Businesses find cheaper raw materials and parts, less expensive or more skilled labor and more efficient ways to develop products. Writing, to me, is the smoothest way to explain things to others and share knowledge with them. Globalization Makes Us More Productive, 10. Everest Group Names G-P an Industry Leaderin the Employer of Record Market. The importance of Globalization is a phenomenon that involves the free movement of humans among different regions of the world, exchange of information, and open market for businesses. Debates about globalization are one of the reasons that there is undoubtedly no topic today more dif cult to get one ' s head around, let alone to master, than globalization. Does it go without saying that the Armenian Culture, for instance, is way older and richer than that of the United States, but have you ever heard of it? Because the world was able to communicate across boundaries, nations were able to work together to quickly produce vaccines for the virus. Whats the solution then? Download Report, G-P Once Again Named a Market Leader. The customers have access to the products and services offered by international brands. When assessing the importance of Globalization, its good to look back to where it originated; Extent of the Silk Road and Spice trade routes blocked by the Ottoman Empire in 1453 spurred exploration and saw rise to international trade. Multinational corporations also face the challenge of contending with different laws in different countries. More open access changes the way products are developed, supply chains are managed and organizations communicate. It ignores any environmental damage thought to be the result of globalization. This is part of whats known as economies of scale where businesses can make huge profits by producing more items with less effort and time while still charging the same price for each item. On this platform, I aim to utilize my passion for writing in the best possible manner, using it as a medium to share whatever knowledge I have with the readers. If you have questions about how to cite anything on our website in your project or classroom presentation, please contact your teacher. This of all ideologies linked to globalization is the most sugar-coated one; because its unethical (in my own point) to decide for the people and speak on their behalf. And with this merit both the parties involved customers, as well as the companies, are able to take benefit of the same. This piece was originally published on Globalmillennial.org, Millennial Perspectives On Global Affairs, David is the founder of The Global Millennial: a think-tank millennials a platform to freely express their ideas on the world. David is a 19-year-old Canadian student currently attending the University of Guelph. 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! 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. Your email address will not be published. Effectively, this means that workers in the developed world must compete with lower-cost markets for jobs; unions and workers may be unable to defend against the threat of corporations that offer the alternative between lower pay or losing jobs to a supplier in a less expensive labor market.The situation is more complex in the developing world, where economies are undergoing rapid change. The infant mortality rate in Kenya, especially in its slums, is one of thetop 65 in the world, but globalization has provided tools to help address some of the difficulty with pre- and postnatal care. Globalization has long been used by the automotive industry, for instance, where different parts of a car may be manufactured in different countries. According to the author, to reduce unemployment, the most important is . Sarah Appleton, National Geographic Society, CrashCourse: Globalization 1: The Upside: Crash Course World History #41, NPR: Planet Money Explores the Economics of T-Shirts, Oxford Martin Programme on Global Development, University of Oxford: Our World in Data: Trade and Globalization. Among the critiques of globalization are the following issues: Technological advances, particularly blockchain, mobile communication and banking, are fueling economic globalization. Foreigners come to seem completely unfamiliar under such conditions. Any change has winners and losers, and the people living in communities that had been dependent on jobs outsourced elsewhere often suffer. Globalization Allows Access To New Cultures, 2. Without international trade, we would lack the physical and capital requirements to grow large cities that are abundant with skyscrapers that employ thousands of people who deal with international relations etc. Globalization Helps Reduce Inequality, 13. Fill out this form to download the content in a PDF format. In addition, doctors traveled where they were needed. More recently, nationalist political movements have slowed immigration, closed borders and increased trade protectionism. Globalization is commonly thought of as a new phenomenon, but contact between diverse individuals is not new. Schwab Foundation for Social Entrepreneurship, Centre for the Fourth Industrial Revolution, In a globalised economy, your team must be culturally competent to succeed, What do Renaissance paintings tell us about globalisation, The answer to nationalist fervour isn't less globalism. The outsourcing of labor also leaves a dearth of jobs in industrialized countries, where labor is more expensive. Cycles: it explains that there is no single point of origin in globalization but it is a long-term cyclical process wherein the current global age today is only a modication of the global age in the past. Individuals who travel around the world for business or leisure andtry different foods, listen to different music, read different books, gain exposure to different media outlets, and learn to express themselves, even poorly, in another language gain a broader perspective on the world. They shared these materials worldwide to help hospitals deal with the illness. Nongovernmental organizations (NGOs) use a collaborative approach to address issues that are not confined within borders, such as child labor, human trafficking, and health care and disease prevention. if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'curiousdesire_com-leader-2','ezslot_8',111,'0','0'])};__ez_fad_position('div-gpt-ad-curiousdesire_com-leader-2-0');With all this being said, globalization is important because many positive effects on society, including making us more productive, promoting cultural diversity, enabling us to prepare for upcoming challenges, and making us more tolerant towards others. What Is Globalization and Why Is It Important? Our writers can help you with any type of essay. Globalization can simply be defined as the process of going global. When a commodity becomes available from another region or country, it gets produced there instead of somewhere else, which drives the costs of that commodity down worldwide. Setting up a business in a new country, especially a developing country, requires substantial upfront capital. 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. She or he will best know the preferred format. Globalmillennial.org. Rapid technological advances have benefits other than economic ones. 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. 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. How did the Python supply chain attack occur? Not all the positive effects of globalization take place at the scale of billions and trillions of dollars. 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. In general, globalization decreases the cost of manufacturing. Cookie Preferences Give us your paper requirements, choose a writer and well deliver the highest-quality essay! Those who oppose it claim that globalization is impoverishing once thriving communities in Western countries and serving the interests of global. Copyright 2007 - 2023, TechTarget Money, products, materials, information and people flow more swiftly across national boundaries today than ever. Though silk was certainly the major trade item exported from China, many other goods were traded, and religions, syncretic philosophies, and various technologies. A large reason why people from all around the world are able to gather in large cities in developed nations is due to Globalization. Specifically, it changes the nature of economic activity among nations, expanding trade, opening global supply chains and providing access to natural resources and labor markets. Propelled by the efficiency or appeal of wireless communications, electronic commerce, popular culture, and international travel, globalization has been seen as a trend toward homogeneity that . Imagine a business call with members of eight different countries. Their new knowledge helps develop stronger empathy and appreciation for people of other cultures. Advances in communication enable businesses to identify opportunities for investment. Global stock markets plummeted after the Sept. 11, 2001, terrorist attacks in the United States, but rebounded in subsequent years. For example, cell phones came quickly to the African continent, with cell phone use currently growing every year in sub-Saharan Africa and approaching 90% in countries such as South Africa. Most companieson the planet are working remotely, so the assumption might be that most companies are indeed remote-first. All rights reserved. Businesses in several different countries may be involved in producing even seemingly simple products such as cotton T-shirts.Globalization affects services too. Globalization Lowers The Costs of Commodities, 6. And with this merit both the parties involved customers, as well as the companies, are able to take benefit of the same. Globalization, or globalisation as it is known in some parts of the world, is driven by the convergence of cultural and economic systems. 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. A large reason why people from all around the world are able to gather in large cities in developed nations is due to Globalization. Press the "test" button. Save my name, email, and website in this browser for the next time I comment. Introduction. 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. Globalization provides a wealth of benefits, but it also comes with economic and cultural consequences that can be difficult to navigate. On a similar note, globalization increases the availability of jobs worldwide which is a great thing for people because more job opportunities mean higher salaries and living standards, which in turn keeps bringing new money into the economy so it feeds itself allowing everyone to benefit from globalization. Trade on the Silk Road played a significant role in the development of South-Asian countries. It is the flow of goods, technology, information, services, money, people . Examples include the following: The term globalization as it's used today came to prominence in the 1980s, reflecting several technological advancements that increased international interactions. 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. If all countries are specializing in what they do best, production should be more efficient worldwide, prices should be lower, economic growth widespread and all countries should benefit -- in theory. Hundreds of philosophers and social observers have taken sides for many years, either supporting or opposing the standard . No country should in any way fund a political candidate in another country, because this threats the solidity of this potential candidate. When assessing the importance of Globalization, its good to look back to where it originated; Extent of the, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on Google+ (Opens in new window), How Steve Jobs Laid The Framework For Apple, How To Turn Any Passion Into A Well-Paying Career, A Brief History Of Global Economic Recessions, 4 Types of Jobs That Will Remain Safe From Automation, Ecology of Economics: Why We Cannot Have A Perfectly Sustainable Economy In Todays World, The worlds Top Ten Most Successful Economies, Capitalists Are No Angels, But Socialism Is Hell on Earth. If you liked this article, we bet that you will love the Marketing91 Academy, which provides you free access to 10+ marketing courses and 100s of Case studies. As the standard of living increased, more children of poor families left work and attended school.Consumers benefit too. 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. Copyright 2023 About Curiosity Desire | Privacy Policy | Terms & Conditions | Contact Us. There is no question about it globalization has transformed the modern world. Privacy Policy Patriotism is their absolute trait and thats why any foreign influence causes a threat to the society. The economic benefits of globalization to much of the world are hard to ignore. Whether one supports a world without borders, or the current state of affairs, one truth resounds: we have a responsibility to help each other.