What does globalization bring us?

Hein Htet Aung (2403140008)

Bachelor of Business Administration /Logistics and Supply Chain Management, Stamford

International University

ENG102(4): ACADEMIC WRITING (TERM 3.2023)

Dr. Junwerlo M. Ng

May 12, 2024

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Every quotation, idea, word, and piece of evidence that has been used in the essay from other
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 Globalization is the term used to indicate the increasing intra-individual linking within
the world's economies, cultural practices, and populations, a process that is engendered by cross-
border trade in goods and services, technology, and capital movement—nations in the past
constructed trading blocks to serve as the hubs for such movements for many centuries.
However, 'globalization' is a term that became widely used during the Cold War in the early
1980s, when international collective action influenced the way of life of individuals. The present
guide applies the term more narrowly to cover the latter as well as some of the foreign direct
investment among advanced economies, notably the USA (Society, 2024).

When did globalization begin? The Silk Road, a long-term channel of trade networks
existing together in China, Central Asia, and the Mediterranean region by 50 B.C. to 250 C. AD,
can without doubt be regarded as one of the earliest types of exchanging of culture, commodities,
and thoughts. As we look to future worldwide growth epochs, it becomes evident that new
technological trends were crucial factors in the case of the Silk Road trade. Research and
development in metallurgy started the history of coin production. At the same time, the invention
of roads was essential for the competitiveness of the major empires in those days and the
improvement in agricultural production could transport more food to other areas. Alongside silk
from China, glass from the Romans, and spices from Arab, these ideas of Buddhist beliefs and
how to make paper also permeated further through these silk threads of trade (Society, 2024).

The concept of such economies of scale has been helpful for companies in the sphere of
production and distribution. It likewise has prompted “outsourcing” and “technology transfer”
among companies and countries, hence enhancing their “interdependence” on each other. The
main characteristic of globalization is free trade where inter-trade among nations has developed
without much hindrance. This is because governments are regulating every detail of business
operations. The GDP of those countries that have adopted globalization has also surged and thus,
higher well-being. It has not only created a better working relationship among governments but
also improved trade conditions. Moreover, Globalization allows business entities to flourish as
one of the distinguishing factors in the avenue is the growth in the economic environment of the
corporations. It has promoted the setting up of business by entrepreneurs, and inter-country and
cross-border trade has been enhanced. Countries interchange trade with fewer barriers in the
form of rules and regulations that are now more relaxed because of globalization. The trade
liberality at the government level also flies off to make more concessions and give advantages to
industries. Liberalization and Globalization are, therefore, two different faces of one coin in
many ways linked to each other. The common thing is interdependence due to the recent trend of
globalization, nations have become more dependent upon one another. Companies can source
cheaper raw materials to help them in producing their merchandise. They can now access
markets which are demanding finished goods products more. It has been a tool for the smoothing
of trading margins and contributed to overall economic growth. Secondly, standard of living with
a high level of economic activity and job creation, people have more funds to use. In addition to
this, the increased job opportunities are available for them which lets them have more options to
choose from. It is one of the reasons that globalization has become a tool for people to continue
improving their living standards (ju, n.d.).

The impacts of globalization are wide and diverse and are frequently hotly contested. Just
as with revolutionary technologies, globalization is a double-edged sword: some people benefit
greatly, while the rest are harmed. Enabling a situation where necessary adjustments are made to
escape the problems and long-term benefits are maintained is possible. (Society, 2024).
Globalized companies have good opportunities. Companies often don’t have access to rich raw
materials at home but when they go to developing countries and get oil for less money. This
allows manufacturers to pay cheaper wages to staff stationed in those locations. Additionally,
they often utilize several years of experience from the staff professionals of developed countries.

Globalization has accelerated the progression to a situation where any one element of a
product could be made in a separate region. Some parts like wheels may be the responsibility of
one country, and others like paints may be outsourced to different countries. With the so-called
ecological T-shirts included, it is cotton T-shirts that can continue to be the problem. It may be
medium to hard to cultivate cotton in one country. But somewhere else the T-shirt was made.
Globalization affects services too. It's many companies from U. S with their customer support
call centers in India.

Finally, this yields more creation of new jobs in fields of work where people need work.
Job proliferation can help a country’s economy move up a level, thereby resulting in better
livelihoods enjoyed by people. China could be named as a paradigm of a country that gained a
lot due to global integration. Another example is Vietnam due to globalization the prices for rice
have risen globally. Therefore, the growth of rice farming brought many betterments for the
underprivileged Vietnamese farmers living in poverty. Working children from poor families
decreased in numbers as they graduated from school. So, the clients are attracted to the ones as
well that buy the products and get benefited too. For one, it tends to reduce the costs of
commodities. People could also have the chance to find many more products (Society, 2024).

On the other side, globalization can be an effective tool for improved quality of life for
individual countries, if it is implemented properly; on the other hand, there may be tradeoffs
involved for certain countries, depending on how it is done. Some of the challenges or
disadvantages of globalization have been identified include. Some of the challenges or
disadvantages of globalization that have been identified include possible monopolization of
multi-national companies and structural unemployment. Possible monopolization of multi-
national companies can be the big corporations from a developed country which bypass the small
market of the world's underdeveloped nations and dominate through a bigger global market.
Their production uniqueness and the process to which this produce is oriented may mean that
local manufacturers in a developing country can never survive in the industry if they are still
offering the product themselves. In addition, structural unemployment where a country is no
longer competitive in the production of a specific good, may lead to the rapid relocation of its
production abroad, leaving workers redundant. Even though it is possible to retrain these
workforces and allocate them to a more prosperous market, this interruption may go on for at
least some years thus leading to an enormous surge in unemployment and income inequality.
Furthermore, Interdependence is where city-states start relying on each other for their lines of
supply. When there is an interruption to this sequence, they may not be able to produce the good
in that way anymore. Last but not least, tax avoidance causes some companies to reduce the
national budget for welfare, public healthcare, and the education system via legal tax schemes. It
must be highlighted that the consequences that tend to be associated with the economy in general
do not result in financial losses for any business (Donnelly, 2024).

In conclusion, while globalization is certainly not going to be overlooked by anyone, the world is
an ever-evolving place. Two aspects need to be clarified: one is that nations and regions do have
their ways of going about policies and practices to prevent globalization, for example, tariffs.
Nevertheless, global is here to stay. On the bright side is the case when businesses and
professionals are willing to be ready for the difficulties of globalization, such as maintaining
strong competency in social impact matters, such as responsible consumption, ethics, and worker
protection. This can, in the end, contribute towards the benefits of the business and the
professional. Whether you are a business owner, member of executive leadership, employee of
any kind, or different stakeholder, the capability to comprehend the effects of globalization and
the opportunities and risks it brings, could help you become more successful and effective in
your role or task and drive the value to your organization. Following this course can give you a
chance to start developing the necessary business skills for international exposure and learn how
politics, macroeconomics, and social issues still affect the growing movement of globalization
(Stobierski, 2021).
References
1. Donnelly, D. (2024, March). 11 Advantages & Disadvantages of Globalization in 2024.
Retrieved from Horizons: https://joinhorizons.com/benefits-of-
globalization/#:~:text=Potential%20disadvantages%20of%20globalization%20for%20wo
rld%20economies%20include%20possible%20monopolization,control%20and%20inade
quate%20market%20knowledge.

2. ju, B. (n.d.). Top 10 Characteristics of Globalisation. Retrieved from Byjus:

3. Society, N. G. (2024). Globalization. Nationalgeographic.org.

4. Stobierski, T. (2021, April 1). 6 PROS AND CONS OF GLOBALIZATION IN BUSINESS