Also, because of globalization international business grown, improved and removed a lot of obstacles when interacting with international markets. Then again, globalization can likewise be a significantly enhancing process, opening personalities to new thoughts and encounters, and fortifying the finest all-inclusive estimations of mankind. For the culture factor is like a code we as a human being live with. It also includes the arrangement of convictions, good values, conventions, dialect, and laws (or standards of conduct) held in like manner by a country, a group, or other characterized gathering of individuals. Globalization truly can affect anything in life both positively and negatively, but due to globalization people changed or because the culture factor changed or got affected by essence time.
Globalization is both good and bad in one sense, however, it is inevitable. While critics of globalization may argue that globalization has led to international terrorists, civil unrest, as well as depletion of environmental, cultural and manual resources in most developing countries (The bad aspect of globalization), the world phenomenon has contributed immensely in fostering economic development in many global economies. For instance, in many developing nations in Africa, Globalization has helped promote exchanges between organizations in developed and developing nations that has transferred technical infrastructure necessary for economic growth and development in the African nations (The good aspect of globalization). The developed nations have also benefited from such exchanges via exploitation of target resources in the developing nations. (Gemma, 2014).
Thanks to globalization technology has travelled all over the world to help people have easy access to information. Information can be accessed easily and freely through the internet, mobile phones, television and other devices. Globalization has increased the economic right for people worldwide especially in the developed world. There has been an increase in the standard of living of many people hence healthy lifestyles. However in my opinion, globalization has done more harm than good to the people of the world especially people in the developing world.
World Trade Organization (WTO) allocates with the global rules of trade between nations, which main purpose is to ensure that trade flows as smoothly, predictably and freely as possible (World Trade Organization, 2015). It consists of 162 members with two-third of its members are developing countries that WTO needs to set its focus on as those countries have progressively become a much bigger role in the global economy, unlike in the past period. Regarding the treatment towards them, WTO has created many opportunities and the drawback simultaneously for the developing countries; therefore, this paper is going to examine the positive and negative impacts of WTO’s policies on the developing countries in the global economy in order to figure out which effect has more impacts. It can be seen that, since its establishment in 1995, the World Trade Organization (WTO) has experienced a great success in terms of dragging more and more countries into its complex, susceptible network of the institution. The rise in the number of developing countries claiming for WTO membership indicates the increasing¬¬¬ weight of developing countries in actively participating in global economic transactions, as well as making their voices heard and influencing, to a certain extent, the organization 's decision making, which is traditionally driven by both mutual and individual national interests of powerful, influential states (Barcelo III, 2005; Page, 2002).
Globalization has to a great extent affected the ecological factors as it has expanded the level of a worldwide temperature alteration, exhaustion in the ozone layer, the ascent in the ocean level and lessening in the water supply as it is subject to expanding measure of transportation, generation. Globalization has its advantages and disadvantages. The individuals who bolster globalization conceives that globalization could help expel destitution and joblessness. For instance, free exchanges advances monetary development, makes employments, and rises rivalries inside nations. The consummation prompts diminish in the costs.
It gradually becomes a national trait aligned with cheaper labor force that attracts the developed countries. In other words, the developed countries are willing to progress manufacturing outsourcing in China. Moreover, market demand boosts in the stage of economic development, therefore, there are massive amount of potential opportunities occurring in the market place. With increasing amount of the FDI, China is constantly absorbing knowledge and learning skills from innovative technologies and trying to help local business development. As a result, the GDP is rapidly growing since 1995 (World Bank Data 2017), which indicates that the purchasing power of customers is sharply boosting in the domestic market.
In this regard, globalization significantly affects the environment, the political system, and the economic development and prosperity of countries all over the world. Through intensified flows brought about by globalization, spatial and social reforms are changed (Tsygankov, 2009). In light of this,
Globalization is the development of worldwide economy in which resources and products move fairly across national borders. It is also a process of integration among people, companies, and governments of different countries, which is usually driven by international trade, investment and aided by information technology. Both developed and developing countries are taking part actively in globalization process but both countries reacted differently in globalization. This process has the positive and negative effects on employment, culture, education and knowledge, market competition, economic, wealth and human physical well-being in societies around the world. Employment and Poverty The outsourcing of services and manufacturing to developing countries have provided more job
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.
Developing countries can benefit a lot from multinational corporations. On the other hand with many benefits there are lot disadvantages related to ethical conducts that exploit hidden agenda of the developing nation. FDI (foreign direct investment) have been observed to be imperative in the financial advancement of the host nations, and pivotal in building mechanical capacities of local organisations in developing nations viewpoints (Keller, 2010). For the global dispersal it is a channel of innovation, which can possibly exchange mechanical, authoritative and administration to developing nations that can, at last, prompt unrivalled technological capacities, and advancement works on, bringing about the monetary development of these nations. Discussion