For example, cell phones came quickly to the African continent, with cell phone use currently growing every year in sub-Saharan Africa and approaching 90% in countries such as South Africa. Our ability to recognise letters could be hard-wired into our brains The G20's president is selected annually on a rotating basis, and that person's home country hosts the summit. A Perspective on Globalization: Responsibility to Help Each Other In continuation of the above-mentioned point where we discussed the competition in the market. 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. Globalization is a word that has multiple meanings and perspectives. This not only benefits the foreign companies (in this case, American companies like Apple) but also helps the countries being invested in by increasing their exports, creating jobs, closing the technology gap, and overall, improving quality of life. Write CSS OR LESS and hit save. Turning our back on globalization is not the . Globalization is the process by which ideas, knowledge, information, goods and services spread around the world. When the firms understand the Importance of Globalizationthey open themselves an anthology of fresh avenues and horizons for growth and success that they have always wished for as there is a free movement of goods and services between various nations all across the globe. Globalization Ensures Better Job Opportunities For People, Related Video The Myth Of Globalization, 5. Effects of Economic Globalization - National Geographic Society Imagine a business call with members of eight different countries. Globalization has made the world more connected which allows us to work together towards the future by sharing ideas and experiences that will help us overcome any obstacles we might face, regardless of where they come from. Globalization Can Transform Business, Even During The Pandemic - Forbes Roads, electrical grids, broadband internet, water, and sanitation may need to be upgraded or developed from scratch. The garment industry in Bangladesh makes clothes that are then shipped out across the world. Make sure your essay is plagiarism-free or hire a writer to get a unique paper crafted to your needs. It is very vital for the companies operating in todays dynamic and ever competitive market that the customer has to be given the topmost importance and priority in order to beat the competition and successfully survive in the market. The infant mortality rate in Kenya, especially in its slums, is one of thetop 65 in the world, but globalization has provided tools to help address some of the difficulty with pre- and postnatal care. Our generation and future generations can strive to advance globalizations interconnectivity and progress throughout the world. In my opinion, the countless defense techniques imposed on globalization, claiming that it will bring the world on a unified network, are truly flawed. He currently studies Public Management and economics with hopes of one day becoming an accomplished journalist. While globalization is often referred to as a contemporary or modern phenomenon, globalization can be studied from a historical perspective, by using the historical record spanning many centuries or millennia. In a world where globalization is widely accepted, those who work hard will be able to climb the social ladder despite their background because everyone has equal opportunities. In addition, people coming from other nations to do business and work bring with them their own cultures, which influence and mix with other cultures. At its core globalization is an easing of borders, making them less important as countries become dependent on each other to thrive. You can use a phone to reach someone instantly, no matter how far across the globe that person is. Manufacturing. Global trade is also made more difficult and facing rising threats from other factors, such as these: Globalization is a longstanding trend that is in the process of changing and possibly slowing. Globalization is the most important trend of global development. Though silk was certainly the major trade item exported from China, many other goods were traded, and religions, syncretic philosophies, and various technologies. Basically, when we talk about Globalization, we arent just talking about the trade of goods and exchange of capital, we must realize the various social and cultural opportunities that have been realized with international trade. For information on user permissions, please read our Terms of Service. Give me your paper requirements and I connect you to an academic expert. Imagine a doctor in Chicago reading The New York Times and the Guardian and Al Jazeera. The world of business has been blessed with a boon of globalization that has worked wonders not only for the big players in the market but also for the new and small ones that are still finding their strong foothold. 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 . A relationship that benefits one entity may damage another, and whether globalization benefits the world at large remains a point of contention. PDF Globalization in Historical Perspective - National Bureau of Economic World GDP has grown from about $50 trillion in 2000 to about $75 trillion in 2016, primarily as a result of economic interdependence and the increased global trade it allows. On this platform, I aim to utilize my passion for writing in the best possible manner, using it as a medium to share whatever knowledge I have with the readers. The solution is easy if you ask me is to form a new global council to monitor the impacts of globalization. According to the Economic Policy Institute, the U.S. trade deficit with China that is, the amount by which our imports, which tend to cost U.S. jobs, exceed our exports, which tend to provide them has lost the United States 3.4 million jobs since 2001. The Global Millennial is a think-tank for global economic discussion. Multinational corporations also face the challenge of contending with different laws in different countries. It ignores any environmental damage thought to be the result of globalization. Automation speeds up processes and supply chains, giving workforces more flexibility and improving output. The word globe as we know it refers to earth. The average cost of goods is a key aspect that contributes to increases in the standard of living. When assessing the importance of Globalization, its good to look back to where it originated; Extent of the Silk Road and Spice trade routes blocked by the Ottoman Empire in 1453 spurred exploration and saw rise to international trade. Everest Group Names G-P an Industry Leaderin the Employer of Record Market. Globalization has made us more accepting towards Self. Globalization refers to interconnectedness among countries through various relationships, from business, geopolitics, and technology to travel, culture, and the media. India, for example, is a country whose GDP has benefited immensely from globalization in the technology sector: Globalization also means that businesses can realize greater profits by tapping into previously untouched markets and taking advantage of lower local costs. Our writers will help you fix any mistakes and get an A+! Air India to discontinue Vistara after merger, DS Group Partners with Lderach (Swiss Chocolate Maker), Castrols unveils a New Logo and a Refreshed Brand Identity. Azure management groups, subscriptions, resource groups and resources are not mutually exclusive. The midwives, in turn, use their phones to connect to a system that doctors monitor at all hours. May 13, 2019 By Hitesh Bhasin Filed Under: Business. Globalization enables countries to access less expensive natural resources and lower cost labor. 1. Globalization is the process in which people, ideas and goods spread throughout the world, spurring more interaction and integration between the world's cultures, governments and economies . Realization of the Importance of Globalization is a win-win situation for all the parties involved. Nationalism and increasing trends toward conservative economic policies are driving these anti-globalization efforts. As borders between different countries become more permeable, it becomes much easier for citizens of one country to experience other ways of living and visiting different places. 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. It reminds me of the arguments that homosexuality advocates use towards homophobic, calling them ignorant and close-minded. These technological advances have been especially pronounced in transportation and telecommunications. Global stock markets plummeted after the Sept. 11, 2001, terrorist attacks in the United States, but rebounded in subsequent years. Trade on the Silk Road played a significant role in the development of South-Asian countries. As cultures advanced, they were able to travel farther afield to trade their own goods for desirable products found elsewhere. And the aspect of globalization opens the avenues of providing the best of customer service at a lower cost. What Is Globalization and Why Is It Important? Nonetheless, rising levels of protectionism and anti-globalization sentiment in several countries could slow or even reverse the rapid pace of globalization. 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. Save my name, email, and website in this browser for the next time I comment. David is a 19-year-old Canadian student currently attending the University of Guelph. International cooperation has a number of tangible benefits. Sarah Appleton, National Geographic Society, CrashCourse: Globalization 1: The Upside: Crash Course World History #41, NPR: Planet Money Explores the Economics of T-Shirts, Oxford Martin Programme on Global Development, University of Oxford: Our World in Data: Trade and Globalization. Hundreds of philosophers and social observers have taken sides for many years, either supporting or opposing the standard . This essay is available online and might have been used by another student. Be careful, this sample is accessible to everyone. Required fields are marked *. You cannot download interactives. The needed infrastructure may not be in place. Among the critiques of globalization are the following issues: Technological advances, particularly blockchain, mobile communication and banking, are fueling economic globalization. Globalization represents an unavoidable phenomenon in the history of mankind, which is making the world smaller and smaller by increasing the exchange of goods, services, information, knowledge . I could go on about this forever! By expanding into new countries, businesses reach markets that are hungry for their novel goods and eager to pay top dollar for them. 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. I personally believe that these three portions are correct in their own sense. When were all aware of each others culture and traditions, we can easily work together to resolve any issues that might arise and avoid such conflicts from happening again. To say that globalization is always subjective and destructive is also a primitive conclusion. Sometimes they must contend with different types of legal and banking systems entirely. Conflicts can occur anywhere in the world, which is why its important for us to have a way to resolve them quickly while minimizing any damage that they might cause. This piece was originally published on Globalmillennial.org, Millennial Perspectives On Global Affairs, David is the founder of The Global Millennial: a think-tank millennials a platform to freely express their ideas on the world. If globalization is fully implemented, many cultures will be eradicated and wiped out, because it doesnt matter how rich the culture is and money always has the final say. Globalization changes the way nations, businesses and people interact. The 2020 summit was to be in Riyadh, Saudi Arabia, but was held virtually because of the pandemic. Any change has winners and losers, and the people living in communities that had been dependent on jobs outsourced elsewhere often suffer. Increasing populations of immigrants and refugees present a challenge for industrialized nations. Its easy for people to fear others whom they have never met. It is the world economy which we think of as being globalized. For example, liberalized national trade policies drive economic globalization. With globalization, understanding other peoples culture becomes a lot easier and simpler so it certainly makes sense for people who have no interest in going abroad whatsoever to explore the opportunities that globalization offers them. Trusted by over 1 million students worldwide. 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. Globalization has enhanced the entire world on the course of the past hundred years. When the NWICO was founded 30 years ago, it aimed at limiting the western influence on the media of less developed nations, and so it was today. Problems in Globalization: Jobs Loss and Transfer to Lower Cost Countries, Globalization in Context: Diminishing Religious Differences, The Effects that World War i and World War II had on Minority Groups in America. Globalization has ebbed and flowed throughout history, with periods of expansion and retrenchment. Developing countries often appeal to investors because of the huge potential for growth. Cycles: it explains that there is no single point of origin in globalization but it is a long-term cyclical process wherein the current global age today is only a modication of the global age in the past. Those who support view globalization optimistically as promoting new growth and employment opportunities for low-income countries. At times, their prices are much more economical in nature. Does it go without saying that the Armenian Culture, for instance, is way older and richer than that of the United States, but have you ever heard of it? Thanks to globalization, its now easier for everyone to visit new places or see what life is like there because you can always find information about them on the Internet or watch international TV channels. Amidst the debate, fears, political polarization, and regrets surrounding globalization, we cannot ignore a central reality: much of it is not reversible or even resistable. PDF II. GLOBALIZATION AND ITS IMPACT - International Labour Organization