Impact of Globalization Essay

Published: 2021-07-06 06:41:32
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Category: Education

Type of paper: Essay

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Globalization is a debatable and common concept that has not been clearly explained in the current world. People normally use the term to enclose the expansion of different trade regions and reduction of transport cost as well as improvement in technology. Impact of globalization focuses on how it affects the economy, employment opportunities and income distributions without considering the inequalities between different countries.Globalization has stimulated the expansion of small businesses and regional economies into larger marketplaces which are recognized internationally. The presence of internet has eased communication gradually across the world enabling small businesses to participate in the global world actively. Kulkami et al. (170) say; globalization has enabled free movement from country to country, domestic makets are opening to allow foregn investments, tellecommunications are established, more emphasis is put in trade reductions and the countries doing better in innovations pass on these ideas to the others that are still lagging behind and are in need.There is increased competition and improvement in the quality of goods and services. Often the presence of many producers competing to hold the economy stimulates the introduction of new standards into the global market and ensures consumers have varieties to choose from. Since there are many competitors fighting over the market share, many companies are forced to improve both the quality and quantity of their goods and services and also the relationships with the customers.Globalization has also stabilized security by heightening it, many countries mutually depend on each other’s economy; therefore the chances of these countries launching attacks on others are minimal.

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