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The Effect of Glogalization on Economic Remissions - Essay Example

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The Effect of Glogalization on Economic Remissions

Individuals both artificial and natural have the liberty to traverse borders by various paths ranging from sea, land, and air turning the entire world into a borderless region. In other words, advancement in communication, trade, and transportation has made it possible for people to exchange goods, services, cultural practices, artifacts, languages, religion, and ideas. It is unfortunate that when the term globalization is mention the first thing to ring into individuals’ minds is always economic globalization. Majority of individuals often understand globalization in terms of trade, capital flow, and foreign indirect investments that multinationals are doing to governments and people while ignoring the role of remittance. It is noteworthy that economic globalization, which revolves around economic and financial aspects, has greater influence on the understanding of globalization as aspects of culture, language, politics and religion are viewed as underdogs. In other words, aspects of international trade that only features in operations of international organizations often dominate globalization. Multinational organizations especially from developed countries play a significant role in globalization as they catalyze increased integration of various national economies (Schifferes). International organizations are mostly major investors in various countries in which case they are so much involved with importation of labor in various countries of their operation besides engaging in foreign

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direct investments and spreading of technology. Because most governments need investments, which would later provide employment for their citizens, they are always motivated to reduce and lower trade barriers such as taxes, tariffs, and quotas to allow capital inflow from multinational firms. Multinational organizations tend to invest heavily in energy, financial and industrial sectors which require large capital inflow. Such investments facilitate further increase in currency trade and level of investments considering that investments in foreign markets are always done in foreign currencies. Globalization has also enabled multinational corporations to set up subsidiaries in low cost production regions globally. For instance the recent harsh economic times, which has seen major companies bankrupt due to inability to meet substantial cost of production has forced major companies to look for other avenues of minimizing costs thus the need to shift plants to low cost production regions. Shifting production subsidiaries have played a significant role in widening global production market as well as increased access to foreign brands at low cost. Globalization has also increased completion between organizations, an aspect that pushes further expansion of company operations to seek for new markets with less competition. As competition intensifies owing to global common market, most companies are forced to, improve productivity levels by utilizing current technological inventions and innovation in order to stay ahead of competition (Schifferes). Such intense competition between companies is often advantageous to the consumers as they enjoy quality products and services at considerably low prices. Migration of individual from one nation, a situation also referred to as cross border mobility is one of the earliest elements of globalization. Cross border mobility is considered as old as human history taking into consideration that as early
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Instructor Date The Effect of Globalization on Economic Remissions Globalization refers to increased global integration of regional economic, cultural, and political systems owing to technological advancement, reduction in trade barriers and competition (Schifferes)…
Author : lbuckridge
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