It is aided by rapid technology advancement, which has made communication easier; thus enabling countries or business people to interact freely with customers across the globe. However, globalization has become the major worldwide issue because of diverse setbacks that a rise in the process of globalization. For instance, globalization process has detached some industries from the state. This is because some industries especially privately-owned companies have numerous shareholders from other nations who focus on return on investment. This means that some decisions are made at the interest of the company, which also contributes to social, economic and environmental issues. Although globalization contributes to increased competition, which impacts infant industries, competition keeps the cost down and lowers the global barriers, as well as, contributes to a capitalist society. Benefits Globilization creates competition for local industries; hence keeping costs down or lowering the international barriers. For instance, the European Union can carry out trading activities effectively with NAFTA and ASEAN. The trading allies were implemented especially the trading agreements and policies such as import substitution industrialization (ISI) policies (Lane 231). The ISI has been allied with the policies of economic development employed in less developed nations in the midst of the 20th century. These policies were employed by England economy to reward off competition from Dutch entrepreneurs and also used by other economies for enabling national industries to face global competition. The economic interdependence amid diverse countries can build advanced social, economic and political links; thus globalization is good strategy for economic development. Globilisation promotes interdependence and enables countries to social interact with others, as well as, improve their economic growth. For instance, developing nations oversaw the ambitious economic and rapid industrialization period beginning from 1930s 01980s because of the access to wider markets and consumers were also able to access to commodities effectively. Many of them changed their economic activities to industrial activities. The era of industrialization has been viewed as an effective process for economic growth; thus many developing have significantly benefited from globalization. Drawbacks Globilization contributes to increased competition; thus impacting infant industries in the local economy. The augmented competition of products in the marketplace results due to globalization aspects. This also contributes to increased dumping rate for commodities in certain economies at a low cost and this may harm or impact the performance of industries in other nations. Rapid technology advancement contributes to increased competition level in the market as industries find ways of increasing productivity; thus they employ varied competitive strategies vital enabling them to achieve competitive advantage. International companies have become highly competitive; hence they manufacture high innovative products; hence they are able to compete favorably with their rivals. Globilization aspects are linked to capitalism in the global markets; thus rich or industrialized economies continue to prosper leaving the developing or poor nations dragging behind. Lane (178) argues that capitalism has been always a political phenomenon meaning that unrealistic market forces sweeps away that comes before them. The spread of capitalism resulted due to technology advancement; thus, many economies have become hi
Cite this document
(“What Are The Benefits And Drawbacks Of Globalization Essay”, n.d.)
Retrieved from https://studentshare.net/sociology/96833-what-are-the-benefits-and-drawbacks-of
(What Are The Benefits And Drawbacks Of Globalization Essay)
“What Are The Benefits And Drawbacks Of Globalization Essay”, n.d. https://studentshare.net/sociology/96833-what-are-the-benefits-and-drawbacks-of.
Cited: 0 times
What are the benefits and drawbacks of globalization?
Globilization is defined as the process though which countries interacts and operates their business internally due advanced communication; thus improving the economic growth of countries…
The digital technology incorporated in educational sector should be user friendly. Otherwise teachers and students may stay away from it. Younger generation adapts more easily with the digitalization process in educational sector than the older generation.
The paper attempts to critically analyze the term globalization from different perspectives and from different views of authors. The paper also discusses the key drivers of globalization over the past 20 years and attempts to analyze different aspects of globalization.
Psychologists only enjoy limited privilege in prescribing and a few activists in the psychology profession have for long time struggled to expand prescription privileges for psychologists. However, most of the other persons in the profession are contented with the status quo.
Increased online degrees and the emergence of extremely many universities have further triggered the doubt of its value. Some people now view the four years as a waste of time and money, getting extremely little or nothing in return. Some people have even suggested that the money spent in higher education could be productive if invested.
Secondly, government, due to its magnitude and influence, is considered as better placed to solve the core problems an economic system has to solve i.e. what to produce, how to produce, whom to produce etc. however, an element of central planning within mixed economies does not ensure proper and efficient utilization of resources of the economy therefore mixed economies have the biggest drawback of not allocating resources in the most efficient way.
The benefits of globalization can be enjoyed by any organization and vice versa. The major factor for utilizing the benefits of globalization is a proactive approach. Who ever plans before the situation arises takes the major benefits. This can be clearly explained by saying that planning ahead is the best thing to do.
This essay will broadly look at globalization from every angle. The essay will begin by analyzing why it is necessary in this day and age for countries and organizations to think of globalization, to prepare for globalization and why globalization as we know it today is inevitable and we cannot change the tides of time.
Then the essay will evaluate the broad short and long term benefits of globalization and also looks at the flip side of the coin, which are the short and long term drawbacks of globalization. This section also looks at how these
to increasing interdependence as well as mergers and interacting units between people from different locations and companies with diversified interests. With the passage of time, the phenomenon has grown at a steady rate whereby the setting under which it is held is one that
5 pages (1250 words)Essay
Got a tricky question? Receive an answer from students like you!Try us!
Let us find you another Essay on topic What Are The Benefits And Drawbacks Of Globalization for FREE!