalist movements across the world have been defending countries should pursue their interests alone or form fruitful coalitions.

How Do We Make Globalization More Just?

The ability of countries to rise above narrow self-interest has brought unprecedented economic wealth and plenty of applicable scientific progress. However, for different reasons, not everyone has been benefiting the same from globalization and technological change: wealth is unfairly distributed and economic growth came at huge environmental costs. How can countries rise above narrow self-interest and act together or designing fairer societies and a healthier planet? How do we make globalization more just?

According to Christine Lagarde , former President of the International Monetary Fund, “ debates about trade and access to foreign goods are as old as society itself ” and history tells us that closing borders or protectionism policies are not the way to go, as many countries doing it have failed.

Lagarde defends we should pursue globalization policies that extend the benefits of openness and integration while alleviating their side effects. How to make globalization more just is a very complex question that involves redesigning economic systems. But how? That’s the question.

Globalization is deeply connected with economic systems and markets, which, on their turn, impact and are impacted by social issues, cultural factors that are hard to overcome, regional specificities, timings of action and collaborative networks. All of this requires, on one hand, global consensus and cooperation, and on the other, country-specific solutions, apart from a good definition of the adjective “just”.

When Did Globalization Begin? The History of Globalization

history globalization definition benefits effects examples

For some people, this global phenomenon is inherent to human nature. Because of this, some say globalization begun about 60,000 years ago, at the beginning of human history. Throughout time, human societies’ exchanging trade has been growing. Since the old times, different civilizations have developed commercial trade routes and experienced cultural exchanges. And as well, the migratory phenomenon has also been contributing to these populational exchanges. Especially nowadays, since traveling became quicker, more comfortable, and more affordable.

This phenomenon has continued throughout history, notably through military conquests and exploration expeditions. But it wasn’t until technological advances in transportation and communication that globalization speeded up. It was particularly after the second half of the 20th century that world trades accelerated in such a dimension and speed that the term “globalization” started to be commonly used.

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Examples of Globalization (Concept Map)

Because of trade developments and financial exchanges, we often think of globalization as an economic and financial phenomenon. Nonetheless, it includes a much wider field than just flowing of goods, services or capital. Often referred to as the globalization concept map, s ome examples of globalization are:

Economic globalization : is the development of trade systems within transnational actors such as corporations or NGOs;
Financial globalization : can be linked with the rise of a global financial system with international financial exchanges and monetary exchanges. Stock markets, for instance, are a great example of the financially connected global world since when one stock market has a decline, it affects other markets negatively as well as the economy as a whole.
Cultural globalization : refers to the interpenetration of cultures which, as a consequence, means nations adopt principles, beliefs, and costumes of other nations, losing their unique culture to a unique, globalized supra-culture;
Political globalization : the development and growing influence of international organizations such as the UN or WHO means governmental action takes place at an international level. There are other bodies operating a global level such as NGOs like Doctors without borders or Oxfam ;
Sociological globalization : information moves almost in real-time, together with the interconnection and interdependence of events and their consequences. People move all the time too, mixing and integrating different societies;
Technological globalization: the phenomenon by which millions of people are interconnected thanks to the power of the digital world via platforms such as Facebook, Instagram, Skype or Youtube.
Geographic globalization: is the new organization and hierarchy of different regions of the world that is constantly changing. Moreover, with transportation and flying made so easy and affordable, apart from a few countries with demanding visas, it is possible to travel the world without barely any restrictions;
Ecological globalization: accounts for the idea of considering planet Earth as a single global entity – a common good all societies should protect since the weather affects everyone and we are all protected by the same atmosphere. To this regard, it is often said that the poorest countries that have been polluting the least will suffer the most from climate change .

The Benefits of Globalization

Globalization has benefits that cover many different areas. It reciprocally developed economies all over the world and increased cultural exchanges. It also allowed financial exchanges between companies, changing the paradigm of work. Many people are nowadays citizens of the world. The origin of goods became secondary and geographic distance is no longer a barrier for many services to happen. Let’s dig deeper.

The Engine of Globalization – An Economic Example

The most visible impacts of globalization are definitely the ones affecting the economic world. Globalization has led to a sharp increase in trade and economic exchanges, but also to a multiplication of financial exchanges.

In the 1970s world economies opened up and the development of free trade policies accelerated the globalization phenomenon. Between 1950 and 2010, world exports increased 33-fold. This significantly contributed to increasing the interactions between different regions of the world.

This acceleration of economic exchanges has led to strong global economic growth. It fostered as well a rapid global industrial development that allowed the rapid development of many of the technologies and commodities we have available nowadays.

Knowledge became easily shared and international cooperation among the brightest minds speeded things up. According to some analysts, globalization has also contributed to improving global economic conditions, creating much economic wealth (thas was, nevertheless, unequally distributed – more information ahead).

Globalization Benefits – A Financial Example

At the same time, finance also became globalized. From the 1980s, driven by neo-liberal policies, the world of finance gradually opened. Many states, particularly the US under Ronald Reagan and the UK under Margaret Thatcher introduced the famous “3D Policy”: Disintermediation, Decommissioning, Deregulation.

The idea was to simplify finance regulations, eliminate mediators and break down the barriers between the world’s financial centers. And the goal was to make it easier to exchange capital between the world’s financial players. This financial globalization has contributed to the rise of a global financial market in which contracts and capital exchanges have multiplied.

Globalization – A Cultural Example

culture globalization definition benefits effects examples

Together with economic and financial globalization, there has obviously also been cultural globalization. Indeed, the multiplication of economic and financial exchanges has been followed by an increase in human exchanges such as migration, expatriation or traveling. These human exchanges have contributed to the development of cultural exchanges. This means that different customs and habits shared among local communities have been shared among communities that (used to) have different procedures and even different beliefs.

Good examples of cultural globalization are, for instance, the trading of commodities such as coffee or avocados. Coffee is said to be originally from Ethiopia and consumed in the Arabid region. Nonetheless, due to commercial trades after the 11th century, it is nowadays known as a globally consumed commodity. Avocados , for instance, grown mostly under the tropical temperatures of Mexico, the Dominican Republic or Peru. They started by being produced in small quantities to supply the local populations but today guacamole or avocado toasts are common in meals all over the world.

At the same time, books, movies, and music are now instantaneously available all around the world thanks to the development of the digital world and the power of the internet. These are perhaps the greatest contributors to the speed at which cultural exchanges and globalization are happening. There are also other examples of globalization regarding traditions like Black Friday in the US , the Brazilian Carnival or the Indian Holi Festival. They all were originally created following their countries’ local traditions and beliefs but as the world got to know them, they are now common traditions in other countries too.

Why Is Globalization Bad? The Negative Effects of Globalization

Globalization is a complex phenomenon. As such, it has a considerable influence on several areas of contemporary societies. Let’s take a look at some of the main negative effects globalization has had so far.

The Negative Effects of Globalization on Cultural Loss

Apart from all the benefits globalization has had on allowing cultural exchanges it also homogenized the world’s cultures. That’s why specific cultural characteristics from some countries are disappearing. From languages to traditions or even specific industries. That’s why according to UNESCO , the mix between the benefits of globalization and the protection of local culture’s uniqueness requires a careful approach.

The Economic Negative Effects of Globalization

Despite its benefits, the economic growth driven by globalization has not been done without awakening criticism. The consequences of globalization are far from homogeneous: income inequalities, disproportional wealth and trades that benefit parties differently. In the end, one of the criticisms is that some actors (countries, companies, individuals) benefit more from the phenomena of globalization, while others are sometimes perceived as the “losers” of globalization. As a matter of fact, a recent report from Oxfam says that 82% of the world’s generated wealth goes to 1% of the population.

Related: Globally, Business And Government Lack Trust, A New Survey Shows

The Negative Effects of Globalization on the Environment

environment globalization definition benefits effects examples

At the same time, global economic growth and industrial productivity are both the driving force and the major consequences of globalization. They also have big environmental consequences as they contribute to the depletion of natural resources, deforestation and the destruction of ecosystems and loss of biodiversity . The worldwide distribution of goods is also creating a big garbage problem, especially on what concerns plastic pollution .

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Globalization, Sustainable Development, and CSR

Globalization affects all sectors of activity to a greater or lesser extent. By doing so, its gap with issues that have to do with sustainable development and corporate social responsibility is short.

By promoting large-scale industrial production and the globalized circulation of goods, globalization is sometimes opposed to concepts such as resource savings, energy savings or the limitation of greenhouse gases . As a result, critics of globalization often argue that it contributes to accelerating climate change and that it does not respect the principles of ecology. At the same time, big companies that don’t give local jobs and choose instead to use the manpower of countries with low wages (to have lower costs) or pay taxes in countries with more favorable regulations is also opposed to the criteria of a CSR approach. Moreover, the ideologies of economic growth and the constant pursuit of productivity that come along with globalization, also make it difficult to design a sustainable economy based on resilience .

On the other hand, globalization is also needed for the transitioning to a more sustainable world, since only a global synergy would really be able to allow a real ecological transition. Issues such as global warming indeed require a coordinated response from all global players: fight against CO2 emissions, reduction of waste, a transition to renewable energies . The same goes for ocean or air pollution, or ocean acidification, problems that can’t be solved without global action. The dissemination of green ideas also depends on the ability of committed actors to make them heard globally.

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The Road From Globalization to Regionalization

regionalization globalization definition benefits effects examples

Regionalization can also be analyzed from a corporate perspective. For instance, businesses such as McDonald’s or Starbucks don’t sell exactly the same products everywhere. In some specific stores, they consider people’s regional habits. That’s why the McChicken isn’t sold in India, whereas in Portugal there’s a steak sandwich menu like the ones you can get in a typical Portuguese restaurant.

Politically speaking, when left-wing parties are in power they tend to focus on their country’s people, goods and services. Exchanges with the outside world aren’t seen as very valuable and importations are often left aside.

Related: Why Is It Important To Support Local And Small Businesses?

Globalization Quotes by World Influencers

Many world leaders, decision-makers and influential people have spoken about globalization. Some stand out its positive benefits and others focus deeper on its negative effects. Find below some of the most interesting quotes on this issue.

Politic Globalization Quotes

Globalization quote by the former U.S President Bill Clinton ??

No generation has had the opportunity, as we now have, to build a global economy that leaves no-one behind. It is a wonderful opportunity, but also a profound responsibility.

Globalization quote by Barack Obama , former U.S. president ??

Globalization is a fact, because of technology, because of an integrated global supply chain, because of changes in transportation. And we’re not going to be able to build a wall around that.

Globalization quote by Dominique Strauss-Kahn, former International Monetary Fund Managing Director ??

“We can’t speak day after day about globalization without at the same time having in mind that…we need multilateral solutions.”

Globalization quote by Stephen Harper , former Prime Minister of Canada ??

“We have to remember we’re in a global economy. The purpose of fiscal stimulus is not simply to sustain activity in our national economies but to help the global economy as well, and that’s why it’s so critical that measures in those packages avoid anything that smacks of protectionism.”

Globalization quote by Julia Gillard , Prime Minister of Australia ??

“My guiding principle is that prosperity can be shared. We can create wealth together. The global economy is not a zero-sum game.”

Other Globalization Quotes

Globalization quote by the spiritual leader Dalai Lama ??

“I find that because of modern technological evolution and our global economy, and as a result of the great increase in population, our world has greatly changed: it has become much smaller. However, our perceptions have not evolved at the same pace; we continue to cling to old national demarcations and the old feelings of ‘us’ and ‘them’.”

The famous German sociologist Ulrich Beck also spoke of globalization ??

“Globalization is not only something that will concern and threaten us in the future, but something that is taking place in the present and to which we must first open our eyes.”

Globalization quote by Bill Gates, owner and former CEO of Microsoft ??

“The fact is that as living standards have risen around the world, world trade has been the mechanism allowing poor countries to increasingly take care of really basic needs, things like vaccination.”

Globalization quote by John Lennon, member of the music band The Beatles ??

Imagine there’s no countries. It isn’t hard to do. Nothing to kill or die for. And no religion, too. Imagine all the people. Living life in peace. You, you may say I’m a dreamer. But I’m not the only one. I hope someday you will join us. And the world will be as one

Globalization Potential Benefits and Costs Analytical Essay

Globalization has become a compelling aspect in the new world system. O’Meara (3) asserts that globalization is one of the most important aspects in the determination of the world’s future due to its multifaceted nature. Globalization entails political, environmental, health, economic, security, cultural, and social dimensions.

The term globalization refers to a phenomenon whereby the world becomes more integrated, open, and borderless to the international economy (Intriligator 4). Increased globalization has led to significant growth in international trade due to increased mobility. Additionally, globalization has also stimulated increased capital movements, exchange of currency, ideas and technology transfer (Lechner 6).

A number of sources have been associated with the growth of globalization. Some of these include increased technological advancement, especially with regard to information communication technology, hence lowering the cost of communication and transportation. Increased trade liberalization also explains the high rate of globalization.

Thirdly, the high rate at which institutions are expanding into the international market has also played a critical role in stimulating globalization. The growth of globalization has presented several benefits and costs to society. This paper defends the proposition that although there are costs to globalization, the benefits outweigh the costs to society; therefore, efforts to increase globalization should be promoted.

Firstly, globalization encourages production of goods and services due to increased freedom of trade. Through trade liberalization, consumers in different economies can access a wide range of products and services given the fact that globalization leads to the elimination of trade barriers such as tariffs that restrict movement of products across borders (O’Meara 3).

Consequently, producers face the challenge of satisfying the growing market demand. The ability to access a wide range of products and services culminates in the consumers attaining their desires utility levels. On the other hand, manufacturers are capable of accessing a broad market.

The high rate of globalization being experienced in the 21 st century is beneficial with regard to increasing production and efficiency for globalization stimulates competition across countries. In a bid to deal with the increment in the intensity of competition, firms in different economies have to ensure that they institute optimal operational strategies such as division of labor and specialization to nurture their competitiveness.

Additionally, globalization can also stimulate firms to attain economies of scale in the course of their operation. High economies of scale is usually associated with reduction price and cost reduction, which stimulate economic growth (Disselkamp 101). Due to increased mobility, the probability of the global society developing a high level of cohesion increases.

This assertion hinges on the fact that individuals can develop a high level of understanding with regard to other individuals’ cultures and experiences through increased individual contact and interaction. The cohesion developed amongst societies in different countries due to globalization is also paramount in dealing with the global challenges currently being experienced.

Some of these challenges relate to the increased rate of “climate change due to carbon emission, which leads to global warming” (Intriligator 4). The high rate of interaction and contact amongst individuals of different cultural backgrounds contributes towards the exchange of ideas hence nurturing growth in human capital in the society.

For example, the contact can contribute towards exchange of skills and knowledge that can help towards a high level of efficiency, competitiveness, and productivity. Thus, globalization aids in eliminating cultural barriers.

Globalization also presents entrepreneurs with an opportunity to access the business opportunities presented across their national borders (Intriligator 4). Through sufficient identification of viable business opportunities in the international market, investors can effectively exploit such opportunities in order to attain a high level of profitability.

This aspect presents an opportunity for the host countries to increase the volume of their foreign currency reserves, for example, through taxation. Additionally, a high rate of foreign direct investment culminates in the improvement in the living standards of the host country’s citizens, for example, through the creation of employment to the locals.

Despite the benefits above, there are a number of costs associated with globalization. The first cost emanates from who accrues the potential benefits of globalization. Lack of equity in distribution of the benefits of globalization can result in conflicts amongst countries due to the creation of inequalities.

Developed countries are more likely to accrue the benefits of globalization compared to developing countries, which can create potential international and national conflicts. The inequality associated with distribution of the benefits of globalization culminates in the poor countries becoming more marginalized, which leads to the creation of divergence rather than convergence (Intriligator 4).

The interdependence emanating from globalization can lead to the creation of global instabilities. Such situations can lead to global crises and impacts as well illustrated by the recent global economic recession that swept across Europe and the US. Additionally, globalization forces the less developed and emerging economies to lose their sovereignty to more powerful countries (Intriligator 4).

The analysis above illustrates that the benefits of globalization outweigh the demerits. Consequently, it is paramount for governments in both developed and developing economies to institute policies that foster globalization to achieve a high level of prosperity.

Works Cited

Disselkamp, Marcus. Eurobands: Development strategies and managerial issues in the European food industry , New York: GRIN Verlag, 2002. Print.

Intriligator, Michael. Globalization of the world economy: potential benefits and costs and a net assessment, Los Angeles: University of California, 2003. Print.

Lechner, Frank. Globalization: the making of the world society , Bloomington: Indiana University Press, 2009. Print.

O’Meara, Patrick. Globalization and the challenge of a new century: A reader, Bloomington: Indiana University Press, 2000. Print.

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IvyPanda. (2019, July 2). Globalization Potential Benefits and Costs. https://ivypanda.com/essays/globalization-benefits/

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IvyPanda . (2019) 'Globalization Potential Benefits and Costs'. 2 July.

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An economist explains the pros and cons of globalization

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Piling up: Global trade has increased, but has it been a positive or negative force? Image: REUTERS/Tyrone Siu

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Every industrial revolution has driven a wave of globalization. The first wave was driven by innovations such as the steam engine and the industrial weaving machine; the second by the assembly line, the car and the plane; and the third by the digital revolution.

As we enter the fourth wave of globalization, driven by the digital revolution, there is renewed debate over whether it is a beneficial force: powering economic growth, and allowing the spread of ideas to improve people’s lives; or whether it erodes communities, and widens the gap between the elites and the rest of the world.

Globalization results in increased trade and lower prices. It heightens competition within domestic product, capital, and labour markets, as well as among countries adopting different trade and investment strategies.

But how do these impacts net out? What are the positive and negative effects of globalization? The below is an edited transcript of a conversation with Gita Gopinath, Chief Economist of the International Monetary Fund (IMF).

Overall, what are the advantages of globalization?

The advantages of globalization are actually much like the advantages of technological improvement. 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.

What might be the advantages of globalization that someone would feel in their day-to-day life?

I think something that's not sufficiently appreciated about, for instance, international trade is that it reduces the prices of goods that they consume. So if you look at day-to-day things that you purchase, in terms of washing machines, or cars, or even clothing, because of international trade we've had a decline in prices of these goods, so they have become far more affordable for a lot of people in the world.

How have the benefits played out in advanced economies versus poorer ones over the last three decades?

Both advanced economies and developing economies have benefited overall in terms of having higher productivity, more job creation, and higher wages. As we've always known, and this is true again with technology, there are always some winners and losers. So there are communities and there are workers who lose out when there is more trade integration. That is what we're seeing right now in terms of discontent with international trade.

Who have been the biggest losers?

The biggest losers from international trade are always those whose skills have a cheaper competitor in a different market. So, in the case of the US, it's been those who work in the manufacturing sector because jobs in the manufacturing sector have been outsourced to countries where labour is far cheaper.

On the other hand, in developing countries, more capital-intensive goods get imported more cheaply from the outside. So if you're a manufacturer of a capital-intensive good in a developing country you tend to lose because of that competition.

This is how it is with international trade: production goes to wherever it is most efficient to produce. So, when people in any country are exposed to this kind of competition, some win and some lose.

Is it possible as an economist to come up with a verdict? Has this wave of globalized trade been a net positive or a net negative?

If you say, I'm going to look at it from a measure of overall effect on a country's income, on its purchasing power, on the prices that its people pay, overall I think the evidence that we have all points to it being a net positive.

Now, if you frame the question as, has international trade been good for the manufacturing worker in the US? Then the answer to that would be “not fully”; it's been very costly in terms of jobs and wages for them.

How optimistic are you that this next wave of globalization offers a better future?

I would make a couple of points. First, the previous waves of globalization have been quite successful in lifting a large number of people out of poverty and so we should appreciate that.

The second thing is that any form of globalization will generate winners and losers. So even if you have the perfect, most optimal international trade agreements, there will always be those who lose out because of competition, in the exact same way that people lose out whenever there's a new technology being developed.

And so if we want to make sure that the next wave of globalization is even more successful, it has to be complemented with good, sound domestic policies that help those who are getting left out.

How optimistic are you that the trade war between the US and China will be swiftly resolved?

It's absolutely essential that it be resolved, and it gets resolved in a way that's long lasting. The world economy has lived with the uncertainty about trade tensions for a while now and if there is any solution and there is a sense that the solution is only transitory and something can again get triggered in the future, I think that's very costly.

I'd say I'm mildly optimistic because I think leaders in the world are recognizing that these trade tensions are having a negative effect on their economies and so it would make sense to sit down and resolve it.

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The views expressed in this article are those of the author alone and not the World Economic Forum.

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The Advantages of Globalization

Introduction, accessibility of technology, choice of culture, diverse culture products, sharing knowledge, reference list.

The world is fast becoming a global village, seemingly smaller than it was a decade ago. This scenario has resulted from the development of trade and transport systems, thus making it conducive for movement of people, goods, services, and ideas and creating diversity in social, economic, political, and cultural views across the world. The technological revolution has also played a critical role in advancing globalization.

Globalization is an age-old concept, even though it has elicited great discourses in contemporary times as compared in the past where the idea of a global village seemed farfetched. Globalization is the process of growth and interconnection of world economies and cultures, which are aided by transport and trade. This process has been in progress for hundreds of years although at a much slower pace than in recent years as aforementioned.

It affects the cultural, economic, and social spheres of society. As with every thing else, globalization has both advantages and disadvantages. This paper highlights some of the positive effects that globalization has on all spheres of human interaction including the sharing of cultural products such as music, sports, and movies, knowledge, technology, and foods from different cultures.

A few decades ago, the majority of the contemporary technology was non-existent in most developing countries. People had to do almost everything manually including basic tasks such as doing laundry, cleaning floors, and cooking. However, this scenario was different in most developed countries as they already had some of the technology needed to carry out such tasks with ease.

However, with the improvement and advancement in modes of transport in developing countries, developed countries found new markets in most parts of Africa and Asia and products such as vacuum cleaners, microwaves, and washing machines found their way to developing countries. The main advantage of this development is that it has drastically improved the quality of work done while reducing the amount of time spent doing the same.

This aspect consequently improves the lifestyles of the people using the machines (Rifkin, 2003, Spiritual Perspectives on Globalization, p.176). Nevertheless, western countries are constantly modifying these products and making them more efficient. Today, it does not take a decade for any new technology to be available to consumers in developing countries.

Globalization has opened boundaries across the world, and a new technology in the United States will only take a few months before hitting the market in developing countries. Also, the transport systems have drastically evolved from the use of steam engines and ships to using electric trains and airplanes.

Communication is also easier now with the introduction of hi-tech mobile telephones that connect people both in the same country and with people in different continents at the touch of a button (. The ultimate result of such developments is that people in different areas of the world are in a position to enjoy the benefits of products not ordinarily available to them in their own countries and have expansive markets in other parts of the world.

Marketing forums like Amazon, e-Bay and many other online trading forums enable consumers to purchase goods and services online regardless of one’s location (Pew Global Attitudes Project, 2007, p.177-178).

Globalization has led to the introduction of diverse cultural practices in places where originally there existed only one practice. A century ago, a certain culture was a specific aspect unique to a certain society. For instance, the Chinese culture was specific to people and residents of China, European culture was specific to people living in Europe and African culture specific to Africa.

However, ease of trade and travel has changed this dynamic by making most societies multicultural, with everyone having the freedom to embrace his or her culture of preference rather than being restricted to the culture of birth. For instance, it is Chinese culture that children should not buy food with their own money.

This cultural pursuit seeks to encourage children to eat whatever that their parents place before them, consequently encouraging healthy eating. Nevertheless, since the McDonalds opened its first branch in Beijing in 1992, this cultural requirement has changed drastically.

McDonald’s services, which include hosting birthday parties, appealed to children regardless of the fact that birthdays are not culturally celebrated in China either (The Levin Institute, n.d. Globalization and Culture: Globalization and local culture, p.180).

Also, the introduction of Starbucks, an American coffee retail enterprise, in Italy has given the people of Italy a choice between maintaining their culture of drinking coffee in small and relaxed establishments and ordering coffee at Starbucks to drink on the go at their convenience. There are also other restaurants established for the sole purpose of selling food associated with specific cultures.

There are restaurants that only make Italian cuisine, Chinese cuisine, Japanese cuisine, and French cuisine to mention but a few, while others take pride in being inclusive and serving cuisines from different cultures (Hastings, Thiel & Thomas, 2003, The deadly noodle, p.180). This aspect gives every individual a chance to either try something new or stick to what is familiar.

Another good example is fashion and how different cultures influence their trends. For instance, people associate the Kenyan Maasai kikoi with East Africa and the Ankara with West Africa. Therefore, a person may use any of the two fabrics or use them together to give an African feel to his or her outfit. The beauty of the freedom to choose elements from different cultures is that it creates diversity and nurtures an appreciation for different cultures.

It also creates opportunities to develop new and unique cultures made from the combination of cultures from different societies as well as a means to celebrate similarities. Sports are one such similarity, which is celebrated worldwide through the organization of events that bring different countries together to compete in various disciplines. The Olympics and the FIFA World Cup are examples of such events.

During these events, people from different cultures meet and exchange ideas and practices. Also, some sports are specific to some countries; for instance, the Chinese acrobatics, and through such events, other countries get to learn about these sports, which are specific to some cultures.

Apart from increasing the availability of consumer goods, globalization has increased production and trade of culture products and services such as music and movies. Cultural products and services are products and services that echo the lifestyles and cultural background of a given society. For instance, movies vary depending on the part of the world they come from and the culture in force in that particular part of the world.

For example, the United States developed the ‘Hollywood’ trademark for outstanding movies and other artistic displays that best defined what the culture is like in that part of the world(The Levin Institute, n.d. Globalization and Culture: Globalization and local culture, p.180). They packaged these performances and sold them as a commodity within the American borders.

As globalization progressed, other parts of the world such as Asia and Africa provided a ready market for this commodity. It also created a platform for different cultures around the world to share their experiences whether political, social-cultural, or economical.

It did not take long for Asia and Africa to start producing movies using the knowledge gained from the commodity they bought and incorporating their own cultural experiences into the stories.

Bollywood is the Asian version of this commodity while the Nollywood is the African version produced in the West African region.

Just like the example given earlier on regarding the choice of a culture where people establish restaurants serving specific foods from different parts of the world, the IMAX Company based in the United States is recorded to have opened six hundred and ninety-seven (697) movie theaters in fifty-two countries worldwide by September of 2012.

These theaters provide an avenue for people to enjoy the American movie-watching culture in an authentic American environment (The Levin Institute, n.d. Globalization and Culture: Globalization and local culture, p.180).

Air transportation has made it possible for people to leave one part of the world to learn and gain knowledge in another part of the world.

The Internet and by extension the social media platforms such as Facebook and Twitter have made haring of information, and consequently, knowledge easier and faster as information is relayed in real time to people all over the world (Knickerbocker, 2004, If Poor Get Richer; Does the World See Progress? page 185-186).

The Internet burst has facilitated knowledge sharing by a great margin, and even now, people in developing countries can undertake online studies offered in learning institutions in developing countries. Thanks to globalization, people can have cures to most of the diseases across the world.

A cure discovered in one part of the world now means a cure for the rest of the world. For instance, courtesy of the efforts of Dr. Jonas Salk in the early 1950s who invented the Polio vaccine the disease is now preventable. However, this achievement would not be possible without means of sharing information.

This information-sharing aspect is not only important in issues regarding medicine, but also in political, social, environmental and economic issues. As long as there is an interconnection of interests, through trade, for instance, it is crucial to ensure that there is a flow of information and knowledge.

A good example of why this element is important is the global financial meltdown that occurred throughout the world like a ripple effect to a credit crisis in Europe. Had there been information regarding the credit crunch on the onset, most of the countries with financial links to credit institutions in Europe would have taken necessary measures to prevent a global meltdown.

World leaders hold conventions in different places at different times of the year all over the world to discuss various ways of ensuring conservation and sustainability of the environment because what happens in one part of the world affects the rest of the world.

Carbon emissions, for example, affect the o-zone layer thus causing global warming across the world, regardless of the origin of the emissions (Knickerbocker, 2004, If Poor Get Richer; Does the World See Progress?, page 185-186).

Since every element has a negative side, globalization has numerous positive aspects that have changed the lives of many individuals across the world. The process is continuous and finds new ways of linking various parts of the world together.

Through globalization, culture has defied territorial boundaries, thus allowing the sharing of life-changing knowledge coupled with the development and sharing of technology. Globalization has created diversity in every part of the world and made people to appreciate both what is within and outside their territorial borders.

Hastings, M., Thiel, S., & Thomas, D. (2003). The deadly noodle. Newsweek, 141 (3), 180-182.

Knickerbocker, B. (2004). Globalization and sustainability: If Poor Get Richer, Does World See Progress? The Christian Science Monitor . Web.

Pew Global Attitudes Project. (2007). World publics welcome global trade-But not immigration.

Rifkin, I. (2003). Framing articles: What is globalization: Spiritual Perspectives on Globalization. Woodstock, VT: Skylight Paths Publishers.

The Levin Institute State University. (n.d.). Globalization and Culture: Globalization and local culture. Web.

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✍️Essay on Globalisation: Samples in 100, 150 and 200 Words

Updated on
Oct 25, 2023

Globalisation means the combination of economies and societies with the help of information, ideas, technology, finance, goods, services, and people. It is a process where multinational companies work on their international standing and conduct operations internationally or overseas. Over the years, Globalisation has had a profound impact on various aspects of society. Today we will be discussing what globalisation is and how it came into existence with the essay on globalisation listed below.

Table of Contents

1 How Globalisation Came Into Existence?
2 Essay on Globalisation in 100 Words
3 Essay on Globalisation in 150 Words
4 Essay on Globalisation in 200 Words

How Globalisation Came Into Existence?

For all those unaware, the concepts of globalisation first emerged in the 20th century. Here are some of the key events which led to the development of globalisation in today’s digital world.

The ancient Silk Route as well as the maritime routes led to the exchange of goods, ideas and culture in several countries. Although these were just trade routes, but later became important centres for cultural exchange.
Other than this, the European colonial expansion which took place from the 15th to the 20th century led to the setting up of global markets where both knowledge and people were transferred to several developing countries.
The evolution and exchange of mass media, cinema and the internet further led to the widespread dissemination of cultures and ideas.

Also Read: Essay on the Importance of the English Language for Students

Essay on Globalisation in 100 Words

Globalization, the interconnectedness of nations through trade, technology, and cultural exchange, has reshaped the world. It has enabled the free flow of goods and information, fostering economic growth and cultural diversity. However, it also raises challenges such as income inequality and cultural homogenization.

In a globalized world, businesses expand internationally, but local industries can suffer. Moreover, while globalization promotes shared knowledge, it can erode local traditions. Striking a balance between the benefits and drawbacks of globalization is essential to ensure a more equitable and culturally diverse global community, where economies thrive without leaving anyone behind.

Also Read: Essay on Save Environment: Samples in 100, 200, 300 Words

Essay on Globalisation in 150 Words

Globalization is the process of increasing interconnectedness and interdependence among countries, economies, and cultures. It has transformed the world in various ways.

Economically, globalization has facilitated the flow of goods, services, and capital across borders. This has boosted economic growth and reduced poverty in many developing nations. However, it has also led to income inequality and job displacement in some regions.

Culturally, globalization has resulted in the spread of ideas, values, and cultural products worldwide. While this fosters cultural exchange and diversity, it also raises concerns about cultural homogenization.

Technologically, globalization has been driven by advances in communication and transportation. The internet and smartphones have connected people across the globe, allowing for rapid information dissemination and collaboration.

In conclusion, globalization is a complex phenomenon with both benefits and challenges. It has reshaped the world, bringing people closer together, but also highlighting the need for responsible governance and policies to address its downsides.

Also Read: Essay on Unity in Diversity in 100 to 200 Words

Essay on Globalisation in 200 Words

Globalization, a multifaceted phenomenon, has reshaped the world over the past few decades. It involves the interconnectedness of economies, cultures, and societies across the globe. In this essay, we will briefly discuss its key aspects and impacts.

Economically, globalization has led to increased international trade and investment. It has allowed companies to expand operations globally, leading to economic growth in many countries. However, it has also resulted in income inequality and job displacement in some regions.

Culturally, globalization has facilitated the exchange of ideas, values, and traditions. This has led to a more diverse and interconnected world where cultures blend, but it can also challenge local traditions and languages.

Socially, globalization has improved access to information and technology. It has connected people across borders, enabling global activism and awareness of worldwide issues. Nonetheless, it has also created challenges like cybercrime and privacy concerns.

In conclusion, globalization is a double-edged sword. It offers economic opportunities, cultural exchange, and global connectivity, but it also brings about disparities, cultural tensions, and new global challenges. To navigate this complex landscape, the world must strive for responsible globalization that balances the interests of all stakeholders and promotes inclusivity and sustainability.

The movement of goods, technologies, information, and jobs between countries is referred to as globalisation.

Globalization as a phenomenon began with the earliest human migratory routes, or with Genghis Khan’s invasions, or travel across the Silk Road.

Globalisation allows wealthy nations to access cheaper labour and resources, while also providing opportunity for developing and underdeveloped nations with the jobs and investment capital they require.

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Malvika Chawla

Malvika is a content writer cum news freak who comes with a strong background in Journalism and has worked with renowned news websites such as News 9 and The Financial Express to name a few. When not writing, she can be found bringing life to the canvasses by painting on them.

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Globalization Benefits and Challenges

Globalization is an established part of the modern world, so most of us do not realize the benefits it brings to our everyday lives—such as easy access to a variety of different cuisines or new technologies developed by countries half a world away.

Even though globalization makes our lives better, it brings some challenges as companies start to grow and expand across borders.

Cultural differences around the world are undeniable. These differences create hurdles for businesses entering foreign markets and necessitate changes to their daily business operations, whether it’s employing workers in a new region or communicating the value of their product to a new audience.

Keep reading to learn more about the benefits and challenges of globalization and how businesses navigate these difficulties to reach their global expansion goals.

What is globalization?

Before discussing the benefits and challenges of globalization, it’s essential to have a strong understanding of what the term means.

The official definition of globalization is the process by which businesses or other organizations develop international influence or start operating on an international scale.

More simply, globalization refers to an open flow of information, technology, and goods among countries and consumers. This openness occurs through various relationships, from business, geopolitics, and technology to travel, culture, and media.

Because the world is already so connected, most people don’t notice globalization at work every single day. But the world is getting smaller, and companies need to understand what this means for the future of doing business. Companies that don’t embrace globalization risk losing a competitive advantage, which allows other businesses to take over new opportunities in the global marketplace.

Related Term: What Is Global Expansion?

What are the benefits of globalization?

Globalization impacts businesses in many different ways. But those who decide to take on international expansion find several benefits, including:

1. Access to new cultures

Globalization makes it easier than ever to access foreign cultures, 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 U.K.-based artist or stream a Bollywood movie.

Read more: The Role of Culture in International Business

2. The spread of technology and innovation

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.

3. Lower costs for products

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.

4. Higher standards of living across the globe

Developing nations experience an improved standard of living—thanks to globalization. According to the World Bank , extreme poverty decreased by 35% since 1990.

The target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.

5. Access to new markets

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.

A global employer of record (EOR) makes 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.

Read more: Your Guide to the Global Marketplace

6. Access to new talent

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.

A global EOR allows companies to compliantly employ talent overseas without establishing an entity , making global hiring easier than ever.

Get the essential global expansion checklist

Learn key tips and insights on how to develop your global expansion strategy, conduct market research, and engage top global talent with compliance.

What are the challenges of globalization?

While globalization offers many benefits, it’s not without challenges. Some of the hurdles companies face when going global include:

1. International recruiting

A common challenge global leaders face when going global is international recruiting . 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. Next, companies need to know the market’s demands for salaries and benefits to make competitive offers.

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.

2. Managing employee immigration

Despite the benefits of global mobility , immigration is a top challenge companies face when expanding overseas. Immigration laws change often, and in some countries, it is extremely difficult to secure visas for employees who are foreign nationals. The U.S., for example, is getting stricter with granting H-1B visas , and Brexit makes immigration to the U.K. difficult .

3. Incurring tariffs and export fees

Another challenge leaders face when going global is incurring tariffs and export fees. For companies looking to sell products abroad, getting those items overseas can be expensive, depending on the market.

4. Payroll and compliance challenges

Another common global expansion obstacle is managing global payroll and maintaining compliance with changing employment and tax laws. This management task gets even more difficult if you’re trying to manage operations in multiple markets.

5. Loss of cultural identity

While globalization has made foreign countries easier to access, it has also begun to meld unique societies together. The success of certain cultures throughout the world caused other countries to emulate them. But when cultures begin to lose their distinctive features, we lose our global diversity.

6. Foreign worker exploitation

Lower costs do benefit many consumers, but it also creates tough competition that leads some companies to search for cheap labor sources. Some Western companies ship their production overseas to countries like China and Malaysia, where lax regulations make it easier to exploit workers.

7. Global expansion difficulties

For businesses that want to go global and discover the benefits of globalization, setting up a compliant overseas presence is difficult. If companies take the traditional route of setting up an entity, they need substantial upfront capital, sometimes up to $20,000, and costs of $200,000 annually to maintain the business.

Read more: The Hidden Costs of Entity Establishment

Additionally, global businesses must keep up with different and ever-changing labor laws in new countries. When expanding into new countries, companies must be aware of how to navigate new legal systems and ensure global compliance . Otherwise, missteps lead to impediments and severe financial and legal consequences.

8. Immigration challenges and local job loss

The political climates in the U.S. and Europe show that there are different viewpoints on the results of globalization. Many countries around the globe are tightening their immigration rules, and it is harder for immigrants to find jobs in new countries.

This rise in nationalism is mainly due to anger from the perception that foreigners fill domestic jobs or that companies move their operations abroad to save money on labor costs.

For example, the Economic Policy Institute reports that the U.S. trade deficit with China (or the amount by which our imports exceed our exports) cost Americans 3.4 million jobs since 2001.

How globalization changes your daily business operations

Both the benefits and challenges of globalization change how a business operates in different ways. When companies decide to go global, they must be ready and willing to change internal processes. This helps to accommodate new markets and make their global workforce feel comfortable and accepted at work.

Companies see many aspects of their businesses change once they enter the global marketplace. For example, globalization makes the workforce more diverse . This diversity is an overall positive change, but it creates some challenges, such as language barriers and differences in cultural expectations.

Some operational changes companies should expect from globalization include:

1. Global communication challenges

Before starting to branch out from headquarters, firms have to put an established internal communication plan in place since global employees likely work in a different time zone and have a different native language.

Software and other digital tools help smooth global communication hurdles and allow teams to connect easily. Zoom, Slack, and Google all provide valuable tools for companies trying to manage employees in multiple offices, countries, and time zones.

2. International employee expectations

Foreign employees have different expectations when it comes to things like salary and benefits, as well as how they manage their daily work schedules. Companies that want to take advantage of globalization and hire foreign workers need to accommodate them as much as possible. HR teams must also ensure their employee benefits offerings are competitive and on par with local expectations during the hiring process.

3. Supporting foreign customers

Similar to communication changes with employees, companies must also plan for how they run customer service and support in new countries. Customers in the new market where you offer your products or services might not speak your native language or be close to your time zone.

4. Increased competition

International companies have to adjust more than internal operations. Going global opens up new revenue streams and increases availability to talent. Because of these attractive benefits and the ease of going global due to solutions like partnering with a global EoR, the global marketplace is competitive.

As globalization becomes the norm, many companies often seek the same foreign markets, which increases competition for businesses.

5. Marketing and communication changes

Just like hiring employees in different countries creates internal communication challenges, marketing your products or services to a completely new audience creates obstacles for companies. Businesses need to adjust their marketing strategies to communicate the benefits of their product in a way that resonates with a foreign audience.

You cannot assume that a marketing campaign targeting an American audience (or wherever your HQ location is) attracts consumers in Europe, Asia, or any other popular market, as the consumers there have very different wants and needs.

Go global with the right partner

In the past, cost and regulatory challenges were massive barriers to companies seeking to expand globally in search of the benefits of globalization.

Now, partnering with a globalization expert helps firms navigate any challenge that comes their way—while successfully setting up an overseas presence. Our EOR solution helps organizations establish a presence in more than 185 international markets without the time and costs associated with entity establishment.

The right EOR partner helps your company experience the benefits that globalization has to offer and quickly become a successful player in the global marketplace.

Ready to go global? Contact us to learn more .

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Benefits & Challenges of Globalization: A New Global Mindset

In today’s interconnected world, globalization has become an essential business strategy for companies looking to grow. With the help of Employer of Record (EOR) solutions , companies can tap into a diverse talent pool and develop a strong market entry strategy .

While globalization offers plenty of opportunities, expanding to global markets isn’t easy. That’s why industry leaders like G-P build compliant business environments to help companies of all sizes scale.

What are the benefits of globalization in the talent landscape? Let’s explore the main benefits and challenges of globalization.

What is globalization?

Globalization is the connection of the world’s economies, populations, and cultures. In the 1980s, globalization was just a tactic for economic growth. Now, the way we think of international business has transformed.

In business, globalization provides access to labor, capital, and resources. To put it simply, globalization was once about scaling a company across borders to expand operations. Today, the concept has evolved into an even more powerful idea: the “ global mindset .”

A global mindset empowers leaders to connect with like-minded talent beyond borders. As the world becomes more and more connected, it’s also getting smaller.

To stay ahead of the competition, companies need to understand what this means for the future of business. Here at G-P , we support leaders as they adopt a global growth mindset in this new era.

What is the impact of globalization on daily business operations?

As globalization expands along the supply chain, a greater flow of people, products, and services increases trade growth . Beyond boosting global trade in developed nations and developing countries, globalization has also transformed the talent landscape.

Large corporations continue to see globalization in every aspect of business, and now this is true for even small startups and entrepreneur-led businesses. Today’s global flexibility helps companies streamline operations, reduce costs, and gain a competitive edge in the race for talent .

More specifically, companies have sourced talent beyond their local headquarters despite significant talent shortages . This unlocks the opportunity to tap into previously hard-to-reach hubs of highly skilled talent. In fact, over 80% of 2,500 global businesses surveyed in G-P’s Global Growth Report actively hire internationally. This hiring strategy can increase talent pipelines across the world tenfold .

As the global workforce evolves, employees also prioritize soft skills that come up in practical ways in the day to day. For example, 47% of employees want leaders to offer cultural sensitivity training to all staff. Plus, 39% of employees want to celebrate global holidays and customs.

Over 40% want leaders to make in-person visits to all global market regions. Self-awareness and cultural respect are at the core of a strong global mindset — and a stronger company culture.

What’s the first step to growing your company? Consider partnering with an EOR solution to take advantage of the benefits of globalization from day one.

What are the pros and cons of globalization? And how can companies solve them?

More and more businesses are looking beyond borders to access the best talent. But hiring internationally is about more than increasing headcount. For 66% of leaders, having employees in multiple countries is part of their business strategy.

What are the challenges of globalization? What are the benefits of globalization? Organizations need to understand both sides in order to scale successfully.

Challenges and Benefits of Globalization Banner

What are the challenges of globalization?

Setting up an entity in another country can be challenging. Without an Employer of Record (EOR) partner to guide you, it can be hard to adjust to country-specific rules. For example, worker classification rules vary depending on location and can change over time.

In-house expertise is essential to avoid the drastic consequences that come from failure to comply. It can also be challenging to navigate evolving tax laws and manage compliant payroll.

One of the most significant globalization impacts on business operations is increased competition. Growing and retaining talent will become even more important to remain competitive. Many leaders want to expand their business. Yet, 1 in 3 executives don’t even know how to identify the right markets to look for specific talent needs.

Other operational challenges include global communication hurdles and even language barriers. For example, 46% of employees schedule all-hands meetings in different time zones throughout the year. Meanwhile, 49% of employees say that time zone- and language-inclusive company updates are key to an inclusive work environment. Through leading by example, leaders can address these hurdles to successfully build an adaptable workforce.

What are the benefits of globalization?

Despite its challenges, international expansion offers many benefits. Global companies are better at attracting top talent, supporting international clients, and implementing the latest technological advances.

Globalization also benefits your bottom line. Research shows that companies with global remote teams can save as much as USD 11,000 per employee compared to their in-office counterparts.

Globalization also promotes a more diverse and inclusive workforce. About 48% of employees believe global companies provide a culturally diverse workplace. A global mindset also offers employees better pay and benefits, greater workplace flexibility, and skill development opportunities.

Infographic with 4 benefits of globalization and working for a global company

Global organizations can only thrive with leaders who are committed to the growth of their business and workforce. To take advantage of globalization, companies need to prioritize the employee experience from the very beginning of the employee lifecycle to the end. If companies fail to foster a diverse environment, retention and engagement rates are at risk.

As talent shortages continue, more than a third of leaders say they struggle to attract talent in new markets. As increased competition continues, growing and retaining talent will become more important than ever. That’s why G-P built the Employer of Record (EOR) model to enable companies to foster global growth quickly and compliantly.

Go global quickly and compliantly with G-P.

To keep up with today’s fast-moving economy and widespread talent shortages, leaders need to rethink their strategy. Businesses must prioritize a global mindset to keep up with today’s fast-moving global economy.

For over a decade, G-P has helped companies like Kraft and Karger Publishers plan, hire, and manage global teams in 180+ countries.

Our Global Growth Platform™ simplifies every step of global expansion for companies of all sizes. And with G-P Meridian Contractor™ , you can hire and pay contractors for both short and long-term projects.

We are G-P, your partner in globalization. Contact us today or request a proposal to see our platform in action.

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Essay on Importance of Globalization

Students are often asked to write an essay on Importance of Globalization in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Importance of Globalization

Understanding globalization.

Globalization refers to the integration of countries and people worldwide. It involves sharing ideas, products, and cultural aspects across borders.

Benefits of Globalization

Globalization is crucial as it promotes international trade, leading to economic growth. It also encourages cultural exchange, fostering global harmony.

Globalization and Technology

Globalization has been boosted by advancements in technology, making communication and transportation easier and faster.

In essence, globalization is vital for economic and cultural progress. It bridges gaps among nations, promoting peace and prosperity.

250 Words Essay on Importance of Globalization

Globalization refers to the process of interaction and integration among people, companies, and governments worldwide. It’s driven by international trade, investment, and aided by information technology. This phenomenon has effects on the environment, culture, political systems, economic development, and human physical well-being in societies around the world.

Globalization and the Economy

Globalization has played a pivotal role in fostering economic growth. It has allowed countries to partake in international trade, leading to the expansion of market frontiers. Globalization encourages the free movement of goods, services, and labor, promoting economies of scale and efficient allocation of resources.

Cultural Exchange and Globalization

Globalization has also spurred cultural exchange. Through the diffusion of ideas, languages, and cultural practices, societies have become more diverse and enriched. It has led to a greater understanding and tolerance of different cultures, fostering global unity.

The advent of technology has accelerated globalization. Information technology, in particular, has made it possible to instantaneously communicate and conduct business, regardless of geographical distance. This has led to the creation of a global village, further enhancing economic and cultural ties.

The Flipside of Globalization

Despite its benefits, globalization has its drawbacks. It has often been criticized for widening the wealth gap and promoting cultural homogenization. Therefore, it’s essential to strike a balance, harnessing the advantages of globalization while mitigating its potential downsides.

In conclusion, globalization is a double-edged sword. While it has the potential to bring about economic prosperity and cultural exchange, it also carries the risk of exacerbating income inequality and cultural erosion. Therefore, a balanced approach towards globalization is crucial for sustainable development.

500 Words Essay on Importance of Globalization

Introduction to globalization.

Globalization is a phenomenon that has transformed our world into a global village. It is the process of integration and interaction among people, companies, and governments worldwide. This phenomenon has been driven by international trade and investment and aided by information technology.

The Economic Impact of Globalization

Globalization has a profound impact on the economic sphere. It has led to the opening up of world trade, development of advanced means of communication, internationalization of financial markets, growing importance of MNCs, population migrations, and more interconnected markets. This has allowed for the free movement of goods, services, capital, and labor, leading to economies of scale and fostering economic growth.

Globalization and Cultural Exchange

Culture is another area profoundly impacted by globalization. The worldwide spread of ideas, languages, or popular culture happens through globalization. It has led to the diffusion of cultural practices, leading to a global culture. However, it’s a double-edged sword as it also risks the obliteration of local cultures and traditions.

Globalization and the Environment

Globalization has significant environmental implications. On one hand, it has led to increased pollution and environmental degradation due to industrialization. On the other hand, it has also spurred global cooperation to tackle environmental issues. International treaties and global environmental movements are a testament to this.

The technological revolution is both a driver and a product of globalization. The rapid spread of technology and information has not only made globalization possible, but it is also continuously accelerated by it. The internet, for instance, has broken down geographical barriers, allowing instant communication and access to information across the globe.

Globalization and Politics

Globalization has reshaped political landscapes worldwide. It has led to the rise of international political institutions like the UN, EU, and WTO, which govern international relations. While these organizations foster cooperation and peace, they also raise questions about national sovereignty.

Conclusion: The Dual Nature of Globalization

In conclusion, globalization is a complex and multifaceted phenomenon with both positive and negative implications. It has interconnected the world, leading to economic growth, cultural exchange, and global cooperation. However, it also brings challenges such as cultural homogenization, environmental degradation, and political tension. Understanding and managing these dynamics is crucial for harnessing the benefits of globalization while mitigating its challenges. Therefore, the importance of globalization, in all its complexity, cannot be overstated.

That’s it! I hope the essay helped you.

If you’re looking for more, here are essays on other interesting topics:

Essay on Global Environmental Issues
Essay on How to Reduce Global Warming
Essay on How to Prevent Global Warming

Apart from these, you can look at all the essays by clicking here .

Happy studying!

Effects of Economic Globalization

Globalization has led to increases in standards of living around the world, but not all of its effects are positive for everyone.

Social Studies, Economics, World History

Bangladesh Garment Workers

The garment industry in Bangladesh makes clothes that are then shipped out across the world. It employs as many as four million people, but the average worker earns less in a month than a U.S. worker earns in a day.

Photograph by Mushfiqul Alam

Put simply, globalization is the connection of different parts of the world. In economics, globalization can be defined as the process in which businesses, organizations, and countries begin operating on an international scale. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. In general, globalization has been shown to increase the standard of living in developing countries, but some analysts warn that globalization can have a negative effect on local or emerging economies and individual workers. A Historical View Globalization is not new. Since the start of civilization, people have traded goods with their neighbors. As cultures advanced, they were able to travel farther afield to trade their own goods for desirable products found elsewhere. The Silk Road, an ancient network of trade routes used between Europe, North Africa, East Africa, Central Asia, South Asia, and the Far East, is an example of early globalization. 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. Following the European exploration of the New World, globalization occurred on a grand scale; the widespread transfer of plants, animals, foods, cultures, and ideas became known as the Columbian Exchange. 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. The resulting spread of slavery demonstrates that globalization can hurt people just as easily as it can connect people. The rate of globalization has increased in recent years, a result of rapid advancements in communication and transportation. Advances in communication enable businesses to identify opportunities for investment. At the same time, innovations in information technology enable immediate communication and the rapid transfer of financial assets across national borders. Improved fiscal policies within countries and international trade agreements between them also facilitate globalization. Political and economic stability facilitate globalization as well. The relative instability of many African nations is cited by experts as one of the reasons why Africa has not benefited from globalization as much as countries in Asia and Latin America. Benefits of Globalization Globalization provides businesses with a competitive advantage by allowing them to source raw materials where they are inexpensive. 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. Globalization has long been used by the automotive industry , for instance, where different parts of a car may be manufactured in different countries. Businesses in several different countries may be involved in producing even seemingly simple products such as cotton T-shirts. Globalization affects services, too. Many businesses located in the United States have outsourced their call centers or information technology services to companies in India. As part of the North American Free Trade Agreement (NAFTA), U.S. automobile companies relocated their operations to Mexico, where labor costs are lower. 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. China is a prime example of a country that has benefited immensely from globalization. Another example is Vietnam, where globalization has contributed to an increase in the prices for rice, lifting many poor rice farmers out of poverty. As the standard of living increased, more children of poor families left work and attended school. Consumers benefit also. In general, globalization decreases the cost of manufacturing . This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. 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. Downsides Not everything about globalization is beneficial. Any change has winners and losers, and the people living in communities that had been dependent on jobs outsourced elsewhere often suffer. 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. Indeed, the working conditions of people at some points in the supply chain are deplorable. The garment industry in Bangladesh, for instance, employs an estimated four million people, but the average worker earns less in a month than a U.S. worker earns in a day. In 2013, a textile factory building collapsed, killing more than 1,100 workers. 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. In general, critics blame the pressures of globalization for encouraging an environment that exploits workers in countries that do not offer sufficient protections. Studies also suggest that globalization may contribute to income disparity and inequality between the more educated and less educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization. Into the Future Regardless of the downsides, globalization is here to stay. The result is a smaller, more connected world. Socially, globalization has facilitated the exchange of ideas and cultures, contributing to a world view in which people are more open and tolerant of one another.

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Globalization: A Very Short Introduction (3rd edn)

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7 (page 103) p. 103 Ideologies of globalization: market globalism, justice globalism, religious globalisms

Published: April 2013
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‘Ideologies of globalization: market globalism, justice globalism, religious globalisms’ investigates the ideologies underlying globalization, which endow it with values and meanings. Market globalism advocates promise a consumerist, neoliberal, free-market world. This ideology is held by many powerful individuals, who claim it transmits democracy and benefits everyone. However, it also reinforces inequality, and can be politically motivated. Justice globalism envisages a global civil society with fairer relationships and environmental safeguards. They disagree with market globalists who view neoliberalism as the only way. Religious globalisms strive for a global religious community with superiority over secular structures.

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Globalization Benefits and Challenges

What is globalization?

What are the benefits of globalization?

1. Access to new cultures

2. The spread of technology and innovation

3. Lower costs for products

4. Higher standards of living across the globe

5. Access to new markets

6. Access to new talent

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What are the challenges of globalization?

1. International recruiting

2. Managing employee immigration

3. Incurring tariffs and export fees

4. Payroll and compliance challenges