Globalization and its Impacts

 Globalization and its Impacts

Introduction to Globalization


The globalization can be described as the phenomenon of international integration that occurs from the transaction of mutual sharing, ideas and products. The major factors in the advancement of the globalization include telecommunication infrastructure, transportation, internet, media and mobile phones. The globalization that took place on the large scale was originated in the 19th century. The impact of globalization has connected the cultures of different civilization and a new universal culture is rising rapidly on the horizon.


Origin of Globalization


It is strongly believed that globalization is a historical phenomenon and was primarily expanded in the 14th and 15th century. The globalization was further developed when the agricultural market of the world interconnected the world’s population. However, it was difficult at that time to accelerate the globalization due to long distances, lack of transportation system and the absence of modern technology.


Impact of Globalization


The globalization is a significant topic of the investigation because of its economic, political, technological, and cultural aspects that have influenced the individuals and communities living in the different parts of the world to come together. The increasing impact of globalization on the growing international business has provided great job opportunities to the workforce. The most positive impact of the globalization in the current era is the sharing of vital knowledge, ethical values, and technology with the people on the mass level. In the current age, the contribution of globalization is very important in associating people, societies, trade, and governments of the several countries of the world. The analysis of globalization has enabled different countries to take advantage of economic synergy and work together by handling different challenges that include political, economic, and social challenges. Moreover, the part of international institutions that supervises the international trade and finance is also of great importance in the current age of globalization. The researchers claim that globalization has provided a direction for many companies to advance their business in other parts of the world. The investigation can be conducted effectively if different research methodologies such as surveys and interviews that are taken into consideration.
This article has also explained the influence of the globalization of international corporations and international politics after the event of the cold war. The explains the major turnover that took place after the cold war and resulted in the loss of political power from the hands of different elite classes within the society. There are pieces of evidence in present times that proves the role of recent media for the support and advancement of the globalization. It elucidates that emerging international news channels and the evolution of social media have proved to be the turning point for the growth of globalization. With the help of media, the facts regarding business were originally conveyed to the people that helped them in effective decision making. Also, the transmitting of messages through electromagnetic news has facilitated and enhanced the awareness of globalization around the world.


Challenges due to Globalization


In addition to that, it is also important to understand the challenges that are faced by the new emerging markets due to uprising globalization. The article has stressed the impact of economic globalization on the increasing inflation that has been observed after the year 1990. The researches on globalization claim the opportunities and pressures that are faced by the new emerging markets and has led the market to improve and enhance their position. In addition, the new emerging markets are considered as the most significant economic and dynamic fraction of the current economy. The main target of this article is to present a complementary explanation of the fluctuation in the prices in the new emerging markets that are interconnected implications of the policies.


Advantages of Globalization


Building ofWider Talent Pool


Globalization has allowed the company and business from getting restrained by the talent that is available in the city. In current times, the global workforce can facilitate you with the work while staying anywhere in the world with the help of internet connection. The advantage of online work has offered the world with the brightest and best candidates ever.


New ideas due to cultural diversity


Managing global workforce incorporates teams working across various locations, people countries to countries for work while having a range of variety in work ethics, practices and even religious differences. All of these can be obstacles in work, but overwhelmingly are a positive thing in the workplace as it brings together numerous ideas, visions and perspectives.


Larger markets


Globalization has opened a path for new opportunities for businesses to sell their goods and services to a greater market. It implies to the fact that now people will have more potential sales and greater profits than ever. Depending on the companies, there can be new opportunities in terms of distribution, logistics, marketing and management of these products and services.


Transformation in Earnings


As more and more businesses and companies are approaching overseas outsourcing opportunities, unfortunately, the wages have decreased for many workers in the original countries. Companies in the emerging world are now allowed to offer their services at less rate from those who live in countries with high living standards. This means that labour in larger countries has been affected significantly.


Disadvantages of Globalization


Possibility for IP theft


When products are designed overseas in factories on any company’s behalf that is based in another country, it is likely to happen that intellectual property and designs could be replicated and sold for rates that are cheaper than the original.


Problems with supply chain


Businesses that are devoted to the ethical work practices may discover the fact that it is impossible for them to account for set standards being met at every single point in their supply chain and operations. For instance, there are high chances that the suppliers, logistics operators, farmers, and factory workers who are exploited somewhere during the work or encounter an unsafe condition.


Inflation


The increasing demand for food and energy on the global level has resulted in a steep rise in commodity prices. Inflation in the food price has impacted millions of the world’s poorest people at great risk.

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