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Globalization

Tiffany Seace

Kaplan University

Professor Fran Gregg

June 28,2017

Thesis statement: 

Globalization has influenced practically every facet regarding today’s lifestyles.

Globalization, which is an action or process of global incorporation has its driving factors. Public policies along with technological innovation are the two primary driving aspects powering contemporary globalization. New implementations associated with the government policies, both domestic as well as globally, have opened monetary boundaries for nations across the globe. Within the last two decades, world government authorities have incorporated a free-market financial state into financial guidelines, economic guidelines as well as trade deals. This advancement of monetary models has triggered indigenous development prospective and opened nations around the world to high economic prospects to foreign countries. World governments today concentrate on reducing limitations to trade as well as actively encourage global business in connection with investments, services, and goods (Samimi, & Jenatabadi, 2014).

Technological innovation has additionally been a significant reason behind the expansion of globalization. Enhancements within the information technology (IT) along with the circulation of data across boundaries have motivated people to take power over their monetary lifestyles. Today, with the use of modern technologies such as email, people can make contracts and through postal or email they send such to the respective parties for relevant activities that have to be done with regard to such contracts. Technology has also made easy for transfer of money from one person to another across regions due to innovations such as PayPal and Western Union among other means of money transfer. Technology has also made it possible for companies to expand internationally, as through technology all the branches can be linked to the main branch or head office wherever it is situated. This is why companies like Nike, Coca-Cola and JP Morgan Chase bank have been able to expand internationally. Technological innovation has made it easier for individuals to be more knowledgeable regarding commercial developments and enables people to move financial assets as well as benefit from investment opportunities (Sandbrook & Güven, 2014).

Apart from the factors that drive globalization, globalization has benefited world economies. Most economic analysts concur that globalization offers a net advantage to personal financial systems across the globe, through creating markets more effective, raising competition, constraining military disputes, and dispersing prosperity more evenly around the globe. Nevertheless, the public has a tendency to presume that the expenses connected with globalization outbalance the rewards, specifically in the interim that contains induced difficulties (Samimi, & Jenatabadi, 2014). The following are other benefits that are associated with globalization. Foreign Direct Investment, which is the act of investors investing in foreign countries of abroad. This is likely to improve at a significantly higher rate that the expansion in global business, facilitating the enhancement of technological transactions, commercial reorganization, as well as the expansion of worldwide organizations. Technological Innovation is another benefit. This has elevated competition through globalization facilitates the stimulation of new technological innovation advancement, especially with the expansion in Foreign Direct Investment, which allows improvement of monetary output through making techniques more effective. Economies of Scale is the cost advantage that arises with increased output of a product. Globalization has made it possible for huge organizations to make use of the concept of economies of scale by engaging in mass production of products, which keep costs as well as prices down, which consequently facilitate additional monetary development, although this could damage a lot of small businesses trying to be competitive within the domestic region.

References

Samimi, P., & Jenatabadi, H. S. (2014). Globalization and economic growth: Empirical evidence on the role of complementarities. PloS one, 9(4), e87824.

Sandbrook, R., & Güven, A. B. (Eds.). (2014). Civilizing Globalization, Revised and Expanded Edition: A Survival Guide. SUNY Press.