What is globalization, and how does it affect different countries? Respond to at least one of your classmates . Classmate: Globalization is a term usually used to describe intercontinental economic, s

What is globalization, and how does it affect different countries?

Respond to at least one of your classmates .

Classmate:

Globalization is a term usually used to describe intercontinental economic, social and political; integration. Globalization refers to the process of integration and interaction between different countries of the world with respect to movement of people, goods and capital between countries. (Gary J. Wells, Robert Shuey, Ray Kiely, 2001). The advancements in the means of transportation and technology have further facilitated the process of globalization. It is characterized by free movement of people, goods, services, capital and technology which has further strengthened the independence between economies. Economies are so well knit as a result of globalization that economic fluctuations in one economy have its effects on the other economies also.

According to different areas, globalization has been classified into three types:

Economic globalization: is the development of trade systems within transnational actors such as corporations or NGOs (Globalization, 2020). It compromises of integration of production, finance, technology, organizations, institutions and labor of different countries. It has been facilitated by advancement of technology and cutting down trade barriers by countries.

Cultural globalization: refers to the interpenetration of cultures which, as a consequence, means nations adopt principles, beliefs, and costumes of other nations, losing their unique culture to a unique, globalized supra-culture (Globalization, 2020).

Political globalization: the development and growing influence of international organizations such as theUnited NationsorWorld Health Organizationmeans governmental action takes place at an international level. There are other bodies operating a global level such as NGOs likeDoctors without bordersorOxfam; (Globalization, 2020). It involves expansion of global political system and its institutions which keep a watch over international relations.

We can say that the globalization can impact the countries positively and negatively, taking into count its advantages and disadvantage. For example, as advantages we can say that the globalization increases in efficiency of domestic companies due to stiff competition from MNCs and foreign companies (Globalization of Ethical Decision Making, 2019). It can also increase in investment as developed nations invest their capital in production activities in developing nations. Increased investment leads to generation of more employment opportunities. It allows the expansion of consumer choices. Finally, globalization breaks barriers between countries and binds them together with a spirit of corporation and integration. In contrast, the globalization has some disadvantages, for example the globalization leads to exploitation of poor countries as developed nations purchase raw materials from these nations at a low price and sell them finished goods at high price, thus making profits at their cost. Small scale and cottage industries in the developing nations cannot survive the stiff completion posed by the MNCs. The gap between the rich and poor is widening with the globalization. Most of the MNCs use capital intensive techniques of production to maximize profits leading to unemployment (Globalization of Ethical Decision Making, 2019). Globalization is also responsible to some extent for rapid environment degradation.

References

Globalization of Ethical Decision Making. (2019). Implementing Business Ethics in a Global Economy Chapter 10. Presentation.

Globalization. (Nova Publisher, 2001). Gary J Wells, Robert Shuey, Ray Kiely.

Globalization: Definition, Benefits, Effects, Examples. (2020) https://youmatter.world/en/

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You must respond to at least one of your colleagues to receive maximum points.

Please have complete and well thought out responses. I am looking for original input, so please share your thoughts and experiences so we can all learn from them. Please make sure that you back up the posts with factual information from the book, work/life experiences, your online library, etc. Cite any idea that is not "common knowledge". References must be listed to support the information you provide, and are a requirement of your original discussion post. Superior postings are between 150-200 words --

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Posting on 2 separate days: 20 point possible

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Total: 100 points

Weekly Discussions-Cite at least one reputable source-(Journal Peer Reviewed Journal Article)

Your work should be error-free and clearly organized. Ensure that appropriate APA references and citations are included. Postings are polished, free of errors in mechanics, and is APA compliant. Let everyone be reminded that points would be deducted if you fail to cite sources of the information used. At least one journal source (Peer Reviewed Journal Article ) must be cited to support your ideas. Do not use Wikipedia, Chron, or other articles that are not reputable. Writing from experience is good but will be best when supported with research. The response to the main discussion question of the week must be three paragraphs.