The integration and interaction of people from various countries across national borders and culture is known as globalization. Coming into contact with different individuals has led to many things becoming globalized (Janssens et al., 2019). In my opinion, there are a lot of positive impacts emerging due to the globalization process. This paper will highlight some benefits as a result of globalization.
The increase in the number of transactions done across the border in the global market is one of the positive impacts of globalization. Businesses are enjoying economies of scale as well as lowering the cost of their goods and maintaining competitiveness along with protecting yields by developing a wide range of their footprint (Cleveland et al., 2016). Globalization has led to the emergence of multinational corporations since it provides the time-space compression hence attracting investors because economies compete at all levels.
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Also, globalization has led to cross-cultural management. The global market deals with individuals from across different borders with various backgrounds and cultures, and in the process of doing business, they interact with one another (Ashenfelter et al., 2018). The pattern of behavior and style of products aligned to the western culture more so the United States is increasingly becoming embraced by other cultures.
Additionally, foreign trade is expanding due to the emergence of globalization. Currently, most products are available across the world including the things that were initially found only in developed nations (Cleveland et al., 2016). Also the import and export of goods across different countries are taking place. Nations that are part of the international business enjoy a comparative advantage hence the dependence of nations on the trade is increasing significantly. The foreign trade will help reduce the gap between developed and developing countries, therefore, reducing massive labor immigration in developing countries.
References
Ashenfelter, O., Engle, R. F., McFadden, D. L., & Schmidt ‐ Hebbel, K. (2018). Globalization: contents and discontents. Contemporary Economic Policy , 36 (1), 29-43.
Cleveland, M., Rojas-Méndez, J. I., Laroche, M., & Papadopoulos, N. (2016). Identity, culture, dispositions, and behavior: A cross-national examination of globalization and culture change. Journal of Business Research , 69 (3), 1090-1102.
Janssens, M., Maddux, W. W., & Nguyen, T. (2019). Globalization: Current Issues and Future Research Directions. Negotiation and Conflict Management Research .
