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What Is Globalization?

Globalization is the increasing interdependence and integration of economies, technologies, and cultures across borders. It allows corporations to reduce costs through foreign manufacturing and access to new markets. While it can raise living standards in developing nations through jobs and goods, it can also destroy jobs in developed countries as production moves abroad. Globalization impacts workers, cultures, and businesses around the world in both benefits and challenges.

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Elaizel Alamag
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46 views

What Is Globalization?

Globalization is the increasing interdependence and integration of economies, technologies, and cultures across borders. It allows corporations to reduce costs through foreign manufacturing and access to new markets. While it can raise living standards in developing nations through jobs and goods, it can also destroy jobs in developed countries as production moves abroad. Globalization impacts workers, cultures, and businesses around the world in both benefits and challenges.

Uploaded by

Elaizel Alamag
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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What Is Globalization?

Globalization is the spread of products, technology, information, and jobs across national
borders and cultures. In economic terms, it describes an interdependence of nations
around the globe fostered through free trade.
On the upside, it can raise the standard of living in poor and less developed countries by
providing job opportunity, modernization, and improved access to goods and services.
On the downside, it can destroy job opportunities in more developed and high-wage
countries as the production of goods moves across borders.
Globalization motives are idealistic, as well as opportunistic, but the development of a
global free market has benefited large corporations based in the Western world. Its impact
remains mixed for workers, cultures, and small businesses around the globe, in both
developed and emerging nations.

Globalization Explained
Corporations gain a competitive advantage on multiple fronts through globalization. They
can reduce operating costs by manufacturing abroad. They can buy raw materials more
cheaply because of the reduction or removal of tariffs. Most of all, they gain access to
millions of new consumers.
Globalization is a social, cultural, political, and legal phenomenon.
Socially, it leads to greater interaction among various populations.
Culturally, globalization represents the exchange of ideas, values, and artistic expression
among cultures.
Globalization also represents a trend toward the development of single world culture.
Politically, globalization has shifted attention to intergovernmental organizations like the
United Nations (UN) and the World Trade Organization (WTO).
Legally, globalization has altered how international law is created and enforced.

KEY TAKEAWAYS
 Globalization has speed up to an unprecedented pace since the 1990s, with public
policy changes and communications technology innovations cited as the two main
driving factors.
 China and India are among the foremost examples of nations that have benefited
from globalization.
 One clear result of globalization is that an economic downturn in one country can
create a domino effect through its trade partners.

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