I am convinced that globalization provides many benefits for us as individuals but also for every country in the world. Many professionals, economists and politicians align that the process of globalization is a huge benefit for economies worldwide. Through this process different trade markets are getting more competitive but also efficient at the same time. It balances the unequally between different countries and prevent eventually some military conflicts. The Milken Institute’s Globalization of the World Economy reports that even if there are many benefits regarding the globalization, there are still several risks which should not be underestimated by investors or governments.
Globalization helps developing countries to cope with rest of the world enlarge their economic development, find a solution for poverty problems in their country. Due to trade barriers, developing countries were not able to tap on the world economy in the past. They could not share the same economic development that developed countries were sharing. Nevertheless, with globalization the International Management and the World Bank motivate developing countries to go throughout market reforms and progressive alters through substantial loans. A lot of developing countries started to open their markets by free up their economies and eliminating tariffs.
Globalization is marked with increasing economic integration and growing economic interdependence between countries of the world. There is an increased cross border movement of goods, technology, people, information etc. Globalization brings new potentials for development and wealth creation. But there are divergent views on the economic impact of globalization. Few argue that the present model of globalization has increased the problems of unemployment, inequality and poverty, while others contend that globalization helped to reduce these aspects.
Globalization also opened up global markets and improvements in intercultural communication, that in turn creates numerous opportunities to gather high quality. Low costing materials and labor. For example, in India outsourcing has bought economic prosperity to it’s people. Thanks to globalization, greater access to foreign culture in the form of movies, music, food, clothing etc. can be pursued with ease.
The effects of globalization in a global community Ferbryan Cliff Pelleng (016201400060) Globalization is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology. This process has effects on the environment, on culture, on political systems, on economic development and prosperity, education and on human physical well-being in societies and communities around the world Community itself is a group of people who share not just living space but also ideas, belief, goods, and solutions to a common global issue. But in a wider perspective, a global community consist of the people or nations of the world, considered as being closely connected by modern telecommunications and as being economically, socially, and politically interdependent. How a Globalization creates a community of a global citizens? And what’s is the effects of Globalization on our local community?
Globalization has become one of the biggest issues in the world today, since many people believed is a good thing while there are also many who think it is bad. Therefore, the following are some of the good things or the benefits which globalization brings about in the Pacific; • Free Trade- Through interconnectedness of countries’ economies, it allows them to trade freely when tariffs and subsidies are reduced (Pitylak,
In my opinion, technology is the big roles or function that brings the globalization. Same as Kenichi Ohmea words, globalization as a borderless world seeks to change the world into a single unit only. This process is easier with the advances in communication technology. There are numerous ways in which globalization has impacted the world. The globalization has impacted on education, economic, culture, language, food and others.
Despite the fact increased cross-border trading and production has raised average incomes globally, inequality has nonetheless become more prevalent. Cee J. Hamelink notes that, “Millions of farmer, immigrants, poorly qualified urban workers, youth and women suffer globalization's negative consequences...marginalized and excluded (Hamelink, 29). Rather than collectively making the world more prosperous, critics attest that “if there is any globalization at all, it is the ‘globalization of poverty’. The benefits created through this process of interconnectedness is only experienced by a very small percentage of the global population leaving behind much of the developing world. According to Amartya Sen, the main issue is not the process itself but rather the institutional inequality that has led to the unequal distribution of opportunities created through globalization (Sen, 24).
However in my opinion, globalization has done more harm than good to the people of the world especially people in the developing world. With the way the world economy is going it is obvious that the main beneficiaries of globalization are the developed capitalist countries. There have been many human rights abuses since the introduction of globalization. First and foremost the gap between the rich and poor keeps on widening and inequality is
Michael Pedreira Period 2 Globalization Pros of globalization Due to globalization, people around the world are becoming more connected. There is better money flow and information is more available to the people around the world. Other than quicker communication, high quality products are becoming available to different parts of the world. Overall, experts believe that globalization is making the world a better place. Globalization has affected countries in numerous ways; Socially, economically, and politically.