globalization

People around the world are more connected to each other than ever before. Information and money flow quicker than ever. Products produced in one part of a country are available to the rest of the world as a result of globalization. It is much easier for people to travel, communicate and do business internationally. Globalization essentially is the growth of an industry to a world wide scale. Attempted in the past by the first colonialists, globalization has in more recent times, been increasing rapidly due to improvements in communications, information and transport technology.
Globalization is considered beneficial to the free trade movement among global markets. Globalization creates the opportunity for domestic businesses to compete internationally with a larger customer base. It has the ability to tap into a massive potential customer base and still maintain low cost of goods and services because of cheaper labor that is outsourced to under developed countries. Globalization creates a demand for companies to be driven and motivated and keep up with demand s of the market. This leads to the development of new products and services. By keeping companies competitively challenged, the drive among businesses around the world becomes more customer-orientated when developing new and innovative products. Companies are always looking for “the next big thing”. Through globalization, businesses around the world are given the opportunity to positively impact their societies and facilitate the spread of different cultural practices.
One of the benefits of globalization that should be considered is its massive potential customer base. Imagine all the of the world’s economies merging together, it would be unstoppable and create equality for everyone to move back and forth among social classes. Of course there would need to be a governing association to regulate trade on a global level. The World Trade Organization is the only global organization dealing with the rules of