(maturski.org) The four main aspects of globalization include ‘trade and transactions’, ‘capital and investment movements’, ‘migration and movement of people’, as well as ‘the dissemination of knowledge’. The process of globalization is highly connected to different aspects within the society, such as economics, social-cultural as well as the environment. (Wikipedia) While Glidden defines Globalization into four different dimensions, which are “World Capitalist Economy”, “Nation-State System”, “World Military Order” and “International Division Labour”. (GLOPP, 2007) Factors that boost globalization However, globalization can lead to some environmental challenges, such as climate change, global warming, overfishing and air pollution. (Wikipedia) Besides, globalization can destroy the “home” of
358-359). The factors, like better secured property rights, improved infrastructure, a changed fiscal regime, greater access to finance, and a higher protection of traders and manufacturers slowly started to be visible in the economic development of the country. After this date, the number of patented inventions started to rise and the great flowering of technological change that was to be at the heart of the Industrial Revolution began to be evident. Innovations took place on many fronts, reflecting the improved institutional environment (Acemoglu & Robinson, 2012, p 366-367). However, we should not forget that the industrialisation was predominantly focusing on a limited number of sectors, such as textiles, and largely bypassed the service industries (Clarke,
One of the most important forces that drive globalization is technological development. As technology advanced it gave the means to break the barrier of time and space which in its turn helped the national markets to integrate without difficulties as they could now collect worldwide information. Furthermore communication has become easier as well as faster through internet as it allows messages to be sent and be received at the same time with no delays. Transportation improved and lead to faster traveling as it reduced the time but it increased the efficiency of transferring. “Advocates and critics of globalization basically agree on the big forces behind it: a great freeing up of trade and capital flows; deregulation; the shrinking cost of communication and transportation; an IT revolution that makes it possible for companies to digitize the boundaries between design, manufacturing and marketing and to locate these functions in different places; and the availability of large numbers of workers and engineers in low-wage countries.” (Suzanne Berger 2005
Investing in transport infrastructure means investing in the future and ensuring long-term economic benefits for the country. This unique opportunity is sustainable and its effects are long lasting. As emphasized in the Business Roundtable report, the following benefits can be obtained with increased investments in the transportation infrastructure: Increased GDP growth - investment in transportation infrastructure will generate more jobs; the maintenance and repair projects will further boost employment and create jobs that are permanent and well-paying, which can benefit the middle class, resulting to an increase in GDP growth. Increased productivity - Efficient and modern infrastructure translates to greater productivity by improving safety, reducing labor costs, fuel expenditures, travel time and other unnecessary effects of uncertainty. Supply chains run more smoothly and the cost of doing business is
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.
The positive effects are that globalization put new challenges on the existing accounting standards and also creates new career opportunities. People who take this change in a positive manner tend to succeed while others who take
Known as “export-import”, this kind of activity brings a lot of benefits of the countries that are getting involved such as access to technology, health, and education. Developing countries can actually follow this method to improve their countries. Thus, “developing countries should be more globalized by doing export and import activity due to access to technology, health, and education”. As mentioned above, technology is one of the perks a developing country
This is because people can have a choice of new and better varieties of goods and services. By consuming new and better varieties of goods, people can improve their standard of living. 5. Generate employment opportunities - Foreign trade helps in generating employment opportunities, by increasing the mobility of labour and resources. It generates direct employment in import sector and indirect employment in other sector of the economy.
It can bring some advantages such as economical and educational benefits. According to Gang (1999), the globalization only accelerates the process. Two economic principles adopted by the central government will efficiently develop the situation or at least inhibit it from worsening. Therefore, globalization can gives some economic benefits for developed countries. In addition, globalization provides educational advantages.
It is the belief that when a country is globalized, the citizens will benefit. Citizens will have a higher living standard, better income, better jobs, better services, better goods and products. Economic globalization urges the progress of services and goods between countries. Furthermore, in recent years, developing countries are advancing on globalization. Although there are exploitations in globalization,