Positive Effects Of Globalization
Globalization is an increasing unity of various world economies brought about by the breaking or elimination of barriers to international trade. The barriers include tariffs, export fees and import quotas. Its aim is to raise goods, services and material wealth from a global division of labor (Robertson, 1992). Globalization is a process, driven by a combination of factors including financial, technical, sociocultural, political, and biological. The term may also refer to transitional circulation of ideas, languages, or popular culture (Waters, 2001). The history of globalization is debatable. Some people perceive it to be from the ancient times dating back to occasions like Ottoman Empire spice trade routes in 1453 spurring exploration …show more content…
This comprise, political which deals with the creation of supra-states and sub-state institutions like the Great Eight commonly referred to as the G8 or the European Union (EU) leads to loss of control by the member states as they dictate policies and direct reforms. There is also language influence with English being the second most dominant for communication. Its effect on ecology is brought due to low environmental regulations in third-world nations hence most cooperation’s start their factories in these countries, leading to job creation. Industrially, there is an increase in the number of international trade especially movement of goods by imports and exports. In finance, globalization has led to better access to external financing for people who would like to borrow. This enhances investing and trade across borders. Other positive effects are global market based on freedom of goods exchange, increase in information, cross-culture influence expanding knowledge of various cultures also spread of religion. (Steger, …show more content…
In developing countries, globalization has brought about income inequality because most people who compete for jobs must have certain qualifications hence rendering production and service workers unable to get those jobs. Globalization also causes neocolonialism by dictating terms to member states of sub-states like African Union. (Steger, 2010)
The best way to approach globalization is to view it from all angles. Like a coin globalization has its two sides, with its opportunities come risks and they should be tasted in equal measure in an effort to strike a balance of equity an order. With specific mention to developing nations, factors like legality and integrity should be upheld while striking mergers touching on international or regional grounds. Sacrificing the said two on a pedestal of individual wealth gain could harm the strides made by globalizing the world so far.
Boudreaux, D. J. (2008). Globalization: Greenwood guides to business and economics. Westport, Conn.: Greenwood