Globalization, in the business sense, is to make a product or service available in the global market. Any investment that is across national borders is also part of globalization. Many companies in the United States (US) have taken their product, service, or investment opportunities to other countries. This affects the global economy. Just as the economy of the US affects many Americans, the global economy affects the citizens of the world. As any company that does affects the global economy, positive or negative affects may be realized.
Many different theories support the concept of globalization. Tariffs are levied on a country-to-country basis. Tariffs are duties, also known as taxes, which each country puts on the imports and exports of that country. The government of the country in question wages a tariff. The World Trade Organization (WTO) oversees all countries. Absolute advantage supports the concept of globalization, because this concept ensures that one country can produce a product better and more efficient than another country. By importing or exporting this product or good, the countries that use this product can easily trade other products or goods. This helps countries produce the things to make them more efficient. Comparative advantage happens when the opportunity cost of producing goods differs from country to country, all...
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...upport the reasoning behind the need globalization. Many countries benefit from the use of products and services from other countries. In turn, the countries all benefit from each other. The markets will dictate what the driving forces are, but for now, the largest driving force in the world’s economy today is technology. The effects of globalization can be seen in many different organizations and even communities across the US. Regional trading blocs help countries that would normally not be a participant in the world market. Globalization is will only make this world’s economy stronger.
Blundel, R., & Thatcher, M. (2014). Contrasting Local Responses to Globalization: The Case of Volume Yacht Manufacturing in Europe. Web. 18 May 2015.
Hill, C. (2008). International Business: Competing in the Global Marketplace (7th ed.). New York: McGraw-Hill.
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