What does the term Globalization Mean to you?
The term “Globalization” means the process of internationalization in which people can change their ideas, views and thoughts, culture, can trade business and monetary terms according to the policies etc. Globalization affects the countries in different ways for example economically, politically, socially and financially.
With the help of globalization, the people around the world become able to trade their goods and services around the world. Now businesses are growing around the world, globalization influences the phenomenon of economic business and society as well. The growth of developed countries is considered as the main cause of the globalization. With the help of globalization, now countries are trying to lower the unemployment crises around the world, which is the major problem of all countries at present. With the help of globalization, now multinational companies are hiring people where the labor cost is low so that they can provide employment to the workers as well as they can be able to earn profits in a large amount. This process helps the developing countries to improve the livelihood as well as the standards of living of the people (Mathews, Ribeiro, & Vega, 2012). It also helps the developing country to get familiar with the new civilization. Globalization is increasing opportunities for the developed countries that they can take advantage of the developing countries for example low labor cost etc. globalization is also playing the role to develop or improve the infrastructures of the countries (Fujita & Thisse, 2013).
Technological advancement and other factors like free trade activities and worldwide acceptance of markets playing an important role in the process of globalization. Globalization is playing a major role in improving the economic conditions of the country, with the help of free trading that is government is now changing their strict rules and regulation in order so that companies from the other country can come and trade goods and services.
With the help of globalization now, entrepreneurs are finding new ways and ideas by visiting potential markets in the developing countries so that they can bring in new innovative product or business in the country and can improve the economic condition of the country. Globalization has promoted good education system around the world. With the help of globalization, different standards have developed for example standards for doing business ethically, standards for labor force and standards for the monetary term for example standard format for the balance sheet and income statement of a business (Jones, 2013).
To conclude it, globalization is playing an important role in the development of the country. It is helping countries to come and invest in another country; it is promoting a better way of education. Globalization is promoting countries to develop standards that can be followed by every country so that they can improve the way of communication, the way of doing business and the way of getting an education it. On doing this, they can be able to improve the economic condition of the developing countries and peoples’ standards of living.
Fujita, M., & Thisse, J. -F. (2013). Economics of Agglomeration: Cities, Industrial Location, and Globalization. Cambridge University Press.
Jones, G. (2013). Entrepreneurship and Multinationals. Edward Elgar Publishing.
Mathews, G., Ribeiro, G. L., & Vega, C. A. ( 2012). Globalization from Below: The World’s Other Economy. Routledge.