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Discuss The Benefits Of Globalization

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Globalization can be referred to as the relationships and interdependence between borders across the world that facilitates a fairly uninhibited movement of goods and services, money and ideas amongst others, across these borders. The effectiveness of globalization today owe itself to two macro and major underpinning factors. These are the decline of trade and investment barriers and technological change.
According to Hill (2017), during the 1920’s and 30’s international trade and foreign direct investment proved very difficult because of tough and challenging barriers in the form of tariffs that existed where it prohibited and made it seemingly difficult for these trade and investment to take place across nations. After the Second World War and the Great Depression, many nations and countries chose to eradicate these barriers to trade and investment and the General Agreement on Tariffs and Trade (GATT) was born. This was a treaty aimed at encouraging free trade and investment …show more content…

Another benefit put forward by critics is the effect of “churning” and labour flexibility in developed nations whereby there is extensive turnover in various jobs within the economy. This suggests that persons with varying experience can be utilized in different sectors where they will be more valued and in turn, will add to their pool of experience. For developing nations globalization suggests that it can enhance the economy and the standard of living for persons by offering a number of outsourced jobs for those who don’t meet the expectations of becoming the popular doctors and lawyers. Therefore, outsourcing labour in developing nations gives persons various options and opportunities for a better quality of life due to having a number of jobs

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