Globalization and technology have had a huge impact on both small and big enterprises. The term "globalization" refers to a company's expansion to compete on a global scale. This is frequently made possible by the new developments that are revealed daily. Globalization and technological advancements have changed the industry in many respects, but they also had unintended consequences. Globalization is remarkable in that it has the potential to build and kill work. Expansion in output or activities will also create new jobs, which is a win-win situation for the economy.
On the other hand, operating worldwide exposes the organization to alternative forms of lower-cost labor, resulting in work losses for current workers. Most customer support call centers demonstrate this. The workers are outsourced to Indians, who work for less money than their American counterparts. This is beneficial to India, but not so much to the United States.
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International commerce has existed in some form or another since ancient Rome. Globalization is a relatively recent phenomenon, and some argue that one distinction between global and multinational industries is that we will be better off without it. Globalization, rather than having a level playing field, according to the "anti" claim, provides an unequal climate for foreign trade. The typical salaries in developing countries allow businesses in the United States and Europe to move factories and reduce labor costs. This is excellent news for owners, who can see their earnings grow, but it is a terrible deal for jobs. Even if jobs remain in the developed world, the prospect of outsourcing can compel workers to accept lower pay. Developing countries' safety requirements are frequently lower than those of the developed world. Jobs take chances but only see a small portion of the gains. Manufacturers can save money by not having to waste money on meeting quality and environmental requirements.
References
Globalization and business | Introduction to business . (2021). Lumen Learning – Simple Book Production. https://courses.lumenlearning.com/wm-introductiontobusiness/chapter/globalization-and-business/
The effects of globalization and technology on business . (2020). Bizfluent. https://bizfluent.com/info-8443960-effects-globalization-technology-business.html
The economic benefits of globalization for business and consumers . (n.d.). https://ecipe.org/publications/the-economic-benefits-of-globalization-for-business-and-consumers/
