Impact Of Globalization On Business

1118 Words5 Pages
This essay will discuss the concept of Globalization and explain its definition as such. It will likewise focus its attention as to how it as the famed ¨Silk Road¨, later, the Portuguese in India and the Dutch that held a trade monopoly with Japan and a foothold on the spice works, along with it` s various manifestations on the global economy and how businesses are impacted by this phenomenon.
Cultures have been entwined since the first established trade routes across Central Asia, that connected China and Europe, remembered islands. This interaction led to the pioneering of trade markets through the constant bartering of exotic merchandise, labour
…show more content…
¨Globalization has become, ?farther, faster, cheaper, and deeper¨ as stated by the author Thomas Friedman.
Modern day technology has been another main driver to increase education and communication between civilizations of different geographical settings, promoting the exchange of ideas, information and professional ?savoir-faire?, leading to greater productivity and quality outputs.
The continuous evolution of technology provides people connectedness as well as being better informed, hence, being one of the main reasons for the growth of globalization. Moreover, it empowers global civilians to take possession of their economic lives, stay on top of international trends and settings.
The Controversy
There seems to be no adequate response as to whether globalization is an amazing development or a complete disaster, when searching for it?s centre of gravity. Therefore, it is of utmost importance to find the right equilibrium on this controversial subject, by analyzing the advantages as well as the detriments of going
…show more content…
Countries like Nigeria, Columbia, and Indonesia are prime examples, where these financial institutions, invested in organizations responsible for environmental degracion and destruction. Source URL:
Some advantages in the global era
Globalization is driven through ideas and innovation, which leads to new technologies being created and this in return stimulates employment growth, causing economic expansion?n resulting in a more substantial standard of living in the process.

The lowering of import tariffs and the destruction of borders, will contribute to work creatively, permitting people to move more freely between nations, and provides smaller companies to expand their brand as well as products into the global market.
Another result of bilateral trade, is more cost effective resources and materials, that could be accessed together with an inexpensive yet educated workforce. A clear example of this might be when China opened its market to the rest of the world in 1990?s, allowing for countries such as the United States and Europe to consider
Open Document