Globalization

Globalization

Introduction

Globalization is a process that is influenced by and influences many aspects of life including social, political, and economic and communication. These processes of globalization are altering the nature of human life and effecting the future of all (Monge, 2006). In the 1980's, the term globalization started to get commonly used as technological advances took place, makingiteasier to complete international ltransactions, both financial and trade flows than ever before. Globalization refers to the assimilation of economies and societies all over thew orld, where information and knowledge is shared among all. For example, in the world of healthcare, greater access to technology can make a difference between life and death and in communication, it allows access to independent media (2008).

Discussion

Globalization word can fit in many diverse topics such as culture, socialism, economic, finance, and communication including many others. The concept and definition of globalization may depend on the context of your study. It is believed by the managers, business owners and entrepreneurs that globalization created more problem than opportunities. Many of the pros and cons depend on the party's vantage point (Dubrin, 2008).

Advantages of globalization

A country can saves jobs in the long run by sending jobs overseas and can compete effectively in the global market, thus offshoring becomes a necessity. Companies can produce goods and services on which they have a comparative advantage, which will increase productivity, raising the living standards. Global amalgamation help lessen global poverty and inflation rates decrease as global competition and low-priced imports set a ceiling on imports. An open economy shoots innovation with new ideas from overseas. From the opportunity to become multicultural, workers become wider in their stance and profit. Globalization has also increased variety of products and service available to the consumer. In order to stay competitive in the global market, many companies have reduced wages, eliminate pension plans and decrease health benefits.

Disadvantages of globalization

Unemployment increases as countries shift production abroad. The poor countries argue that they are being exploited by the richer countries. In the poor counties, the labor force is taken benefit of, and low wages are instigated. Globalization is also leading to the spreading of communicable diseases like HIV and AIDs by travelers even to the farthest part of the world. Globalization is creating a wide gap between the developed and underdeveloped countries where the gap between rich and poor is getting g wider, the riches are getting richer and the poor is getting poorer, giving rise to inequality (Car Baugh, 2011).

Cultural impact of globalization

Globalization is a social and culture process in which single from diverse culture intermingle with each other more strongly than before. This amalgamation is increasingly exposing people to different cultures and different values. Interesting phenomena of globalization are shaping of online communities. This phenomena of globalization have resulted in the evolution of new identities for everyone around the world while discounting where they live and what are their nationalities. An incident that happens in one part of the world can cause a reaction around ...