Meanings and Perspectives of Globalization, This example was written and submitted by a fellow student. For example, quite many US and UK companies outsource their customer service call center services to the Asian markets as the manpower is quite nominal as compared to their home countries. Globalization is a word that has multiple meanings and perspectives. Required fields are marked *. Additionally, the rise in urbanization and the closer integration of the world economy have facilitated global interconnectedness. Their new knowledge helps develop stronger empathy and appreciation for people of other cultures. Sometimes they must contend with different types of legal and banking systems entirely. How dull would the world be if every country spoke only its language? The solution is easy if you ask me is to form a new global council to monitor the impacts of globalization. For example, liberalized national trade policies drive economic globalization. They can achieve higher revenues in unsaturated markets while saving money via the lower cost structure that results from cheaper labor, rent, and materials. Advances in communication enable businesses to identify opportunities for investment. Here are just a few. These technological advances have been especially pronounced in transportation and telecommunications. Any interactives on this page can only be played while you are visiting our website. In a globalized economy, countries specialize in the products and services they have a competitive advantage in. More recently, nationalist political movements have slowed immigration, closed borders and increased trade protectionism. Basically, when we talk about Globalization, we arent just talking about the trade of goods and exchange of capital, we must realize the various social and cultural opportunities that have been realized with international trade. Globalization can contribute to a decline in job opportunities as companies move their production facilities overseas. Increased Open-Mindedness and Tolerance, Globalization Partners Can Help With Your Efforts at Globalization, industrialized countries have shipped their trash, mines in the Democratic Republic of Congo, Contact Globalization Partners International, Resilience Amid a Global Pandemic: Lessons from Australian Tech Success Stories, 5 Ways Companies Can Embrace Sustainability in a Remote Work Setting And How It Will Impact Their Future Growth, What UK Businesses Need to Know About Brexit in 2021, Setting Up An International Branch Vs. Subsidiary. Imagine a doctor in Chicago reading The New York Times and the Guardian and Al Jazeera. 3D printing enables digital designs to be sent anywhere and physically printed, making distributed, smaller-scale production near the point of consumption easier. In short, Globalization is the free movement of goods, services and people across the world in a seamless and integrated manner. Three of the main themes addressed were empowering people, especially women and youth; safeguarding the planet; and long-term strategies to share the benefits of innovation and technological advancement. Not all the positive effects of globalization take place at the scale of billions and trillions of dollars. Review best practices and tools Configuration profiles make it easier to manage BYOD iPhones, but they're also associated with malware. Globalization has long been used by the automotive industry, for instance, where different parts of a car may be manufactured in different countries. The audio, illustrations, photos, and videos are credited beneath the media asset, except for promotional images, which generally link to another page that contains the media credit. 1. Hardwired proposes that globalization originated from the basic motivation of human beings to seek a better life (Chanda, 2007). Required fields are marked *. However, overall, the early 21st century has seen a dramatic increase in the pace of global integration. For information on user permissions, please read our Terms of Service. Realization of the Importance of Globalization is a win-win situation for all the parties involved. Plus they are also able to charge a premium for their offerings in the native market stating that the firm also caters to the international audience. Furthermore, we wouldnt see as much cultural diversification as we do today without international trade. Retrieved from https://papersowl.com/examples/meanings-and-perspectives-of-globalization/. With more customers and enhanced brand reach and value, the sales and profits are sure to rake high and above as compared to being confined to the ones native country. Essay On The Importance Of Globalization | ipl.org Globalization represents an unavoidable phenomenon in the history of mankind, which is making the world smaller and smaller by increasing the exchange of goods, services, information, knowledge . Thanks to globalization, its now easier for everyone to visit new places or see what life is like there because you can always find information about them on the Internet or watch international TV channels. This not only benefits the foreign companies (in this case, American companies like Apple) but also helps the countries being invested in by increasing their exports, creating jobs, closing the technology gap, and overall, improving quality of life. No matter how much you believe in your argument, one should not outcast those who oppose them because that ruins the whole point of liberal thought casing. The 2020 summit was to be in Riyadh, Saudi Arabia, but was held virtually because of the pandemic. Trade allows countries to specialize in what they produce the most efficiently and sell their goods for a profit, while importing goods that cannot be produced domestically or are cheaper to import than produce locally. Nonetheless, rising levels of protectionism and anti-globalization sentiment in several countries could slow or even reverse the rapid pace of globalization. Globalization is a term used to describe how trade and technology have made the world into a more connected and interdependent place. Why Globalization Is Important - Conclusion With all this being said, globalization is important because many positive effects on society, including making us more productive, promoting cultural diversity, enabling us to prepare for upcoming challenges, and making us more tolerant towards others. 1996 - 2023 National Geographic Society. Globalization has enhanced the entire world on the course of the past hundred years. This not only benefits the foreign companies (in this case, American companies like Apple) but also helps the countries being invested in by increasing their exports, creating jobs, closing the technology gap, and overall, improving quality of life. At the same time, innovations in information technology enable immediate communication and the rapid transfer of financial assets across national borders. Globalization refers to interconnectedness among countries through various relationships, from business, geopolitics, and technology to travel, culture, and the media. 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. The Importance of Globalization in Higher Education | IntechOpen The effects of globalization can be felt locally and globally, touching the lives of individuals as well as the broader society in the following ways: While the effects of globalization can be observed, analyzing the net impact is more complex. Without globalization, it would be very difficult for refugees to flee war-torn countries like modern day Syria and Yemen. Globalization is commonly thought of as a new phenomenon, but contact between diverse individuals is not new. Proponents of globalization argue that it improves the state of the world in many ways, such as the following: Many proponents view globalization as way to solve systemic economic problems. You can use a phone to reach someone instantly, no matter how far across the globe that person is. For example, blockchain provides a transparent ledger that centrally records and vets transactions in a way that prevents corruption and breaches. With the power of internet marketing and social media, the entire world is like a global village and customers having access to all the domestic and international brands in a seamless and eased out manner. Writing, to me, is the smoothest way to explain things to others and share knowledge with them. Globalization enables countries to access less expensive natural resources and lower cost labor. 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Benefits and Challenges of Globalization Dodd-Frank legislation passed in the United States now requires companies to be transparent about how they source their materials, but only about 10% of mines in eastern Congo have been declared conflict-free. Globalization: Its Meaning and Importance - ImportantIndia.com Some examples include the following: Through their influence on social and economic development in the countries that host them, multinational corporations embody the contradictions of globalization. What are the positives and negatives of Globalization? Improved fiscal policies within countries and international trade agreements between them also facilitate globalization. Businesses in several different countries may be involved in producing even seemingly simple products such as cotton T-shirts.Globalization affects services too. Specify your topic, deadline, number of pages and other requirements. In todays era that is high on the aspects of social media and online selling, globalization provides all the required impetus. Forbes reports that the move toward globalization has led to deindustrialization throughout the United States, which was once home to many more factories and auto plants. This, however, is not the case. If you have questions about licensing content on this page, please contact ngimagecollection@natgeo.com for more information and to obtain a license. Their target market is widened as they are no more confined to the borders and they are manufacturing products and service offerings to the customers all over the globe through online sales, digital marketing, and social media. I'm Amy, Our writers will help you fix any mistakes and get an A+! The word globe as we know it refers to earth. Globalization makes us more productive by enabling us to use resources from around the world, which allows us to produce better results without having to increase our efforts or work hours. 5) Free movement of goods and services. The customers have access to the products and services offered by international brands. It can also be difficult to find and retain managers with the requisite skills to add value to the company and work effectively within the local culture. Hundreds of philosophers and social observers have taken sides for many years, either supporting or opposing the standard . Though it has become commonplace to say it, its true that the world is getting smaller. Globalization has ebbed and flowed throughout history, with periods of expansion and retrenchment. Problems in Globalization: Jobs Loss and Transfer to Lower Cost Countries, Globalization in Context: Diminishing Religious Differences, The Effects that World War i and World War II had on Minority Groups in America. When this happens, the world will come together, regardless of race, religion, and nationality. Humans tend to take free things for granted, however, and consequently overexploit nature. 2. It fails to value any loss of native language and culture thought to be the result of globalization. Here we discuss the opportunities and challenges in achieving the kind of global growth and success we can all share. In 2013, a textile factory building collapsed, killing more than 1,100 workers. It is the flow of goods, technology, information, services, money, people . When the firms realize and apply the Importance of Globalization, they make their tasks simpler at much-lowered costs and overheads. To say that globalization is always subjective and destructive is also a primitive conclusion. A large reason why people from all around the world are able to gather in large cities in developed nations is due to Globalization. Laborers whose skills are less relevantin a global marketplace will have a hard time adjusting to a world dominated by globalization. THE FIVE PERSPECTIVES ON THE ORIGIN OF GLOBALIZATION | Chegg.com And hence, the increased level of competition elevates the level of innovation and novel ideation as the native firms have to beat the competition with the strategic ideas and out of the box product and service offerings to survive and stay relevant in the market. The European Centre for International Political Economy reports that globalization has helped reduce high inflation rates in western economies, so each dollar of consumer spending goes further. Globalization informs all these scenarios. History shows that our ancestors travel from Africa to other places in search of food and security. Basically, when we talk about Globalization, we arent just talking about the trade of goods and exchange of capital, we must realize the various social and cultural opportunities that have been realized with international trade. Its clear that globalization provides an abundance of benefits worldwide but what are the disadvantages of globalization? If it werent for this moderate globalization, no doubt the world wouldnt have been as advanced as it stands today. Increasing populations of immigrants and refugees present a challenge for industrialized nations. This threatens to undermine investment and the shared understanding that is vital to address our shared threats. Arguably one of the top advantages of globalization has been the rapid spread of technology worldwide. They enable businesses to access lower priced raw materials and parts, take advantage of lower cost labor markets and access larger and growing markets around the world in which to sell their goods and services. Importance of International Business Benefits of International Business, Import and Export: Meaning & Key Difference Between Import and Export, Difference between business markets and consumer markets, 40 Ideas on How to Start a Business in 2020, JioMart launches its Digital-First Holi Campaign targeting Sale from 1st to 8th march, Tata Groups talks over $1 billion Bisleri stake stall, Goodbye Vistara Airlines! While globalization is often referred to as a contemporary or modern phenomenon, globalization can be studied from a historical perspective, by using the historical record spanning many centuries or millennia. Changing the way trade and financial exchange and interaction occurs among nations also promotes the cultural exchange of ideas. It may be pictured as the threads of an immense spider web formed over millennia, with the number and . Patriotism is their absolute trait and thats why any foreign influence causes a threat to the society. Globalization helps local people maintain their traditions and way of living because they dont have to migrate or leave their home countries in search of better lifestyles somewhere else. original papers. Globalization is more than just an economic phenomenon; it has had a deep impact on society and culture. Hi! Communication technology. Give us a so more people can see it! It is very vital for the companies operating in todays dynamic and ever competitive market that the customer has to be given the topmost importance and priority in order to beat the competition and successfully survive in the market. They bring jobs, skills and wealth to the region they are investing or doing business in. On a side note, there is a portion of the society that fights a completely different war. With fewer restrictions on trade, globalization creates opportunities to expand. A relationship that benefits one entity may damage another, and whether globalization benefits the world at large remains a point of contention. Be careful, this sample is accessible to everyone. 8. Countries find themselves limited in the aid they can provide without detriment to their own citizens.
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