This not only benefits the foreign companies (in this case, American companies like Apple) but also helps the countries being invested in by increasing their exports, creating jobs, closing the technology gap, and overall, improving quality of life. CTRL + SPACE for auto-complete. In addition, people coming from other nations to do business and work bring with them their own cultures, which influence and mix with other cultures. This essay is available online and might have been used by another student. The G20, or Group of Twenty, is an international forum that aims to foster international cooperation by addressing global economic issues, such as financial stability and climate change. Give me your paper requirements and I connect you to an academic expert. For example, cell phones came quickly to the African continent, with cell phone use currently growing every year in sub-Saharan Africa and approaching 90% in countries such as South Africa. Foreigners come to seem completely unfamiliar under such conditions. Without globalization, it would be very difficult for refugees to flee war-torn countries like modern day Syria and Yemen. India has seen an increase in the value of its computer service exports from $11 billion in 1995 to almost $110 billion in 2015. IT teams should learn how to enable it in Microsoft Linux admins can use Cockpit to view Linux logs, monitor server performance and manage users. Globalmillennial.org. 3) Levels up and balances the competition in the market. In short, Globalization is the free movement of goods, services and people across the world in a seamless and integrated manner. It offers some advantages as well as disadvantages, but the advantages outweigh the disadvantages as globalization allows people to experience new cultures and ways of life that were previously inaccessible due to geographical boundaries. Individuals who travel around the world for business or leisure andtry different foods, listen to different music, read different books, gain exposure to different media outlets, and learn to express themselves, even poorly, in another language gain a broader perspective on the world. When a commodity becomes available from another region or country, it gets produced there instead of somewhere else, which drives the costs of that commodity down worldwide. Political and economic stability facilitate globalization as well. 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Meanings and Perspectives of Globalization. Because of globalization, the world has become a much smaller place where distances between countries have been eliminated which allows people to do things much more easily and quickly than before. As part of the North American Free Trade Agreement (NAFTA), U.S. automobile companies relocated their operations to Mexico, where labor costs are lower. If your company is looking at foreign markets for business expansion, one of the most important questions you need to ask yourself is whether you want to open an overseas branch or a foreign subsidiar. In 2019, the summit was held in Osaka, Japan, and it addressed issues such as women's empowerment, climate change and artificial intelligence. Globalization can contribute to a decline in job opportunities as companies move their production facilities overseas. Business is my passion and i have established myself in multiple industries with a focus on sustainable growth. Since the start of civilization, people have traded goods with their neighbors. The word globe as we know it refers to earth. With globalization, understanding other peoples culture becomes a lot easier and simpler so it certainly makes sense for people who have no interest in going abroad whatsoever to explore the opportunities that globalization offers them. This piece was originally published on Globalmillennial.org, Millennial Perspectives On Global Affairs, David is the founder of The Global Millennial: a think-tank millennials a platform to freely express their ideas on the world. According to the Economic Policy Institute, the U.S. trade deficit with China that is, the amount by which our imports, which tend to cost U.S. jobs, exceed our exports, which tend to provide them has lost the United States 3.4 million jobs since 2001. There is no question about it globalization has transformed the modern world. Globalization changes the way nations, businesses and people interact. Specifically, it changes the nature of economic activity among nations, expanding trade, opening global supply chains and providing access to natural resources and labor markets. Humans tend to take free things for granted, however, and consequently overexploit nature. The Triangular Trade network in which ships carried manufactured goods from Europe to Africa, enslaved Africans to the Americas, and raw materials back to Europe is another example of globalization. Our writers can help you with any type of essay. Below, we are sharing reasons as to why Globalization Is Important, to make you well-aware of its importance:if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'curiousdesire_com-medrectangle-3','ezslot_7',117,'0','0'])};__ez_fad_position('div-gpt-ad-curiousdesire_com-medrectangle-3-0'); After a thorough research, we have come up with a list of 15 benefits of globalization. Those who support view globalization optimistically as promoting new growth and employment opportunities for low-income countries. Pay the writer only for a finished, plagiarism-free essay that meets all your requirements. 15 Benefits of Globalization You Probably Didnt Know, 1. Sustainable prosperity is when people of any ethnicity,religion or gender have all their needs met, all have an equal opportunity to create wealth and all to have the chance to pursue happiness. Advances in air and fast rail technology have facilitated the movement of people and products. In a parallel universe, global expansion, a policy of economic and territorial expansion, have their own point of view on the matter, one that has an optimistic sense. This ultimately benefits many families financially and emotionally. The rapid adoption of mobile technology hasspurred entrepreneurism in countries like Kenya. It is very vital for the companies operating in todays dynamic and ever competitive market that the customer has to be given the topmost importance and priority in order to beat the competition and successfully survive in the market. Laborers whose skills are less relevantin a global marketplace will have a hard time adjusting to a world dominated by globalization. They shared these materials worldwide to help hospitals deal with the illness. Sarah Appleton, National Geographic Society, CrashCourse: Globalization 1: The Upside: Crash Course World History #41, NPR: Planet Money Explores the Economics of T-Shirts, Oxford Martin Programme on Global Development, University of Oxford: Our World in Data: Trade and Globalization. National Geographic Headquarters 1145 17th Street NW Washington, DC 20036. Hence, it is very imperative for firms to understand the Importance of Globalization. This sense of independence makes life much more enjoyable for those who embrace it as globalization continues to grow around us as we speak. This development also has the effect of increasing real wages by lowering the cost of living. Conservation efforts and efforts to combat rising carbon emissions, for example, will require a concentrated global effort if they are to succeed. As borders between different countries become more permeable, it becomes much easier for citizens of one country to experience other ways of living and visiting different places. Like that time the US-funded Hamid Karzai in Afghanistan back in 2005, he later ended up as a puppet following any strategy the US adopts. Increased Open-Mindedness and Tolerance, Globalization Partners Can Help With Your Efforts at Globalization, industrialized countries have shipped their trash, mines in the Democratic Republic of Congo, Contact Globalization Partners International, Resilience Amid a Global Pandemic: Lessons from Australian Tech Success Stories, 5 Ways Companies Can Embrace Sustainability in a Remote Work Setting And How It Will Impact Their Future Growth, What UK Businesses Need to Know About Brexit in 2021, Setting Up An International Branch Vs. Subsidiary. In addition, doctors traveled where they were needed. The economic benefits of globalization to much of the world are hard to ignore. They have very similar effects: they raise output in countries, raise productivity, create more jobs, raise wages, and lower prices of products in the world economy. 2023 Globalization Partners. Rapid advances in technology and telecommunications are responsible for much of this change. Much has been written around the environmental benefits of going virtual, yet the jury is still out over whether thiswork modelis a full-proofsustainability enabler. When assessing the importance of Globalization, its good to look back to where it originated; Extent of the, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on Google+ (Opens in new window), How Steve Jobs Laid The Framework For Apple, How To Turn Any Passion Into A Well-Paying Career, A Brief History Of Global Economic Recessions, 4 Types of Jobs That Will Remain Safe From Automation, Ecology of Economics: Why We Cannot Have A Perfectly Sustainable Economy In Todays World, The worlds Top Ten Most Successful Economies, Capitalists Are No Angels, But Socialism Is Hell on Earth. Globalization Ensures Better Job Opportunities For People, Related Video The Myth Of Globalization, 5. The internet has increased the sharing and flow of information and knowledge, access to ideas and exchange of culture among people of different countries. Three of the main themes addressed were empowering people, especially women and youth; safeguarding the planet; and long-term strategies to share the benefits of innovation and technological advancement. Advances in communication enable businesses to identify opportunities for investment. However, overall, the early 21st century has seen a dramatic increase in the pace of global integration. Arguably one of the top advantages of globalization has been the rapid spread of technology worldwide. These globalization pros and cons show that a borderless world potentially offers many benefits, but with many enormous challenges, which need to be resolved for globalization to be workable. Text on this page is printable and can be used according to our Terms of Service. Though countries may wish to help, too large an influx puts a strain on resources and social structures. The solution is easy if you ask me is to form a new global council to monitor the impacts of globalization. A relationship that benefits one entity may damage another, and whether globalization benefits the world at large remains a point of contention. For more details, review our .chakra .wef-12jlgmc{-webkit-transition:all 0.15s ease-out;transition:all 0.15s ease-out;cursor:pointer;-webkit-text-decoration:none;text-decoration:none;outline:none;color:inherit;font-weight:700;}.chakra .wef-12jlgmc:hover,.chakra .wef-12jlgmc[data-hover]{-webkit-text-decoration:underline;text-decoration:underline;}.chakra .wef-12jlgmc:focus,.chakra .wef-12jlgmc[data-focus]{box-shadow:0 0 0 3px rgba(168,203,251,0.5);}privacy policy. Although technology and culture might change with time, globalization ensures that peoples values will remain the same regardless of such changes since it allows them to grow alongside one another instead of becoming isolated from each other. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. And changes in shipping logistics technology moves raw materials, parts and finished products around the globe more efficiently. When assessing the importance of Globalization, its good to look back to where it originated; Extent of the Silk Road and Spice trade routes blocked by the Ottoman Empire in 1453 spurred exploration and saw rise to international trade. Globalization Promotes Cultural Diversity, 11. Basically, when we talk about Globalization, we arent just talking about the trade of goods and exchange of capital, we must realize the various social and cultural opportunities that have been realized with international trade. original papers. Patriotism is their absolute trait and thats why any foreign influence causes a threat to the society. The government authorities of various countries have been giving a lot of impetus to the Importance of Globalization realizing its high potential as it also increases the income levels of the nation as a whole. May 13, 2019 By Hitesh Bhasin Filed Under: Business. your personal assistant! Does it go without saying that the Armenian Culture, for instance, is way older and richer than that of the United States, but have you ever heard of it? Meanings and Perspectives of Globalization, This example was written and submitted by a fellow student. In a world where globalization is widely accepted, those who work hard will be able to climb the social ladder despite their background because everyone has equal opportunities. Therefore, globalization has emerged as an . As a result, they can produce lower cost goods that can be sold globally. I could go on about this forever! Economic Globalization refers to those world Economic activities that beyond borders. The resulting spread of slavery demonstrates that globalization can hurt people just as easily as it can connect people.The rate of globalization has increased in recent years, a result of rapid advancements in communication and transportation. Though, of course, multinational conglomerates see globalization in every aspect of business, even smaller startups and entrepreneur-led businesses will be impacted. For instance, the exchange of people and goods across borders can bring fresh ideas and help business. What Is Globalization and Why Is It Important? Communication technology. Don't know where to start? 2023 PapersOwl.com - All rights reserved. One of the biggest benefits of Globalization is that there is a free movement of goods and services manufactured and offered by the firms on national and international levels. Globalization is the most important trend of global development. It ignores any environmental damage thought to be the result of globalization. Your email address will not be published. Furthermore, we wouldnt see as much cultural diversification as we do today without international trade. It's more. The more countries and regions of the world become intertwined politically, culturally and economically, the more globalized the world becomes. 8. Globalization is commonly thought of as a new phenomenon, but contact between diverse individuals is not new.