Benefits of Globalization

1551 Words4 Pages

INTRODUCTION

Nowadays when people start their own businesses, the majority of them have a common vision which is to see their business’s products or services being purchased all over the world. Some people wear clothes just to look good but others would prefer owning clothes made from imported material, or rather imported clothing product. Most products that we use in South Africa are either written that they were manufactured in another country or made in South Africa from imported material.

People are able to do all that because of the modern means that enable them to trade internationally. The collective term used to describe this process is globalization.

Globalization is described as the process of interaction and integration among the people, companies, and governments of different nations. This process is driven by international trade and investment and aided by information technology.

This process has effects on the environment, culture, political systems, economic development and prosperity, and on human physical well-being in societies around the world.

BENEFITS OF GLOBALISTION

Globalisation brings competition

With organizations ability to distribute their products globally, there is an increase in completion with other organizations in the world and by this business would want to get more customers than other business and customers’ needs are being considered. This benefits the customers and the economy and raises the living standards of everybody. The prices become more reasonable and the standard of quality of the products is improved.

Rise in opportunities

With the increasing demand of services or products of the organizations that trade globally, the company is required to expand its p...

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... human trafficking, rhino poaching, and illegal trading of plants to another country.

There is also a possibility that the developed countries can operate their businesses in another country which is still a developing country, by employing people and paying them fewer salaries (cheap labor). By taking business to another country can leave local people unemployed and that can increase the rate of unemployment. Migration of people to another country can increase the population numbers in the country of destination because others may decide to reside permanently in that particular country. The increase in population means more service deliveries are required.

But on the positive side of it, globalization has allowed developing countries to share ideas with developed countries and work together with developed countries to improve their standard of living.

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