Globalization is defined as the integration of ideas, values and culture among different nations across the globe. People around the world share ideas in the different fields of practices such as technology and economy. Since the emergence of globalization, nations have realized its importance in the different spheres of life. It has facilitated the movement of people across the world and has made it easy for people to interact.
Through globalization, nations have been able to realize many benefits associated with the globalization of the economy. The essay therefore explains the importance of globalization, the economic impact on individuals and countries and how the international security system has been affected as well as the factors that have supported the growth of globalization.
Benefits of globalization
The introduction of globalization across the world has yielded many positive results that have helped in the development of individuals and nations. The benefits of globalization are therefore discussed as follows.
Due to globalization, many companies have been able to source employees for better productivity in the companies. This is because companies with employees from different backgrounds increase the productivity due to the pool of ideas.
Developed countries have been able to create employment opportunities for people from developing countries and this has given them an opportunity to explore the untapped resources in the developing countries hence being able to invest in the emerging markets (Shiva 2005, 1).
Due to globalization, producers have faced stiff competition in the market and this has contributed to easy accessibility of products and services at affordable prices. The stiff competition in the market has led to the production of high quality products and services since domestic companies have no option rather than producing quality goods and services for them to gain advantage in the market.
Individuals from different nations enjoy the variety of products and services in the market because companies are compelled to generate new products and services, which are unique for them to survive in the market.
This has therefore increased the living standards of people worldwide and improved the economy of countries since they do not spend a lot of their resource in achieving what they need if it can be acquired cheaply from other countries (The Economist 2011, 1).
Investment and capital flow
Many companies have invested in countries where there are opportunities hence increased their capital flow. Most developing countries have high chances of increasing their capital flow since they are able to invest in developing countries, which have resources but lack enough capital to explore them.
Globalization has given developed countries an edge to excel in the market due to improved technologies which many companies in developing countries lack and this has given them greater opportunities to invest (Shiva 2005, 1).
Globalization has made foreign exchange easy among countries due to the agreement on how to operate the business. The set rules and regulations have given people opportunities to operate in different spheres of business without any panic as compared to ancient times when people could snick products to other countries.
This has again increased the living standards of individuals since they are able to acquire what they require without much strain and at cheaper prices as compared to the era when foreign trade was not legalized.
Foreign trade has therefore become friendly to all individuals even to the uncivilized since there are organizations like the World Trade Organizations (WTO), which unite them hence operating comfortably (International Monetary Fund 2000, 1).
Globalization has greatly contributed to the sharing of knowledge, which has led to the innovations among nations. Initially, the knowledge of technology and innovation was in the western countries but later spread to other countries, which has led to improved health facilities in developing countries. The political as well as the economic knowledge has developed better methods of agriculture hence increased productivity.
In the section of politics, most countries have achieved democracy, which has resulted to better economy in different nations since individuals are well informed about political matters. This has also made other countries to be more powerful since they are able to exert pressure on the political systems of other countries (Stiglitz 2008, 1).
Integration of culture
Through globalization, people have been able to become citizens of other countries due to search for employment or opportunities to invest. People of different backgrounds have different cultures and when they interact, they are forced to leave some of their beliefs and adopt new values from other culture, which are of benefit to the development.
Due to the free interaction between people of different cultures societies just like individuals have developed new cultures due to influence from other cultures and dropped their own which they feel are not of any value such as dressing styles, cooking styles and other values of culture like music and art (Romer 1986, 6).
Globalization has accelerated the growth of education across the world. Individuals are free to move from one country to another in search of the better forms of education to acquire the necessary knowledge and skills for the chosen career paths.
People are also able to carry out research on various projects in other countries to acquire the necessary knowledge to develop the home countries. For example, Japan is well known for efficiency and high quality and many countries send their people to learn there and apply the knowledge in their countries (Pankaj 2007, 6).
Legal and ethical effects
Before globalization, countries had hard times to prosecute the criminals because of the jurisdictions that existed among nations and criminals could therefore escape the law once they sought refuge in other countries. Due to globalizations, the problem has been solved through the introduction of the international courts of justices, which handle cases of such criminals by bringing them forward for the law to be imposed on them.
Countries have also been able to join hands together and fight against terrorism since there is mutual understanding between the security agencies. This has assisted to curb such cases of crimes hence creation of security (Ritzer 1993, 36).
Environmental and social concerns
Globalization has contributed to the formation of organizations that cater for the environment as well as the social activities. Nations have joined hands to form organizations, which monitor the climate and the environment such as UNEP (United Nations Environmental Programmed), and many other organizations, which have assisted in the reduction of production fluctuations in countries.
Globalization has therefore resulted to better resolutions across the globe in reference to technology, economy and culture. The effect of economic integration and globalization has created many changes in the face of individuals and countries.
For this aspect of economic integration to come to reality, technology has contributed in terms of communication and transportation for business to take place among the countries. Economic integration has contributed to the following benefits (Mulgan 1998, 46).
Creation of financial opportunities
Globalization has made many people realize their dreams in the businesses since they are able to acquire the financial support they need. Before the emergence of globalization, many companies were not able to access the funds they required to develop their businesses since they were limited to local sources for their capital but due to globalization, companies have been able to access money from other developed countries.
For instance, the World Bank is an international organization, which enables companies, and developing countries receive loans for developing at friendly rates (World Bank 1999, 1).
The small business enterprises are also able to access loans to develop their businesses since there are groups, which lend money to people at a non-profit rate, and individuals across the world are able to access them.
In the global economy, the companies can seek foreign investors from any country to invest in their businesses. This has increased the economy of countries as well as improving the living standards of individuals (IMF Issues Brief 2008, 1).
Economic globalization has resulted to changes in language since people of different communities with different languages are involved in the business. Before the introduction of foreign trade, many people used to speak in their native languages since trade was done within their territories. Due to globalization, many people have learnt other foreign languages for easy communication.
This has therefore made some languages to be recognized as international like English, which is used as a professional language.
This has led to better ways of communication, which has facilitated unity among nations since people are able to understand one another and the appreciation of other languages that people never recognized. For instance, the Mandarin Chinese is a language that has become of interest among the Americans (Naim 2009, 1).
Economic integration has created changes in the culture of different countries and communities. Through foreign trade, people have been able to buy new products from other countries, which are designed according to their cultures, and this has led to the appreciation of different cultures.
Many countries have adopted different cooking styles especially in developing countries’ hotels to be able to accommodate people from other developed countries whom they trade with like the Americans and the Japanese. This has therefore resulted to unity among the nations (Castells 2001, 45).
Due to economic integration, many commercial advances have been realized in different countries. Through this integration, various products and consumer items have gained an edge in the market as compared to the ancient times before economic integration where people could not appreciate goods and other consumables from some foreign countries.
Companies like Coca Cola, Sony and many others have managed to manipulate themselves across the world. This has contributed to the popularity of some products, which were not recognized in some countries hence increased income that increases the economy of a country as well as improving the living standards of individuals (Foreign Policy 2002, 2).
Globalization is accepted by different political arenas due to its benefits to the members. Globalization has therefore been accepted and is likely to continue surviving due to the following factors.
Improved technology in communication and transportation
Due to improved technology in the field of communication and transportation, people have been able to communicate to each other and move across the world with easy.
Through the introduction of internets and phones across the world communication has been made easy that people from different geographical places can communicate as if they are talking face to face when making business deals. Through such devices, people are able to share ideas, which help them develop (Cogburn 1998, 2).
Improved technology in transportation has accelerated the growth of globalization since people from different countries are able to move from one place to another for conferences to discuss globalization issues. Improved transport has also enabled the movement of products from one country to another.
Governments have therefore helped in the realization of globalization by constructing airports and seaports for smooth running of businesses across the world since people are able to move from one country to another within the shortest period (Cha 2000, 3).
Economic liberalization has assisted in the growth of globalization by signing agreements, which enable individual and companies to trade.
Many nations have therefore signed policies like free trade agreements, accepted investors into their countries without any restriction and this has accelerate the rate of globalization growth. Through such treaties, countries have improved their economies and the living standards of the citizens (Bhagwati 2008, 1).
Through human migration
Countries have allowed free movement of people from one nation to another and this has led to the sharing of ideas, technology and cultural values.
Due to search of employment in foreign countries and opportunities for investment, people have been able to share the cultural values since they drop some of the values and adapt new ones to fit in the environment. Through such movements, people are able to improve on technological ideas that contribute to globalization (Giddens 1990, 56).
Through capitalism, individuals are able to pursue their own interest without restriction. For instance, when someone want to develop his/her career he or she is free to choose the institution, which has made it easy for people of different background mingle and stay as one family (Freidman 2005, 1).
Due to democracy, countries have been able to implement laws and regulations, which protect the interests of individual as well the right of the minorities in societies. Such laws have therefore led to the growth of globalization since individuals are able to exercise the authority for instance moving to a different country, or buying of products from other countries even if they are produced within the home country (Bhagwati 2011, 1).
The popularity of music, movies or actors has increased the change in cultural values since people listen to music or watch movies of different cultures, which has led to the appreciation of other people’s cultures. By appreciating a different culture, many people end up adapting it and this has led to globalization (Klein 1999, 1).
Globalization has become wide spread across the world since many individuals and countries are able to benefit. It has led to improved economic status of countries since they are able to export the products and services to receive money for developing their countries as well as reducing the cost of production through importation of the products.
Individuals have also improved their living standards through the creation of employment and easy way of accessing goods and services at a reduced price.
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