The Benefits Of Globalization

We now live in an infinitely connected world. With the use of the internet and its plethora of resources we can virtually be anywhere at anytime. It’s crazy to think that a mere fifty years ago none of this existed. The world has maneuvered through all of these e-resources so quickly and of course business have the most to gain from it. With all of these innovations, it is now truly possibly for businesses to expand globally while maintaining control of their business entities(if they see fit!). This has been a long, long journey. Citibank was actually the first American bank to expand globally. They opened their doors as the City Bank of New York in 1812 and were easily considered one of the largest banks in the United States. With the permission

All of these countries have a plethora of benefits to work in and they welcome US companies with open arms. Global expansion has helped many of these nations(India in particular) to blossom and make use of their citizens and become more powerful global entities. Now if I asked you which country first popped into your mind when I said the words globalization, I’m sure that your answer would be China without a doubt. 85% of products available anywhere have one thing in common— the fact that they were made in China. Whether you are for it or against it the only thing that is certain is that we have all been effected by China’s gargantuan hold on the US economy. America has helped this country blossom from the country with the largest country, to one of the countries with the most value. We have been instrumental in developing their economy, gained a powerful ally and profited from it as a whole. They remain to this day the cheapest country to produce anything in which is why you see that little Made in China on everything from cooking ware to baseball bats. However, China has grown to be more than just cheap, easily accessible manual labor. Their education produces over 250,000 engineers every year. They also put out 450,000 IT specialists. These professionals are as skilled as the ones you can pay for in Japan or the

The main reason for that is NAFTA. The North American Free Trade Agreement(NAFTA) is a law enacted in 1992 between the United States, Canada, and Mexico basically allowing free-flowing and untaxed trade between the three. NAFTA sought out to eliminate non-tariff trade barriers between these countries as well as protect intellectual property rights. Eventually in the Clinton administration they also added environmental, agricultural, and transportation changes to create a more fluid system. Reception to NAFTA has been varied but it has done a lot of good in Mexico. Mexico, with its close proximity to the states and ridiculously cheap labor was just made to be used to produce products for the US.. Unfortunately, the agreement created more difficult living conditions for the poor and they began to export more. Mexican plants make some of the best denim in the world with fields upon fields of cotton. Maybe of the biggest designers and industrial clothing stores use Mexico for its resources. The Mexican government is fairly easier to work with than many Asian countries mainly because of NAFTA and its history of working with US manufacturers. Another advantage of working in Mexico is the fact that there is not really a time zone difference. It may seem trivial but VOiP has made it possible to communicate with people anywhere in the world seamlessly and that advantage is appreciated. The final