It is evident, the profits of U.S.-based companies have increased due to globalization and majority of it come from their foreign counterparts. Moreover, globalization has lowered the cost of several goods and services here in the U.S. Likewise, globalization has made it easier to produce more goods and increase services in countries where the costs are lower. Flexible accumulation in the United States has allowed for companies to move their production facilities and activities around the world and even within a nation in search of cheaper labor, and lower taxes, to accumulate as much as profit as possible. This is all fine for the companies and organizations who are gaining money, but not so good for the workers who used to work at these companies before they were offshored and outsourced.
Globalization VS Americanization Globalization is a continuous integration of free movement of goods, services and people around the world. Globalization can be considered because of the opening of the global economy and an increase in trade among nations. In other words, if those countries that so far closed trade and foreign investment opened their economies to the world, the result was a deepening interconnection and integration of the world economy. This is a briefly introduction to globalization. In other ways, globalization also means the free import of all nations and welcomes foreign investment in the main sectors of the economy.
Since the majority of trade any country does is international, and it’s been shown that individual economies are interdependent on each, the current state of everyone’s economy is global. Economic benefits further advance the global economy, “Businesses can communicate efficiently and effectively with their partners, suppliers, and customers and manage better their supplies, inventories, and distribution network,” (Mourdoukoutas). Allowing for open borders between countries and with more nations communicating to each, businesses can then
Many have organized themselves into trade blocs like European Union, the WTO, the G8. This has reduced the sovereignty of nation states in taking important decisions with respect to their country where we see massive intervention of these organizations in all fields. It should be noted that the executive body of all these organizations are from USA and European countries which was reflected in their decisions as all of them were pro West legislations.Another major impact of globalization is the increased influence of Non Governmental Organizations in public policy like humanitarian aid, developmental efforts etc. Many organizations have come forward with the mission of uplifting the most unprivileged societies of the world where there is massive funding of millions of dollars. Globalization has also lead to the growth of terrorism.
E-commerce and global trade have brought in the promotion of consumer goods and services along with other tradable goods. The E.U. has been able to hold the position as the world’s top economic power because of its free trade among its members. Although it is feared that this new referendum can affect pricing for products and goods globally due to the pricing in international currency, the U.K.’s departure from the union may not affect the global economy in the grand scheme of events. The nation wants to improve itself internally and work on creating jobs domestically (Hosmer,
Globalization is strongly affecting countries all over the world, the social life of the whole human community as well as the lives of each person. Globalization is known as "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, and on human physical well-being in societies around the world." Globalization is a complicated issue. It is necessary to evaluate the benefits and drawbacks before drawing any conclusions.
And no matter where we are at, we were able to get the news of information quickly and widely because of the development of information technology (IT). Despite, globalization makes people more comfortable in several ways by giving people more opportunities and increases the economic
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.
2013). Second, containerization where there was a rapid adoption of the steel transport container which has reduced the costs of inter-modal transport making trade cheaper and more efficient. Third, Improved technology which makes it easier to communicate and share information around the world. Growth of multinational companies with a global presence in many different economies is another cause of globalization (Hitt et al, 2014) . Reduced tariff barriers encouraging global trade and firms exploiting gains from economies of scale to gain increased specialization have also contributed much to the issue of globalization.
Globalization has impacts on the environment, on culture, on political frameworks, on monetary improvement and thriving, and on human physical well-being in societies around the world. Developed nations I can say with many more people that we are lucky enough to live in country where we don 't have to worry about how to find water for drinking and food that is not poisoned. Reason for that is because we live in a developed country like Switzerland. Developed countries and nations are defined as a place where people have enough money to buy the thing they need. Economic status of this countries is more stable than undeveloped countries which have big issues with unemployment.