Globalization refers to the process of developing influential organizations or business internationally thus promoting integration and interaction with different nations, companies as well as people. Globalization, supported by IT, is a process that is driven by investment and international trade. As Kofi Annan says that an argument in contradiction of globalization is similar to a debate in contraction of the gravitational laws (Kuepper, 2017). It is not a theory or belief, but a reality; globalization has dramatically impacted the global economy on all sectors thus promoting further development among nations.
Globalization has had significant impacts on the world advancing every day thus making the world more competitive in businesses and other related developments which in return promotes the global economy. Globalization supports further development of a nation as well as the creation of wealth. With competition among countries, developments tend to be on the rise to maintain the international phase in the world. With expansions, more wealth is created since developments give rise to new jobs. Globalization gave rise to industries and factories which have so far created employments to billions of people across the globe. As a result, the standards of living may raise thus making life better. Also, globalization promotes trade across the borders only because it makes markets to be more efficient. Having efficient markets mean that trade operations flow appropriately without any disturbances. As for this reason, a variety of goods and services are offered at one point. Increased competition may also be evident since many producers will always be present each with the ambition to hold a position in the global economy (Rao, 2013). Increased competition gives consumers more options for the considerations on what to buy and not to buy.
Delegate your assignment to our experts and they will do the rest.
As much as globalization has had enormous impacts on the world economy, it has brought with disparities which promote global inequality. Global inequality refers to the concentration of resources within particular countries which significantly impacts individuals’ opportunities in less powerful and poorer nations (OpenStax et al., 2014). Globalization has also resulted in the widening of the gap between the rich and poor, making the wealthy wealthier and powerful and the poor poorer and powerless. As a result, marginalization has occurred within certain societal sections.
All in all, globalization has aided in the technological innovation which significantly impacts the way of doing things in the present world. With technology, access to information on different parts of the world is more accessible. More so, technology has aided in the development of modern equipment and tools which make life better; for instance, technology has led to the development of zero-emissions vehicles to curb air pollution due to CO2 resulting from diesel engines which may cause global warming.
It is not a theory or just a belief, but a reality; globalization has dramatically impacted the global economy on all sectors thus promoting further development among nations. Globalization is sure a great tool for global growth for it brings with it significant things which elevate the standards of living, i.e. employment. As much as it is beneficial and vital to the world, it tends to be biased as it aids the already developed and wealthier nations more compared to those still developing. As a result part of the world fails to expand while another part grows bigger and better.
References
OpenStax et al. (2014). Introduction to Sociology 2e . Houston, TX: Rice University
Rao, A. (2013, May 7). 4 positive impacts of globalization on world economy; The Collegian. Retrieved from http://www.kstatecollegian.com/2013/05/07/4-positive-impacts-of-globalization-on-world-economy/
Kuepper, J. (2017, June 19). Globalization and Its Impact on Economic Growth. The Balance . Retrieved from https://www.thebalance.com/globalization-and-its-impact-on-economic-growth-1978843
