RUNNING HEAD: IMPACTS OF GLOBALIZATION 1

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ECONOMIC GLOBALIZATION

Globalization is all about the efforts of bringing the world closer to people, it has been brought
together and has been like a small village where people can be able to get whatever they want
within the shortest time possible (Levitt, 1993). Scientific innovations have made many things to
circulate all over the world. The economies of most of the countries have greatly improved due to
the invented technologies. In the current world, work can be secured in any parts of the world so
long as there are phones and internets where people can access any time they feel like.
Globalization includes many factors which are brought together to make the globalization real
(Hirst, Thompson & Bromley, 2015). The outsourcing of jobs can be done in anywhere in the
world due to the best transportation means that can see an individual arriving at the destination
using the shortest time possible, in an example, an individual can decide to have breakfast in Dubai
while he /she spent the night in London, he/she can decide to take lunch in Europe Germany and
finally take dinner in South Africa. This has been possible because of the faster-moving jets which
have made transportation so easy. Globalization has made companies open many companies all
over the world due to technology, which has made it easier. Due to interactions, many people have
interacted and has come up with new ideas and technologies which has been passed and transferred
to countries that are growing. Globalization has created communication globally to be more effect
in terms of production and marketing which has led to the introduction of currencies which are
being used anywhere in the world this has seen the global conducting its business effectively. It
has also led to people interacting and mingling together, making different cultures of people to be
spread all over the world. On the other hand, globalization has led to the rise of criminal activities
all over the world. Some people have been left jobless due to the introduction of new technologies
replacing human power (Rogoff, 2006). Therefore, in my opinion, I can agree that globalization
has many positive impacts on the economy due to the following;

Effects of globalization in the economy

The global market, due to the emerging of technologies that has made the world to be a small
village many privatized companies have decided to explore and look and expand markets all over
the world and move there business to the next level. This has increased more due to the online
business that is being conducted nowadays with the help of technology (Rodrik, 1998). The
business owners are even enjoying more since they are making their sells while incurring fewer
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costs in the marketing of their products. Multinational companies are the results of the
globalization. Due to the global interactions, they are now occupying the central position since
they have decided to enlarge their businesses all of the worlds to get new experiences and face
new and stiff competition from other grown companies out there.

Cross-cultural management, due to the moving of people from one point to another all over the
world it has led to the copying and imitation of new cultures of people (Dunning, 2002). Many
people wish, and others copy the western countries culture since they are the symbols of power.
The western countries are believed to be more powerful, and they are even once controlling the
markets. Many people could be copying to impress others with the new behaviours that they have
adopted. Currently, in the world, the US is the most powerful. Therefore, many people are trying
to imitate and bring the ideas and the attitudes to their societies. Other people mirror the dressing
codes and even the meals of other people.

Foreign trade, due to globalization foreign trade has been seen expanding rapidly. A country
can be stable economically that it's having and producing most of the products in the planet but
they might be lacking the raw materials which will force and see them importing the materials for
finishing or completing their products. After producing the products, they must look for the market
to sell their products to the final consumers (Block & Cameron, 2002). This can be done if only
the products have been exported outside the country, this has seen many organizations being
established to control and regulate the trading policies to have a trade which is fair all over the
world. Countries that do not participate or engage in the export and import are normally left behind
in terms of developments, and they will not be enjoying that moment of comparing their products
with the new products. This can also be used as a way of controlling and reducing the gap between
the developed countries and the developing countries

Resource imperative, one can be able to have everything, but at least you must be lacking
something, well-developed countries have enough capital, brains, technology and recourses that
can see them doing great things but they will need labour, this will land them on the developing
countries as they have labour in plenty. The same as the developing countries have labour, but they
will require to get the technology and capital from the developed countries. This kind of
relationship will see the many countries growing and interdependence also increasing.
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Foreign investments, due to globalization many people have decided to invest in other countries
that are doing well this will cause an increase of production in that country which will see it also
increasing the inflow and outflow of the foreign investments that will be flowing to the developed
countries. This will see many investors being attracted to the country to do their investments.

Competition, due to globalization, we have seen many companies improving the qualities of
their products, thus making it be standard due to the stiff competition from foreign companies.
Since the customer is the king of the business the companies they have to borrow new ideas from
other companies globally to make sure there is customer satisfactory to survive the market since
its survival for the fittest. New brands, when introduced, you must be able to amend also and up
the game to remain relevant in the industry (Kubota, 2002).

Culture, due to the globalization many people have come together and living happily this has
seen them copying the culture of others not all people who are civilized have cultures which are
good and impressive uncivilized people also have cultures that are being admired. By living
together the societies have grown to be bigger and have new cultures due to the intersections, and
as a result, we will see the emerging of a new culture, cultures like design, cooking, languages
have been able to spread all over the world due to globalization. This will make other communities
copy, which will be making a mark on your people as a community and a country.

The fast flowing of the information, since globalization has made the globe to be a village it
has also caused the flow of information from one point to the other or from one person to the other
to be so fast and easier. Important information can be transferred in seconds and communication
is done through globalization. It has also made transportation to be very fast and convenient.

Reduction of poverty, as much as reduction of poverty is concerned globalization has tried to

play a major role in the reduction of poverty in the developing countries. The developed countries
also once lived in poverty and, they were below the poverty line, but they later grew, and now they
are fully developed due to globalization and growing of their economy through the activities done
as a result of globalization. Poverty reduction is normally carried in the developing countries
(Sugiyarto, Blake & Sinclair, 2003).

Employment opportunities, through globalization, many people have managed to secure jobs
within the global. Since the fully developed countries have enough capital, technology and other
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resources, they decide to hire labour from the developing countries which will see them growing.
The works like the advertising, marketing and many others are being to the developing countries
to see them improving their living standards.

Education, globalization has led to an increase of access to the higher leaning institutions like
colleges and universities. People can be able to search the best colleges and universities online
without any barriers. This has increased due to the increase of the secondary schools, and at the
same time, most organizations employ people who are leaned and have knowledge.

As much as globalization has caused the world to be a village and made the lives to be simple
and easier, it also has some negative effects which are affecting the community all over the world.
They include;

Unemployment, globalization has done a good job in ensuring that the world is small and can
be able to be conquered by anyone at any time, but due to the interactions which have led to
innovations of new machines and new technology, we have seen many people losing their jobs
and being replaced by the machines. This innovation has seen many people going jobless( Carr &
Chen, 2002).

Western culture, the spread of the western culture has messed and influenced the growing
countries like Africa. Many people are being affected by the western culture and almost forgetting
their own culture which is more dangerous. The dressing styles and languages have caused many
people to have problems especially in communication.

Increase of the crimes, globalization has made many thing to be so close and be accessed by
anyone any time they feel like since they are online by many people both good and bad people
with different intentions. This takes us to people who will be having bad intentions who misuse
the invention of technology, whereby they will be using technology to hack other people’s
accounts and stealing their money.

Small scale industries are facing extinction, since multinational industries have enough
resources that keeps them dominant small industries are being out shined by this companies
making them to be discriminated.
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Conclusions

We have looked at the economic globalization and realized that it has more positive effects as
compared to the negative effects. The few demerits can be worked on in order to reduce the
demerits to zero if possible. Therefore I can encourage and preach the globalization gospel all over.
It has also tried very much in making sure that the economy is strong and doing well.it has tried to
change the living standards of many people.
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