Business and Marketing

Across the globe, people started globalization when the idea of relocating to different parts of the world looking for business opportunities emerged. Since then, globalization has been steadily but surely growing. Considering the age of advancement that the world is in now, globalization has increased rapidly. However, as much as globalization has increased in scale and speed, it has had a different impact on different economies around the world. However, before assessing the different impacts that globalization has had on the economy, one must first understand, in detail, what globalization is, in order comprehend the effect it has had on the global economy. For globalization to exist, a few aspects must be put in consideration. First and most important, a business-based environment has to exist in all countries to bring about investors from different regions. With this in mind, globalization during this age and time seem to have increased due to a proper communication channel that have been realized due to the rapid speed in which technology has changed.
In many countries, globalization has affected the economy in different ways. While talking about the effects globalization has had on the economy of different countries, one has to look at both the positive and the negative effects. For instance, due to globalization, large organizations are able to invest their money in different countries around the world. This has led to job creations (Berch, 2005). This means that, through globalization, opportunities of job creation have risen. This is a positive effect that globalization has had on the economy (Joseph, 2006). However, as much as this is the case, globalization has also had a negative effect on the economy. Because of globalization, big organizations have been able to extend their reach among many different parts of the world. This in essence, means that, small or upcoming organizations that deal with the same product are effected since large companies dominate the market.
This has affected many companies, in that small companies are unable to keep up with the big companies hence leading to foreclosure and loss of jobs. However, economically, globalization has helped in breaking the monopoly that existed where only a few organizations dealt with certain products (George, 2010). By breaking this monopoly, competition has increased among different sectors of the business world. This also means that, due to an increase in competition prizes to products have dropped tremendously, hence opening up the economy. This is good for the welfare of people living around the word. Drop in prices also means that, consumers are able to save more than they spend. Before globalization, only a few organizations that dealt with different products existed. This meant that no competition existed in the market. Because of this, organizations were able to control their own prices to make huge profits at the expense of the consumers (William, 2004).
However, through globalization competition was introduced in the world market. This helped in controlling the prices. However, due to this, critics lament of a drop in the quality of products produced by different companies. Most critics suggest that, in order for organizations and companies to keep up with the ever-growing competition that was brought about by globalization, companies have to minimize on the quality and maximize on the quantity of the products. This according to the critics is one of the main disadvantage that globalization has had on the welfare of people living around the world (Wolf, 2004).
One of the facts that everyone agrees to be that, globalization has brought about changes in the welfare of many people around the world. Through globalization, different lifestyles, which include, economical, political, cultural, and social changes, have been introduced to different people around the world (Berch, 2005).

References
Berch, B. 2005, Globalization and Change: The Transformation of Global Capitalist, Lexington Books
George, R. 2011, Readings in Globalization: Key Concepts and Major Debates, Chicago, John Wiley and Sons
William, R. 2004, Theory of Global Capitalism: Production, Class, and State in a Transnational World. New York, JHU Press
Wolf, M. 2004, Why Globalization Works. New Haven, Yale University Press.
Joseph, E. 2006, Making Globalization Work. New York, W.W. Norton.
Steger, M. 2003, Globalization: A Very Short Introduction. New York, Oxford University Press.