are you in favor of globalization essay

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globalization

globalization , integration of the world’s economies, politics, and cultures. German-born American economist Theodore Levitt has been credited with having coined the term globalization in a 1983 article titled “The Globalization of Markets.” The phenomenon is widely considered to have begun in the 19th century following the advent of the Industrial Revolution , but some scholars date it more specifically to about 1870, when exports became a much more significant share of some countries’ gross domestic product (GDP). Its continued escalation is largely attributable to the development of new technologies—particularly in the fields of communication and transportation—and to the adoption of liberal trade policies by countries around the world.

Social scientists have identified the central aspects of globalization as interconnection, intensification, time-space distanciation (conditions that allow time and space to be organized in a manner that connects presence and absence), supraterritoriality, time-space compression, action at a distance, and accelerating interdependence. Modern analysts also conceive of globalization as a long-term process of deterritorialization—that is, of social activities (economic, political, and cultural) occurring without regard for geographic location. Thus, globalization can be defined as the stretching of economic, political, and social relationships in space and time. A manufacturer assembling a product for a distant market , a country submitting to international law , and a language adopting a foreign loanword are all examples of globalization.

Of course history is filled with such occurrences: Chinese artisans once wove silk bound for the Roman Empire ( see Silk Road ); kingdoms in western Europe honoured dictates of the Roman Catholic Church ; and English adopted many Norman French words in the centuries after the Battle of Hastings . These interactions and others laid the groundwork for globalization and are now recognized by historians and economists as important predecessors of the modern phenomenon. Analysts have labeled the 15th to 18th century as a period of “proto-globalization,” when European explorers established maritime trade routes across the Atlantic and Pacific oceans and encountered new lands. Integration prior to this time has been characterized as “archaic globalization.”

What distinguishes the process of modern globalization from those forms of global integration that preceded it are its pace and extent. According to some academics, three distinct eras of modern globalization can be identified, each of them marked by points of sudden acceleration in international interaction. Under this scheme, the “first globalization” era refers to the period between approximately 1870 and 1914, during which new transportation and communication technology decreased or eliminated many of the drawbacks to distance. The “second globalization” era is said to have lasted from roughly 1944 to 1971, a period in which an international monetary system based on the value of the U.S. dollar facilitated a new level of trade between capitalist countries. And the “third globalization” era is thought to have begun with the revolutions of 1989–90, which opened the communist Eastern bloc to the flow of capital and coincided with the creation of the World Wide Web . Some scholars argue that a new period of globalization, the “fourth globalization,” is underway, but there is little consensus on when this era began or whether it is truly distinct enough to merit its own designation.

New levels of interconnectedness fostered by globalization are credited for numerous benefits to humanity. The spread of industrial technology and the resulting increase in productivity have contributed to a reduction in the percentage of the world’s population living in poverty. The sharing of medical knowledge has dramatically decreased the incidence of once-feared diseases and even eliminated smallpox. And economic interdependence among countries discourages war between them.

However, the implementation of globalization has been much criticized, leading to the development of the anti-globalization movement. Opponents of globalization—or at least, globalization in its present form ( see neoliberal globalization )—represent a variety of interests on both the political left and right. Labour unions disdain multinational companies’ ability to move their operations to countries with cheaper labour; Indigenous peoples rue the difficulty of maintaining their traditions; and leftists object to the neoliberal character of the new world economy, arguing that the capitalist logic on which they contend globalization is based leads to asymmetrical power relations (both internationally and domestically) and transforms every aspect of life into a commodity. Right-wing critics of globalization believe that it threatens both national economies and national identity. They advocate national control of a country’s economy and rigidly restricted immigration.

Globalization has also produced effects that are more universally worrisome. Expanded transportation networks facilitate not only increased trade but also the spread of diseases. Undesirable trade, such as human trafficking and poaching, has flourished alongside legitimate commerce. Moreover, the pollution generated by the world’s modernization has resulted in global warming and climate change , threatening Earth’s very habitability.

Whether globalization will adapt to these problems remains to be seen, but it is already changing again. For example, globalization began in the 19th century with an explosion in exports, but, even before the COVID-19 pandemic that swept through the world in 2020 resulted in global lockdowns, trade as a share of many countries’ GDP had fallen. It can be argued that the global supply chains today rely more on knowledge than on labour . And services now constitute a larger share of the global economy than goods. A “fourth globalization” might indeed be here—or at least on the way.

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Arguments for and against globalization

FOR Globalization

1. one billion people out of poverty.

Between 1990 and 2010, the number of people living in extreme poverty fell by half as a share of the total population in developing countries, from 43% to 21%—a reduction of almost 1 billion people.

Human development indicators have also been improving across the globe. Life expectancy has been increasing steadily everywhere, and most developing countries are now rapidly converging with the rich world; child mortality rates have gone down everywhere; literacy rates, access to clean water, electricity, and basic consumer goods, all of these indicators have been rising.

Scarcity has existed throughout human history. However, never before has the material well-being of so many people been improved in such a short space of time.

2. COMPARATIVE ADVANTAGE

As Adam Smith famously alluded to in  The Wealth of Nations , a global free trade system allows countries to use their resources more efficiently, by selling what they produce best, while buying what other countries produce better.

In a 2011  publication , the OECD argued that comparative advantage is one of the most potent explanations of higher income growth in open economies. The differences between countries, including differences in broad policy agendas, create relative differences in productivity, giving rise to gains from trade.

3. INCREASED INTERNATIONAL COOPERATION

Certain economists, such as Jagdish Bhagwati, argue that the trade openness brought about by globalisation can contribute to the spread of democracy, as “the benefits of trade brings prosperity that, in turn, creates or expands the middle class that then seeks the end of authoritarianism.” Princeton’s John Doces found that “globalisation measured as increased exports to the U.S. increases the level of democracy in the exporting country.”

Using data provided by Freedom House, George Mason economist Daniel T. Griswold found a  correlation  between economic openness and political and civil freedom across 123 countries.

AGAINST Globalization

1. job losses.

Critics often point out that globalisation has led to job losses in the developed world, notably in the manufacturing sector. For instance, the US has lost 5 million manufacturing jobs since 2000.

What makes things worse is the sense that not everybody is playing by the same rules when it comes to global trade. A common refrain of the Trump administration in the US, for example, is that the West has opened its markets to Chinese exports, but China has not properly reciprocated. Globalization, as it currently exists, is making some in the developed world very rich, but hurting working class communities. This has been a gift to populist politicians, but it has been devastating to many communities in Europe and the US that relied on manufacturing.

2. EROSION OF STATE SOVEREIGNTY

Another common argument is that globalisation has eroded state sovereignty. International trade limits the ability of nation-states to control domestic economies, whereas international organisations and laws place limits on their decision-making abilities.

The Eurozone crisis proved that financial markets can topple governments just as easily as elections. Yet there is no democratic control over financial markets.

Large multinationals exploit legal loopholes (and use well-paid lawyers and accountants) to help them avoid taxes. They offshore their operations to countries with weak labour laws and environmental protection, circumventing higher standards in the developed world (despite selling their products there).

3. INCREASED INEQUALITY

Globalization has made some people very rich. The majority, however, are given scraps. The 2018 World Inequality Report  shows  that inequality is rising across the globe (particularly in rapidly-developing economies such as India and China).

Free market critics, such as the economists Joseph Stiglitz and Ha-Joon Chang, argue that globalisation has perpetuated inequality in the world rather than reducing it.

In 2007, the International Monetary Fund suggested that inequality levels may have  increased  due to the introduction of new technology and foreign investment in developing countries.

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Essay on Importance of Globalization

Students are often asked to write an essay on Importance of Globalization in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Importance of Globalization

Understanding globalization.

Globalization refers to the integration of countries and people worldwide. It involves sharing ideas, products, and cultural aspects across borders.

Benefits of Globalization

Globalization is crucial as it promotes international trade, leading to economic growth. It also encourages cultural exchange, fostering global harmony.

Globalization and Technology

Globalization has been boosted by advancements in technology, making communication and transportation easier and faster.

In essence, globalization is vital for economic and cultural progress. It bridges gaps among nations, promoting peace and prosperity.

250 Words Essay on Importance of Globalization

Globalization and the economy.

Globalization has played a pivotal role in fostering economic growth. It has allowed countries to partake in international trade, leading to the expansion of market frontiers. Globalization encourages the free movement of goods, services, and labor, promoting economies of scale and efficient allocation of resources.

Cultural Exchange and Globalization

Globalization has also spurred cultural exchange. Through the diffusion of ideas, languages, and cultural practices, societies have become more diverse and enriched. It has led to a greater understanding and tolerance of different cultures, fostering global unity.

The advent of technology has accelerated globalization. Information technology, in particular, has made it possible to instantaneously communicate and conduct business, regardless of geographical distance. This has led to the creation of a global village, further enhancing economic and cultural ties.

The Flipside of Globalization

Despite its benefits, globalization has its drawbacks. It has often been criticized for widening the wealth gap and promoting cultural homogenization. Therefore, it’s essential to strike a balance, harnessing the advantages of globalization while mitigating its potential downsides.

In conclusion, globalization is a double-edged sword. While it has the potential to bring about economic prosperity and cultural exchange, it also carries the risk of exacerbating income inequality and cultural erosion. Therefore, a balanced approach towards globalization is crucial for sustainable development.

500 Words Essay on Importance of Globalization

Introduction to globalization, the economic impact of globalization.

Globalization has a profound impact on the economic sphere. It has led to the opening up of world trade, development of advanced means of communication, internationalization of financial markets, growing importance of MNCs, population migrations, and more interconnected markets. This has allowed for the free movement of goods, services, capital, and labor, leading to economies of scale and fostering economic growth.

Globalization and Cultural Exchange

Culture is another area profoundly impacted by globalization. The worldwide spread of ideas, languages, or popular culture happens through globalization. It has led to the diffusion of cultural practices, leading to a global culture. However, it’s a double-edged sword as it also risks the obliteration of local cultures and traditions.

Globalization and the Environment

The technological revolution is both a driver and a product of globalization. The rapid spread of technology and information has not only made globalization possible, but it is also continuously accelerated by it. The internet, for instance, has broken down geographical barriers, allowing instant communication and access to information across the globe.

Globalization and Politics

Globalization has reshaped political landscapes worldwide. It has led to the rise of international political institutions like the UN, EU, and WTO, which govern international relations. While these organizations foster cooperation and peace, they also raise questions about national sovereignty.

Conclusion: The Dual Nature of Globalization

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✍️Essay on Globalisation: Samples in 100, 150 and 200 Words

• Updated on  
• Oct 25, 2023

Globalisation means the combination of economies and societies with the help of information, ideas, technology, finance, goods, services, and people. It is a process where multinational companies work on their international standing and conduct operations internationally or overseas. Over the years, Globalisation has had a profound impact on various aspects of society. Today we will be discussing what globalisation is and how it came into existence with the essay on globalisation listed below.

Table of Contents

• 1 How Globalisation Came Into Existence?
• 2 Essay on Globalisation in 100 Words
• 3 Essay on Globalisation in 150 Words
• 4 Essay on Globalisation in 200 Words

How Globalisation Came Into Existence?

For all those unaware, the concepts of globalisation first emerged in the 20th century. Here are some of the key events which led to the development of globalisation in today’s digital world.

• The ancient Silk Route as well as the maritime routes led to the exchange of goods, ideas and culture in several countries. Although these were just trade routes, but later became important centres for cultural exchange.
• Other than this, the European colonial expansion which took place from the 15th to the 20th century led to the setting up of global markets where both knowledge and people were transferred to several developing countries. 
• The evolution and exchange of mass media, cinema and the internet further led to the widespread dissemination of cultures and ideas.

Also Read: Essay on the Importance of the English Language for Students

Essay on Globalisation in 100 Words

Globalization, the interconnectedness of nations through trade, technology, and cultural exchange, has reshaped the world. It has enabled the free flow of goods and information, fostering economic growth and cultural diversity. However, it also raises challenges such as income inequality and cultural homogenization. 

In a globalized world, businesses expand internationally, but local industries can suffer. Moreover, while globalization promotes shared knowledge, it can erode local traditions. Striking a balance between the benefits and drawbacks of globalization is essential to ensure a more equitable and culturally diverse global community, where economies thrive without leaving anyone behind.

Also Read: Essay on Save Environment: Samples in 100, 200, 300 Words

Essay on Globalisation in 150 Words

Globalization is the process of increasing interconnectedness and interdependence among countries, economies, and cultures. It has transformed the world in various ways.

Economically, globalization has facilitated the flow of goods, services, and capital across borders. This has boosted economic growth and reduced poverty in many developing nations. However, it has also led to income inequality and job displacement in some regions.

Culturally, globalization has resulted in the spread of ideas, values, and cultural products worldwide. While this fosters cultural exchange and diversity, it also raises concerns about cultural homogenization.

Technologically, globalization has been driven by advances in communication and transportation. The internet and smartphones have connected people across the globe, allowing for rapid information dissemination and collaboration.

In conclusion, globalization is a complex phenomenon with both benefits and challenges. It has reshaped the world, bringing people closer together, but also highlighting the need for responsible governance and policies to address its downsides.

Also Read: Essay on Unity in Diversity in 100 to 200 Words

Essay on Globalisation in 200 Words

Globalization, a multifaceted phenomenon, has reshaped the world over the past few decades. It involves the interconnectedness of economies, cultures, and societies across the globe. In this essay, we will briefly discuss its key aspects and impacts.

Economically, globalization has led to increased international trade and investment. It has allowed companies to expand operations globally, leading to economic growth in many countries. However, it has also resulted in income inequality and job displacement in some regions.

Culturally, globalization has facilitated the exchange of ideas, values, and traditions. This has led to a more diverse and interconnected world where cultures blend, but it can also challenge local traditions and languages.

Socially, globalization has improved access to information and technology. It has connected people across borders, enabling global activism and awareness of worldwide issues. Nonetheless, it has also created challenges like cybercrime and privacy concerns.

In conclusion, globalization is a double-edged sword. It offers economic opportunities, cultural exchange, and global connectivity, but it also brings about disparities, cultural tensions, and new global challenges. To navigate this complex landscape, the world must strive for responsible globalization that balances the interests of all stakeholders and promotes inclusivity and sustainability.

Related Articles

The movement of goods, technologies, information, and jobs between countries is referred to as globalisation. 

Globalization as a phenomenon began with the earliest human migratory routes, or with Genghis Khan’s invasions, or travel across the Silk Road.

Globalisation allows wealthy nations to access cheaper labour and resources, while also providing opportunity for developing and underdeveloped nations with the jobs and investment capital they require.

For more information on such interesting topics, visit our essay-writing page and follow Leverage Edu ! 

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Malvika is a content writer cum news freak who comes with a strong background in Journalism and has worked with renowned news websites such as News 9 and The Financial Express to name a few. When not writing, she can be found bringing life to the canvasses by painting on them.

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Essay on Globalization for Students and Children

500+ words essay on globalization.

Globalization refers to integration between people, companies, and governments. Most noteworthy, this integration occurs on a global scale. Furthermore, it is the process of expanding the business all over the world. In Globalization, many businesses expand globally and assume an international image. Consequently, there is a requirement for huge investment to develop international companies.

How Globalization Came into Existence?

First of all, people have been trading goods since civilization began. In the 1st century BC, there was the transportation of goods from China to Europe. The goods transportation took place along the Silk Road. The Silk Road route was very long in distance. This was a remarkable development in the history of Globalization. This is because, for the first time ever, goods were sold across continents.

Globalization kept on growing gradually since 1st BC. Another significant development took place in the 7th century AD. This was the time when the religion of Islam spread. Most noteworthy, Arab merchants led to a rapid expansion of international trade . By the 9th century, there was the domination of Muslim traders on international trade. Furthermore, the focus of trade at this time was spices.

True Global trade began in the Age of Discovery in the 15th century. The Eastern and Western continents were connected by European merchants. There was the discovery of America in this period. Consequently, global trade reached America from Europe.

From the 19th century, there was a domination of Great Britain all over the world. There was a rapid spread of international trade. The British developed powerful ships and trains. Consequently, the speed of transportation greatly increased. The rate of production of goods also significantly increased. Communication also got faster which was better for Global trade .

Finally, in 20th and 21st -Century Globalization took its ultimate form. Above all, the development of technology and the internet took place. This was a massive aid for Globalization. Hence, E-commerce plays a huge role in Globalization.

Get the huge list of more than 500 Essay Topics and Ideas

Impact of Globalization

First of all, Foreign Direct Investment (FDI) increases at a great rate. This certainly is a huge contribution of Globalization. Due to FDI, there is industrial development. Furthermore, there is the growth of global companies. Also, many third world countries would also benefit from FDI.

Technological Innovation is another notable contribution of Globalization. Most noteworthy, there is a huge emphasis on technology development in Globalization. Furthermore, there is also technology transfer due to Globalization. The technology would certainly benefit the common people.

The quality of products improves due to Globalization. This is because manufacturers try to make products of high-quality. This is due to the pressure of intense competition. If the product is inferior, people can easily switch to another high-quality product.

To sum it up, Globalization is a very visible phenomenon currently. Most noteworthy, it is continuously increasing. Above all, it is a great blessing to trade. This is because it brings a lot of economic and social benefits to it.

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Home — Essay Samples — Sociology — Globalization

Essays on Globalization

Hook examples for globalization essays, "the global village" metaphor hook.

"In the age of globalization, our world has transformed into a 'global village.' Explore the implications of this metaphor and how it has reshaped our understanding of interconnectedness and cultural exchange."

The Impact of Digital Connectivity Hook

"In an era where a single tweet can reach millions, digital connectivity has revolutionized globalization. Delve into the profound impact of the internet, social media, and technology on global interactions."

The Paradox of Local vs. Global Hook

"Globalization blurs the lines between local and global identities. Analyze the paradox of preserving cultural heritage while embracing the globalized world and how this tension shapes our societies."

The Global Marketplace Hook

"Globalization has ushered in an era of unprecedented trade and economic interconnectedness. Explore the dynamics of the global marketplace, from multinational corporations to supply chains spanning continents."

Cultural Fusion and Identity Hook

"Globalization has led to a melting pot of cultures, but what happens to cultural identities in the process? Investigate how globalization impacts the preservation and evolution of cultural identities."

The Challenges of Globalization Hook

"While globalization offers numerous benefits, it also presents challenges. Examine issues such as income inequality, cultural homogenization, and environmental concerns that arise in a globalized world."

The Future of Globalization Hook

"As we stand on the brink of a globalized future, what can we expect? Join me in exploring the potential trajectories of globalization, from its impact on politics to the role of emerging technologies."

The Best Globalization Essay Topics

• The Impact of Globalization on Local Cultures: Integration or Erasure?
• The Impact of Globalization on Cultural Identity in Anthropological Studies
• Globalization and Economic Inequality: Bridging the Gap Between Rich and Poor
• The Role of Technology in Advancing Globalization and Its Social Implications
• Environmental Consequences of Globalization: Challenges and Sustainable Solutions
• Analyzing the Advantages and Disadvantages of Globalization
• The Influence of Globalization on Education and Cross-Cultural Exchanges
• Global Political Dynamics: How Globalization Affects Sovereignty and Governance
• Globalization and Health: The Spread of Diseases and Global Health Initiatives
• Consumer Culture and Globalization: The Homogenization of Global Markets

Globalization: a Double-edged Sword

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Difference Between Globalisation and Americanisation

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Good and Bad Impact of Globalization

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Globalization's Theories and Effects in The Modern World

The effects of globalization on health and medicine, a study on globalization and its various sides, overview of five articles about globalization, globalization: two sides of the arguments both for and against, globalization and its positive and negative sides for india, the advantages and disadvantages of the globalization process based on real-life examples, criticism and controversial benefits of globalization, globalization: importance of english nowadays, the impact of globalization, nationalism and protectionism on india, an overview of the overall impact of globalization, research of effects of globalization on the media in the world, globalisation as an economical, political and cultural process, pro globalist and anti globalist view from developed country perspective, how global issues impact individual states, electronic commerce in the globalization era, the effect of globalization and americanization on mass media, components of globalization: concept sociocultural and social globalizations, how the impact of globalization on illicit drug trafficking has affected international security, discussion of whether globalization is good or bad for the indian economy.

1. Halliday, T. C., & Osinsky, P. (2006). Globalization of law. Annu. Rev. Sociol., 32, 447-470. (https://www.annualreviews.org/doi/abs/10.1146/annurev.soc.32.061604.123136) 2. Fischer, S. (2003). Globalization and its challenges. American Economic Review, 93(2), 1-30. (https://www.aeaweb.org/articles?id=10.1257/000282803321946750) 3. Lang, M. (2006). Globalization and its history. The Journal of Modern History, 78(4), 899-931. (https://www.journals.uchicago.edu/doi/abs/10.1086/511251?journalCode=jmh) 4. Spring, J. (2008). Research on globalization and education. Review of educational research, 78(2), 330-363. (https://journals.sagepub.com/doi/abs/10.3102/0034654308317846?journalCode=rera) 5. Scott, A., & Storper, M. (2003). Regions, globalization, development. Regional studies, 37(6-7), 579-593. (https://www.tandfonline.com/doi/abs/10.1080/0034340032000108697a) 6. Jameson, F. (1998). Notes on globalization as a philosophical issue. In The cultures of globalization (pp. 54-78). Duke University Press. (https://www.degruyter.com/document/doi/10.1515/9780822378426-005/html?lang=de) 7. Frankel, J. A. (2003). The environment and globalization. (https://www.nber.org/papers/w10090) 8. Teeple, G. (2000). What is globalization?. Globalization and its discontents, 9-23. (https://link.springer.com/chapter/10.1057/9780333981610_2)

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20 Ways How Globalization Affects Daily Life: An Insider’s Guide

By: Author Valerie Forgeard

Posted on September 14, 2023

Categories Society

Globalization is often considered an abstract concept, discussed in the realms of academia, business conferences, or geopolitical summits. Yet, its implications permeate the fabric of our daily lives in ways so integrated that they often go unnoticed.

From the morning cup of coffee from beans grown in a distant country to the smartphone in your hand assembled from parts sourced globally, the tendrils of globalization impact nearly every facet of our existence.

But what exactly is globalization, and how does it influence not just the macro but also the micro aspects of our lives? Is it merely the flow of goods across borders, or does it also encapsulate the exchange of cultures, ideas, and values? Most importantly, how do these global connections affect our choices, opportunities, and even challenges?

In this article, we’ll explore the multifaceted impact of globalization on our everyday experiences. We’ll delve into its effects on what we eat, how we work, the way we socialize, and even how we perceive the world.

Whether you view globalization as a force for good or a complex web of challenges, understanding its influence is crucial for navigating our interconnected world.

Key Takeaways

• Globalization has led to increased interaction and integration among people, companies, and governments worldwide, facilitated by international trade and investment aided by information technology.
• Globalization has had a significant impact on the economy and trade, making products from around the world readily available, but also subject to trade regulations and currency exchange rates.
• Cultural homogenization and the dominance of global brands are consequences of globalization, shaping perceptions about beauty, success, and lifestyle through international media and Hollywood movies.
• Technological advancements accelerated by globalization have both brought opportunities and created inequality in access to technology, emphasizing the need for tech equity and equal access for everyone.

20 Ways Globalization Influences Our Everyday Life

Globalization isn’t just a buzzword; it’s a complex, multifaceted phenomenon that has a direct impact on our daily lives.

Whether you’re sipping on Colombian coffee or chatting with a friend halfway across the globe via social media, you’re experiencing the ripple effects of a world more interconnected than ever.

But what are the subtle and not-so-subtle ways this grand integration of economies, cultures, and technologies affects us?

Here are 20 impactful examples:

• Food Choices : Gone are the days when local cuisine was all you could enjoy. Globalization lets you savor dishes from around the world without leaving your hometown.
• Clothing Trends : The clothes you wear may be designed in one country, manufactured in another, and sold worldwide, illustrating globalization’s role in shaping fashion.
• Job Opportunities : Access to global job markets offers diverse career opportunities, allowing talent and skill to move more freely across borders.
• Cultural Exchange : Festivals, art, and literature from various parts of the world are now more accessible, enriching local cultures.
• Healthcare : Medical advancements and techniques are shared rapidly between countries, improving healthcare globally.
• Entertainment : From Hollywood movies to K-pop, entertainment is one of the most widely shared cultural exports.
• Technology : Innovations and gadgets are universally available, making tech one of globalization’s most tangible impacts on daily life.
• Internet Access : The global reach of the internet allows for immediate communication and information sharing, impacting everything from social relations to education.
• Travel : Globalization has made international travel more common, opening up the world for exploration and intercultural experiences.
• Economic Fluctuations : Events in one part of the world can influence your local economy, impacting everything from job stability to prices at the supermarket.
• Consumer Goods : The wide array of products available in supermarkets and stores showcases how global supply chains bring diverse goods to your doorstep.
• Education : Globalization impacts curricula, diversifying the topics studied and providing a more comprehensive worldview.
• Social Issues : Awareness and activism have become global, with campaigns and movements reaching beyond borders to effect change.
• Financial Markets : Your investment portfolio is likely influenced by global events, adding both opportunities and risks.
• Immigration : An interconnected world means more diverse communities, enriching local culture but also sparking debates about immigration policy.
• Language : English has become the global lingua franca, influencing local languages and making English proficiency a useful global skill.
• Climate Change : Environmental issues are now global concerns, requiring international cooperation for solutions.
• Political Influence : Global organizations like the UN and WHO have significant sway over local policies and public health.
• Resource Distribution : Globalization affects how natural resources are allocated and consumed, impacting sustainability.
• Online Shopping : From global giants like Amazon to small businesses with international shipping, you can buy almost anything from anywhere.

Understanding these influences will make you more aware of how you are a part of this intricate global web and help you navigate the opportunities and challenges that come with it.

The Concept and Evolution of Globalization

Let’s delve into the concept and evolution of globalization. It’s not as complex as you’d think. Essentially, it is a process that involves the interaction and integration among people, companies, and governments worldwide. It’s fostered by international trade and investment aided by information technology.

However, there are political implications. As countries become more interconnected, national sovereignty can be compromised, leading to a globalization backlash.

This isn’t always negative, though. Economic data shows that globalization has played an integral part in poverty reduction in many parts of the world. But let’s remember: freedom is paramount – we must ensure our global ties don’t infringe upon this right while striving for prosperity.

Now that we’ve understood its basic premise, let’s explore further how this phenomenon impacts the economy and trade.

Impact of Globalization on Economy and Trade

In our exploration of the impact of globalization on economy and trade, we’ll delve into the nuances of global trade expansion and how it’s driving economic growth.

We’re set to dissect the symbiotic relationship between these two critical aspects, analyzing hard data to reveal patterns and trends that may not be immediately apparent.

Our discussion will combine a clear, concise writing style with an analytical interpretation of economic data, offering in-depth insights into this complex facet of global affairs.

Global Trade Expansion

Global trade expansion has drastically changed our daily lives, making products from around the world readily available. We’ve benefitted from an array of goods and services previously unimaginable. Our choices aren’t limited by geographical boundaries anymore. Yet, it’s not without its strings attached.

Trade regulations play a crucial role in this process, often acting as double-edged swords. They can protect us from substandard imports but may also restrict market freedom.

Currency exchange rates too have a significant impact on global trade dynamics. A fluctuating currency can affect purchasing power significantly, dictating what we can afford and when.

Understanding these complexities is vital for maintaining economic stability and personal financial health amidst the ever-evolving global marketplace.

Economic Growth Influence

Economic growth’s influence on society can’t be overstated, as it directly impacts job creation, increases the standard of living, and aids in poverty reduction. We’re all integrated into this global system where economic affairs influence our daily lives.

• Job Creation: With economic growth, businesses thrive and expand leading to more employment opportunities.
• Standard of Living: As economies grow, incomes generally increase which enhances our living standards.
• Poverty Reduction: Economic growth fuels poverty reduction initiatives through wealth redistribution mechanisms.

Inflation control is crucial for stable economic progression; unchecked inflation can erode purchasing power and destabilize economies. On the other hand, poverty reduction remains a key goal for any economy because we believe in freedom from want. Understanding these factors helps us appreciate how closely our lives are linked with global economics.

Globalization and Its Influence on Culture

In the vortex of globalization, we’re witnessing an increasing trend towards cultural homogenization. This phenomenon is largely influenced by the omnipotent reach of global media. This sweeping wave isn’t just reshaping our existing identities, but it’s also leading to an alarming loss of tradition. Local customs and practices are being overshadowed or replaced altogether.

Analyzing this from an economic perspective, there’s a palpable shift in consumer behavior patterns globally. This shift is reinforcing the homogenization process further. It is something we need to delve into with urgency.

Cultural Homogenization

You’re likely noticing a trend towards cultural homogenization in your daily life, aren’t you? This is the reality of our globalized world.

We’re witnessing an intensification of cultural assimilation and a worrying diversity erosion.

• Global Brands Domination : Multinational corporations are spreading their influence worldwide, resulting in identical lifestyles from New York to Nairobi.
• Media Influence : International media and Hollywood movies are shaping our notions about beauty, success, and lifestyle.
• Language Uniformity : English has emerged as the de facto global language, threatening linguistic diversity.

While this simplifies communication and synchronization, it also jeopardizes local cultures’ uniqueness.

Hence we must strive for balance – cherishing globalization’s convenience without surrendering our distinct cultural identities entirely to its march.

Global Media Influence

Hollywood’s influence can’t be denied, shaping perceptions of success and beauty across the globe. We’ve seen this power magnified by the digital divide, where access to global media is skewed in favor of developed nations. This disparity is a stark reminder that while we’re more connected than ever, not all connections are equal.

Media censorship adds another layer of complexity. We face a struggle between freedom of expression and safeguarding cultural norms. As our world becomes more interconnected through global media, it’s crucial for us to strike a balance between embracing new ideas and maintaining our unique cultural identities.

Yet, with each passing day, we witness how global media influence potentially leads to the loss of tradition.

Loss of Tradition

Traditions aren’t as revered as they once were, with global media often prioritizing modern trends over preserving cultural heritage. This shift has profound impacts on our societies, particularly in relation to traditional crafts preservation and the local folklore significance.

We’re witnessing a decline in age-old craft techniques due to lack of commercial appeal; artisans are forced to adopt mass production methods to survive.

Local customs and lore lose their relevance when overshadowed by popular global narratives.

The undermining of unique traditions can lead to cultural homogenization, a loss that’s irreversible.

We must promote the importance of preserving tradition while embracing progress. Let’s champion for economic policies that support local artisans, encourage folklore education, and resist the erasure of our diverse cultures.

The Role of Globalization in Technology Advancements

In today’s world, it’s hard to ignore how globalization has sped up technological advancements, dramatically changing our daily life. We’re seeing a growing digital divide; the gap between those who have easy access to technology and those who don’t.

This technological dependency is both a blessing and a curse. It brings unprecedented access to information and opportunities, yet it also fosters inequality among nations and individuals. For instance, citizens of developed countries enjoy high-speed internet and advanced devices, while many in developing nations lack basic digital resources.

We must strive for tech equity, ensuring that everyone benefits from these innovations regardless of their geographical location or socio-economic status. Only then can we truly harness the power of globalization without compromising freedom or equality.

Effects of Globalization on Environment and Sustainability

You’re probably aware that the rapid pace of development can sometimes come at a cost to our environment and sustainability efforts. Globalization, while offering numerous benefits, has also led to significant challenges for our planet.

• Climate change – We’re seeing an increase in greenhouse gas emissions as industries expand globally, leading to rising temperatures.
• Biodiversity loss – The rampant exploitation of natural resources is resulting in the extinction of numerous species.
• Resource depletion – Our high-consumption lifestyle is depleting finite resources at an alarming rate.

We must understand these effects and act responsibly. As advocates for freedom, we should strive for a balance between progress and preservation; economic growth shouldn’t compromise our home’s longevity.

Globalization and Its Implications on Health and Lifestyle

It’s crucial to note that the spread of ideas and practices through globalization can also significantly impact health and lifestyle choices worldwide. We’ve seen a global diet emerge, leading to health disparities among populations.

As we analyze this economic data, we’re reminded of our freedom to make individual choices, but also the need for collective responsibility in addressing these disparities. This interplay between personal liberty and public health is a complex issue shaped by globalization. As we venture into future prospects: globalization in the coming decades, let’s consider its potential impacts on our global society.

Future Prospects: Globalization in the Coming Decades

Looking ahead, we’ll likely see even more dramatic shifts in health and lifestyle as a result of continued worldwide connectivity. This change will greatly impact our global workforce and immigration policies.

• Global Workforce: As virtual workspaces become commonplace, we’re looking at a future where geographical boundaries won’t limit job opportunities. This could mean greater freedom to choose where we live and work.
• Immigration Policies: We anticipate these changes will trigger re-evaluation of immigration policies worldwide. The focus may shift from physical migration to digital competence.
• Health & Lifestyle: With globalization promoting widespread access to diverse food and lifestyle choices, we could see significant shifts in global health trends.

In this interconnected era, it’s essential that we adapt swiftly while preserving our values of freedom and individuality.

In sum, we’ve seen globalization’s significant impact on our lives. It’s shaped our economies, cultures, tech advancements, and even health.

While it brings opportunities for growth, it also presents challenges like environmental sustainability.

As we move forward, understanding these complexities is crucial to navigate the global arena effectively.

Let’s continue to analyze and adapt to ensure a balanced and sustainable future in this interconnected world.

Frequently Asked Questions

How has globalization affected the education system worldwide.

We’ve seen globalization greatly impact education through cultural exchange and increased technological accessibility. It’s broadened our perspectives, offered new learning tools, and connected us globally despite geographical boundaries.

What Is the Impact of Globalization on Local Businesses and Industries?

We’ve observed that globalization intensifies market competition, often challenging local businesses. It also shifts consumer preferences, making us adapt to global trends. Yet, it offers opportunities for growth if we can navigate these changes wisely.

How Does Globalization Influence Immigration Policies Across Different Countries?

We’ve observed that globalization influences policy evolution, altering immigration laws globally. It promotes cultural integration, and these changes directly reflect in our societies, impacting who we welcome and how we interact together.

How Has Globalization Affected Income Disparity and Wealth Distribution?

We’ve seen how trade liberalization, a result of globalization, has impacted income disparity. It’s led to global inequality, with wealth concentrated among the few while many others struggle. We must analyze this further.

Can Globalization Have an Impact on Political Systems and Governance?

Absolutely, we’re seeing globalization’s influence on nationalism and international diplomacy dynamics. It’s reshaping political systems and governance worldwide, impacting how nations interact and manage themselves in this interconnected world.

IELTS Essay: Globalization

by Dave | Real Past Tests | 13 Comments

This is an IELTS writing task 2 sample answer essay on the topic of globalization from the real IELTS exam.

Please consider supporting me on Patreon.com/howtodoielts to receive my exclusive IELTS Ebooks – you can even sign up for private live lessons with me!

Globalization is positive for economies but its negative sides should not be ignored.

To what extent do you agree or disagree?

Many feel that the positives of globalization justify ignoring the downsides. In my opinion, modest benefits should not overshadow legitimate threats.

The most commonly cited advantages of globalization are economic. The argument here is that by allowing companies to operate across national borders, this is a boon to both consumers and national economies. For example, in the last several decades, many Asian countries such as Vietnam and China have allowed for foreign investment, thereby stimulating their economic growth. Individuals can enjoy a variety of products from around the world and the companies themselves contribute in the form of taxes and employment opportunities. However, many would caution that multinational companies are exploitive and have driven local businesses to bankruptcy. The overall impact for the average person is therefore uncertain.

Globalization also creates apparent cultural advantages. Individuals from all around the world can experience the latest Hollywood movies and listen to their favorite artists on applications like Spotify. This undoubtedly influences and encourages other entertainers to work hard and produce quality content. Nonetheless, it can foster a harmful homogeneity. The film industry is a prime example of this. The standard American structure for films and television shows is now copied globally and funded by powerful entertainment studios such as Netflix. These companies are almost exclusively interested in specific genres, most commonly crime and action. Over time, entertainment may become less unique and no longer showcase true diversity.

In conclusion, the cultural and economic advantages of globalization have concomitant tradeoffs. It is therefore important for each nation to carefully manage and balance their relationship to global society.

1. Many feel that the positives of globalization justify ignoring the downsides. 2. In my opinion, modest benefits should not overshadow legitimate threats.

• Paraphrase the overall essay topic.
• Write a clear opinion. Read more about introductions here .

1. The most commonly cited advantages of globalization are economic. 2. The argument here is that by allowing companies to operate across national borders, this is a boon to both consumers and national economies. 3. For example, in the last several decades, many Asian countries such as Vietnam and China have allowed for foreign investment, thereby stimulating their economic growth. 4. Individuals can enjoy a variety of products from around the world and the companies themselves contribute in the form of taxes and employment opportunities. 5. However, many would caution that multinational companies are exploitive and have driven local businesses to bankruptcy. 6. The overall impact for the average person is therefore uncertain.

• Write a topic sentence with a clear main idea at the end.
• Explain your main idea.
• Develop it with specific or hypothetical examples.
• Keep developing it fully.
• Switch to talk about the disadvantages.
• Develop that side too.

1. Globalization also creates apparent cultural advantages. 2. Individuals from all around the world can experience the latest Hollywood movies and listen to their favorite artists on applications like Spotify. 3. This undoubtedly influences and encourages other entertainers to work hard and produce quality content. 4. Nonetheless, it can foster a harmful homogeneity. 5. The film industry is a prime example of this. 6. The standard American structure for films and television shows is now copied globally and funded by powerful entertainment studios such as Netflix. 7. These companies are almost exclusively interested in specific genres, most commonly crime and action. 8. Over time, entertainment may become less unique and no longer showcase true diversity.

• Write a new topic sentence with a new main idea at the end.
• Explain your new main idea.
• Include specific details and examples.
• Continue developing it…
• as fully as possible!
• Be sure to develop the other side fully.
• Including specific examples.
• As well as the furthest possible result.

1. In conclusion, the cultural and economic advantages of globalization have concomitant tradeoffs. 2. It is therefore important for each nation to carefully manage and balance their relationship to global society.

• Summarise your main ideas.
• Include a final thought. Read more about conclusions here .

What do the words in bold below mean? Make some notes on paper to aid memory and then check below.

Many feel that the positives of globalization justify ignoring the downsides . In my opinion, modest benefits should not overshadow legitimate threats .

The most commonly cited advantages of globalization are economic . The argument here is that by allowing companies to operate across national borders , this is a boon to both consumers and national economies . For example, in the last several decades , many Asian countries such as Vietnam and China have allowed for foreign investment , thereby stimulating their economic growth . Individuals can enjoy a variety of products from around the world and the companies themselves contribute in the form of taxes and employment opportunities . However, many would caution that multinational companies are exploitive and have driven local businesses to bankruptcy . The overall impact for the average person is therefore uncertain .

Globalization also creates apparent cultural advantages . Individuals from all around the world can experience the latest Hollywood movies and listen to their favorite artists on applications like Spotify . This undoubtedly influences and encourages other entertainers to work hard and produce quality content . Nonetheless , it can foster a harmful homogeneity . The film industry is a prime example of this. The standard American structure for films and television shows is now copied globally and funded by powerful entertainment studios such as Netflix . These companies are almost exclusively interested in specific genres , most commonly crime and action. Over time , entertainment may become less unique and no longer showcase true diversity .

In conclusion, the cultural and economic advantages of globalization have concomitant tradeoffs . It is therefore important for each nation to carefully manage and balance their relationship to global society .

For extra practice, write an antonym (opposite word) on a piece of paper to help you remember the new vocabulary:

positives benefits

globalization the world being the same

justify give good reason for

ignoring not paying attention to

downsides negatives

modest benefits small advantages

overshadow stronger than

legitimate threats real risks

most commonly cited advantages drawbacks talked about the most

economic related to the economy

argument debate

allowing companies permitting corporations

operate across national borders work in various countries

boon benefit

consumers customers

national economies money earned in a country

in the last several decades last 20-30 years

Asian from Asia

allowed permitted

foreign investment money from other countries

stimulating making grow

economic growth countries making more money, higher GDP

variety different kinds of

products things that are sold

contribute add ot

in the form of as/made up of

taxes money paid to the government

employment opportunities job chances

exploitive take advantage of

driven local businesses made small businesses

bankruptcy out of business

overall impact whole effect

average person normal citizen

uncertain not clear

apparent cultural advantages seeming benefits for art

all around the world globally

experience watching/viewing

latest Hollywood movies new films at the cinema

listen hear

artists people who make music, films

Spotify application for streaming music

undoubtedly influences definitely affects

encourages motivates

produce quality content make good stuff

nonetheless regardless

foster engender

harmful homogeneity everything the same in a bad way

prime example good instance

standard all the same

structure way it is put together

copied duplicated

funded by given money by

studios companies that make movies

Netflix streaming website

exclusively interested only care about

specific genres individual types of movies

commonly normally

over time for a long time

unique singular

showcase true diversity show off real difference

concomitant tradeoffs resulting drawbacks

carefully manage diligently take care of

balance keep equal

relationship interaction

global society the whole world

Pronunciation

Practice saying the vocabulary below and use this tip about Google voice search :

ˈpɒzətɪvz   ˌgləʊb(ə)laɪˈzeɪʃ(ə)n   ˈʤʌstɪfaɪ   ɪgˈnɔːrɪŋ   ˈdaʊnˌsaɪdz ˈmɒdɪst ˈbɛnɪfɪts   ˌəʊvəˈʃædəʊ   lɪˈʤɪtɪmɪt θrɛts məʊst ˈkɒmənli ˈsaɪtɪd ədˈvɑːntɪʤɪz   ˌiːkəˈnɒmɪk ˈɑːgjʊmənt   əˈlaʊɪŋ ˈkʌmpəniz   ˈɒpəreɪt əˈkrɒs ˈnæʃənl ˈbɔːdəz buːn   kənˈsjuːməz   ˈnæʃənl i(ː)ˈkɒnəmiz ɪn ðə lɑːst ˈsɛvrəl ˈdɛkeɪdz ˈeɪʃ(ə)n   əˈlaʊd   ˈfɒrɪn ɪnˈvɛstmənt ˈstɪmjʊleɪtɪŋ   ˌiːkəˈnɒmɪk grəʊθ vəˈraɪəti   ˈprɒdʌkts   kənˈtrɪbju(ː)t   ɪn ðə fɔːm ɒv   ˈtæksɪz   ɪmˈplɔɪmənt ˌɒpəˈtjuːnɪtiz ˈɛksplɔɪtɪv ˈdrɪvn ˈləʊkəl ˈbɪznɪsɪz   ˈbæŋkrəptsi ˈəʊvərɔːl ˈɪmpækt   ˈævərɪʤ ˈpɜːsn   ʌnˈsɜːtn əˈpærənt ˈkʌlʧərəl ədˈvɑːntɪʤɪz ɔːl əˈraʊnd ðə wɜːld   ɪksˈpɪərɪəns   ˈleɪtɪst ˈhɒlɪwʊd ˈmuːviz   ˈlɪsn   ˈɑːtɪsts   spɒtifaɪ ʌnˈdaʊtɪdli ˈɪnflʊənsɪz   ɪnˈkʌrɪʤɪz   ˈprɒdjuːs ˈkwɒlɪti ˈkɒntɛnt ˌnʌnðəˈlɛs ˈfɒstə   ˈhɑːmfʊl ˌhɒməʊʤɛˈniːɪti praɪm ɪgˈzɑːmpl   ˈstændəd   ˈstrʌkʧə   ˈkɒpid   ˈfʌndɪd baɪ   ˈstjuːdɪəʊz   nɛtflɪks ɪksˈkluːsɪvli ˈɪntrɪstɪd   spɪˈsɪfɪk ˈ(d)ʒɑːŋrəz ˈkɒmənli   ˈəʊvə taɪm juːˈniːk   ˈʃəʊkeɪs truː daɪˈvɜːsɪti kənˈkɒmɪtənt treɪd ɒfs ˈkeəfli ˈmænɪʤ   ˈbæləns   rɪˈleɪʃənʃɪp   ˈgləʊbəl səˈsaɪəti

Vocabulary Practice

I recommend getting a pencil and piece of paper because that aids memory. Then write down the missing vocabulary from my sample answer in your notebook:

Many feel that the p____________s of g_________________n j__________y i__________g the d_____________s . In my opinion, m______________s should not o_______________________________________s .

The m___________________________s of globalization are e____________c . The a___________t here is that by a_______________________s to o_____________________________s , this is a b_______n to both c____________s and n______________________s . For example, i________________________s , many A______n countries such as Vietnam and China have a__________d for f______________________t , thereby s_______________g their e_________________h . Individuals can enjoy a v_________y of p_________s from around the world and the companies themselves c___________e i_______________f t____s and e____________________________s . However, many would caution that multinational companies are e_______________e and have d_________________________________s to b______________y . The o_______________t for the a________________n is therefore u__________n .

Globalization also creates a_______________________________s . Individuals from a_________________________d can e______________e the l________________________s and l_______n to their favorite a_________s on applications like S__________y . This u____________________s and e______________s other entertainers to work hard and p_______________________t . N_____________s , it can f_________r a h_______________________y . The film industry is a p________________e of this. The s___________d American s___________e for films and television shows is now c_______d globally and f___________y powerful entertainment s________s such as N_________x . These companies are almost e______________________d in s_________________s , most c___________y crime and action. O___________e , entertainment may become less u________e and no longer s____________________________y .

In conclusion, the cultural and economic advantages of globalization have c_________________________s . It is therefore important for each nation to c____________________e and b_____________e their r_______________p to g___________________y .

Listening Practice

Learn more about this topic by watching videos from The New York Times YouTube channel below and practice with these activities :

Reading Practice

Read more about this topic and use these ideas to practice :

Examining the impacts of Globalization: A Case study of Afghanistan

Speaking Practice

Practice with the following speaking questions from the real IELTS speaking exam :

International Events/Parties

• What sort of international events does your country host?
• Do you think these types of events divide people?
• Why are these events celebrated?
• What activities are common for these celebrations?
• Are there many events that are celebrated across national borders?

Writing Practice

Practice with the related IELTS essay topic below:

The growth of multinational companies and the resulting rise of globalization creates positive effects for all.

IELTS Essay: Multinational Companies

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13 Comments

Thank you so much

You’re very welcome!

Thank u sooo much sir your method of explaining is too good

You’re welcome, Amanat!

Really helpful

Hello, in 1st sentence, I think there should be ‘do not’ between globalisation and justify! Like, positives of globalisation do not justify ignoring the downsides.(according to the main title or your topic of the essay)

It’s not needed here Sandra – the positives justify… is a simple subject + verb + object clause.

You can add in ‘do not’ but it is not needed.

Thanx for explanation!

No worries, Sandra!

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An Argument for Globalization, Essay Example

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An Argument for Globalization

Globalization is an integration process that is driven by trade and investment in business. The act itself is aided by technology and serves to take a company’s name all over the world. Although there have been a number of negative connotations concerning the act of globalizing in business, the positive attributes of worldwide exposure far outweigh the gloom associated with globalization.

Premise: Globalization increases a company’s popularity and aids a country’s economy.

It is a relative concept that those who remain quiet about their goals often do not see maximum exposure. The child who never asks for help in school is usually left behind, and the prospective employee who fails to share his opinions during an interview typically does not get the job. Such is true in business as well. Whereas companies that seize every opportunity to introduce their goods and services to prospective customers are rewarded with an increase in revenue, those corporations that choose not to expose themselves to the general public are left with deficits that lead to financial strains.

Globalization gives companies the opportunity to broaden their horizons and increase income. Hashem Salarzadeh Jenatabadi and Parisa Samimi’s (2014) study on the matter supports this claim. According to their research, “Economic globalization not only directly promotes growth but also indirectly does so via complementary reforms” (7). Jenatabadi and Samimi present evidence that proves that economies of developing nations improve as a result of changes in policy brought about as the result of globalization. In this manner, worldwide expansion serves as a double benefit for both developing nations and First World countries that interact with them.

While many praise the idea of businesses integrating to bring about worldwide change, a few critics have scrutinized the process for a number of reasons. Some critics claim that globalization brings more heartache than positive change, and others view worldwide exposure as a way for companies to outsource and, in essence, limit job opportunities for locals. In fact, Jose Ocampo (2010) of Princeton University points out:

“Recent years have been characterized by growing frustration with globalization, reflecting unsatisfactory processes and outcomes in multiple areas. In the social area, disenchantment is the result of the uneven way the benefits of globalization have spread in developing and developed countries alike. In the economic area, high financial volatility and a broad regulatory deficit have resulted in a sequence of national and international financial crises, and most recently in a global financial crisis unprecedented since the Great Depression. In the environmental area, no effective action has been taken so far to face the unprecedented challenges posed by climate change and the massive destruction of biodiversity. And this is certainly an incomplete list” (1).

Although some blame such failures in globalization on the businesses themselves, Ocampo believes that poor governing is the culprit behind the bad reputation that worldwide integration receives. Jose holds that creating policy in line with the process, as Jenatabadi and Samimi also argue, will solve problems currently present in globalizing.

In many respects what Ocampo says is true. While his decision to completely reject globalization is erroneous, the idea of regulation from municipal and federal governments being necessary in order for worldwide exposure to be beneficial is supported by historical evidence. Many developing nations have not enjoyed the full benefits of globalization due to outdated regime rules and, even worse, corruption within the executive ranks. For them, worldwide expansion has hurt the majority and only caused the wealthy with ties in administration to advance their economic status. From this perspective, globalization appears to be the villain that does more harm than good. What should be noted, however, is the concept of globalization and government policy working hand in hand in economics. While it is easy for a developing or established nation to partner with other countries, it is quite difficult to see the positive impact of such collaboration and integration when laws that would aid in the country’s growth are not in place.

Still, regardless of whether a person is in favor of or against globalization, the process has improved the overall economy of the world. Several developing nations have seen growth since making the decision to broaden their horizons and reach out to established companies in thriving regions. Even certain social rules have changed as a result of worldwide expansion. Both fans and critics of globalization would agree that the process, when properly regulated by the government, has the potential to improve business relations. Conclusion: Globalization is good for businesses and economies.

Ocampo, Jose (2010). ‘Rethinking Global Economic and Social Governance.’ Princeton University.

Samimi, Parisa & Jenatabadi, Hashem (2014). ‘Globalization and Economic Growth: Empirical Evidence on the Role of Complementarities.’ PLOS.

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More From Forbes

The pros and cons of globalization.

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A story in the Washington Post said “20 years ago globalization was pitched as a strategy that would raise all boats in poor and rich countries alike. In the U.S. and Europe consumers would have their pick of inexpensive items made by people thousands of miles away whose pay was much lower than theirs. And in time trade barriers would drop to support even more multinationals expansion and economic gains while geo political cooperation would flourish.”

There is no question that globalization has been a good thing for many developing countries who now have access to our markets and can export cheap goods. Globalization has also been good for Multi-national corporations and Wall Street. But globalization has not been good for working people (blue or white collar) and has led to the continuing deindustrialization of America.

Globalization is a complicated issue. It is necessary to evaluate the pros and cons before drawing any conclusions.

Supporters of globalization argue that it has the potential to make this world a better place to live in and solve some of the deep-seated problems like unemployment and poverty.

1. Free trade is supposed to reduce barriers such as tariffs, value added taxes, subsidies, and other barriers between nations. This is not true. There are still many barriers to free trade. The Washington Post story says “the problem is that the big G20 countries added more than 1,200 restrictive export and import measures since 2008

2. The proponents say globalization represents free trade which promotes global economic growth; creates jobs, makes companies more competitive, and lowers prices for consumers.

3. Competition between countries is supposed to drive prices down. In many cases this is not working because countries manipulate their currency to get a price advantage.

4. It also provides poor countries, through infusions of foreign capital and technology, with the chance to develop economically and by spreading prosperity, creates the conditions in which democracy and respect for human rights may flourish. This is an ethereal goal which hasn’t been achieved in most countries

5. According to supporters globalization and democracy should go hand in hand. It should be pure business with no colonialist designs.

6. There is now a worldwide market for companies and consumers who have access to products of different countries. True

7. Gradually there is a world power that is being created instead of compartmentalized power sectors. Politics is merging and decisions that are being taken are actually beneficial for people all over the world. This is simply a romanticized view of what is actually happening. True

8. There is more influx of information between two countries, which do not have anything in common between them. True

9. There is cultural intermingling and each country is learning more about other cultures. True

10. Since we share financial interests, corporations and governments are trying to sort out ecological problems for each other. – True, they are talking more than trying.

11. Socially we have become more open and tolerant towards each other and people who live in the other part of the world are not considered aliens. True in many cases.

12. Most people see speedy travel, mass communications and quick dissemination of information through the Internet as benefits of globalization. True

13. Labor can move from country to country to market their skills. True, but this can cause problems with the existing labor and downward pressure on wages.

14. Sharing technology with developing nations will help them progress. True for small countries but stealing our technologies and IP have become a big problem with our larger competitors like China.

15. Transnational companies investing in installing plants in other countries provide employment for the people in those countries often getting them out of poverty. True

16. Globalization has given countries the ability to agree to free trade agreements like NAFTA, South Korea Korus, and The TPP. True but these agreements have cost the U.S. many jobs and always increase our trade deficit

• The general complaint about globalization is that it has made the rich richer while making the non-rich poorer. “It is wonderful for managers, owners and investors, but hell on workers and nature.”

• Globalization is supposed to be about free trade where all barriers are eliminated but there are still many barriers. For instance161 countries have value added taxes (VATs) on imports which are as high as 21.6% in Europe. The U.S. does not have VAT.

• The biggest problem for developed countries is that jobs are lost and transferred to lower cost countries.” According to conservative estimates by Robert Scott of the Economic Policy Institute, granting China most favored nation status drained away 3.2 million jobs, including 2.4 million manufacturing jobs. He pegs the net losses due to our trade deficit with Japan ($78.3 billion in 2013) at 896,000 jobs, as well as an additional 682,900 jobs from the Mexico –U.S. trade-deficit run-up from 1994 through 2010.”

• Workers in developed countries like the US face pay-cut demands from employers who threaten to export jobs. This has created a culture of fear for many middle class workers who have little leverage in this global game

• Large multi-national corporations have the ability to exploit tax havens in other countries to avoid paying taxes.

• Multinational corporations are accused of social injustice, unfair working conditions (including slave labor wages, living and working conditions), as well as lack of concern for environment, mismanagement of natural resources, and ecological damage.

• Multinational corporations, which were previously restricted to commercial activities, are increasingly influencing political decisions. Many think there is a threat of corporations ruling the world because they are gaining power, due to globalization.

• Building products overseas in countries like China puts our technologies at risk of being copied or stolen, which is in fact happening rapidly

• The anti-globalists also claim that globalization is not working for the majority of the world. “During the most recent period of rapid growth in global trade and investment, 1960 to 1998, inequality worsened both internationally and within countries. The UN Development Program reports that the richest 20 percent of the world's population consume 86 percent of the world's resources while the poorest 80 percent consume just 14 percent. “

• Some experts think that globalization is also leading to the incursion of communicable diseases. Deadly diseases like HIV/AIDS are being spread by travelers to the remotest corners of the globe.

• Globalization has led to exploitation of labor. Prisoners and child workers are used to work in inhumane conditions. Safety standards are ignored to produce cheap goods. There is also an increase in human trafficking.

• Social welfare schemes or “safety nets” are under great pressure in developed countries because of deficits, job losses, and other economic ramifications of globalization.

Globalization is an economic tsunami that is sweeping the planet. We can’t stop it but there are many things we can do to slow it down and make it more equitable.

What is missing?

Leadership – We need politicians who are willing to confront the cheaters. One of our biggest problems is that 7 of our trading partners manipulate their currencies to gain unfair price advantage which increases their exports and decreases their imports. This is illegal under WTO rules so there is a sound legal basis to put some kind of tax on their exports until they quit cheating.

Balanced Trade – Most of our trading partners can balance their trade budgets and even run a surplus. We have not made any effort to balance our trade budget and have run a deficit for more than 30 years resulting in an $11 trillion deficit. The trade deficit is the single biggest job killer in our economy, particularly manufacturing jobs. We need the government to develop a plan to begin to balance our trade deficit even though this is not a political priority in either party.

Trade Agreements – Both the NAFTA and the South Korean Korus trade agreements might have been good for Wall Street and the multi-national corporations but they eliminated jobs in America and expanded our trade deficit. The upcoming Trans Pacific Trade Agreement will do the same thing and Congress should not fast track this bad agreement for a dozen reasons.

Enforcing the rules – China ignores trade rules and WTO laws with reckless abandon. Besides currency manipulation they subsidize their state owned companies to target our markets, and provide funding to their state owned companies that dump their products in America. They also steal our technologies, sell counterfeit versions of our products, and impose tariffs and other barriers anytime they want - as we do nothing to stop them. China does not deserve to be on our most favored nation list and we need to tax their exports to us until they stop these illegal activities.

What is good for third world countries, like Kenya, or countries with tremendous growth, like China, has not been good for American workers. Globalization is deindustrializing America as we continue to outsource both manufacturing blue collar and white collar jobs. Supporters of globalization have made the case that it is good because it has brought low priced imported goods, but they have not matched the decline of wages in the middle class and will not offset the loss of many family wage jobs

Globalization is like being overwhelmed by a snow avalanche. You can’t stop it – you can only swim in the snow and hope to stay on top. I would like to make the argument that the US should try a lot harder to swim in the snow and stay on top. We can’t stop globalization but there are many policies and strategies we can use to make it more equitable. We can enforce the trade laws, force the competition to play by the same rules, and stop giving our competitors the tools (technology and R& D) to ultimately win the global war.

Mike Collins is the author of Saving American Manufacturing. His website is www.mpcmgt.com.

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Henry Mintzberg

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I am for and against globalization

How can any reasonable, thinking person be against globalization? After all, it promotes economic development, particularly in disadvantaged countries, lowers costs to consumers, and by connecting people around the world, helps to avert conflicts.

How can any reasonable, thinking person be for globalization? After all, it exacerbates income disparities, particularly in developed countries, threatens communities with cultural assimilation, and weakens national sovereignties.

It is remarkable how many people line up either for or against globalization and then dismiss the other side. Who’s right? Neither. Those who embrace globalization are no more thoughtful than those who dismiss it. We should all be lining up for and against globalization, to retain what is constructive about it while challenging what has become destructive.  We need globalization in its place, namely the marketplace, and out of the public space.

Unfortunately, the prevailing, cosmopolitan powers of the world— investors, executives, economists, and consultants — mostly line up for globalization, leaving those against it to protest locally, on their streets and in their ballot boxes. 1   But their marches and occupations have hardly made a dent in the armor of globalization, while voting for the likes of Brexit and Trump—against what is wrong rather than for what could be right—has not solved anything.

What we call globalization is really economic globalization, because it enables economic forces to prevail over social concerns and democratic precepts. Multinational companies play governments off against each other in their quest for reduced taxes and suspended regulations, while local communities have to compete for jobs that can be no more reliable than the next offer. Globalization may be connected everywhere, but it is rooted nowhere, while sustainable employment takes root in local soil, not on the “globe”.

Hence this force for economic development is fast becoming one for abandoning decades of social and political development. Trade pacts now allow companies to sue sovereign governments over legislation that reduces their profits, while companies such as Uber ride roughshod over local regulations. How about this from an article in the New York Times (23 September 2017), about the city of London’s challenge to Uber: “There is a feeling in the air that regulators should stand up to businesses that simply ignore any rules they don’t like.” No kidding!

John Kenneth Galbraith’s forgotten concept of “countervailing power” can help to understand what has been happening. 2 Countervailing forces arise in democratic societies to offset concentrated centers of power, as did the unions in America with the rise of the large corporations. But where are the unions in today’s so-called global village, and what other force has arisen to offset that of the global corporations?

The most obvious candidate is global government, but the United Nations is hardly up to that. The globe may be amalgamating economically, but it remains fragmented politically as well as socially. Indeed, the most powerful international agencies, all ardently economic—the WTO, IMF, World Bank, and OECD—have been the cheerleaders for globalization.

How, then, to face this corporate hegemony? The challenge will have to begin from the ground up. Perhaps never before have so many people been prepared to vote with their feet, their ballots, and their pocketbooks. Thoughtful, concerned citizens, acting in local communities that are connected globally through the social media, can bring direct pressure to bear on objectionable behaviors, while prodding their governments to act more concertedly on their behalf. Communities, after all, have been the places where major social change has often begun—for example, with a tea party in the Boston harbor or a woman boarding a bus in Montgomery, Alabama. From such sparks have come significant groundswells that have transformed societies.

True, the most powerful countries have also been cheerleaders for globalization, or at least for their own global corporations. But other countries, especially on the receiving end of the globalization demands, could act together to push back, instead of being further divided and ruled. Is this not what the European Union has been doing with its challenges to Google and other companies? Here, then, lies one potentially countervailing power to economic globalization. (For other suggestions on dealing with such imbalances in society, see my TWOG “ Going Public with my Puzzle .”)

Without restraining the power of economic globalization, we shall be facing greater social disruption, the election of more tyrants, and the further deterioration of our democratic institutions. We certainly need strong enterprises. But not free enterprises. Not if we are to be free people.

© Henry Mintzberg 2018. A similar version of this bog appeared on September 18 in the Sloan Management Review blog , under the title “We must keep globalization in its place: The Marketplace.” For further discussion of balance across markets, governments, and communities, see my book Rebalancing Society . For management education that is worldly beyond global, see impm.org .

Photo by Lisa Mintzberg is of a soap bubble, about 10 centimeter in diameter.

______________________________________

1 See the classic article by A.W.Gouldner, “Cosmopolitans and Locals: Toward an Analysis of Latent Social Roles”, Administrative Science Quarterly (Vol. 2, No. 3, Dec., 1957: pp. 281-306). In a similar vein, David Goodhart has distinguished “anywhere” people from “somewhere” people” (in the Financial Times, 17 March 2017). About the latter, he wrote: “…more than 60% of British people still live within 20 miles of where we lived when we were 14.”

2 J.K. Galbraith, American Capitalism, The Concept of Countervailing Power (originally published 1952).

Globalisation: Meaning, Arguments for and Against

Let us make an in-depth study of the Globalisation:- 1. Meaning of Globalisation 2. Arguments in Favour of Globalisation 3. Arguments Against Globalisation.

Meaning of Globalisation:

Globalisation is a process of increasing integration and growing economic ‘interdependence’ of countries worldwide.

It refers to “the expansion of economic activities across political boundaries of nation states.”

Its important attribute is its increasing degree of openness of domestic economies.

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It is associated not only with the increasing cross-border movement of goods and services, capital and technology, information and people but also with an organisation of economic activities which straddles national boundaries. Its three broad dimensions are international trade, international investment, and international finance.

Thus, globalisation brings about changes through these three channels that impart dynamism in the economy.

First is the export earnings. Through liberalisation of tariff and trade, export-oriented industries are required to be developed.

Second is the foreign capital flow, mainly via multinational corporations (MNCs) that bring technology.

Third is the deregulation of financial sector so that cross border mobility of resources gets momentum. In addition, trade policy, exchange rate policy, industrial policy, etc. are all relaxed. As the process of globalisation strengthens, all producers depend on global networks which establish links from the stage of raw materials to the final stage of delivery and marketing.

Globalisation also refers to the adoption of market-friendly approach, thereby making the economy more open and competitive. It is to be kept in mind that globalisation does not remove planning or state authority in regulation and control of the economy.

Arguments in Favour of Globalisation:

At the outset, one must say that globalisation is a controversial issue because it impinges both gains and pains. We will first put forward the arguments favouring globalisation.

i. Globalisation is expected to promote efficiency, productivity and, hence, higher economic growth rate. In a controlled and regulated economy, there is no inducement to the industries to become efficient and self-reliant as these are protected from foreign competition through import restrictions and from domestic competition through industrial licensing. Globalisation has one pillar of liberalisation. Liberalisation and the market principles improve the allocative efficiency of resources. This will increase export earnings, allow the inflow of foreign capital and technology. Industries and farm sector, banking and financial sectors are then exposed to international competition. Competition enhances efficiency, productivity and ultimately a better economic growth rate is likely to be achieved.

ii. As far as consumers are concerned, quality goods at the right price will be delivered. This helps to bring down prices. Quality improvement and price reduction will then be enjoyed.

iii. Foreign capital is attracted. It augurs the advent of multinational enterprises (MNEs) who bring modern up-to-date technology in less developed countries. Not only MNCs bring with them modern technology but also it brings investment funds, organisational structure, managerial culture, distribution network, etc. All these create income and employment in the country.

Arguments Against Globalisation:

Critics argue that globalisation cannot make any dent on poverty reduction, employment generation, export promotion, foreign direct investment and growth rates of the economy. Critics perceive threat of the global market manifested in terms of falling rate of growth, industrial recession especially in America and some major industrial countries and poor rate of growth of export.

i. It is feared that globalisation will promote fierce and unhealthy competition. Instead of competition and cooperation, one may argue that MNCs will swallow the domestic producers of poor backward countries overtime. Ultimately, this will cause concentration of economic and political power into the hands of the foreign business enterprises.

ii. Merely opening up the domestic economy without reaching out to foreign markets or helping industries to meet the global challenges has limited the benefits of globalisation without reducing its costs.

iii. The apparent increase in export earnings of the less developed countries as a consequence of globalisation is not expected to provide great benefits, particularly those in the lower income brackets. Further, modern technologies used by the MNCs have the potentiality of making the unemployment situation worse.

This widens inequalities in the distribution of income and wealth. In India, food, employment and health scenarios have been adversely affected for the poor people as a consequence of new economic policy reforms introduced in the 1990s. Above all, integration of the domestic economy into the world economy provides larger benefits to the developed countries than to the LDCs.

iv. Foreign capital is not interested in producing goods that an underdeveloped country requires. Globalisation then distorts production structure of an economy.

Thus, the policy of globalisation should be pursued with caution since there is no escape from globalisation in today’s interconnected and interdependent world. It is necessary that economies must open up much more. But, this should be done much more critically. Globalisa­tion is not the panacea for all the ills from which an economy suffers. There are other measures too that can hardly be bypassed to achieve a higher growth rate.

Related Articles:

• Benefits of Liberalisation and Globalisation of Indian Economy
• Ingredients of Globalisation of Indian Economy
• Arguments for and Against Free Trade | Trade Policy
• Impact of Globalisation on Indian Economy

What Are the Pros and Cons of Globalization?

Have you ever wondered about the advantages and disadvantages of globalization for your business? Explore the impact of economic growth, international trade, and increased globalization to best expand your business.

Globalization provides incredible rewards for businesses today. The benefits of globalization for businesses include expanded customer bases, more revenue streams, and a diverse workforce.

But globalization also poses some daunting challenges like environmental degradation, legal compliance issues, and worker exploitation. The important thing to remember, though, is that the challenges of globalization can be overcome. 

When considering whether globalization and expansion are right for your business, you’ll need to ask: what are the benefits of globalization for people and businesses everywhere, how does globalization affect your life as a business specifically, and how can you overcome the challenges of globalization?

In this article, we provide some guidelines for how to make the most of globalization and build an effective strategy for your business.

What Is Globalization?

‍ Globalization is a unique and diverse process that involves the interaction and interconnection of people, governments, and companies around the world. Businesses expand internationally with the help of trade agreements created by partnering governments while local brands become internationally recognized, and people move across continents to build or join new companies.

Globalization allows people, goods, services, ideas, languages, information, and commodities to flow across national borders constantly making the world increasingly smaller and more connected.

What Are The Benefits of Globalization for Multinational Corporations?

Globalization can be extremely rewarding for growing businesses. But it’s also hugely beneficial for the general development of the global economy. By tapping into the global market and expanding your customer base, you bring people and products closer together. Discover some of the immediate benefits of modern globalization for your organization.

Access to New Markets

‍ One of the major advantages of globalization is that it provides access to new or different markets for international business. With bi- and multilateral trade agreements, multinational corporations can operate in multiple countries and jurisdictions. This means reaching more customers, gaining more and better market insights, and building your brand on a global scale.

Product Development and New Revenue Streams

‍ By accessing the global market, you develop your products and services in new ways. When branching out to a different country, businesses are often required to adapt their offerings to meet local demand. While this may seem like more work, it is a great opportunity for innovation. By building successful products and services, and a solid customer base, you can increase your revenue streams beyond national or state borders.

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Sharing Knowledge, Technology, and Culture

Another one of the brilliant effects of globalization is that sharing has become the norm. Knowledge, information, technological advancements, and cultural values are being shared across the globe – and business practices are no exception. While we are far from a multicultural utopia of global businesses, sharing and creating global partnerships has never been easier.

Developing Universal Standards

‍ While this may sound like whitewashing a complex issue, globalization has had the effect of helping set some universal standards. Through knowledge sharing, basic industry standards have been set and other international bodies are working to set standards for labour and employment law, as well as tax regulation. The Organisation for Economic Cooperation and Development (OECD), for example, drafted the Model Tax Convention in 2017 to help authorities and businesses understand when they are liable to pay corporate taxes and how they can prepare when expanding internationally.

Access to a Diverse Talent Pool

Taking your pick of job candidates from an incredibly diverse talent pool is a benefit of globalization with immediate rewards. If your company is hiring remotely , you can offer employment opportunities according to skillset or behaviours like adaptability, regardless of background or where candidates are based. Companies looking to hire for their offices or foreign subsidiaries are also able to find talent that will help them develop, change, and grow as a company more broadly. Each new diverse employee brings a wealth of new perspectives and possibilities to a business.

A Diversified Workforce and Workplace Culture

A diverse talent pool not only leads to a diverse workforce, but also has significantly positive effects on workplace culture. While some employers are concerned about cultural differences affecting productivity, internal communication, and collaboration, a solid hiring strategy and inclusive company culture can do the trick. Focus on building an open company culture, where different perspectives are championed and inclusive behaviours are rewarded.

What Are the Challenges of Globalization?

With a variety of benefits, you may still encounter some challenges of globalization. The disadvantages of globalization generally refer to wider socio-political issues that all governments and companies have to face. You will need to be aware of these in order to build an effective global expansion strategy for your business.

Worker Exploitation

‍Many companies in developed countries have outsourced their production or services to developing countries, seeking to cut costs through the creation of cheaper goods. While this has generally been beneficial for developing economies, local workers are still exposed to high degrees of exploitation. The International Labour Organization (ILO) – an agency under the United Nations –  has been working to set international standards to protect workers everywhere, but this is hard to enforce. In developing countries, companies have also been able to make increasingly exploitative demands of their workers as they are able to source cheaper labour elsewhere.

On the other hand, more and more consumers are demanding organizations to create products and services that are ethical, sustainable, and affordable. This is one of the most notable cons of modern globalization affecting businesses today.

‍ One of the most debated negative effects of globalization is the loss of jobs. This is particularly the case in developed countries, such as the United States, where many services and unskilled labor have been outsourced to developing countries. As a result, many locals have lost their jobs or been forced to accept lesser wages and poorer working conditions. Though it is the job of governments to protect the local workforce and create favourable business conditions for companies, you will still need to assess how you want your business to work around this challenge.

High Investment

‍ Globalization and international expansion are generally very expensive endeavours. This is one of the most deterring disadvantages of globalization. It requires businesses to invest a lot of their resources into designing and implementing an effective globalization strategy. Setting up a company or presence elsewhere, paying taxes, hiring, signing contracts with new partners, scouring the customer base - all these things require mountains of research, capital, and time. Not all companies will feel comfortable doing this, especially smaller businesses or those just scaling up globally.

Environmental Degradation

Sadly, the environment also suffers as a negative effect of globalization. As great as increased flow of goods and knowledge are for people and the economy, the underlying business activities adversely affect the environment. Global trade and transportation networks, along with increased market demand, mean more use of fuels that contribute to a higher exertion of greenhouse gases. Planes, ships, and trucks transporting goods all over the world are harmful for the atmosphere and affect local ecosystems. More demand also means more production, again causing more fuel and raw materials to be used up. Interestingly, remote working can help businesses save on environmental costs, but remote working alone won’t solve the environmental challenge of globalization.

Taxes Across Borders

‍Taxes can be a nightmare both for employees and for businesses. Different countries or states have their own tax authorities and unique regulations on what taxes need to be paid, how, when, and to whom. One of the big ones to watch out for is permanent establishment risk , which makes your company liable for paying corporate taxes. Many regional and national governments or organisations are now working together to prevent companies from finding loopholes so as not to pay corporate taxes. You will need to do your research in order to stay on the right side of the law wherever your business operates.

Legal Compliance for Employers

‍Global employers must also consider how to employ people legally across all the different countries  they’re based in. All countries have their own labour law, which covers things like working hours, types and amount of paid leave, termination rights, intellectual property rights, salaries, benefits, and social security. You will need to be aware of the labour code of each jurisdiction where your employees are based so you can employ them compliantly. This is a massive administrative task that requires a thoughtful and responsive strategy.

Thankfully, there are services,  like Omnipresent , that can help you navigate the complexities of international employment and remain compliant.

How Does Globalization Affect Your Business?

‍All businesses can use globalization to their advantage, but you need is the right approach. As always, compliance is key. Running a global business with employees all over the world can be extremely rewarding, but also requires foresight and appropriate processes in place to make sure you stay compliant. When expanding globally, you may need to consider:

• Having a legal presence in the countries you are operating in / where your employees are based
• Paying corporate taxes the right way, on time, and to the right authority
• Who you hire (look for the right traits and watch out for your own hiring bias)
• Compliant employment contracts and payroll
• Offering progressive benefits
• Managing intellectual property rights compliantly
• Creating a smooth, standardized onboarding process
• Building a solid communication and collaboration strategy across your teams
• Creating a sustainable, inclusive, and supportive workplace culture

As a company navigating the effects of globalization, you will need to respond to all its challenges while finding the best path for your business. The first step is to find the right people – and employ them the right way – so they can get your business up and running.

Solve Your Globalization Problems with Omnipresent

Omnipresent can help you tackle the challenges of globalization head on. As a global Employer of Record (EOR), we help aspiring global businesses like yours employ the right people in the right way. As an added bonus, we can employ anyone in over 150 countries. Our global employment process is simple: you tell us who you want to hire and we take over the rest.

Our service is entirely tailored to your needs. Our team can help you with compliant employment contracts, benefits management, onboarding, and offboarding . The OmniAtlas also offers up-to-date information on employment law in your target countries so you can go in prepared.

Omnipresent’s focus is on compliance and customer delight. We are with you every step of the way, even before you start employing new hires. Our team of experts can help you understand the potential difficulties of employing in a new market and point you in the right direction. As a remote-first company operating all over the world, we believe in the positive power of globalization and employing anywhere. ‍

Book a call with us today to learn more about global employment solutions .

Uriel has been working in the tech space for the past six years; first as a Tech-Regulation Lawyer and a Venture Capital Investor in Tel Aviv, then in Berlin as VP of Business Development in an AI startup. Most recently, he joined Omnipresent as Head of International Expansion. Having gained degrees in Law, Business Management, and Accounting, Uri is passionate about the interaction between technology and business, and loves learning about how different cultures approach it.

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Economic Globalization: Arguments For and Against Essay

• To find inspiration for your paper and overcome writer’s block
• As a source of information (ensure proper referencing)
• As a template for you assignment

Introduction

Benefits of globalization, the similarity between privatization and globalization, global operations by tncs, negative influence of globalization.

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Many people associate economic globalization with the controversial issue of free trade. In some cases, economic globalization is associated with free trade and liberalization, improvements in economic conditions of less developed countries and enormous opportunities for multinational (MNEs) and transnational corporations (TNCs). Thus, there are many critics and economists who oppose economic globalization citing alleged benefits of globalization.

Wade criticizes economic benefits of globalization and states that rich and powerful states exploit less developed countries. One of the ways by which the rich get richer (and the poor are made poorer) is through increased economic globalization. Globalization has been defined as the collapse of time and space, but more detailed explanations distinguish between “interdependence of markets and production in different countries;” “(perception of) living and working in a world-wide context;” and a “process that affects every aspect in the life of a person, community or nation” (Brown & Lauder 2001, p. 43).

In return for supplying much-needed loans to developing countries, the IMF and the World Bank demand from their creditor nations the implementation of so-called ‘structural adjustment programs’. Unleashed on developing countries in the 1990s, this set of neo-liberal policies is often referred to as the ‘Washington Consensus’. The various sections of the program were mainly directed at countries with large foreign debts remaining from the 1970s and 1980s.

The official purpose of the document was to reform the internal economic mechanisms of debtor countries in the developing world so that they would be in a better position to repay the debts they had incurred. In practice, however, the terms of the program spelled out a new form of colonialism (Wade et al 2006). The ten points of the Washington Consensus, as defined by Williamson, required governments to implement the following structural adjustments in order to qualify for loans: It is no coincidence that this program is called the ‘Washington Consensus’ (Hirst & Thompson 1999), for, from the outset, the United States has been the dominant power in the IMF and the World Bank.

Unfortunately, however, large portions of the ‘development loans’ granted by these institutions have either been pocketed by authoritarian political leaders or have enriched local businesses and the Northern corporations they usually serve. Sometimes, exorbitant sums are spent on ill-considered construction projects (Hirst & Thompson 1999). Most importantly, however, structural adjustment programs rarely produce the desired result of ‘developing’ debtor societies, because mandated cuts in public spending translate into fewer social programs, reduced educational opportunities, more environmental pollution, and greater poverty for the vast majority of people. Typically, the largest share of the national budget is spent on servicing outstanding debts.

Economic globalization increases world poverty in less developed nations. An addition to all of the factors making for world poverty has cropped up during the last few decades, in the form of widespread privatization of former governmental and voluntary functions. The most common meaning of privatization is the shifting of governmental functions and services to non-governmental entities, either to voluntary not-for-profit organizations, or to for profit businesses (Hirst & Thompson 1999).

The net result of privatization is more profit for some and less well-being for a vastly greater number of others; and purported efficiency at the cost of effective distribution among the population as a whole, with widening gaps, both socially and economically. “Even though growth opens the doors, the traction in the legs of the poor may not be enough to carry them through these doors. For example, tribal areas in India where poverty is acute may not be connected sufficiently to the mainstream economy where growth occurs” (Bhagwati 2004, p. 57).

Such critics as Ohmae (1985) and Stiglitz (2002) underline that there is a symbiotic relationship between privatization and globalization. They go hand-in-hand because they both have the same ultimate goal: profits— profits at all costs and regardless of consequences. Corruption, ecological disaster, fraudulent practices, poverty, human degradation and a score of other ills stem from the oft-expressed (although usually cynical) ideology that in the long run, the market-driven society improves the lot of everyone. Stiglitz (2002) underlines that globalization is not simply a market-driven phenomenon; it has an ideological and political base.

That base holds that anything that increases profits is not only desirable and even moral, but absolutely imperative. This drive for profits enables and causes multinational corporations to exploit the cheapest labor, methods and materials they can find. Unfortunately, even the rise of such a person or persons would probably lead to minimal change in their own country or countries at best, since the very essence of globalization, as its name implies, is that it is supra-national. Consequently, even a towering figure with mobs of adherents in any one country would probably make little impact on events world-wide (Hirst & Thompson 1999).

Where privatization and globalization are concerned, there are very few organizations as such with the declared aim of opposing them, or even ameliorating their effects, although a few have come into being. Interestingly, the anti-capitalist movement— so far disparate, to judge by its many names—seems to be beginning once again to coalesce, and is taking on the nature of a movement formed through protests, rather than protests sponsored by movements. Its most significant activity so far has been the organization of demonstrations at international meetings of world-wide financial institutions, such as G-8, the World Bank, the International Monetary Fund and the World Trade Organization, as well as international conferences concerning social protest.

As concerns poverty as such, there is a dearth of anti-poverty organizations, movements against domestic poverty, or even protests specifically naming poverty as the enemy (Hirst & Thompson 1999). Israel, as one exception, has an anti-poverty lobby made up of representatives of organizations and individuals (including some of the poor), concentrating almost entirely on pressuring politicians. Most activities of anti-poverty organizations elsewhere are subsumed under general anti-capitalist activities, which may focus on ecology, empowerment, governmental changes, etc. It is difficult to conceive of a figure so popular and so powerful that he or she could halt the relentless growth of privatization and globalization. Kenichi Ohmae (1985) states:

“The global economy is becoming so powerful that it has swallowed most consumers and corporations, made traditional national borders almost disappear, and pushed bureaucrats, politicians, and the military toward the status of declining industries” (45).

Increase investments from rich to poor countries subordinate developing economies and prevent their unique economic growth. A distinction has been made between internationalization, in which a national unit engages in international trade; international agreements such as GATT; and globalization, in which the national unit ceases to exist and becomes a global enterprise A number of factors have led to the process called “globalization.”

As large corporations began diversifying their products and services by buying up smaller enterprises—usually for stock-market, income tax or other financial benefits—they became conglomerates.. The economic breakdown of the Soviet Union gave further impetus to globalization as many foreign firms hurried to establish units in so-called economies in transition. Free trade agreements of various kinds further supported this process. MNCs now account for between a quarter and a third of the world’s output, 70 percent of world trade and 80 percent of direct international investment (Yip 1995).

Contracting economies invariably react by cutting spending in the social sector, thereby exacerbating the condition of the poor. The paradox here is that when countries think they are doing well economically, they believe this is enough to lighten the burden on the lower-income classes; and when they are in a recession, they obviously don’t have the money to spend helping the same classes (Hirst & Thompson 1999).

On the one hand, globalization of financial trading allows for increased mobility among different segments of the financial industry, with fewer restrictions and greater investment opportunities. Dominated by highly sensitive stock markets that drive high-risk innovation, the world’s financial systems are characterized by high volatility, rampant competition, and general insecurity. Following Stiglitz (2002):

”Globalization can further be defined as the arrival of ‘self-generating capital’ at the global level: that is, capital as capital, capital in the form of the TNC, free of national loyalties, controls, and interests. This is different from the mere internationalization of capital, which assumes a world of national capitals and nation states; it is the supersession by capital of the nation state (10).

Global speculators often take advantage of weak financial and banking regulations to make astronomical profits in emerging markets of developing countries. However, since these international capital flows can be reversed swiftly, they are capable of creating artificial boom-and-bust cycles that endanger the social welfare of entire regions. Wade et al (2006) underline a negative impact of MNEs and TNCs on developing countries and their growth opportunities. This means that while MNCs may be sued or charged by the individual countries in which they operate, insofar as they operate in tens of countries, with immense resources, and the power to withdraw both personnel and assets at will, they are almost invulnerable to local laws. Following Friedman (2000):

“Globalization is the inexorable integration of markets, nation-states and technologies to a degree never witnessed before—in a way that is enabling individuals, corporations and nation-states to reach around the world far­ther, faster, deeper and cheaper than ever before” (p. 9).

The tobacco industry is one of the vivid examples of globalization and its impact on developing countries. Heavily fined for mendacity and creating health risks in the United States, they have blithely paid the fines (by raising their prices) and continued these practices in other parts of the world. For instance, in Papua-New Guinea, almost the only billboards on the roads—including narrow, unpaved country roads—are those of foreign cigarette companies (Brown & Lauder 2010).

Throughout Europe, the umbrellas that deck the much-vaunted sidewalk cafes are almost invariably decorated with ads for tobacco companies. Indeed, tobacco corporations have publicly declared that their next areas of exploitation are in Europe and in Africa where anti-tobacco legislation lags far behind (Yip 1995). Transnational corporations are the contemporary versions of the early modern commercial enterprises. Powerful firms with subsidiaries in several countries, their numbers skyrocketed from 7,000 in 1970 to about 50,000 in 2000 (Brown & Lauder 2001).

Enterprises like General Motors, Walmart, Exxon-Mobil, Mitsubishi, and Siemens belong to the 200 largest TNCs, which account for over half of the world’s industrial output. None of these corporations maintains headquarters outside of North America, Europe, Japan, and South Korea. This geographical concentration reflects existing asymmetrical power relations between the North and the South. Yet, clear power differentials can also be found within the global North. In 1999, 142 of the leading 200 TNCs were based in only three countries – the United States, Japan, and Germany (Brown & Lauder 2001).

Rivaling nation-states in their economic power, these corporations control much of the world’s investment capital, technology, and access to international markets. In order to maintain their prominent positions in the global marketplace, TNCs frequently merge with other corporations (Bhagwati 2004). Some of these recent mergers include the $160-billion marriage of the world’s largest Internet provider, AOL, with entertainment giant Time-Warner; the purchase of Chrysler Motors by Daimler-Benz for $43 billion; and the $115-billion merger between Sprint Corporation and MCI WorldCom.

A close look at corporate sales and country GDPs reveals that 51 of the world’s 100 largest economies are corporations; only 49 are countries. Hence, it is not surprising that some critics have characterized economic globalization as ‘corporate globalization’ or ‘globalization-from-above’ (Brown & Lauder 2004).

TNCs have consolidated their global operations in an increasingly deregulated global labor market. The availability of cheap labor, resources, and favorable production conditions in the global South has enhanced corporate mobility and profitability.

Accounting for over 70% of world trade, TNCs have boosted their foreign direct investments by approximately 15% annually during the 1990s. Their ability to disperse manufacturing processes into many discrete phases carried out in many different locations around the world reflects the changing nature of global production. Such transnational production networks allow TNCs like Nike, General Motors, and Volkswagen to produce, distribute, and market their products on a global scale. Nike, for example, subcontracts 100% of its goods production to 75,000 workers in China, South Korea, Malaysia, Taiwan, and Thailand (Yip 1995).

Transnational production networks augment the power of global capitalism by making it easier for TNCs to bypass nationally based trade unions and other workers’ organizations. Anti-sweatshop activists around the world have responded to these tactics by enlisting public participation in several successful consumer boycotts and other forms of nonviolent direct action. As a consequence, TNCs have become extremely important players that influence the economic, political, and social welfare of many nations.

High inflation and the frequent attempts of the government to deal with it created extremely turbulent and unpredictable business conditions. Economic stabilization plans caused turmoil all across industry as firms tried to understand the new rules of the game. Even minor interventions such as changes in price adjustment rules, foreign exchange regulations, or changes in interest rates and credit regulations caused problems. There was a strong incentive for firms to try to insulate themselves as much as possible from this environment, and vertical integration was one means of doing this (Yip 1995).

Thirdly, the regulatory regime used to be, and actually continues to be, complex, contradictory, and lack transparency. It is in fact almost impossible for an entrepreneur to be a law-abiding citizen, respecting all tax, safety, and other regulations that exist. Therefore, firms have various matters to hide at any given time. This creates a situation where firm owners and managers are suspicious of any contact that goes beyond arm’s-length business transactions. Firm owners repeatedly told me that this was one reason why they would neither let outsiders enter their premises, nor enter into any kind of information exchange with other business people (Wade et al 2006).

Following Hirst & Thompson (1999) there is evidence that some national economies have increased their productivity as a result of free trade. Moreover, there are some benefits that accrue to societies through specialization, competition, and the spread of technology. It is less clear whether the profits resulting from free trade have been distributed fairly within and among countries. Most studies show that the gap between rich and poor countries is widening at a fast pace. Free trade proponents have encountered severe criticism from labor unions and environmental groups who claim that the elimination of social control mechanisms has resulted in a lowering of global labor standards, severe forms of ecological degradation, and the growing indebtedness of the global South to the North. Following Bhagwati (2004):

The problem with this policy was that it often resulted in bad debts. A breakthrough, however, came with the invention of microcredit programs, which go down to the very poor. The problem was solved by lending very small sums to a number of poor clients for tiny investments that improved their ability to earn a livelihood, and by letting each borrower effectively monitor other borrowers” (p. 57).

The existing power structure and the compliance of the middle classes to date has militated against widespread success by this means in the more developed countries though it is difficult to foretell what direction middle class protest might take, were its own well-being to be threatened by the increasing tendency of the global economy to stream the world into rich and poor (Wade et al 2006).

Economic globalization has a negative impact on social security funds are invested, how they used by governments, and other such fiscal changes. Among the most widely bruited of these is the proposal to privatize social security by investing premiums in stock market shares, banks, insurance companies, and other financial institutions. In some of these proposals, the government would simply invest the sums received through the payroll tax, and make payments from the profits (Wade et al 2006).

In other cases, the investments would be made in the name of the individual beneficiaries. In still others, workers would be free to make their own investments with the funds they would previously have paid into the program; and in still others there would be a combination of investments and continuation of social security coverage (Stiglitz 2002).

In sum, economic globalization has a negative impact on developing countries and allows rich states and their corporations exploit poor countries and use their resources as the main source of profits. During the last decade, wealthy countries have increased their attempts to establish a single global market through regional and international agreements such NAFTA and GATT. Rich states assure the public that the elimination or reduction of existing trade barriers among nations will enhance consumer choice, increase global wealth, secure peaceful international relations, and spread new technologies around the world. Thus, these actions and liberalization of trade lead to poverty and slow economic development of less developed states around the globe.

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IvyPanda. (2021, August 15). Economic Globalization: Arguments For and Against. https://ivypanda.com/essays/economic-globalization-arguments-for-and-against/

"Economic Globalization: Arguments For and Against." IvyPanda , 15 Aug. 2021, ivypanda.com/essays/economic-globalization-arguments-for-and-against/.

IvyPanda . (2021) 'Economic Globalization: Arguments For and Against'. 15 August.

IvyPanda . 2021. "Economic Globalization: Arguments For and Against." August 15, 2021. https://ivypanda.com/essays/economic-globalization-arguments-for-and-against/.

1. IvyPanda . "Economic Globalization: Arguments For and Against." August 15, 2021. https://ivypanda.com/essays/economic-globalization-arguments-for-and-against/.

IvyPanda . "Economic Globalization: Arguments For and Against." August 15, 2021. https://ivypanda.com/essays/economic-globalization-arguments-for-and-against/.