impact of globalisation overall world in long
Answers
Answer:
The process of globalization provides a golden opportunity for mankind to contribute to a major reduction of poverty world-wide. While the potential for povertyreduction is great, the extent of it will depend on many factors including, in particular, the pattern of growth followed by the developed and developing countries and the overall global policy framework. A question that is often raised is whether the actual distribution of gains is fair and whether the poor benefit less than proportionately from globalization.
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Answer:
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Explanation:
Globalization: A Purpose
There is not one purpose of globalization; there are many, many more than I can list. But from this point forward I want to abandon this general talk of globalization and focus solely on the economy; or, more specifically, globalization and business.
So why do businesses actively work to make globalization happen? An initial answer is easy: cheaper production costs and more consumers to sell to. Globalization has a hand even in the smallest businesses (at least, in first-world countries). And where do these businesses go for cheaper production costs? China is the cliche example, but other popular options include India, Brazil, Russia, Mexico, Bolivia, Indonesia and a number of Eastern European countries.
The first company I worked for when I lived in New York employed about 15 people, yet all of our production was out-sourced to China. Even a small business can benefit from the incredible production savings to be found overseas, and this (along with the obvious fact that there are more people to sell to) is why businesses actively and aggressively promote globalization.
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In the end, globalization is all about competition. Lower production costs? That’s a competitive advantage. More consumers? Another competitive advantage. Untapped markets, different services, investment opportunities . . . all competitive advantages. As soon as the first company went global, everyone else had to follow suit to keep up. Globalization is about growth, sure, but it is also about establishing the ultimate competitive position: diverse resources, diverse interests, diverse markets, diverse acquisitions; in a word, a portfolio so diverse it can only be attacked piece-meal, i.e. the proverbial “unsinkable ship.”
If you’re anxious to learn how to create your own competitive advantage, check out this post featuring 7 competitive positioning tips and strategies.
The Benefits Of Globalization
For some people, globalization is synonymous with world destruction. In the end – who knows – maybe this will be true. But in reality there are many good things that have resulted from globalization. In this section, I will still focus on the economy, but I would also like to touch on some social advantages, as well. For more information regarding the positive impact of globalization, check out this blog post on the benefits of globalization in the modern era.
More Efficient Markets
Many Americans do not appreciate how efficient our markets are (efficiency here meaning supply and demand). These efficient markets allow economies to grow, and in a global world, when one economy grows, it spurs growth in all the other economies that are connected to it. In this way, reverberations of success are felt across the world, even when they are most profound in one area. Needless to say, this is a very good thing.
Wealth Equality
This is partially a result of what I just mentioned, but wealth equality around the world goes much deeper than that. Perhaps a better phrase than wealth equality is “standard of living.” Globalization does several things nobody can deny: it creates jobs, it improves infrastructure and it allows more people to live at a higher global level every day (access to medicine, clean water, food production, housing, etc.).
The Disadvantages Of Globalization
Because globalization is 100% inevitable, we must tell ourselves that the benefits outweigh the disadvantages. But do they? It depends where you’re coming from, but let us first take a look at what these disadvantages are before we form an opinion. Get a different opinion from this post by Nick Gibson on the pros and cons of globalization.
Competition: Someone Has To Lose
Unfortunately, while competition is generally thought to be a good thing, it does not come without a sour side. If I were to say, “Some companies won’t survive because of globalization,” then you might say, “Then they don’t deserve to survive; that’s the beauty of it; the companies worth sticking around usually do.”
Environmental Devastation
I hardly need to spell this out, but I will add a thought or two. Globalization has created a global-sized need for energy and industry, and this need has been abused and ignored to the extent that the future of life as we know it has been brought into question. You may or may not believe in global warming, but you cannot deny the existence of the conversation. Does the fact that this conversation is happening not say something in itself?