The paper 'Effects of Globalization, Its Advantages and Disadvantages" is a good example of business coursework. Globalization is a term that describes a system or a procedure by which various cultures, regional economies and societies have become incorporated via a global network of transportation, trade and communication (Harrison 67). This term may sometimes be used to refer particularly to economic globalization which is the incorporation of national economies into economy international through capital flows, direct foreign investment, migration, trade and the widespread of technology. Thus, globalization is specifically noted as being motivated by a grouping of economics, social-cultural, technological, biological and political factors.
Globalization can also be defined as the abolition or lessening of state-enforced limitations on exchange transversely and the increasingly incorporated and complex global pattern of production and trade that has come out as a result. Advantages of globalization Increased competition; the global competition has led to the product quality improvement which is the most notable positive effects. Customer service approaches to the production have contributed to a high-quality commodity and services (Mayer 75). As most domestic organizations have to rise against foreign competition, they are forced to upgrade their standards and clients satisfaction levels so as to survive in the market place.
However, when a global product gets access in a new country, it presents itself as riding on the goodwill that it has to stay up to. This in return develops competition in the market place and a condition of the survival for the fittest. Creation of employment; with the increased globalization, most companies have forayed within the developing countries and thereafter generated employment opportunity for them (Bussolo & Round, 71).
This is one of the advantage or disadvantage affects of globalization based on the mark of perception you wish to have. It has led to investment opportunities in the up-and-coming markets and valve up the talent that exists there. In various developing countries, lack of capital is a major concern for it hinders the development of domestic companies and thus, employment (Harrison 69). In this kind of cases, due to the global nature of some businesses, people in developing countries can also obtain profitable employment opportunities. However, jobs in the developed countries have somehow lost on account of the movement of jobs to the growing world and thus most people within the first world feel it as a pinch. Capital flows and investment; the flow of overseas capital has become the most notable positive effect in some countries like India.
Many organizations have openly invested in India, by commencing production bodies in India (Bordo, Taylor & Williamson, 66). Most companies that are performing very well in India and across the borders, will eventually attract a number of foreign investments, and hence pushes forward the reserves of foreign trade available in India.
This is a major advantage in the United States and in other developed countries because developing countries offers them a better investment proposition. Foreign trade; the comparative positive effect has been a notable factor even in ancient days. As trade emerged in times of ancient kingdoms, globalization made it to be institutionalized. In the past, human beings had to resort to unjust modes and damage of countries and kingdoms in order to get hold of what they needed (Bussolo & Round, 71).
However, in this present world, it is always done in a humane way and mutual cooperation. People who function in uncivilized means are now facing world trade organization plus other organizations that were developed with an aim to regulate and control the trade affairs of several countries. Spread of knowledge; because of globalization, the majority assumes that most innovations take place within the western world; the aspect of knowing how also originates into various developing countries out of globalization. No much benefits would be achieved without globalization even the knowledge of the latest inventions, most medicine could remain cooped in the countries it emerged from, hence not many would profit.
Due to the improved political activities, the information is flowing both ways, and at such a point the distribution of knowing how can be expounded to involve political and economic knowledge, that has also spread extensive and far (Prasad & International Monetary Fund, 24). The most example of the widespread of knowledge is the western flooding the markets in India with antibiotics which are of great help in the quality of life improvement of Indian people. Culture widespread; globalization has brought about a positive effect on culture for not every good practice originates from one civilization.
The present world we are living in came as a result of various cultures joining together. People of a single culture, if amenable, tend to view the flaws within their culture and embraces up the culture that is more correct or somehow in tune with the present times (Bordo, Taylor & Williamson, 56). Communities have expanded for they have receipted people of different background and civilizations and thus created a full new culture of them.
Globalization has led to the spread of customs, new languages and cooking styles. The same too can be said concerning movies, art forms and other musical styles. They have also shifted from one country to the other, leaving an idea on a culture that has espoused them. Improved education; a major powerful advantage of globalization on both males and females is widespread of quality education. Nowadays, one can transverse in search of the most excellent educational facilities across borders with no hindrances.
A person residing in the United States can visit another continent for a new course or experience that may not be present in their home country (Prasad & International Monetary Fund, 23). An example is the American managers who went to Japan to study on the best practices in the area of mass production and they have incorporated that same knowledge in their very own production sections. Ethical and legal effects; in the old days, limited jurisdiction was a hindrance in criminal prosecution. In this modern world due to existence of international courts of justice, the criminals are unable to seek refuge in a foreign region, but they will be presented forward and justice will be done (Mayer 81).
Global terrorism can now be curbed due to the coalition between the police and security agencies from different countries.
Bordo Michael, Taylor Alan & Williamson Jeffrey. Globalization in historical perspective. Chicago: University of Chicago Press, 2005.
Bussolo Maurizio & Round Jeffrey. Globalisation and poverty: channels and policy responses. London: Routledge, 2006.
Harrison Ann. Globalization and poverty. Chicago: University of Chicago Press, 2007.
Mayer Florian. Examination of the Cultural Effects of Globalisation. Sydney: GRIN Verlag.
Prasad Eswar & International Monetary Fund. Effects of financial globalization on developing countries: some empirical evidence. New York: International Monetary Fund, 2003.