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For example, when countries adopt certain technologies developed by other countries, this improves employment conditions for their citizens. But they also can destroy local businesses, exploit cheap labor and threaten indigenous cultures. Write CSS OR LESS and hit save. Give us a so more people can see it! The relative instability of many African nations is cited by experts as one of the reasons why Africa has not benefited from globalization as much as countries in Asia and Latin America.Benefits of GlobalizationGlobalization provides businesses with a competitive advantage by allowing them to source raw materials where they are inexpensive. You can use a phone to reach someone instantly, no matter how far across the globe that person is. The European Centre for International Political Economy reports that globalization has helped reduce high inflation rates in western economies, so each dollar of consumer spending goes further. What is a Service Level Agreement or SLA? These 10 Countries Have Been Hit Hardest by Food Inflation, Earthquake in Turkey and Syria: How satellites can help rescue efforts, Turkey-Syria earthquakes: A seismologist explains what has happened, These are the main uncertainty drivers around the world, according to the IMF, Hites Ahir, Nicholas Bloom and Davide Furceri. Is your company a remote-first company? The G-P leadership team weighs in on global hiring trends, HR tech and whats South Korea has always been attractive for companies looking to expand internationally. 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. Those who advocate them usually have hidden agendas, and they often come from developed nations (nations with the greatest effect). Consequently, trade and travel have been recognized as significant determinants of the spread of disease. This convergence promotes -- and in some cases necessitates -- increased interaction, integration and interdependence among nations. In business, the term is used in an economic context to describe integrated economies marked by free trade, the free flow of capital among countries and easy access to foreign resources, including labor markets, to maximize returns and benefit for the common good. History shows that our ancestors travel from Africa to other places in search of food and security. The rapid adoption of mobile technology hasspurred entrepreneurism in countries like Kenya. Navigating the international markets can thus sometimes feel like the Wild West. Liked this article? The audio, illustrations, photos, and videos are credited beneath the media asset, except for promotional images, which generally link to another page that contains the media credit. Like it or not, globalization has proven to be a potent force for growth and development, and it is changing the world in ways that have a sweeping, sometimes unpredictable impact. Where it is dangerous or difficult to travel, small business owners simply use their mobile phones to reach clients and contractors. When medical professionals from around the world came together through Doctors Without Borders, in cooperation with the World Health Organization, and workedto eradicate SARS in Vietnam, they prepared a SARS kit afterward and developed guidelines for dealing with the infection. The Importance Of Economic Globalization. As we know, it is the process through which the world stimulates into a unified network. In a modern, post-pandemic world, individuals, businesses and countries must consider both sides of the globalization issue. Globalization provides a wealth of benefits, but it also comes with economic and cultural consequences that can be difficult to navigate. The G20's president is selected annually on a rotating basis, and that person's home country hosts the summit. Wealthy, industrialized countries have shipped their trash to China and Malaysia. First of all, they agree that it is merely inevitable that globalization will hit previously established the national borders. Nationalism and increasing trends toward conservative economic policies are driving these anti-globalization efforts. We do not assert that these events are unrelated to globaliza-tion, or that they are unimportant. Most Kenyans dont have access to banks or bank accounts, but they can use their phones to send and receive funds, using a text-based app since most mobile phones in the country are not smartphones. Globalization is about the interconnectedness of people and businesses across the world that eventually leads to global cultural, political and economic integration. A large reason why people from all around the world are able to gather in large cities in developed nations is due to Globalization. The Concept. 1. You probably didnt know that they exist, but after reading this article all the doubts will be gone: One of the most important impacts has to do with peoples exposure to other cultures. Our generation and future generations can strive to advance globalizations interconnectivity and progress throughout the world. Trade on the Silk Road played a significant role in the development of South-Asian countries. If it werent for this moderate globalization, no doubt the world wouldnt have been as advanced as it stands today. Hardwired proposes that globalization originated from the basic motivation of human beings to seek a better life (Chanda, 2007). It began when prehistoric tribes settled and were able to outmuscle wandering tribes. Ultimately, globalization needs better management, and the failure to manage increased flows across national borders is what gave rise to the financial crisis, climate change and COVID-19. World GDP has grown from about $50 trillion in 2000 to about $75 trillion in 2016, primarily as a result of economic . Some examples include the following: Through their influence on social and economic development in the countries that host them, multinational corporations embody the contradictions of globalization. Specify your topic, deadline, number of pages and other requirements. 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. Hence, it is very imperative for firms to understand the Importance of Globalization. These technologies are enabling the tracking of assets in transit and as they move across borders, making cross-border product management more efficient. Giddens likes to label these people as, those who view globalization as synonymous to the westernization and Americanization.. According to the author, to reduce unemployment, the most important is . What Is a Polycrisis and How Do We Get Out of It? Atmines in the Democratic Republic of Congo, where metals needed for electronics abound gold and tungsten, tin and tantalum armed militia groups, often using child soldiers, have taken over, keeping power with violence and trading minerals for guns. As a result, they can produce lower cost goods that can be sold globally. The premodern period saw technological advances that allowed trade and communication to flourish. Critics also suggest that employment opportunities for children in poor countries may increase negative impacts of child labor and lure children of poor families away from school. Trade allows countries to specialize in what they produce the most efficiently and sell their goods for a profit, while importing goods that cannot be produced domestically or are cheaper to import than produce locally. The result is a smaller, more connected world. The global financial crisis, for example, hit many nations hard. This ultimately makes everyone feel appreciated for being unique individuals.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'curiousdesire_com-leader-3','ezslot_10',109,'0','0'])};__ez_fad_position('div-gpt-ad-curiousdesire_com-leader-3-0'); The future is unknown, which is why its important to prepare ourselves for whatever might come next. Why Globalization Is Important - Conclusion With all this being said, globalization is important because many positive effects on society, including making us more productive, promoting cultural diversity, enabling us to prepare for upcoming challenges, and making us more tolerant towards others. Hi, I am an MBA and the CEO of Marketing91. Trusted by over 1 million students worldwide. Don't know where to start? It reminds me of the arguments that homosexuality advocates use towards homophobic, calling them ignorant and close-minded. China is a prime example of a country that has benefited immensely from globalization. Save my name, email, and website in this browser for the next time I comment. Countries are now more aware of different cultures and traditions, which helps them. These technological advances have been especially pronounced in transportation and telecommunications. David is a 19-year-old Canadian student currently attending the University of Guelph. And today, every nation is dependent and interdependent on each other for some of the other requirement. In other words, when countries that were hitherto closed to trade and foreign investment open up their economies and go global, the result is an increasing interconnectedness and integration of the economies of the world. To say that globalization is always subjective and destructive is also a primitive conclusion. 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. At the same time, innovations in information technology enable immediate communication and the rapid transfer of financial assets across national borders. Globalization has ebbed and flowed throughout history, with periods of expansion and retrenchment. The midwives, in turn, use their phones to connect to a system that doctors monitor at all hours. And hence, the increased level of competition elevates the level of innovation and novel ideation as the native firms have to beat the competition with the strategic ideas and out of the box product and service offerings to survive and stay relevant in the market. For instance, a Chinese herbal cosmetic brand can cater to Indian markets quite easily as Indians love to indulge in herbal products. If you have questions about licensing content on this page, please contact ngimagecollection@natgeo.com for more information and to obtain a license. Diseases, most notably plague, also spread along the Silk Routes. Globalization Allows Access To New Cultures, 2. With fewer restrictions on trade, globalization creates opportunities to expand. Writing, to me, is the smoothest way to explain things to others and share knowledge with them. In short, Globalization is the free movement of goods, services and people across the world in a seamless and integrated manner. In my opinion, the countless defense techniques imposed on globalization, claiming that it will bring the world on a unified network, are truly flawed. A relationship that benefits one entity may damage another, and whether globalization benefits the world at large remains a point of contention. Turning our back on globalization is not the . Globalization changes the way nations, businesses and people interact. balist " perspective (Hirst and Thompson 1999 ) - globalization is a reality. Globalization has made us more accepting towards Self. At times, their prices are much more economical in nature. A large reason why people from all around the world are able to gather in large cities in developed nations is due to Globalization.