While other researchers argue that economic globalization gives solutions of trading and poverty that developing countries encounter. In this paper, I will discuss how Economy Globalization is a good trend that brings benefit for the country. The decision of doing economy globalization chosen because it is considered as beneficial for the country. “The economic essence of globalization is actualized in spreading out the most efficient forms of social production, which in technological terms is demonstrated in the speed, cost-cutting, and reliability of production processes.” (Mamedov, 2016). Globalizing the trade to become international wide gives more opportunity for the country to fulfill the demand of the country.
It could be stated that nations can develop specialization in manufacturing certain products for which they can enjoy a competitive advantage. This is a way to yield profits from trade as it would lead to cheaper rates for consumers, considerable choice related to goods, huge markets related to export for domestic producers, higher contention, and economies of scale by developing specialization in a single sector. Hence, this could be regarded as a main advantage related to economic globalization. Considerable labor movement Escalation in migration of labor from different countries also serves as a benefit to employees as well as recipient nations together. When there is more unemployment in the country, it increases the chance that employees would find work in some other country.
The innovation of technology is expanding from changing and positively affect the economy. In eras of technological improving, it causes industries to increase their productivity, so the country's economy is growing and improving its financial health (as cited in Moritz,
As such, it is characterized by increasing social and economic openness and growing interdependence between the countries of the world. In economic contexts, it refers to trade liberalization or free trade. There are several global issues and concerns like poverty, bio-diversity, environmental protection, sustainable development and international security and cooperation which require global action and solution. All such issues instigate different countries to come closer to one another. Drivers of Globalization In general, globalization represents the increasing integration of the world economy, based on five interrelated drivers of change: • International trade (lower trade barriers and more competition) • Financial flows (foreign direct investment, technology transfers/licensing, portfolio
This will then translate into an increase in a balance of trade and reduction of import costs (Viner, 2014). This way government can inspire development, a more respectable view of its people who will no longer be viewed merely as tools used to bring about development in foreign country by providing cheap labor and raw materials and resources. 2.5.2. Application of the
Centralised economies shifted focus to market economies and market oriented reform through world bodies like GATT, WTO, IMF and World Bank galvanised this process. Many countries have steadily reduced their tariff and other blockades whilst implement flexible financial policies (Gao). The development of the financial sector to serve the needs of international trade and investment actions has come to be the most influential aspect of economic globalisation. As the main ambassadors of globalisation, Multinational Corporations (MNC), like McDonald, Coca Cola and Levi amongst others are organising production and allocating resources worldwide with a view to maximising profit. Their global developments are altering and restructuring
Globalization of business has increased as technology continues to improve. Technologies such as internet, email, and system networks as well as Skype, Facebook, and LinkedIn have increased the ability for companies to have offices and business interactions on a global scale. Globalization has also seen advancements as mergers and acquisitions have joined companies from all ends of the globe. Business boundaries have become more fluid and are no longer defined simply by geopolitical boundaries (Phillips & Packman, 2002). A company need not have international offices to be impacted by globalization; many small companies may trade
Introduction Have you ever thought how easy it is today to find things from all over the world and how fast can somebody communicate with others and travel whenever he wants? All of them these are easy, because globalization made it possible and opened the way for to many companies to take a step outside their own borders and local markets. This paper will explain the definition of Globalization and will try to point out the reasons behind its spread that globalization increases and the impact that globalization it has on the businesses and their operation strategies. What is Globalization and what influences this global movement? Globalization is a multidimensional and complex process that describes the development of an integrated economy.
The purpose of economic globalization is making country richer, and improving people’s standards of living. Nowadays, economic globalization has become one of the controversial topics in the world. But the truth is almost every country in this world have involved in economic globalization. In my opinion, whatever they are developed countries or developing countries, economic globalization can help them develop their economy, and making their country
It not only makes the world more united, but it strengthens the quality of the world citizen as well. Globalization has undoubtedly bring countless benefits to people throughout the world. As the economy grows, people have more opportunities to invest and earn more