Introduction Globalization
Introduction
Globalization is an ongoing process integrating economies, industries, markets, cultures, societies and policies around the world. Whether globalization is good or bad is a question that people around the globe are constantly debating over. The answer depends on which part of the world you stand on, for globalization have different impacts on every ‘participant’.
The Good
The good side of globalization is that it promotes open markets which allows businesses to communicate effectively and efficiently between partners; manufacturers, suppliers and customers. It enables local producers to venture into other markets, increasing in profits. It gives opportunities for countries to work with other countries; businesses can expand around the world reaching out to more customers that in return generates more profit. Customers also benefit from this because they will have more options to choose from.
When companies from developed countries do their businesses in developing countries, the cost of production (labor, raw materials, rent, taxes, etc.) is lower as compared in their own country. As costs of production are lowered, profits increase significantly for the companies. This benefits the developing countries as well because money is invested into them and it generate jobs for their people, employment rate increases and they are able to reap the benefits of new technologies without having to go through the development phase which is painstaking and requires a long period of time and a substantial amount of funds.
Governments are also able to work together with each other towards common goals that enable them to understand and tackle situations together, it improves their ability to interact and coordinate and develop global awareness of issues. Not only governments interact with each other, cultures do as well. People are able to learn from each other without having to go out of their own country. There’s greater access to foreign cultures in the
Globalization is an ongoing process integrating economies, industries, markets, cultures, societies and policies around the world. Whether globalization is good or bad is a question that people around the globe are constantly debating over. The answer depends on which part of the world you stand on, for globalization have different impacts on every ‘participant’.
The Good
The good side of globalization is that it promotes open markets which allows businesses to communicate effectively and efficiently between partners; manufacturers, suppliers and customers. It enables local producers to venture into other markets, increasing in profits. It gives opportunities for countries to work with other countries; businesses can expand around the world reaching out to more customers that in return generates more profit. Customers also benefit from this because they will have more options to choose from.
When companies from developed countries do their businesses in developing countries, the cost of production (labor, raw materials, rent, taxes, etc.) is lower as compared in their own country. As costs of production are lowered, profits increase significantly for the companies. This benefits the developing countries as well because money is invested into them and it generate jobs for their people, employment rate increases and they are able to reap the benefits of new technologies without having to go through the development phase which is painstaking and requires a long period of time and a substantial amount of funds.
Governments are also able to work together with each other towards common goals that enable them to understand and tackle situations together, it improves their ability to interact and coordinate and develop global awareness of issues. Not only governments interact with each other, cultures do as well. People are able to learn from each other without having to go out of their own country. There’s greater access to foreign cultures in the
References: Thangavelu, Shandre. "Making the Most of Globalisation." The Straits Times, Review, September 23, 2010. Srinivasan, T.N. Globalization: Is It Good or Bad?. lecture., Stanford Institute for Economic Policy Research, 2002. . Jeffery, Simon. The Guardian, "What is globalisation?." Last modified October 31, 2002. Accessed September 23, 2013. http://www.theguardian.com/world/2002/oct/31/globalisation.simonjeffery. Colin, Stief. Geography, "Globalization - An Overview of Globalization and Its Positive and Negative Aspects." Last modified July 07, 2008. Accessed September 23, 2013. http://geography.about.com/od/globalproblemsandissues/a/globalization.htm. Simon, Tay. "America 's Call To Globalization." Forbes, September 22, 2010. http://www.forbes.com/2010/09/22/asia-america-globalization-markets-economy-book-excerpt-simon-tay.html (accessed September 23, 2013). Panos, Mourdoukoutas. "The Good, The Bad, And The Ugly Side Of Globalization." Forbes, September 10, 2011. http://www.forbes.com/sites/panosmourdoukoutas/2011/09/10/the-good-the-bad-and-the-ugly-side-of-globalization/ (accessed September 23, 2013). Ian, Goldin. "Globalization: The Good, The Bad and the Uncertain." The Globalist, February 01, 2012. http://www.theglobalist.com/globalization-the-good-the-bad-and-the-uncertain/ (accessed September 23, 2013). John, Sweeney. "Globalization hurts USA." USA Today, October 01, 2003. http://usatoday30.usatoday.com/news/opinion/editorials/2003-10-01-oppose_x.htm (accessed September 23, 2013). Peter, Mandelson. "Globalization Is Good for Europe." Spiegel Online, November 13, 2008. http://www.spiegel.de/international/world/opinion-globalization-is-good-for-europe-a-590166.html (accessed September 23, 2013). Yannos, Papantoniou. Project Syndicate, "Globalization’s European Test." Last modified January 21, 2013. Accessed September 23, 2013. http://www.project-syndicate.org/commentary/europe-s-crisis-and-international-economic-governance-by-yannos-papantoniou.