2. When the firms are quite active on the front of globalization by offering their products and services to the customers in the international markets, one of the biggest merits they enjoy is of the higher and an enhanced brand reach and value. According to the author, to reduce unemployment, the most important is . Globalization is commonly thought of as a new phenomenon, but contact between diverse individuals is not new. Specify your topic, deadline, number of pages and other requirements. And hence, the increased level of competition elevates the level of innovation and novel ideation as the native firms have to beat the competition with the strategic ideas and out of the box product and service offerings to survive and stay relevant in the market. Advances such as automation and 3D printing have reduced geographic constraints in the manufacturing industry. All rights reserved. Changing the way trade and financial exchange and interaction occurs among nations also promotes the cultural exchange of ideas. For instance, a Chinese herbal cosmetic brand can cater to Indian markets quite easily as Indians love to indulge in herbal products. Our generation and future generations can strive to advance globalizations interconnectivity and progress throughout the world. For instance, the exchange of people and goods across borders can bring fresh ideas and help business. The rapid adoption of mobile technology hasspurred entrepreneurism in countries like Kenya. As we know, it is the process through which the world stimulates into a unified network. In my opinion, the countless defense techniques imposed on globalization, claiming that it will bring the world on a unified network, are truly flawed. What Is Globalization and Why Is It Important? Its easy for people to fear others whom they have never met. Text on this page is printable and can be used according to our Terms of Service. The council should make rules to put a ceiling to the foreign investments in such nations, cutting some slack for national organizations to have a say as well. And this way, you can rake higher profits and sales as your target market has expanded and multiplied. When assessing the importance of Globalization, its good to look back to where it originated; Extent of the, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on Google+ (Opens in new window), How Steve Jobs Laid The Framework For Apple, How To Turn Any Passion Into A Well-Paying Career, A Brief History Of Global Economic Recessions, 4 Types of Jobs That Will Remain Safe From Automation, Ecology of Economics: Why We Cannot Have A Perfectly Sustainable Economy In Todays World, The worlds Top Ten Most Successful Economies, Capitalists Are No Angels, But Socialism Is Hell on Earth. At G-P, our industry leading Global Employment Platform helps companies unlock their full potential by building highly skilled global teams in days instead of months. 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. Be careful, this sample is accessible to everyone. Hi, I am an MBA and the CEO of Marketing91. Any interactives on this page can only be played while you are visiting our website. Companies on different continents can send emails back and forth in English, tourists can find their way around airports with globally unified symbols, and even most political regimes all around the world have shifted towards democracy to join the western coalition. More recently, nationalist political movements have slowed immigration, closed borders and increased trade protectionism. You can order an original essay written according to your instructions. Countries are now more aware of different cultures and traditions, which helps them. Comment * document.getElementById("comment").setAttribute( "id", "a15399950c0b1dc9ec59837dea2cdb7c" );document.getElementById("i2e65971ac").setAttribute( "id", "comment" ); Copyright 2023 Marketing91 All Rights Reserved, 6 Reasons that Explain The Importance of Globalization, Best Practices - Definition, Importance and Examples, Meaning and Top 15 Benefits of LLC Firm | Marketing91, What is Business Agility? However, overall, the early 21st century has seen a dramatic increase in the pace of global integration. Foreigners come to seem completely unfamiliar under such conditions. As cultures advanced, they were able to travel farther afield to trade their own goods for desirable products found elsewhere. Globalization is useful not only for opening doors to new places but also for sharing technology and information across borders so everyone can benefit from it, especially those who live in less developed countries, so they experience important improvements which increase their standard of living. your personal assistant! With fewer restrictions on trade, globalization creates opportunities to expand. Our goal is to bring educated, relevant, and unique perspectives on global affairs through the form of articles and video. The Importance Of Economic Globalization. The effects of globalization can be felt locally and globally, touching the lives of individuals as well as the broader society in the following ways: While the effects of globalization can be observed, analyzing the net impact is more complex. The future is unknown, but globalization ensures that no matter what happens, well be able to work together to overcome any obstacles in our way. Because the world was able to communicate across boundaries, nations were able to work together to quickly produce vaccines for the virus. Below, we are sharing reasons as to why Globalization Is Important, to make you well-aware of its importance:if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'curiousdesire_com-medrectangle-3','ezslot_7',117,'0','0'])};__ez_fad_position('div-gpt-ad-curiousdesire_com-medrectangle-3-0'); After a thorough research, we have come up with a list of 15 benefits of globalization. Liked this article? original papers. I could go on about this forever! Hardwired proposes that globalization originated from the basic motivation of human beings to seek a better life (Chanda, 2007). Is your company a remote-first company? Though, of course, multinational conglomerates see globalization in every aspect of business, even smaller startups and entrepreneur-led businesses will be impacted. The firms . Do Not Sell or Share My Personal Information, IT applications, infrastructure and operations, how companies are rethinking global supply chains, Business leaders call on G20 to drive affordable and responsible tech, 5G technology could increase global economy by $1.5tn by 2030, 7 supply chain management key terms you need to know, Blockchain food supply chain growth depends on clean data. Consumers also have access to a wider variety of goods. Individuals who travel around the world for business or leisure andtry different foods, listen to different music, read different books, gain exposure to different media outlets, and learn to express themselves, even poorly, in another language gain a broader perspective on the world. Since the start of civilization, people have traded goods with their neighbors. As globalization continues to shape worldwide interactions in commerce, technology, and more, companies will need to understand both its benefits and challenges. March 28, 2021 Admin. Indeed, the working conditions of people at some points in the supply chain are deplorable. Most Kenyans dont have access to banks or bank accounts, but they can use their phones to send and receive funds, using a text-based app since most mobile phones in the country are not smartphones. Put simply, globalization is the connection of different parts of the world. Although technology and culture might change with time, globalization ensures that peoples values will remain the same regardless of such changes since it allows them to grow alongside one another instead of becoming isolated from each other. Nongovernmental organizations (NGOs) use a collaborative approach to address issues that are not confined within borders, such as child labor, human trafficking, and health care and disease prevention. What are the Different Types of Business Environment? Specifically, it changes the nature of economic activity among nations, expanding trade, opening global supply chains and providing access to natural resources and labor markets. The process happens through foreign trade, capital flows, transferring technology, providing services, interdependence and mutual connection. In 2013, a textile factory building collapsed, killing more than 1,100 workers. The 2020 summit was to be in Riyadh, Saudi Arabia, but was held virtually because of the pandemic. Economic globalization also affects cultural globalization through the import of goods and services that expose people to other cultures. When the firms realize and apply the Importance of Globalization, they make their tasks simpler at much-lowered costs and overheads. In general, globalization decreases the cost of manufacturing. The worlds economy is expected to grow by 4.9 percent by 2022 just because of globalization. balist " perspective (Hirst and Thompson 1999 ) - globalization is a reality. Hi! Globalization Increases Our Ability To Resolve Conflict, 15. 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. Globalization refers to interconnectedness among countries through various relationships, from business, geopolitics, and technology to travel, culture, and the media. Organizations that build 5G data centers may need to upgrade their infrastructure. 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 . Contact Globalization Partners International to find out how your company can communicate and thrive in a network of global partnerships. Higher unemployment leads to discontent, strain on the social safety net, and lower tax revenue from income. This generally means what they can produce and provide most efficiently, with the least amount of resources, at a lower cost than competing nations. A relationship that benefits one entity may damage another, and whether globalization benefits the world at large remains a point of contention. If your company is looking at foreign markets for business expansion, one of the most important questions you need to ask yourself is whether you want to open an overseas branch or a foreign subsidiar. They can achieve higher revenues in unsaturated markets while saving money via the lower cost structure that results from cheaper labor, rent, and materials. Our writers will help you fix any mistakes and get an A+! A modern example of this is American companys outsourcing labour to Mexico and China because labour costs are cheaper in these areas. The word globe as we know it refers to earth. In some cases, this may contribute to improved health by enabling a more varied and healthier diet; in others, it is blamed for increases in unhealthy food consumption and diabetes.DownsidesNot everything about globalization is beneficial.
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