The paper 'Positive and Negative Impacts of Globalization' is a great example of a Macro and Microeconomics Essay. Globalization is a term that has drawn a lot of attention in the scholarly domain. The issue popular and controversial at the same time has been defined by different authors in different ways being that there is also complexity in understanding it (Georgieva et al, 2013). Georgieva et al (2013) assert that globalization can be explained as, the expansion of global links; social life organization at the international or global level, increased growth in global awareness and consciousness, thus the sum total of globalization becomes a consolidated global world society.
As a result of the processes described in the definition, there are resulting impacts that are either negative or positive that come along with globalization. This paper evaluates the positive and negative impacts of globalization and then later giving an overview of how the globalization of economic integration has affected social, political, and economical landscapes. Positive Impacts of Globalization There are a plethora of positive issues that have resulted from globalization. These impacts are felt on the social, economic, cultural, country, and international levels (Akram et al, 2011).
One of the most vibrant positive impacts of globalization is improved quality of goods and services as a result of global competition (Akram et al, 2011). The need to trade effectively especially for a new entrant, causes the businesses to invest in effective product design to fit in properly. Additionally, globalization has improved customer service by changing the way customers are viewed (Mohr, 2014). As result organizations have to invest in good customer relationships so as to remain competitive (Akram et al, 2011).
Domestic companies have to outdo the foreign competition by raising the standards of customer satisfaction so as to survive in the global scale markets (Georgieva et al, 2013). When global brands enter a market, they compel existing organizations to produce goods that are up to the standards of the global brands. Globalization has made companies invest in new countries and other cross border businesses (Georgieva et al, 2013). This has concurrently increased the creation of employment of people to facilitate the movement, manufacture, distribution, and sales of the product and services.
In areas where there is a lack of capital to employ human resources, global companies are able to invest and create arenas for employment (Akram et al, 2011: Mohr, 2014). The structure of the workplace has also changed as people from different countries can be employed everywhere in the world thus diversification of the workforce (Mohr, 2014). This has further made it possible to outsource human resources in new countries, especially for global investing companies. Globalization has expanded boundaries that were initially unexplored due to different trade regulations (Georgieva et al, 2013).
Countries in the same economic boundaries can fairly trade with each other and reach a large consumer base without any restrictions (Akram et al, 2011). Countries that are chief producers of goods are also able to export and import goods with their allies freely. This has positively resulted in the economic growth of such countries that engage in foreign trade. The issue of globalization is much-expanded it covers even poverty and culture (Mohr, 2014). As people intermingle at the global level they are able to exchange their culture.
The several cultures coupled together give rise to diversified nations and a diversified world in general (Mohr, 2014). The advantageous cultures across the world are likely to be exchanged and applied in countries lacking such for common good (Akram et al, 2011). As a result of foreign direct investments and foreign trade as well, developing countries have experienced economic growth (Georgieva et al, 2013). As a result, there has been poverty reduction. This has reduced the number of individuals living below the poverty line.
Akram, M., Asim, M.F., & Khyzer, M., & Abdullah, I. (2011). Globalization and its Impacts on the World Economic Development. International Journal of Business and Social Science,2(23), 291-297.
Georgieva, S.V., Nikoloski, K. & Paceskoski, V. (2013).Positive and negative effects of financial globalization on developing and emerging economies. International Scientific Conference "Regional Economic Cooperation in the Process of Globalization". pp. 127- 128.
Glatzer, W. (2012). Cross-national comparisons of quality of life in developed nations, including the impact of globalization. Handbook of social indicators and quality of life research (pp. 381-398). Springer Netherlands.
Mohr, A. (2014, November 30). The Effects of Economic Globalization on Developing Countries | Chron.com. Retrieved from http://smallbusiness.chron.com/effects-economic-globalization-developing-countries-3906.html