...Pros and Cons of Globalization Dianna L. James MBA607 November 22, 2014 Jeff Knott, Instructor Abstract Within this writing, we had to research the pros and cons of globalization. However, one needs to know the definition of globalization. Globalization is a process in which we trade with other countries in the stock market or imports/exports of goods and services. However, globalization is not as easy as saying the word, there are many issues that are important to know, one is the laws of any given country. Korea is a good example where they have non-flexible laws that a business that wish to produce their good though their country they need to be abided by in all sense of the word. When visiting the country you need to be well aware of the culture differences and conform to the culture of the country you are visiting. There is one basic question associated with the pros and cons that needs to be answered. “How can firms and governments help to reduce the amount of resistance that might result from its implementation” (From instructions for week one assignment)? Key Words: Trading, Country, Laws, Pros, and Cons, Globalization Pros and Cons of Globalization Within this writing, we had to research the pros and cons of globalization. However, one needs to know the definition of globalization. Globalization is a process in which we trade with other countries in the stock market or imports/exports of goods and services. However, globalization is not as easy...
Words: 3504 - Pages: 15
...1. In your opinion; what are the pros and cons of globalization? Humans are the only living species in the world that are very genius. Humans have a very highly developed brain and are able of abstract reasoning, problem solving, creating and language. Humans adapt the way of communication, exchange of ideas, organize and develop the basis of human society. Humans never stop learn new things which is lead to the world more connected to each other than ever before and international communication is more common place. As Deresky (2011) define “globalization is global competition characterized by networks of international linkages that bind countries, institutions, and people in an interdependent global economy” (p.18). Globalization become one the most talk of the town subjects, and has been considered cause of changes which positive and negative impact the quality of human life. Globalization is a double-edged sword. It narrows the world for people to know different culture, trade product and technology, and job are created in other country. The world is connected by worldwide market for companies and consumers to access product from different countries. Therefore, people will exchange the knowledge of different culture, traditional and information. Socially we have become more open, and people who live in the other part of the world are not considered aliens. According to Krueger (2003), he described that many benefits from trading between each countries, “A large proportion...
Words: 444 - Pages: 2
...Pros of Globalization • Productivity grows in countries that open up their markets and integrate with outside economies. Rich countries gain access to emerging economies. Poor countries gain access to wealthy economies where they can sell their goods and services. • Lesser developed nations benefit from the increase in investment from foreign countries both financially and through jobs. • The jettisoning of statist policies and their replacement by free-market policies in many Third World nations. • The unprecedented number of nations submitting themselves to the exacting rigors and standards of the global marketplace, creating a more stable global economic system. • Global competition and cheap imports help to keep inflation down. • Open economies help to spur innovation and new ideas on a global level, creating an effective globalization of ideas and a revolution in information technologies. • Through globalization, countries can specialize more in what they produce most effectively and efficiently. • Shared financial interests mean that corporations and governments attempt to solve certain ecological problems. • Globalization unleashes the forces of creative destruction, a process that conveys the essence of capitalism, which is the continuous change that includes improving production methods, exploring new markets, and introducing new and better products. Cons of Globalization • Wages and working conditions everywhere are pushed downwards as companies gravitate...
Words: 384 - Pages: 2
...Economic globalization and trade liberalization have released many restrictions in regards to trade. Now, foreign countries can communicate and distribute items very cheaply compared to previous years. Yet, controversial opinions arose and residents have questioned the effects of economic globalization as an advantageous venture. I completely agree with those people. Supporters of economic globalization state that it brings cheaper products and increased availability of diverse products. Because items can be manufactured and produced cheaper in foreign countries, they can be sold cheaper. Because of economic globalization, we can take advantage of this and provide cheaper products to our residents while producing and distributing the products cheaper as well. Furthermore, regarding the increased availability of products, more products become available to us because of our multiple outlets to several foreign countries. That is to say, we can obtain items from not only China and Japan, but from Australia, the Middle East, countries in Africa, and many more. (Maybe add on?) While economic globalization has gained a positive connotation, there are negative aspects that have more strength refuting its so-called progressiveness. These negative aspects include a job loss and an increase dependency on foreign countries. The majority of the items we buy today come from foreign countries and will continue to come from foreign countries. As a result, local monopolies and industries...
Words: 445 - Pages: 2
...February 10, 2012 Globalization and its Effects What is globalization? If you asked 100 different people that question, your more than likely going to get 100 different answers. Globalization, in general, is the integration of different societies, cultures and economies. (What is Globalization, 2010) Now the question everyone is asking, what are the pros and cons of globalization. A major pro to globalization is that it helps countries’ economies to grow. If one countries’ economy grows, it is said that the growth spreads to neighboring countries which in turn spread to other neighboring countries so much that they start to grow dependent on each other. In contrary to that, a con of globalization is if one country goes into a recession, its neighboring countries will follow and it will continue to spread to other neighboring countries and so on and so forth. (Pros and Cons of Globalization) So globalization in the spreading of economic status has both its ups and downs. I feel that this controversy is a wash. To grow as a country, you have to be able to take the risk that your country may suffer as well. One day your country could be doing fine, and the next day your economy could be going right down the toilet. I think eventually countries will have to take this risk if they want to grow economically and financially as a whole. Some also argue that globalization will create jobs, increase the competition between companies, and at the same time, lower product prices...
Words: 1078 - Pages: 5
...The three pros of the aforementioned statement include: 1.It encourages free trade - When a country is deprived of borders, they incur an unlimited variety of discounted consumer and industrialized goods and services. Intrinsically, fewer barriers, like tariffs, sales taxes, or subsidies are implemented since there isn’t a country to add borders ("22 Globalization Pros and Cons", 2017). For example, In Trinidad and Tobago, tariffs are now countless and theoretically possesses the preeminent market for imported consumer goods in CARICOM. It furthermore offers the local producers a final opportunity in the market. Though, it is a momentary measure, it enforces on the overseas producers to be economical, if they desire to recapture the CARICOM...
Words: 831 - Pages: 4
...Globalization: Globalization is defined as the deficiency of the walls of matchboxes which were characteristics of every country due to mutual distrust, suspicion and objectives. With these walls of matchboxes, each country experienced challenges when dealing with threats such as natural holocausts and fatal pandemics. One of the major benefits of globalization is the fact that it has toughened the nexus and helped countries as well as people to interact in a better way. Furthermore, globalization has also helped countries to destroy the walls of separation and controlled the natural distinctiveness of being fellow human beings. Notably, the impact of globalization is not limited to countries’ economy but to all the other aspects of life including political, psychological, social and cultural aspects (Ganguly, n.d.). However, globalization has had visible impact on two major aspects of life which are a country’s economical and political systems. Additionally, the effect of globalization on people’s mindset and cultural systems is slowly becoming visible because of the way people’s thoughts and actions. Furthermore, as a result of globalization, libertarians argue that the entire world will be able to tackle disasters such as poverty and lack of employment. While it goes hand in hand with democracy, globalization will also help countries to uplift the global economy. The growth and development experienced in the last decade proves that globalization has provided good returns...
Words: 505 - Pages: 3
...Globalization Globalization refers to the absence of the walls of matchboxes that every country had, between themselves based on suspicion, mutual distrust and ambition. We were different countries, in fact divided into worlds, and therefore could never manage to deal with natural holocausts and deadly epidemics, which time and again challenged us. Globalization has strengthened the nexus and has helped us to know each other’s need in a better way. It has helped to demolish those walls that separated us and curbed our natural identity of being fellow human beings. Globalization has primarily become a fiscal term but its impact is not limited to the economy of the countries only, the term globalization actually refers to every aspect of life like cultural, social, psychological and of course, political. It is true that the impact of globalization is visible and affects largely the politics and the economy of the country but its effect on the mindset and the culture is noticeable gradually in the way people think and react. It’s like the Iceberg theory wherein what we do and say are at the tip and what we think and believe is at the base. The base is not visible but manifestations at the top are conspicuous. It applies here as well where people do not change abruptly but may be after a decade the change starts showing and seems radical. Pro-globalization Globalization is not a new phenomena, the base was laid long back when the Dutch East India Company and the British...
Words: 1134 - Pages: 5
...plan pour l'expression orale Part 1: presentation of the notion Space and Exchanges = movement of money: Trade (the basis of all societies) The Stock Exchange (money rules the world) Globalization (the world has become a small village) Space and Exchanges = movement / communication: School (social diversity / knowledge...) The Internet / social networks... Space and Exchanges = movement of people: Immigration. Gap Year Part 2: relation between the documents studied in class and the notion immigration = mass movement: history of immigration to the USA (video) causes (video + propaganda document) hopes and disillusions / the American Dream (Rose + propaganda document) Pros and cons (“enough is enough” “Mexican woman”...) Gap Year = individual movement: definition (take a gap year: home page/ web site) reasons (home page web site + guide for parents) Pros and cons (class discussion + the Camel book mobile) Space and Exchanges Proposition de plan pour l'expression orale Part 1: presentation of the notion Space and Exchanges = movement of money: Trade (the basis of all societies) The Stock Exchange (money rules the world) Globalization (the world has become a small village) Space and Exchanges = movement / communication: School (social diversity / knowledge...) The Internet / social networks... Space and Exchanges = movement of...
Words: 275 - Pages: 2
... | |GLOBALIZATION | |Argumentative Paper | |PHL/ 320: Critical Thinking and Decision Making in Business | |University of Phoenix | |Malika E. Potter | |September 12, 2015 | | | In today’s business world, the term “world” is literal. Globalization, the development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets, has become the norm. While there are always two sides to an issue, globalization has become a good, positive force in business. For the purposes of...
Words: 441 - Pages: 2
...international landscape. Since the local school systems contract begins in one year, Free Range Food must determine if their company can compete globally while simultaneously maintaining its eco-friendly business operations. Thomas L. Friedman, in The Lexus and the Olive Tree, explains globalization as a movement that enables individuals, corporations, and countries to reach around the globe farther, faster, deeper, and cheaper than ever before. Due to more accepting international trade laws and modern advances in technology business globalization is becoming more common and some will argue a necessary component to sustaining one’s business. This script will discuss four elements Free Range Foods must consider when deciding to whether to go global: 1-analyze the pros/cons of how at least two globalization strategies might apply to their decision 2-identify the factors to be reviewed before going global 3-make a recommendation on operational restructuring to make its operations global 4-state whether and how to manage its “eco-friendly” operations internationally Can anyone identify an example of globalization in the brief story mentioned in the beginning? [Slide 2] Globalization is the process a company takes when integrating...
Words: 1611 - Pages: 7
...Essay Globalization Globalization Debate Globalization is the bringing down of the walls of commercialism that has been going around the whole globe since its inception in the 1880's. By nature we do not trust other countries other than our own but globalization is beginning to change all that. There was one way to describe country-to-country relations back then: non-existent. Well at lease when we talk of relations that is founded in trust and understanding. We forge alliances only because of the things we get from it. But globalization has formed some semblance of unity among all us and the concerns of other nation that back then were opted to be resolved on their own are now an issue with other countries as well and all unite to propel themselves to a solution. Globalization is often used for its financial connotations. The influence it has however is not contained solely to the economy. Other international aspects such as social relations, political discourse and psychological manifestations are also a part of globalization. We have constantly heard the globalization pros and cons and the debate of these globalization pros and cons continue up until now. Here is a bit of a crash course of the pros and the cons of globalization. Pros of globalization are that more accessible market for anyone all over the world regardless of color, race, and social class. “Steady supply of cash to developing countries and even the well established ones. There is an increase in the production...
Words: 2120 - Pages: 9
...Globalization Shannon R. Newcomb PHL/320 June 29, 2015 Jennifer Stephens Globalization In today’s business world, the term “world” is literal. Globalization, the development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets, has become the norm. While there are always two sides to an issue, globalization has become a good, positive force in business. For the purposes of this paper, the term “good” means favorable or advantageous. (1, Premise) Operating globally, businesses work with other countries stimulating trade, creating employment, and boosting economies. According to Mike Collins, a contributor for Forbes Magazine, “globalization promotes economic growth; creates jobs, makes companies more competitive, and lowers prices for consumers” (Collins, 2015). Globalization helps to stimulate trade by allowing organizations to gain knowledge about the trends, culture, and customs of other countries to better market to those parts of the world. (1, Conclusion) Thus, globalization generates effective communication between countries in order to trade, create jobs, and boost economies. (2, Premise) Globalization creates a worldwide shopping experience. In the past, consumers were limited to what was nearby for purchasing. With globalization, the options are limitless. Gone are the days of cookie cutter gifts from your local Walmart. A unique gift is just a click...
Words: 502 - Pages: 3
...Globalization Concept Globalization is an intensified transference or exchange of things between preconstituted units, be they political, economic or cultural. Thus conceived, globalization signifies a process of change that originates at the level of the unit, mainly in terms of the unintended consequences of the interaction between units. Globalization as transference thus implies exchange across existing unit boundaries and between units and system, but it still presupposes that this system as well as the units remains identical with themselves throughout the globalizing process. Pros and Cons There are many pros and cons of globalization, ranging from economic benefits to a freer, more equal labor market. For example, Free Trade reduces the barriers that once stood between nations trading freely with one another. When companies in different nations don’t face any barriers to trade in the form of import or export restrictions, they can engage in free trade. One of the downsides of globalization is the harm it can cause to economies at an early stage of development. The same example of Free Trade forces all countries to compete using an even playing field, which critics claim puts smaller, less developed countries behind their more developed counterparts. Some economists believe that free trade is only possible if industries in developing countries are allowed to grow under a certain level of economic protection. This is known as the Paradox of Free Trade, and it...
Words: 828 - Pages: 4
...it possible to further shorten this considerably. 3. Knowledge dissemination has created awareness, consciousness, and hence empowerment unparalleled in the past. The very rising grass roots opposition to the negative by products of globalization is an evidence of the positive force that economic globalization has created. 4. The capacity to generate wealth has accelerated beyond belief. Negative Outcomes: 1. Rising socio-economic insecurity; mainly due to the rapid transitionary period currently underway. 2. Financial market instability across the globe with huge socio-economic and human costs. 3. Political and ideological tensions emanating from the undesirable manifestations of the evolving global order. 4. The mismatch between the economic and financial system and the historic institutions that have been designed to govern the global economic and financial system. 5. Etc.. The Dichotomy of Economic Globalization Increasingly, the welfare of nations is becoming inter-dependent. This has been a process over centuries, culminating in today's evolving world order in which the powerful and the weak, the poor and the rich nations have become organically interrelated. However, the process of socio-economic globalization has highlighted some major fault lines in the existing socio-economic order - which is rapidly degenerating into a global 'disorder'. Despite this evident inter-dependence, a substantial proportion of global society suffers from grinding...
Words: 1163 - Pages: 5
