Globalization is the international amalgamation of the economy, culture, technology and political forces. The globalization process has been necessitated by the advancement of technology which has enabled societies from all over the world to behave as if they are in a global village. With the improvement of infrastructure such as the internet, people are nowadays in a better position to communicate with individuals from any part of the world with great ease. The unifying of various economies, societies as well as cultures in a global network has improved the world in a number of ways.
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Globalization has resulted to a rise in the world markets. Nowadays, countries as well as individuals are in a better position to import goods and services that they cannot access in their nations more easily and conveniently. This has resulted to a greater rise in the movement of goods and services across borders which have triggered a great increase of international trade within the last 50 years.
Globalization has enabled many economies of the world to have a greater access to funds since they can now have better access to external borrowings. Thus, globalization has helped the needy nations to borrow some funds for development from world banks which they pay later at a subsidized interest. Globalization has promoted Foreign Direct Investments which has enabled multinational firms to set up factories in regions where the costs of production are minimal in order to enhance their profits.
These investments have enabled these firms to improve their performance greatly. Moreover, Direct Foreign Investment has also boosted employment opportunities in nations these firms invest. Globalization has also resulted to diversity of products and services in many countries which have enhanced growth tremendously. Presence of similar products and services among diverse societies has boosted unity greatly since different societies tend to adapt similar lifestyles.
I agree with the article that globalization has greatly improved the communications process. This is because people nowadays are able to communicate more efficiently and effectively than there before. The globalization process has been accompanied by an increased advancement in the development of Information Technology. The emergence of cellular phones and the coming of internet have greatly facilitated the communication process.
Business people are now at a better position to share businesses information efficiently, despite their distances. The advancement in Information technology has also facilitated the establishment of e-business that support electronic buying and selling of goods and services. This enables customers to have diverse products and services at their dispose to select from.
I disagree with the article that globalization has improved the lives of people. As much as it has improved the living standard of some people, it has conversely, affected the lives and performances of many people negatively. For instance, globalization has resulted to e-business which subsequently promoted availability of more products to consumers. This has in turn increased competition. Stiff competition has affected performance of those firms that have not yet branded adequately.
Equally, the coming of e-business has also affected some individuals and some firms negatively by the loss of their moneys through fraud which is prevalent with electronic business. Similarly, globalization has resulted to depreciation of some currencies and particularly among those nations that mostly depend on importation. Similarly, globalization has also resulted to the loss of some cultures as a result of the aping.