Globalization: We Must Find the Balance Between Benefits and Costs

The main evidence to suggest the globalization of nations has been the growth in global markets, changes in global consumption patterns, the establishment of intergovernmental agreements as well as the rise of transnational corporations. Globalization has been essentially driven by the breaking down of economic barriers between nations over recent decades that have resulted in greater worldwide economic growth. This economic liberalization has been spurred on by the global trend towards the deregulation of nati... ... middle of paper ... ...enal growth rates of close to 9%. The income divide globally, as a result would tend to widen, as richer nations become richer at a faster rate than poor nations. However, a limiting factor towards continuing accelerated growth with in high income nations continues to be the maintenance of an economy’s external stability, in particular preventing the blow outs of net foreign debt and equity over the business cycle, which might affect the international confidence in the management of the particular economy.

Proponents of globalization put forward that the benefits of free trade out weigh the costs. International investment and trade have been the machines that drive growth and development... ... middle of paper ... ...developing nations it is the nation's lower standards of labor that make globalization possible and indeed profitable. Allowing a company to pay a laborer a fraction of what his counterpart would be paid in a developed nation. Globalization has a tremendous amount of support as well as a tremendous amount of opposition. While multinational companies tend to push for globalization and therefore higher profit margins, opponents work hard to make sure that developing nations are not taken advantage of in the process.

There are many arguments for and against globalization, some pros and cons include: • Pros of globalization: o Free trade reduces barriers o Promotes global economic growth: creates jobs, and the market becomes more competitive for companies, which lowers prices for consumers. o Information is being shared: technology and becoming culturally aware, companies outsource to each other. • Cons of globalization: o Makes the rich richer and the poor poorer o Large companies can exploit tax havens in other countries o Outsourcing of jobs/exploitation of labor: A major problem for developed countries is that jobs are being lost to lower cost countries. Companies outsource to other countries because it’s cheaper, but they usually ignore safety standards to produce

This happens through increased employment and a great amount of technical advances. Though, critics of globalization say that it weakens national sovereignty and allows rich nations to ship domestic jobs overseas where labor is much cheaper. (“Globalization,”) Global changes have fundamentally altered the national interest of the United States. (Callahan, 2004) When you looks back to the past two centuries, the international interdependencies have increased. All in number number and kind and grown in an increased amount within the impact.

While globalization has evolved, the responsibility of human resource management should not be understated. Globalization has steered changes in organizational strategy and organization structures, therefore increasing proficiency. The internationalization process has made it essential to consider different ways to successfully manage human resources globally (source Unknown). Globalization of Human Resource Management and Its Impact The internalization of business has proceeded at rapid pace. Many U.S. companies, relative to size, have both received substantial amounts of profit and s... ... middle of paper ... ...cludes marketing, sales, and operations have made an abundant of progression in adjusting to the globalization of HRM.

Globalization may be championed as a gateway to financial growth for all nations, but only certain nations benefit from it. Global trading and integration has a negative effect on undeveloped nations and developed nations in many ways including; political systems, sovereignty, economy, way of life and much more. Earlier in the essay I asked ‘do the pros outweigh the cons when it comes to globalization’ and from my research I don’t see any real benefit. I don’t believe we should eliminate global business, but better the already lacking regulations and probably increase the standard of living equally for the world.

Negative views blame globalization for sacrificing social and environmental well-being for corporate economic gains. On the other hand, supporters believe globalization leads to efficient use of resources and more product selections for end consumers. This paper will seek to explore the extension of western economic colonialism in modern globalization era. Specifically, the impacts of North American Free Trade Agreement (NAFTA) on Canada, United States and Mexico are compared and analyzed. The core value associated with global integration is still the foundation of mo... ... middle of paper ... ...co in the case, but eventually, once the country experiences more economic openness, it fosters more national economic growth and completes the process of industrialization.

Instead, it provides you a full-fledged way in guiding you to do what it takes in escaping from overwhelming restrictions put forward by governments and their policies in the way of expansion and growth of the brands. Comparative profit base The main reason for which export business gets so much attention is the incredible rate at which it provides profitability to a brand. The more exports a brand makes, the more it gets to earn and so does the profit. The strength of a firm increases in correspondence to its profit rate. Boosting productivity As the brand moves out in foreign markets, its customer base increases depending upon the creativity stuffed in its promotional tools.

Critics of globalisation have placed much blame for the growing environmental and job insecurity around the globe to the globalisation phenomenon, however studies prove that market liberalisation promote labour and environmental standards. It is generally accepted that there is a direct link between trade and economic growth. Trade promotes growth in a number of ways; it creates specialisation, new markets and technological improvements. Economic growth is extremely important in benefiting individual economies as it increases the number of goods and services per capita in a nation thus making them cheaper inturn boosting the standard th... ... middle of paper ... ... the speculative market and short-term finance generation for developing nations. As indicated by the International Monetary Fund foreign exchange turnover which comprises 95% of speculative investment has a turnover of 10 times that of GWP and 70 times of world trade.

This challenges us into a debate of whether or not globalization is positive or negative. In the world's perspective some view globalization as being beneficial perceiving it as the key to our future and that our world's economic development is inevitable. It has the potential of making societies richer through trade, and conveys knowledge and understanding to people around the world. Although this is true, others view it with apprehension because they believe that globalization increases inequality within and between nations and jeopardizes living standards to prevent social progress. It is with this argument that there is no simplicity to the idea of globalization.