essay on benefits of globalisation

Benefits of Globalisation Essay

The introduction, some fundamentals on globalisation.

It is impossible to imagine the modern world without such phenomenon as globalisation. Generally, there are many definitions, which cover the term; although the most appropriate one is mostly related to the filed of economy and business.

Thus, globalisation is considered to be a process “by which the world economy is fast becoming a single independent system” (Angiello & Laguerre, 2004). There is a wide range of viewpoints on globalisation: some scientists associate the process with negative outcomes; while others support the opposite opinion and speak about a variety of opportunities globalisation offers.

The thesis statement

The issue of globalisation can be regarded rather ambiguously. For this reason, it seems to be obvious that the international process should be analysed both – from the positive and negative perspectives. A detailed analysis of the consequences globalisation brings about can help clarify whether the phenomenon is considered to be a major driving force of the world economy; or it just generates significant negative effects.

The benefits of globalisation

Some historians are of the opinion that the international process leads to the so-called social inequality; for instance, they consider the gap between rich and poor societies as one of the negative consequences globalisation brought about.

However, in my opinion, it is wrong to compare different societies according to the levels of their prosperity, as the kind of comparison reminds me of comparing round items to square ones.

It should be noted that if societies are ready to accept the international trade, the outcomes will positively affect national incomes; although societies are to practice a wide range of approaches, but not to follow a regular way. In other words, there is a strong need to balance the many competing goals in order to succeed.

A competitive advantage is recognised to be one of the most important variables the benefits of trade depend upon. It is proven that the international process helps countries gain higher incomes.

Thus, in the early nineties a special investigation was conducted; according to the results of the investigation it became evident that rich countries’ GDP increased by 2% annually. That is to say, as far as more globalised countries seemed to undergo a higher increase in GDP per year, less glonalised countires underwent the opposite situation: they experienced economic downfall.

Another negative approach in relation to globalisation is associated with child labour. In poor countries, children are forced to work, as their labour is considered to be the only appropriate way to survive. Rich countries have a wide range of social services and can provide their children with medical care, education, etc. Such benefits are possible partly due to the international process.

However, as far as poor countries can be regarded as less globalised countries, it becomes evident that child labour has nothing in common with globalisation. It cannot be applied to the international influences. The same can be said about the female children’s prostitution in the developing countries.

On the other hand, it must be noted that those poor countries, which domestic conditions (political, social, economical, etc.) are more favourable, have more chances to reduce poverty through globalisation (Srinivasan, 2002).

Generally, one can probably notice that countries have different approaches to globalisation. For instance, China’s attitude to the international process differs from the Western attitude to the concept of the international influence. However, more globalised countries’ higher incomes just prove that globalisation must not be practiced the exact same way.

The issue of globalisation from different perspectives: a brief overview

When discussing the effects of globalisation from the perspectives of the general buyer, one can probably notice that due to the process people are provided with much more goods and services.

Furthermore, the international process affects the pricing policy; for this reason, in most cases the opening price is determined by markets which operate in a global environment. Globalisation gives individuals an opportunity to become familiar with a number of other cultures and experiences.

Most of consumers associate the term with certain radical changes. Of course, the international process affects consumer law in a variety of ways.

Thus, Ronaldo Macedo (2002) points out that the major influences of globalisation on regulation and consumer law involve “changes in the production process and consumption market; transformation from a consumer goods society to a consumer service society, change in the contractual consumer practices and the growth of relational contracts, etc.” (p. 3).

Of course, the influences of globalisation within the perspectives of the general consumer are not limited by the above-mentioned changes. The global economic growth is considered to be a new form of world capitalism; that is why it affects buying attitude in a direct way.

Higher levels of production became possible due to the international process; although such changes in the production process require more financial expenditures. The offer of the standartised goods can be regarded as one of the most common effects the form of the modern capitalism brought about.

Flexible forms of production allow producing goods with unique qualities: as far as buying attitude marks up, higher levels of profitability occur. The flexible form of goods production is a modern industrial technique, which tends to satisfy a variety of consumers’ requirements.

On the other hand, it must be pointed out that the new techniques of production give an opportunity not only to increase the productive capacity, but also to respond to a wide range of alterations in the globalised market in a fast way.

The economic dualism as one of the consequences of globalisation gives an opportunity to combine different consumer markets. Thus, mass consumers along with highly sophisticated ones can satisfy their needs.

When speaking about the effects of globalisation from the perspectives of the company, it becomes evident that the international process can be regarded as the key to competitive advantage.

Of course, the extremely high demands of the modern business world are complicated by globalisation; however, on the other hand, nobody will deny the fact that new business practices appear, technological growth allows reducing the costs of transportation, exchanging of information, etc. Thus, globalisation can be also regarded as a beneficial process in relation to organisations.

Furthermore, it should be noted that the modern business world is deeply interested in globalisation. Thus, capital owners accept globalisation as a business process, which allows making more money. For this reason, the main purpose of a variety of decisions capital owners take is to affect cultural, social and economic approaches of other stakeholders, in favour of the international process.

Most of workers consider the process of globalisation from negative perspectives on the basis of several reasons. Thus, one is to keep in mind that it is workers’ low salary, which is recognised to be one of the major reasons of anti-globalisation positions.

For instance, “a designer jacket may sell for $190 in New York while the worker overseas gets paid 60 cents an hour” (“The Benefits of Globalisation”, n.d.). So, it seems to be evident that there is cheap labour cost, which workers may accept as abnormal.

Despite the fact that globalisation is associated with poverty in developing countries, one is to keep in mind that the supporters of the opinion are totally unfamiliar with the basic points of the international economy; the criticism of the phenomenon is probably related to certain political and economic aspects, but millions of workers go through hardship because of a wide range of domestic problems rather than international influences.

In other words, workers’ ignorance of the issue of globalisation is one of the key reasons of their non-acceptance of the phenomenon.

Most of environmentalists do not consider globalisation as a threat to the environment. On the contrary, the economic stagnation is associated with much more risks as compared with global economic growth.

Moreover, it seems to be evident that global environmental quality improvement is impossible without globalisation processes, as making long-term improvements depends upon the increased income.

Of course, the environment of poor countries is in danger, as there are no resources to implement certain environmental reforms. The fact that globalisation is needed to protect the environment is recognised to be undisputable, as global environmental protection depends upon a variety of economic activities.

Some economists are of the opinion that institutional improvements along with economic growth are needed to resolve a number of contradictions on environmental issues (Mendelsohn, 2003).

The impact of globalisation on domestic policies: a classic example with air pollution

When discussing the impact of globalisation on domestic policies, it is necessary to state that the question is considered to be rather ambiguous.

On the one hand, there is a viewpoint that national policies are greatly determined by the international process; on the other hand, some scientists suppose that globalisation causes no positive or negative outcomes in relation to internal affairs.

Keeping in mind that the global trends can be not only supported, but also neglected by national politics, anti-globalisation activists argue that the global economic growth cannot impact on the national outcomes.

To my mind, anti-globalisation activists’ position is wrong, as the case with environmental pollution shows us how globalisation affects domestic policies. Thus, everybody will accept the fact that environmental problems are of global concern.

For instance, the global character of air pollution is recognised to be “a very suitable indicator for measuring the impact of globalization on national politics” (Jahn 2002).

When analysing the emissions in the OECD-countries, it becomes obvious that national variables are more essential as compared with the international ones; although it should be noted that a variety of international trends are involved into domestic policies.

Despite the fact that national factors seem to be more significant, “a clear positive trend between EU membership and reduction of NOx and CO2 emissions” (Jahn 2002) can be observed. Thus, one can make a conclusion that international factors along with national ones affect domestic policies.

Still, the effect of globalisation on national policy outcomes cannot be rejected, as the investigation, which was conducted on the air-emissions of NOx, CO2, etc. showed the importance of international trends.

When comparing positive and negative attitudes to globalisation, one can probably notice that there are more benefits than harms the global economic growth brings about. Thus, when discussing globalisation from the perspectives of general consumers, environmentalists, workers, and companies, it was proven that the international process offers a variety of opportunities to all parties.

Moreover, the fact that globalisation affects national incomes is also considered to be of great importance, as the fact can be regarded as a proof that the international process is really a major driving force of the modern business world.

The most important argument in favour of globalisation is that “it facilitates an efficient global allocation of savings by channelling financial resources to their most productive uses, thereby increasing economic growth and welfare around the world” (Alfaro et al., 2006).

Of course, there are many other scientists, who consider the international economic integration is a negative way; however, they are unable to argue their viewpoints in a proper way. The international process seems to encourage a wide range of policies that affect people’s life.

It serves the interests of the modern world and facilitates taking decisions. In our days, it is impossible to imagine social, cultural and economic progress without globalisation. It allows greater financial freedom, and therefore, advances people’s living conditions.

Globalisation can be regarded as a natural aspect of capitalism. Competitive advantage the international process stimulates and promotes brings many desirable circumstances to both – the public sphere and the private one. Numerous financial advantages lead to improved financial policies; thus, one can conclude that globalisation contributes to a national prosperity.

Alfaro, L., Kalemli-Ozcan, S., & Volosovych, V. (2006). Capital Flows in a Globalised World: The Role of Policies and Institutions. Hbs.edu . Web.

Angiello, R., & Laguerre, P. (2004). Why Study International Business: The Importance of Globalisation. Bergen.edu. Web.

Jahn, D. (2002). The Impact of Globalisation on Comparative Analysis. Arizona.edu. Web.

Macedo, R. (2002). Globalisation, Regulation and Consumer Law. Yale Law School. Web.

R. (2003). Globalisation and the Environment. Yale.edu . Web.

Srinivasan, T. (2002). Globalisation: Is It Good or Bad? Stanford.edu . Web.

The Benefits of Globalisation. Radford.edu . Web.

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IvyPanda. (2024, January 26). Benefits of Globalisation. https://ivypanda.com/essays/globalisation-4/

"Benefits of Globalisation." IvyPanda , 26 Jan. 2024, ivypanda.com/essays/globalisation-4/.

IvyPanda . (2024) 'Benefits of Globalisation'. 26 January.

IvyPanda . 2024. "Benefits of Globalisation." January 26, 2024. https://ivypanda.com/essays/globalisation-4/.

1. IvyPanda . "Benefits of Globalisation." January 26, 2024. https://ivypanda.com/essays/globalisation-4/.

Bibliography

IvyPanda . "Benefits of Globalisation." January 26, 2024. https://ivypanda.com/essays/globalisation-4/.

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The Advantages of Globalization

Introduction, accessibility of technology, choice of culture, diverse culture products, sharing knowledge, reference list.

The world is fast becoming a global village, seemingly smaller than it was a decade ago. This scenario has resulted from the development of trade and transport systems, thus making it conducive for movement of people, goods, services, and ideas and creating diversity in social, economic, political, and cultural views across the world. The technological revolution has also played a critical role in advancing globalization.

Globalization is an age-old concept, even though it has elicited great discourses in contemporary times as compared in the past where the idea of a global village seemed farfetched. Globalization is the process of growth and interconnection of world economies and cultures, which are aided by transport and trade. This process has been in progress for hundreds of years although at a much slower pace than in recent years as aforementioned.

It affects the cultural, economic, and social spheres of society. As with every thing else, globalization has both advantages and disadvantages. This paper highlights some of the positive effects that globalization has on all spheres of human interaction including the sharing of cultural products such as music, sports, and movies, knowledge, technology, and foods from different cultures.

A few decades ago, the majority of the contemporary technology was non-existent in most developing countries. People had to do almost everything manually including basic tasks such as doing laundry, cleaning floors, and cooking. However, this scenario was different in most developed countries as they already had some of the technology needed to carry out such tasks with ease.

However, with the improvement and advancement in modes of transport in developing countries, developed countries found new markets in most parts of Africa and Asia and products such as vacuum cleaners, microwaves, and washing machines found their way to developing countries. The main advantage of this development is that it has drastically improved the quality of work done while reducing the amount of time spent doing the same.

This aspect consequently improves the lifestyles of the people using the machines (Rifkin, 2003, Spiritual Perspectives on Globalization, p.176). Nevertheless, western countries are constantly modifying these products and making them more efficient. Today, it does not take a decade for any new technology to be available to consumers in developing countries.

Globalization has opened boundaries across the world, and a new technology in the United States will only take a few months before hitting the market in developing countries. Also, the transport systems have drastically evolved from the use of steam engines and ships to using electric trains and airplanes.

Communication is also easier now with the introduction of hi-tech mobile telephones that connect people both in the same country and with people in different continents at the touch of a button (. The ultimate result of such developments is that people in different areas of the world are in a position to enjoy the benefits of products not ordinarily available to them in their own countries and have expansive markets in other parts of the world.

Marketing forums like Amazon, e-Bay and many other online trading forums enable consumers to purchase goods and services online regardless of one’s location (Pew Global Attitudes Project, 2007, p.177-178).

Globalization has led to the introduction of diverse cultural practices in places where originally there existed only one practice. A century ago, a certain culture was a specific aspect unique to a certain society. For instance, the Chinese culture was specific to people and residents of China, European culture was specific to people living in Europe and African culture specific to Africa.

However, ease of trade and travel has changed this dynamic by making most societies multicultural, with everyone having the freedom to embrace his or her culture of preference rather than being restricted to the culture of birth. For instance, it is Chinese culture that children should not buy food with their own money.

This cultural pursuit seeks to encourage children to eat whatever that their parents place before them, consequently encouraging healthy eating. Nevertheless, since the McDonalds opened its first branch in Beijing in 1992, this cultural requirement has changed drastically.

McDonald’s services, which include hosting birthday parties, appealed to children regardless of the fact that birthdays are not culturally celebrated in China either (The Levin Institute, n.d. Globalization and Culture: Globalization and local culture, p.180).

Also, the introduction of Starbucks, an American coffee retail enterprise, in Italy has given the people of Italy a choice between maintaining their culture of drinking coffee in small and relaxed establishments and ordering coffee at Starbucks to drink on the go at their convenience. There are also other restaurants established for the sole purpose of selling food associated with specific cultures.

There are restaurants that only make Italian cuisine, Chinese cuisine, Japanese cuisine, and French cuisine to mention but a few, while others take pride in being inclusive and serving cuisines from different cultures (Hastings, Thiel & Thomas, 2003, The deadly noodle, p.180). This aspect gives every individual a chance to either try something new or stick to what is familiar.

Another good example is fashion and how different cultures influence their trends. For instance, people associate the Kenyan Maasai kikoi with East Africa and the Ankara with West Africa. Therefore, a person may use any of the two fabrics or use them together to give an African feel to his or her outfit. The beauty of the freedom to choose elements from different cultures is that it creates diversity and nurtures an appreciation for different cultures.

It also creates opportunities to develop new and unique cultures made from the combination of cultures from different societies as well as a means to celebrate similarities. Sports are one such similarity, which is celebrated worldwide through the organization of events that bring different countries together to compete in various disciplines. The Olympics and the FIFA World Cup are examples of such events.

During these events, people from different cultures meet and exchange ideas and practices. Also, some sports are specific to some countries; for instance, the Chinese acrobatics, and through such events, other countries get to learn about these sports, which are specific to some cultures.

Apart from increasing the availability of consumer goods, globalization has increased production and trade of culture products and services such as music and movies. Cultural products and services are products and services that echo the lifestyles and cultural background of a given society. For instance, movies vary depending on the part of the world they come from and the culture in force in that particular part of the world.

For example, the United States developed the ‘Hollywood’ trademark for outstanding movies and other artistic displays that best defined what the culture is like in that part of the world(The Levin Institute, n.d. Globalization and Culture: Globalization and local culture, p.180). They packaged these performances and sold them as a commodity within the American borders.

As globalization progressed, other parts of the world such as Asia and Africa provided a ready market for this commodity. It also created a platform for different cultures around the world to share their experiences whether political, social-cultural, or economical.

It did not take long for Asia and Africa to start producing movies using the knowledge gained from the commodity they bought and incorporating their own cultural experiences into the stories.

Bollywood is the Asian version of this commodity while the Nollywood is the African version produced in the West African region.

Just like the example given earlier on regarding the choice of a culture where people establish restaurants serving specific foods from different parts of the world, the IMAX Company based in the United States is recorded to have opened six hundred and ninety-seven (697) movie theaters in fifty-two countries worldwide by September of 2012.

These theaters provide an avenue for people to enjoy the American movie-watching culture in an authentic American environment (The Levin Institute, n.d. Globalization and Culture: Globalization and local culture, p.180).

Air transportation has made it possible for people to leave one part of the world to learn and gain knowledge in another part of the world.

The Internet and by extension the social media platforms such as Facebook and Twitter have made haring of information, and consequently, knowledge easier and faster as information is relayed in real time to people all over the world (Knickerbocker, 2004, If Poor Get Richer; Does the World See Progress? page 185-186).

The Internet burst has facilitated knowledge sharing by a great margin, and even now, people in developing countries can undertake online studies offered in learning institutions in developing countries. Thanks to globalization, people can have cures to most of the diseases across the world.

A cure discovered in one part of the world now means a cure for the rest of the world. For instance, courtesy of the efforts of Dr. Jonas Salk in the early 1950s who invented the Polio vaccine the disease is now preventable. However, this achievement would not be possible without means of sharing information.

This information-sharing aspect is not only important in issues regarding medicine, but also in political, social, environmental and economic issues. As long as there is an interconnection of interests, through trade, for instance, it is crucial to ensure that there is a flow of information and knowledge.

A good example of why this element is important is the global financial meltdown that occurred throughout the world like a ripple effect to a credit crisis in Europe. Had there been information regarding the credit crunch on the onset, most of the countries with financial links to credit institutions in Europe would have taken necessary measures to prevent a global meltdown.

World leaders hold conventions in different places at different times of the year all over the world to discuss various ways of ensuring conservation and sustainability of the environment because what happens in one part of the world affects the rest of the world.

Carbon emissions, for example, affect the o-zone layer thus causing global warming across the world, regardless of the origin of the emissions (Knickerbocker, 2004, If Poor Get Richer; Does the World See Progress?, page 185-186).

Since every element has a negative side, globalization has numerous positive aspects that have changed the lives of many individuals across the world. The process is continuous and finds new ways of linking various parts of the world together.

Through globalization, culture has defied territorial boundaries, thus allowing the sharing of life-changing knowledge coupled with the development and sharing of technology. Globalization has created diversity in every part of the world and made people to appreciate both what is within and outside their territorial borders.

Hastings, M., Thiel, S., & Thomas, D. (2003). The deadly noodle. Newsweek, 141 (3), 180-182.

Knickerbocker, B. (2004). Globalization and sustainability: If Poor Get Richer, Does World See Progress? The Christian Science Monitor . Web.

Pew Global Attitudes Project. (2007). World publics welcome global trade-But not  immigration.  

Rifkin, I. (2003). Framing articles: What is globalization: Spiritual Perspectives on  Globalization. Woodstock, VT: Skylight Paths Publishers.

The Levin Institute State University. (n.d.). Globalization and Culture: Globalization and  local culture. Web.

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IELTS Essay, topic: The advantages and disadvantages of globalization

• IELTS Essays - Band 8

Even though globalization affects the world’s economies in a very positive way, its negative side should not be forgotten. Discuss.

Globalization is such a commonly used term in the century. It simply means that the world has become integrated economically, socially, politically and culturally through the advances of technology, transportation and communication. It is undeniable that globalization has resulted in both positive and negative effects which must be addressed accordingly.

Secondly, several companies from the more developed countries have already ventured to establish foreign operations or branches to take advantage of the low cost of labor in the poorer countries. This kind of business activity will provide more influx of cash or investment funds into the less developed countries.

However, one cannot deny the negative effects which derived from globalization. One crucial social aspect is the risk and danger of epidemic diseases which can easily be spread as the transportation becomes easier and faster in today’s advanced society. This is evidenced in the recent birds flu disease which has infected most Asian countries over a short period of time.

As large corporations invest or take over many offshore businesses, a modern form of colonization will also evolve which may pose certain power pressure on the local governments of the less developed countries. Unemployment rates in the more developed regions such as Europe may also escalate as corporations choose to outsource to the cheaper work force from Asian countries.

In conclusion. to reiterate that globalization is inevitable and we must urge individuals, companies and governments to use a more balanced approach by taking the appropriate steps to deal with matters relating to the financial or economical gains verses the social, political or ecological concerns of the world.

This essay is too long, 318 words instead of 250-265. Otherwise (except for some minor grammatical errors) it is a very nice work. It covers the task, has the right structure, the paragraphs are coherent and are logically connected by elegantly used linking words, the structure of sentences is fine and so is your vocabulary. Seems worthy of Band 7.5 or 8.

Click here to see more IELTS essays of band 8

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An economist explains the pros and cons of globalization

Piling up: Global trade has increased, but has it been a positive or negative force? Image:  REUTERS/Tyrone Siu

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Stay up to date:, global governance.

Every industrial revolution has driven a wave of globalization. The first wave was driven by innovations such as the steam engine and the industrial weaving machine; the second by the assembly line, the car and the plane; and the third by the digital revolution.

As we enter the fourth wave of globalization, driven by the digital revolution, there is renewed debate over whether it is a beneficial force: powering economic growth, and allowing the spread of ideas to improve people’s lives; or whether it erodes communities, and widens the gap between the elites and the rest of the world.

Globalization results in increased trade and lower prices. It heightens competition within domestic product, capital, and labour markets, as well as among countries adopting different trade and investment strategies.

But how do these impacts net out? What are the positive and negative effects of globalization? The below is an edited transcript of a conversation with Gita Gopinath, Chief Economist of the International Monetary Fund (IMF).

Overall, what are the advantages of globalization?

The advantages of globalization are actually much like the advantages of technological improvement. 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.

What might be the advantages of globalization that someone would feel in their day-to-day life?

I think something that's not sufficiently appreciated about, for instance, international trade is that it reduces the prices of goods that they consume. So if you look at day-to-day things that you purchase, in terms of washing machines, or cars, or even clothing, because of international trade we've had a decline in prices of these goods, so they have become far more affordable for a lot of people in the world.

How have the benefits played out in advanced economies versus poorer ones over the last three decades?

Both advanced economies and developing economies have benefited overall in terms of having higher productivity, more job creation, and higher wages. As we've always known, and this is true again with technology, there are always some winners and losers. So there are communities and there are workers who lose out when there is more trade integration. That is what we're seeing right now in terms of discontent with international trade.

Who have been the biggest losers?

The biggest losers from international trade are always those whose skills have a cheaper competitor in a different market. So, in the case of the US, it's been those who work in the manufacturing sector because jobs in the manufacturing sector have been outsourced to countries where labour is far cheaper.

On the other hand, in developing countries, more capital-intensive goods get imported more cheaply from the outside. So if you're a manufacturer of a capital-intensive good in a developing country you tend to lose because of that competition.

This is how it is with international trade: production goes to wherever it is most efficient to produce. So, when people in any country are exposed to this kind of competition, some win and some lose.

Is it possible as an economist to come up with a verdict? Has this wave of globalized trade been a net positive or a net negative?

If you say, I'm going to look at it from a measure of overall effect on a country's income, on its purchasing power, on the prices that its people pay, overall I think the evidence that we have all points to it being a net positive.

Now, if you frame the question as, has international trade been good for the manufacturing worker in the US? Then the answer to that would be “not fully”; it's been very costly in terms of jobs and wages for them.

How optimistic are you that this next wave of globalization offers a better future?

I would make a couple of points. First, the previous waves of globalization have been quite successful in lifting a large number of people out of poverty and so we should appreciate that.

The second thing is that any form of globalization will generate winners and losers. So even if you have the perfect, most optimal international trade agreements, there will always be those who lose out because of competition, in the exact same way that people lose out whenever there's a new technology being developed.

And so if we want to make sure that the next wave of globalization is even more successful, it has to be complemented with good, sound domestic policies that help those who are getting left out.

How optimistic are you that the trade war between the US and China will be swiftly resolved?

It's absolutely essential that it be resolved, and it gets resolved in a way that's long lasting. The world economy has lived with the uncertainty about trade tensions for a while now and if there is any solution and there is a sense that the solution is only transitory and something can again get triggered in the future, I think that's very costly.

I'd say I'm mildly optimistic because I think leaders in the world are recognizing that these trade tensions are having a negative effect on their economies and so it would make sense to sit down and resolve it.

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✍️Essay on Globalisation: Samples in 100, 150 and 200 Words

• Updated on  
• Oct 25, 2023

Globalisation means the combination of economies and societies with the help of information, ideas, technology, finance, goods, services, and people. It is a process where multinational companies work on their international standing and conduct operations internationally or overseas. Over the years, Globalisation has had a profound impact on various aspects of society. Today we will be discussing what globalisation is and how it came into existence with the essay on globalisation listed below.

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How globalisation came into existence, essay on globalisation in 100 words, essay on globalisation in 150 words, essay on globalisation in 200 words.

For all those unaware, the concepts of globalisation first emerged in the 20th century. Here are some of the key events which led to the development of globalisation in today’s digital world.

• The ancient Silk Route as well as the maritime routes led to the exchange of goods, ideas and culture in several countries. Although these were just trade routes, but later became important centres for cultural exchange.
• Other than this, the European colonial expansion which took place from the 15th to the 20th century led to the setting up of global markets where both knowledge and people were transferred to several developing countries. 
• The evolution and exchange of mass media, cinema and the internet further led to the widespread dissemination of cultures and ideas.

Also Read: Essay on the Importance of the English Language for Students

Globalization, the interconnectedness of nations through trade, technology, and cultural exchange, has reshaped the world. It has enabled the free flow of goods and information, fostering economic growth and cultural diversity. However, it also raises challenges such as income inequality and cultural homogenization. 

In a globalized world, businesses expand internationally, but local industries can suffer. Moreover, while globalization promotes shared knowledge, it can erode local traditions. Striking a balance between the benefits and drawbacks of globalization is essential to ensure a more equitable and culturally diverse global community, where economies thrive without leaving anyone behind.

Also Read: Essay on Save Environment: Samples in 100, 200, 300 Words

Globalization is the process of increasing interconnectedness and interdependence among countries, economies, and cultures. It has transformed the world in various ways.

Economically, globalization has facilitated the flow of goods, services, and capital across borders. This has boosted economic growth and reduced poverty in many developing nations. However, it has also led to income inequality and job displacement in some regions.

Culturally, globalization has resulted in the spread of ideas, values, and cultural products worldwide. While this fosters cultural exchange and diversity, it also raises concerns about cultural homogenization.

Technologically, globalization has been driven by advances in communication and transportation. The internet and smartphones have connected people across the globe, allowing for rapid information dissemination and collaboration.

In conclusion, globalization is a complex phenomenon with both benefits and challenges. It has reshaped the world, bringing people closer together, but also highlighting the need for responsible governance and policies to address its downsides.

Also Read: Essay on Unity in Diversity in 100 to 200 Words

Globalization, a multifaceted phenomenon, has reshaped the world over the past few decades. It involves the interconnectedness of economies, cultures, and societies across the globe. In this essay, we will briefly discuss its key aspects and impacts.

Economically, globalization has led to increased international trade and investment. It has allowed companies to expand operations globally, leading to economic growth in many countries. However, it has also resulted in income inequality and job displacement in some regions.

Culturally, globalization has facilitated the exchange of ideas, values, and traditions. This has led to a more diverse and interconnected world where cultures blend, but it can also challenge local traditions and languages.

Socially, globalization has improved access to information and technology. It has connected people across borders, enabling global activism and awareness of worldwide issues. Nonetheless, it has also created challenges like cybercrime and privacy concerns.

In conclusion, globalization is a double-edged sword. It offers economic opportunities, cultural exchange, and global connectivity, but it also brings about disparities, cultural tensions, and new global challenges. To navigate this complex landscape, the world must strive for responsible globalization that balances the interests of all stakeholders and promotes inclusivity and sustainability.

Related Articles

The movement of goods, technologies, information, and jobs between countries is referred to as globalisation. 

Globalization as a phenomenon began with the earliest human migratory routes, or with Genghis Khan’s invasions, or travel across the Silk Road.

Globalisation allows wealthy nations to access cheaper labour and resources, while also providing opportunity for developing and underdeveloped nations with the jobs and investment capital they require.

For more information on such interesting topics, visit our essay-writing page and follow Leverage Edu ! 

Malvika Chawla

Malvika is a content writer cum news freak who comes with a strong background in Journalism and has worked with renowned news websites such as News 9 and The Financial Express to name a few. When not writing, she can be found bringing life to the canvasses by painting on them.

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Effects of Economic Globalization

Globalization has led to increases in standards of living around the world, but not all of its effects are positive for everyone.

Social Studies, Economics, World History

Bangladesh Garment Workers

The garment industry in Bangladesh makes clothes that are then shipped out across the world. It employs as many as four million people, but the average worker earns less in a month than a U.S. worker earns in a day.

Photograph by Mushfiqul Alam

Put simply, globalization is the connection of different parts of the world. In economics, globalization can be defined as the process in which businesses, organizations, and countries begin operating on an international scale. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. In general, globalization has been shown to increase the standard of living in developing countries, but some analysts warn that globalization can have a negative effect on local or emerging economies and individual workers. A Historical View Globalization is not new. Since the start of civilization, people have traded goods with their neighbors. As cultures advanced, they were able to travel farther afield to trade their own goods for desirable products found elsewhere. The Silk Road, an ancient network of trade routes used between Europe, North Africa, East Africa, Central Asia, South Asia, and the Far East, is an example of early globalization. For more than 1,500 years, Europeans traded glass and manufactured goods for Chinese silk and spices, contributing to a global economy in which both Europe and Asia became accustomed to goods from far away. Following the European exploration of the New World, globalization occurred on a grand scale; the widespread transfer of plants, animals, foods, cultures, and ideas became known as the Columbian Exchange. The Triangular Trade network in which ships carried manufactured goods from Europe to Africa, enslaved Africans to the Americas, and raw materials back to Europe is another example of globalization. The resulting spread of slavery demonstrates that globalization can hurt people just as easily as it can connect people. The rate of globalization has increased in recent years, a result of rapid advancements in communication and transportation. Advances in communication enable businesses to identify opportunities for investment. At the same time, innovations in information technology enable immediate communication and the rapid transfer of financial assets across national borders. Improved fiscal policies within countries and international trade agreements between them also facilitate globalization. Political and economic stability facilitate globalization as well. 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 Globalization Globalization provides businesses with a competitive advantage by allowing them to source raw materials where they are inexpensive. Globalization also gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies. With globalization, different parts of a product may be made in different regions of the world. Globalization has long been used by the automotive industry , for instance, where different parts of a car may be manufactured in different countries. Businesses in several different countries may be involved in producing even seemingly simple products such as cotton T-shirts. Globalization affects services, too. Many businesses located in the United States have outsourced their call centers or information technology services to companies in India. As part of the North American Free Trade Agreement (NAFTA), U.S. automobile companies relocated their operations to Mexico, where labor costs are lower. The result is more jobs in countries where jobs are needed, which can have a positive effect on the national economy and result in a higher standard of living. China is a prime example of a country that has benefited immensely from globalization. Another example is Vietnam, where globalization has contributed to an increase in the prices for rice, lifting many poor rice farmers out of poverty. As the standard of living increased, more children of poor families left work and attended school. Consumers benefit also. In general, globalization decreases the cost of manufacturing . This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. In some cases, this may contribute to improved health by enabling a more varied and healthier diet; in others, it is blamed for increases in unhealthy food consumption and diabetes. Downsides Not everything about globalization is beneficial. Any change has winners and losers, and the people living in communities that had been dependent on jobs outsourced elsewhere often suffer. Effectively, this means that workers in the developed world must compete with lower-cost markets for jobs; unions and workers may be unable to defend against the threat of corporations that offer the alternative between lower pay or losing jobs to a supplier in a less expensive labor market. The situation is more complex in the developing world, where economies are undergoing rapid change. Indeed, the working conditions of people at some points in the supply chain are deplorable. The garment industry in Bangladesh, for instance, employs an estimated four million people, but the average worker earns less in a month than a U.S. worker earns in a day. In 2013, a textile factory building collapsed, killing more than 1,100 workers. 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. In general, critics blame the pressures of globalization for encouraging an environment that exploits workers in countries that do not offer sufficient protections. Studies also suggest that globalization may contribute to income disparity and inequality between the more educated and less educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization. Into the Future Regardless of the downsides, globalization is here to stay. The result is a smaller, more connected world. Socially, globalization has facilitated the exchange of ideas and cultures, contributing to a world view in which people are more open and tolerant of one another.

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Impact of Globalisation (Revision Essay Plan)

Last updated 11 Jan 2022

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Here is a suggested answer to a question on the impact of globalisation on developed and developing countries.

Introductory Context

An estimated 9 percent of the global population still lives below the international poverty line of US$1.90 PPP a day.Success in reducing poverty in East Asia is clear with 7 percent of the population in the region living below the US$3.20 PPP line and 25 percent living below the US$5.50 PPP poverty line in 2018. However, almost 70 percent of Sub-Saharan Africa’s population lives on less than US$3.20 per day. Progress in cutting extreme poverty has been halted by the pandemic. The World Bank estimated that the pandemic pushed between 119 and 124 million people into extreme poverty around the globe in 2020. Many developing countries have limited resilience to the impact of economic shocks and threats from climate change.”.

Source: Adapted from the World Bank Poverty Report, 2021

To what extent have the economic benefits of globalisation favoured developed over developing countries? (25 marks)

KAA Point 1

Globalisation involves deeper integration between countries through networks of trade, capital flows, ideas, technologies and movement of people. One argument that globalisation has favoured high-income countries lies in the growing dominance of TNCs from advanced nations. TNCs base their manufacturing, assembly, research and retail operations across several countries, and many have become synonymous with globalisation namely Nike, Apple, Amazon, Google (Alphabet) and Samsung. Some have annual revenues many times higher than the GDP of smaller low-income countries and there has been fierce criticism of numerous TNCs for following tax avoidance strategies such as transfer pricing. This has reduced tax revenues for governments in developing nations which then hampers their ability to use fiscal policy to fund public services such as education and basic health care. The effect is to limit progress in reducing extreme poverty and improving human development outcomes.

Evaluation Point 1

A counter argument is that globalisation is associated with a steady reduction in import tariffs around the world which has then improved access to high-income markets for businesses from emerging countries. Many nations in east Asia have achieved reductions in extreme poverty driven by export-led growth. The extract says that only 7 percent of this region’s population now live below the US$3.20 PPP poverty line and continued high growth – as economies recover from the effects of the pandemic - will lead to improvements in per capita incomes and living standards. Indeed, sixty percent of the value of world GDP now comes from emerging market and developing economies and several countries have their own TNCs operating on a global scale. The recent success of countries such as South Korea, India and Vietnam is testimony to the opportunities that globalisation has offered developing nations who have developed competitive advantage across a range of industries.

KAA Point 2

A second argument supporting the question is that nations succeeding in a globalizing world have diversified economies, a workforce with flexible skills and governments with fiscal resources to overcome external shocks such as the pandemic. In contrast, poorer low-income countries rely heavily on the production and export of primary commodities or incomes from tourism, both of which have been hit by the global recession in 2020-21. Many poorer nations also haveinadequate infrastructure which increases the costs of trade and their direct tax revenues as a share of GDP are low because of sizeable informal economies and persistently low per capita incomes. This means that national governments rely heavily on external debt, and many have low currency reserves. They are therefore more exposed to economic, financial and public health shocks. This is evidenced by the differences in vaccination rates between rich and low-income countries. As of January 2022, only 9% of people in low-income countries have received at least one dose and per capita incomes may take years to reach pre-2020 levels.

Evaluation Point 2

In evaluation, the globalisation process has been a catalyst for economic reforms in low and middle-income countries. Consider the example of Vietnam which has transitioned to a socialist oriented market economy and successfully attracted inward FDI from companies such as LG and Samsung. FDIhas flowed in helped by low unit labour costs costs, improving infrastructure and human capital and a deregulated business environment whilst the Vietnamesegovernment has moved to a managed floating exchange rateto help reduce some of the risks from regional and global economic shocks. Vietnam is a good example of a country that has successfully progressed from a low income to a low-middle income nation over the last two decades. The valueof their external trade accounts for roughly 180% of national output, more than any other country at its level of per-person GDP. And their educational scores on standardized tests are on a par with Germany and Austria.

Final Reasoned Comment

Overall, it is hard to reach a firm view on this question because globalisation as a process is uneven and not inevitable. Before and during the pandemic, there was evidence of a switch towards “regionalisation” rather than full-throttled globalisation. For example, most sub-Saharan African countries have joined the African Continental Free Trade Area which seeks to boost intra-regional trade and investment and encourage economies of scale among African businesses so that they can better compete against the dominance of Western TNCs. Developing nations often struggle to compete with developed countries, therefore it is argued free trade benefits high-income economies more. Gains from globalisation will never be equitably distributed.And this sense of deepening inequality and opportunity risks a further shift to tariff and non-tariff barriers to trade and moves towards economic nationalism.

• Globalisation
• Deglobalisation
• Hyper-globalisation
• Transnational Businesses
• Developing countries

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Benefits and costs of globalisation.

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Trading blocs and regional trade agreements (rtas), explaining business objectives, international trade, sources of comparative advantage, import protectionism explained, our subjects.

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Costs and benefits of globalisation

Globalisation is a complex and controversial issue. This is a look at some of the main benefits and costs associated with the greater globalisation of the world economy.

Definition of Globalisation The process of increased integration and co-operation of different national economies. It involves national economies becoming increasingly inter-related and integrated.

Globalisation has involved :

• Greater free trade.
• Greater movement of labour.
• Increased capital flows.
• The growth of multi-national companies.
• Increased integration of global trade cycle.
• Increased communication and improved transport, effectively reducing barriers between countries.

Summary of costs/benefits

Benefits of globalisation

1. Free trade is a way for countries to exchange goods and resources. This means countries can specialise in producing goods where they have a comparative advantage (this means they can produce goods at a lower opportunity cost). When countries specialise there will be several gains from trade:

• Lower prices for consumers
• Greater choice of goods, e.g food imports enable a more extensive diet.
• Bigger export markets for domestic manufacturers
• Economies of scale through being able to specialise in certain goods
• Greater competition

See: Benefits of Free Trade

2. Free movement of labour

Increased labour migration gives advantages to both workers and recipient countries. If a country experiences high unemployment, there are increased opportunities to look for work elsewhere. This process of labour migration also helps reduce geographical inequality. This has been quite effective in the EU, with many Eastern European workers migrating west.

Also, it helps countries with labour shortages fill important posts. For example, the UK needed to recruit nurses from the far east to fill shortages.

• However, this issue is also quite controversial. Some are concerned that the free movement of labour can cause excess pressure on housing and social services in some countries. Countries like the US have responded to this process by actively trying to prevent migrants from other countries.

See also: free movement of labour

3. Increased economies of scale

Production is increasingly specialised. Globalisation enables goods to be produced in different parts of the world. This greater specialisation enables lower average costs and lower prices for consumers.

4. Greater competition

Domestic monopolies used to be protected by a lack of competition. However, globalisation means that firms face greater competition from foreign firms.

5. Increased investment

Globalisation has also enabled increased levels of investment. It has made it easier for countries to attract short-term and long-term investment. Investment by multinational companies can play a big role in improving the economies of developing countries.

Costs of globalisation

1. Free trade can harm developing economies

Developing countries often struggle to compete with developed countries, therefore it is argued free trade benefits developed countries more. There is an infant industry argument which says industries in developing countries need protection from free trade to be able to develop. However, developing countries are often harmed by tariff protection, that western economies have on agriculture. Paradox of Free Trade

2. Environmental costs

One problem of globalisation is that it has increased the use of non-renewable resources. It has also contributed to increased pollution and global warming. Firms can also outsource production to where environmental standards are less strict. However, arguably the problem is not so much globalisation as a failure to set satisfactory environmental standards.

3. Labour drain

Globalisation enables workers to move more freely. Therefore, some countries find it difficult to hold onto their best-skilled workers, who are attracted by higher wages elsewhere.

4. Less cultural diversity

Globalisation has led to increased economic and cultural hegemony. With globalisation there is arguably less cultural diversity; however, it is also led to more options for some people.

5. Tax competition and tax avoidance

Multinational companies like Amazon and Google, can set up offices in countries like Bermuda and Luxembourg with very low rates of corporation tax and then funnel their profits through these subsidiaries. This means they pay very little tax in the countries where they do most of their business. This means governments have to increase taxes on VAT and income tax. It is also seen as unfair competition for domestic firms who don’t use the same tax avoidance measures.

The greater mobility of capital means that countries have sought to encourage inward investment by offering the lowest corporation tax. (e.g. Ireland offers very low tax rate). This has encouraged lower corporation tax, which leads to higher forms of other tax. (see: Tax competition )

• Impact of globalisation
• The winners and losers from globalisation
• The effects of globalisation for developed and developing countries
• What is globalisation?
• What is globalisation? at Guardian

36 thoughts on “Costs and benefits of globalisation”

thaannkkss GREAT INFO

hey guys i’m looking for the benefits of developing countries and developed countries and have had no luck could anyone help?

I’ve just been reading a Stiglitz article (he used to be chief in the IMF/World Bank) and “globalization of knowledge” has been one benefit for developing countries. But sadly it depends on the side that you’re on. Economists will reel off the benefits of trade between countries, capital flow and labour flow. Anthropologists and social scientists will explain a lot of inequalities – the rich on a global scale have got richer and the poor, well guess what? yep, not a lot has happened there. Social science will detail (Stiglitz does too) how developed countries have profited off the poor, even via aid agencies and finance institutions such as the World Bank, IMF and WTO, who are supposed to be acting in developing countries best interests.

I think you can tell what side I’m on. Yes, I study anthropology and doing an essay on development as we speak 😉

what are the benefits of globalisation on both develoed and developing

• Pingback: Benefits and Problem with Globalization | Tae haeng Lee

hey I am looking for how globalization affect reduction of cost

Hello, I am wondering if there are any disadvantages to consumer because of globalization. of course there are numerous advantages. can anyone please answer me. I would be grateful. thanks

if it were cheaper for a firm to produce/manufacture a good somewhere else can cause loss of jobs for people working for the firm. major multinational firms paying less tax in another country and not in the country they are earning will cause the government rely more heavily on smaller firms and consumers to gain tax mula.

Are those the only advantages of globalization on an economy?

what is the cost and benefits of globalisation on less developed countries?

Imagine thinking you are qualified to help people learn about globalization but not even knowing how to spell it.

We use British-English not American-English

How is less cultural diversity a cost of globalisation. Wouldn’t cultures spread worldwide from globalisation

no, globalization makes it easier than ever to access foreign culture, including food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment as you listen to your favorite UK-based artist or stream a Hollywood movie.

Once they get back they will be there and they are going on a walk in and the other is the same way as you can see the sun and earth is earth sun sky earth sun sun sky sun earth earth

A very useful piece of work

Love economics guys, absolutely love it, keep up this page, its greaaaaaaaaaatttttttt!!!!!!!!!!!!!!

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Home — Essay Samples — Sociology — Globalization — History of Globalization and Its Benefits for Society

History of Globalization and Its Benefits for Society

• Categories: Globalization Modern Society Society

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Published: Apr 11, 2019

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Essay on Importance of Globalization

Students are often asked to write an essay on Importance of Globalization in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

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100 Words Essay on Importance of Globalization

Understanding globalization.

Globalization refers to the integration of countries and people worldwide. It involves sharing ideas, products, and cultural aspects across borders.

Benefits of Globalization

Globalization is crucial as it promotes international trade, leading to economic growth. It also encourages cultural exchange, fostering global harmony.

Globalization and Technology

Globalization has been boosted by advancements in technology, making communication and transportation easier and faster.

In essence, globalization is vital for economic and cultural progress. It bridges gaps among nations, promoting peace and prosperity.

250 Words Essay on Importance of Globalization

Globalization refers to the process of interaction and integration among people, companies, and governments worldwide. It’s driven by international trade, investment, and aided by information technology. This phenomenon has effects on the environment, culture, political systems, economic development, and human physical well-being in societies around the world.

Globalization and the Economy

Globalization has played a pivotal role in fostering economic growth. It has allowed countries to partake in international trade, leading to the expansion of market frontiers. Globalization encourages the free movement of goods, services, and labor, promoting economies of scale and efficient allocation of resources.

Cultural Exchange and Globalization

Globalization has also spurred cultural exchange. Through the diffusion of ideas, languages, and cultural practices, societies have become more diverse and enriched. It has led to a greater understanding and tolerance of different cultures, fostering global unity.

The advent of technology has accelerated globalization. Information technology, in particular, has made it possible to instantaneously communicate and conduct business, regardless of geographical distance. This has led to the creation of a global village, further enhancing economic and cultural ties.

The Flipside of Globalization

Despite its benefits, globalization has its drawbacks. It has often been criticized for widening the wealth gap and promoting cultural homogenization. Therefore, it’s essential to strike a balance, harnessing the advantages of globalization while mitigating its potential downsides.

In conclusion, globalization is a double-edged sword. While it has the potential to bring about economic prosperity and cultural exchange, it also carries the risk of exacerbating income inequality and cultural erosion. Therefore, a balanced approach towards globalization is crucial for sustainable development.

500 Words Essay on Importance of Globalization

Introduction to globalization.

Globalization is a phenomenon that has transformed our world into a global village. It is the process of integration and interaction among people, companies, and governments worldwide. This phenomenon has been driven by international trade and investment and aided by information technology.

The Economic Impact of Globalization

Globalization has a profound impact on the economic sphere. It has led to the opening up of world trade, development of advanced means of communication, internationalization of financial markets, growing importance of MNCs, population migrations, and more interconnected markets. This has allowed for the free movement of goods, services, capital, and labor, leading to economies of scale and fostering economic growth.

Globalization and Cultural Exchange

Culture is another area profoundly impacted by globalization. The worldwide spread of ideas, languages, or popular culture happens through globalization. It has led to the diffusion of cultural practices, leading to a global culture. However, it’s a double-edged sword as it also risks the obliteration of local cultures and traditions.

Globalization and the Environment

Globalization has significant environmental implications. On one hand, it has led to increased pollution and environmental degradation due to industrialization. On the other hand, it has also spurred global cooperation to tackle environmental issues. International treaties and global environmental movements are a testament to this.

The technological revolution is both a driver and a product of globalization. The rapid spread of technology and information has not only made globalization possible, but it is also continuously accelerated by it. The internet, for instance, has broken down geographical barriers, allowing instant communication and access to information across the globe.

Globalization and Politics

Globalization has reshaped political landscapes worldwide. It has led to the rise of international political institutions like the UN, EU, and WTO, which govern international relations. While these organizations foster cooperation and peace, they also raise questions about national sovereignty.

Conclusion: The Dual Nature of Globalization

In conclusion, globalization is a complex and multifaceted phenomenon with both positive and negative implications. It has interconnected the world, leading to economic growth, cultural exchange, and global cooperation. However, it also brings challenges such as cultural homogenization, environmental degradation, and political tension. Understanding and managing these dynamics is crucial for harnessing the benefits of globalization while mitigating its challenges. Therefore, the importance of globalization, in all its complexity, cannot be overstated.

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6 Pros and Cons of Globalization in Business to Consider

• 01 Apr 2021

Throughout history, commerce and business have been limited by certain geographic constraints. In its earliest days, trade happened between neighboring tribes and city-states. As humans domesticated the horse and other animals, the distances they could travel to trade increased. These distances increased further with the development of seafaring capabilities.

Although humans have been using ships for centuries to transport goods, cargo, people, and ideas around the world, it wasn’t until the development of the airplane that the blueprint of a “globalized economy” was laid. This was for a simple reason: You can travel greater distances faster than ever before.

The development of the internet accelerated this process even more, making it easier to communicate and collaborate with others. Today, your international co-worker, business partner, customer, or friend is only a few taps or clicks away.

Globalization has had numerous effects—both positive and negative—on business and society at large. Here’s an overview of the pros and cons of globalization in business.

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What Is Globalization?

Globalization is the increased flow of goods, services, capital, people, and ideas across international boundaries according to the online course Global Business , taught by Harvard Business School Professor Forest Reinhardt.

“We live in an age of globalization,” Reinhardt says in Global Business . “That is, national economies are even more tightly connected with one another than ever before.”

How Globalization Affects Daily Life

Globalization has had a significant impact on various aspects of daily life.

For example, it’s changed the way consumers shop for products and services. Today, 70 percent of Americans shop online. In 2022, there were 268 million digital buyers in the US and by 2025, this number is predicted to reach 285 million.

In addition, the globalized economy has opened up new job markets by making it more feasible to hire overseas workers. This has created a wide range of career opportunities for both job seekers and employers.

The emergence of remote work post-pandemic was also made possible by globalization. According to a survey from WFH Research , only seven percent of paid workdays in the US were remote in 2019. However, this number climbed to 29 percent by January 2024.

Check out the video below to learn more about globalization, and subscribe to our YouTube channel for more explainer content!

Advantages of Globalization

1. economic growth.

It’s widely believed that one of the benefits of globalization is greater economic growth for all parties. There are several reasons why this might be the case, including:

• Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
• Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
• Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
• The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.

2. Increased Global Cooperation

For a globalized economy to exist, nations must be willing to put their differences aside and work together. Therefore, increased globalization has been linked to a reduction—though not an elimination—of conflict.

“Of course, as long as there have been nations, they've been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business . “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world's nations will fall back into the catastrophe of war.”

3. Increased Cross-Border Investment

According to the course Global Business , globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.

The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.

Disadvantages of Globalization

1. increased competition.

When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.

With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.

“Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business . “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”

2. Disproportionate Growth

Another issue of globalization is that it can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.

Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.

“Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don't seem to be able to agree about whether this is because of too much globalization or not enough.”

3. Environmental Concerns

Increased globalization has been linked to various environmental challenges, many of which are serious, including:

• Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
• Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
• The introduction of potentially invasive species into new environments

While such issues are governed by existing or proposed laws and regulations, businesses have made climate change concerns and sustainability a priority by, for example, embracing the tenets of the triple bottom line and the idea of corporate social responsibility .

Managing the Risks of Globalization

The world is never going to abandon globalization. While it’s true that individual countries and regions put policies and practices in place that limit globalization, such as tariffs, it’s here to stay. The good news is that businesses and professionals willing to prepare for globalization’s challenges by developing strong social impact skills have the potential to benefit immensely.

Whether you’re a business owner, member of executive leadership, or an employee, understanding the impacts of globalization and how to identify its opportunities and risks can help you become more effective in your role and drive value for your organization.

Taking a course like Global Business is one path toward developing international business skills and gaining an understanding of the macroeconomic, political , and social conditions that continue to impact globalization.

Are you interested in breaking into a global market? Sharpen your knowledge of the international business world with Global Business , one of our online business in society courses . If you aren't sure which course is the right fit, download our free course flowchart .

This post was updated on February 26, 2024. It was originally published on April 15, 2021.

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Macroeconomic Developments and Prospects For Low-Income Countries—2024

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The outlook for Low-Income Countries (LICs) is gradually improving, but they face persistent macroeconomic vulnerabilities, including liquidity challenges due to high debt service. There is significant heterogeneity among LICs: the poorest and most fragile countries have faced deep scarring from the pandemic, while those with diversified economies and Frontier Markets are faring better. Achieving inclusive growth and building resilience are essential for LICs to converge with more advanced economies and meet the Sustainable Development Goals (SDGs). Building resilience will also be critical in the context of a more shock-prone world. This requires both decisive domestic actions, including expanding and better targeting Social Safety Nets (SSNs), and substantial external support, including adequate financing, policy advice, capacity development and, where needed, debt relief. The Fund is further stepping up its support through targeted policy advice, capacity building, and financing.

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PPEA2024011

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Garrett West ’18 to Join Yale Law School Faculty

Dean Heather K. Gerken has announced that Garrett West ’18 will be joining the Yale Law School faculty as an Associate Professor of Law on July 1, 2024.

West’s scholarly interests include torts, remedies, federal courts, and administrative law. His scholarship focuses on the uses of private law theory in public law and on the problems of constitutional interpretation and doctrinal coherence through constitutional change. His work has been or will be published in the Yale Law Journal , Virginia Law Review , Wisconsin Law Review , and Administrative Law Review , exploring topics such as constitutional torts, the Appointments Clause of the Constitution, and contempt of Congress.

“Garrett has produced an astonishing amount of insightful scholarship while working full-time as a lawyer, and every paper showcases his creativity and brilliance,” said Dean Heather K. Gerken. “His presence on the faculty will enrich our conversation and enhance our intellectual life.” 

West received his B.A. from Hillsdale College in 2015 and his J.D. from Yale Law School in 2018, where he served as Articles and Essays Editor on the Yale Law Journal and as Submissions Editor for the Yale Journal on Regulation . During law school, West received the Thomas I. Emerson Prize in 2017 and 2018, awarded annually to a distinguished student paper on legislation. 

After law school, West clerked for Judge Diarmuid F. O’Scannlain of the U.S. Court of Appeals for the Ninth Circuit, Judge Thomas B. Griffith of the U.S. Court of Appeals for the D.C. Circuit, and Justice Samuel Alito ’75 of the U.S. Supreme Court.

West is currently an associate in the Washington, D.C., office of Paul, Weiss, Rifkind, Wharton & Garrison LLP, where he is a member of the firm’s Supreme Court & Appellate Litigation Group.

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2024 Global Learning Challenge

Is Using an Essay Writing Service Considered Cheating?

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Is Using an Essay Writing Service Considered Cheating? Debunking Misconceptions and Embracing Academic Support

In the contemporary academic landscape, the utilization of essay writing service has sparked a debate regarding its ethical implications. Some perceive it as a form of cheating, while others argue it as a legitimate means of seeking academic support. As we delve into this discussion, it's imperative to explore both perspectives and shed light on the role of essay writing services in academia.

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Understanding the Controversy The Ethical Dilemma

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Perceived Academic Dishonesty

Critics often equate using essay writing services to academic dishonesty, arguing that it undermines the learning process and devalues the significance of genuine scholarly achievements. They view it as a shortcut to academic success, devoid of the essential elements of critical thinking, research, and academic growth.

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Debunking Misconceptions Collaboration, Not Duplication

Contrary to popular belief, engaging with essay writing services does not entail passively submitting pre-written essays as one's own work. Instead, it involves collaboration between students and professional writers to develop custom essays tailored to their unique requirements. The final product reflects the student's input, understanding, and perspective, albeit with expert guidance.

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Academic Support System

Rather than undermining academic integrity, essay writing services complement existing support systems within educational institutions. They function as supplementary resources that assist students in navigating academic challenges effectively. By offering personalized assistance, these services empower students to overcome obstacles and achieve their academic goals.

Embracing Academic Support Fostering Academic Success

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While utilizing essay writing services is permissible within ethical boundaries, it's essential for students to uphold academic integrity and honesty. They should utilize these services responsibly, ensuring that the essays produced are used for reference purposes and serve as aids in their own academic endeavors. Transparency and integrity should guide students' interactions with essay writing services to maintain the ethical integrity of academic pursuits.

In conclusion, the debate surrounding the use of essay writing services underscores the complexities inherent in modern education. While some may view it as a contentious issue mired in ethical ambiguity, a nuanced perspective reveals its potential as a valuable academic support tool. By dispelling misconceptions and embracing the role of essay writing services as supplementary resources, students can leverage these services responsibly to enhance their academic journey. Ultimately, the ethical considerations lie in how students utilize these services to foster their academic growth while upholding principles of integrity and honesty in their scholarly pursuits.

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Leveraging CollegeEssay.org and MyPerfectWords.com for Optimal Results

In the quest for academic excellence and ethical scholarship, students can enhance their learning journey by leveraging reputable essay writing services such as CollegeEssay.org and MyPerfectWords.com. These platforms offer a myriad of features and benefits designed to support students in achieving their academic goals while upholding principles of integrity and honesty.

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5 Things to Know to Understand India’s Economy Under Modi

As Prime Minister Narendra Modi seeks a third term, India’s growth has received the attention of the world’s investors but inequality has deepened.

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By Alex Travelli

Reporting from New Delhi

Narendra Modi has big money behind him as he appears set to win a third term as India’s prime minister. His party has collected more political cash than the others combined, and the country’s richest business leaders support him.

The campaign is fueled partly by a winning story Mr. Modi tells about India’s economy, some of which can be traced to changes made during his decade in office. He has also benefited from geopolitical currents that have made India more attractive to global financiers. Here are five factors that are essential to understanding India’s economy. Elections will start on April 19 and conclude June 4.

India is big and getting bigger.

India, the world’s largest population , has been poor for centuries on a per person basis. But its economy has developed an undeniable momentum in the past three decades and is now worth $3.7 trillion. Size like that has its advantages: Even one percentage point of growth is monumental.

“Fastest-growing major economy” has become India’s signature in the past few years. In 2022 India became the fifth-largest economy — stepping over Britain. Even if it continues to grow at a relatively modest pace, it should overtake Germany and Japan to become the third-largest economy around 2030, behind only China and the United States.

The “India growth story,” as local businesspeople call it, is attracting a surge of excitement from investors, especially overseas. Under Mr. Modi, Indians are becoming more hopeful about their country’s economic future. As the economy gets bigger, even smaller rates of growth pile on huge sums of wealth.

Yet many facts of the Indian economy remain stubbornly in place. A large proportion of the work force toils on farms, for instance, and a relatively small part of it is employed in factories. Without better jobs , most Indians will be left waiting to taste this success.

There’s nothing like being in the right place at the right time.

Over the past 10 years, the rest of the world has given Mr. Modi opportunities to turn adversity into India’s advantage. He took office as oil prices were cut in half, a huge boost to the country because it relies heavily on imported crude .

The next few years were bumpier. Shocks caused by Mr. Modi’s boldest moves — an abrupt ban on bank notes and a big tax overhaul — were slow to be absorbed. By 2019 growth was slowing to less than 5 percent. Mr. Modi won re-election that year on the strength of a nationalistic campaign after brief border clashes with Pakistan.

When the Covid-19 pandemic came, it was cruel to India. During the first lockdowns, the economy shrank 23.9 percent. A 2021 wave pulled India’s health-care system into crisis.

India’s economic recovery then coincided with a supercharged enthusiasm by Western countries to tap India as an economic and strategic partner. The pandemic had exposed the world’s deep dependence on China as a supplier and manufacturer. And China’s heightened tensions with the United States, its own border clashes with India, and now its uncertain economic prospects inspired businesses and investors to look to India as a solution.

Build, baby, build: India shows off shiny new projects.

The most visible improvements to India’s economy are in infrastructure. Mr. Modi’s gift for implementation has helped build up capacity exactly where India has missed it most.

The building boom started with transportation: the railways, ports, bridges, roads, airports. India is remaking itself rapidly. Some of the developments are truly eye-catching and are laying the tracks for faster growth. The hope is that local businesses will start investing more where the government has lent its muscle.

Investment in India’s education and public health has been less meaningful. Instead, the government under Mr. Modi has aimed to make concrete improvements for ordinary Indians: bringing electricity to most remote villages, and drinking water and toilets to homes that lacked them.

Beneath the gleam, a digital powerhouse is built.

Less tangible but perhaps more significant has been India’s rapid adoption of what the government calls “digital public infrastructure.” This is a web of software that starts with Aadhaar, a biometric identification system established under Mr. Modi’s predecessor, Prime Minister Manmohan Singh. From unique digital identities, it has tied together access to bank accounts, welfare benefits and tax requirements.

This new organization of India’s data, combined with a dense and cost-effective mobile network, has brought efficiencies that grease the gears of commerce. India is proudly exporting the basic framework of its digital architecture to other countries.

Inequality deepens as old problems go unsolved.

Some of the Indian economy’s persistent ailments have been left to fester. Mr. Modi has tried and failed to fix things that plagued previous governments, like industrial policy, the broken agricultural markets and rules for land acquisition. What has become even worse under his government is the country’s vast inequality.

A study published last month by the World Inequality Database in Paris found that while the number of billionaires in India nearly tripled in the past 10 years, the incomes of most Indians were stagnant. The median income is still only $1,265 a year, and 90 percent of the country makes less than $3,900. When so many are left with so little, it is hard to see how domestic consumption will spur faster growth.

The Indian government is quick to reject most such reports; the underlying data is too thin, its economists say. But that’s partly because of the government’s own doing. For all of India’s digital innovation, deciphering what is going on in the country’s economic life has become harder. Under Mr. Modi’s government, fewer official statistics are published and some important data sets, such as those tracking household consumption, have been delayed and redesigned.

What’s more, institutions like think tanks and universities face legal and financial pressure to fall in line behind the government’s messaging.

Alex Travelli is a correspondent for The Times based in New Delhi, covering business and economic matters in India and the rest of South Asia. He previously worked as an editor and correspondent for The Economist. More about Alex Travelli