8/28/2015

ImpactOfGlobalization:TheGood,TheBad,TheInevitable

Impact Of Globalization: The Good, The Bad, The Inevitable

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MAY 7, 2014 BY WILL GEMMA

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Globalization is not a new concept in the world. It may be

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farther along and advancing at a faster rate than ever before,

but globalization has been around for hundreds and,

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arguably, thousands of years. The Silk Road spanned onesixth the diameter of the planet literally connecting the

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West and the East and began duringthe Han Dynasty

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(roughly 200 B.C.).

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Integrating a global economy is nothing new, but the modern

implications in global business are bigger and stranger than

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in a global market, but you can bring yourself up to speed with this course

on the geography of

globalization and how it simultaneously shapes our cultures and economic

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What, Exactly, Is Globalization?

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There are two ways of looking at globalization. One is as an accidental or inevitable affect of economic growth;
industry, technology, communication, etc. As the economy grows, it is only natural for a global market to become
established in previously local areas. For this to happen, free trade and the free movement of capital are essential.
Globalization is not just expansion; it is, as Merriam-Webster nots, an increasingly integrated global economy.

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The second way of looking at globalization is as a deliberate process, and this is almost certainlymore accurate.
Yes, there is a degree of inevitability involved, but this is due in large part to the agreements made between
nations, between corporations, etc. Business wants globalization and it has almost single-handedly caused it to
happen. The Silk Road was not a humanitarian effort. It was about a vision of business. And these visions become
grander and more easily conceived as technology and politics progress so fast that globalization does, after all,
seem inevitable.

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Globalization: A Purpose
There is not one purpose of globalization; there are many, many more than I can list. But from this point forward
I want to abandon this general talk of globalization and focus solely on the economy; or, more specifically,
globalization and business.
So why do businesses actively work to make globalization happen? An initial answer is easy: cheaper production
costs and more consumers to sell to. Globalization has a hand even in the smallest businesses (at least, in firstworld countries). And where do these businesses go for cheaper production costs? China is the cliche example,
but other popular options include India, Brazil, Russia, Mexico, Bolivia, Indonesia and a number of Eastern
European countries.

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The first company I worked for when I lived in New York employed about 15 people, yet all of our production was
out-sourced to China. Even a small business can benefit from the incredible production savings to be found

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overseas, and this (along with the obvious fact that there are more people to sell to) is why businesses actively
and aggressively promote globalization.
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In the end, globalization is all about competition. Lower production costs? Thats a competitive advantage. More
consumers? Another competitive advantage. Untapped markets, different services, investment opportunities . . .
all competitive advantages. As soon as the first company went global, everyone else had to follow suit to keep up.
Globalization is about growth, sure, but it is also about establishing the ultimate competitive position: diverse
resources, diverse interests, diverse markets, diverse acquisitions; in a word, a portfolio so diverse it can only be
attacked piece-meal, i.e. the proverbial unsinkable ship.

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ImpactOfGlobalization:TheGood,TheBad,TheInevitable

If youre anxious to learn how to create your own competitive advantage, check out this post

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The Benefits Of Globalization

For some people, globalization is synonymous with world destruction. In the end who knows maybe this will
be true. But in reality there are many good things that have resulted from globalization. In this section, I will still
focus on the economy, but I would also like to touch on some social advantages, as well. For more information
regarding the positive impact of globalization, check out thisblog

post on the benefits of

globalization in the modern era.

More Efficient Markets
Many Americans do not appreciate how efficient our markets are (efficiency here meaning supply and demand).
These efficient markets allow economies to grow, and in a global world, when one economy grows, it spurs
growth in all the other economies that are connected to it. In this way, reverberations of success are felt across
the world, even when they are most profound in one area. Needless to say, this is a very good thing.
Wealth Equality
This is partially a result of what I just mentioned, but wealth equality around the world goes much deeper than
that. Perhaps a better phrase than wealth equality is standard of living. Globalization does several things nobody
can deny: it creates jobs, it improves infrastructure and it allows more people to live at a higher global level every
day (access to medicine, clean water, food production, housing, etc.).
Friends With Benefits
Globalization results in partnerships between countries and organizations. This makes relations much more
stable between both. Agreements are agreed to, and as long as these are upheld, a kind of world-cooperation is
sustained. Having these friends with (economic) benefits provides both stability and security for countries that
wish to remain peaceful and prosperous.
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taught by Dr. Bentkowska (PhD Economic Sciences) focuses on the

research of legendary economist Paul Krugman and how international trade

creates and affects a new geographic economy.
New Solutions
Globalization allows important processes to happen more efficiently and important ideas to become reality.
There is a certain irony involved in this, however. For example, globalization is going to allow the world to work
together to (hopefully) solve our apocalyptic environmental predicament; but of course, this predicament is
aresult of globalization.
Still, it allows the human race to push forward, which at this point we must recognize as a necessity of our
species. Progress is written in our DNA, and globalization has allowed us to accomplish truly incredible things
(the International Space Station being one of the most far-reaching).

The Disadvantages Of Globalization

Because globalization is 100% inevitable, we must tell ourselves that the benefits outweigh the disadvantages. But
do they? It depends where youre coming from, but let us first take a look at what these disadvantages are before
we form an opinion. Get a different opinion from this post

by Nick Gibson on the pros and cons

of globalization.
Competition: Someone Has To Lose
Unfortunately, while competition is generally thought to be a good thing, it does not come without a sour side. If
I were to say, Some companies wont survive because of globalization, then you might say, Then they dont
deserve to survive; thats the beauty of it; the companies worth sticking around usually do.
I wont deny the truth in that, but what about the borderline monopoly that the largest companies in the world
have created for themselves? Apple, Exxon, Google, etc. Whereas they were once innovators, they are now so big
thatpolitics and strategy are more important than innovation. The result of this is that smaller companies with
innovative ideas have an incredibly difficult competing. And how can they? If theyre lucky, theyll be bought out
and walk away with a pay check; if not, theyll just be crushed, often purposefully, by a competitor that is literally
a billion times bigger than them.

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ImpactOfGlobalization:TheGood,TheBad,TheInevitable

a billion times bigger than them.

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that approaches the subject from a strategic economic perspective.

When The Home Team Loses
I was raised in what was once the Apple Capital of the World: Winchester, VA. Over the last two or three decades,
this title has (inevitably) been stripped from us; first it was by Pennsylvania, but then Pennsylvania had it stolen
by China.
So now China isthe Apple Capital of the World. Theyproduce the cheapest apples, which account for roughly

half the worlds supply of apples. A lot of people up and down the East Coast lost their jobs, but
heres the kicker: China isnt allowed to export apples to the U.S. This might

change soon, but for the time

being, China is able to put a lot of people on the East Coast out of business without even selling applesin the
same country.
The lesson of the story is that another country can do what you do better and put you out of business without
even looking you in the eye. Thats globalization. But to be fair, the damage weve done to China and the benefits
we took advantage of (cheap labor) are vastly more significant. Sorry, did I say to be fair?
Environmental Devastation
I hardly need to spell this out, but I will add a thought or two. Globalization has created a global-sized need for
energy and industry, and this need has been abused and ignored to the extent that the future of life as we know it
has been brought into question. You may or may not believe in global warming, but you cannot deny the
existence of the conversation. Does the fact that this conversation is happening not say something in itself?
Have webulldozed

our planet into trouble? Obviously, yes. The argument against this fact is that we

could not possibly have caused so much destruction to our enormous planet. The facts say otherwise: weve

logged over half of the worlds tropical forests.And as far as how difficult it would be to
change the composition of the atmosphere? The atmosphere ends a mere 60 miles above the surface of the Earth.
Its just not that voluminous. Its not limitless. Its actuallysmall, and when we work together globally, even the
negative side effects of all the amazing things we accomplish are, in a word, globalized.

Good, Bad, Inevitable

Unfortunately, or maybe fortunately, globalization is simply and utterly good, bad and inevitable. Hopefully the
good will out-weigh the bad, but the continued existence of both is inevitable. Because of this, we are better off
accepting the truth and, like we do best, moving forward. But make no mistake: environmentalism is gaining
speed. Whether you want to join the cause or just be on the front lines of a new opportunity, this course

on

energy, economics and the environment can help you make your choice.

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