The economic impacts of globalization.
|Topic- The economic impacts of globalization.|
· Effective and deliberate communication level (Salvatore, 2015).
· Effective use of import and export system.
· Effective utilization of resources.
Globalization has brought revolutionary changes in the economy with increasing import and export system.
|Globalization makes the development of integration among the people, governments, and companies all around the world.
It is a process that makes the development in the economy of the country with increasing import and export. It is inevitable in nature as it can slow down the growth and develops the goods and services in an effective manner.
This affects the economy for the development and growth of the industries and makes the organizations relationship with each other for its optimal finance.
The import and export of products and services across the boundaries make the development in the economy of the organization.
Various types of advantages and disadvantages have been taken into contemplation with the development of globalization. It would make the organization have a great impact on the marketing and communication level of the country (Salvatore, 2015).
It has also developed healthy relations among the people and used it in a great manner with the distribution of products and services vitally among the people. The role of globalization in the country and its impact on the economy in both the positive and negative perspective will be taken into consideration.
|Impact of Globalization on the economy
· Enhancement in GDP of the country.
· Increased the foreign direct investment
· huge competition in the market (Crane et al., 2019).
· development in durable relations among the countries
· Position in the market (Pandya, 2016).
|Globalization has made an enhancement in GDP of the country by increasing the employment level and reducing the poverty level in the country. It has made the government to face a number of risks also associated with the globalization and economy in the world.
The growth in the globalization has increased the foreign direct investment in the country. It has also given a pump to the technology transfer, restructuring of industries and development in the global companies.
The increasing usage of technology has given a boom to the investment made by the global companies for having increment in the revenue. The growth and development of the companies emerged at a great level with the globalization took all over the world.
The empowerment of technology has brought huge competition in the market, which left the organization to low stake in the market (Crane et al., 2019). Thus, the growth and development in FDI have helped in improving economic output by enhancing the output in the organization.
It has made the organization to meet with the competition with effective production and output in the market. This has given a great impact on the growth of the economy with a reduction in the prices of the products. This has taken economies of scale into contemplation for supporting economic stability.
The revolution of globalization has made the development in durable relations among the countries with the reduction in the conflicts. Most of the countries rely upon each other for having economic balance and grabbing the position in the market (Pandya, 2016).
The dependence on each other has reduced the native impact on the people and conflicts among the countries become negligible with the globalization.
|Growth in the economic scale of the country
· High level of employment.
· Growth in technology(Frieden, 2019).
· Changes in the economy of the country
· Development of social media(Williams et al., 2017).
|The development in the economy of the country will help in identifying the needs of the customers with the development of required products and services accordingly.
It is required to be managed in the market for the development of products and services, which are essential in the market for having sustainable growth and development. Globalization has made the development of the industries in the market, which ensured high employment opportunity and reduced poverty.
High level of employment made the economic growth at great level as this has ensured that employment has made a high-income level of the people (Frieden, 2019). This has made the balance in the economy of the country with the involvement of people in it.
The growth in technology has given a boost to the organization for the delivery of the products and services all over the world. This has given a transformation of practices with the development in communication channels.
It will help in understanding the needs of the customers from large area and lead to having optimal growth in it. It has given stability in the economy of the country and leads to provide benefits to the people with effective relations.
This makes it have an analysis of the growth and development of the economy in the market with the production of those products and services in the market. Globalization has brought significant changes in the economy of the country with the development of social media in it (Williams et al., 2017).
Social media will enable the industries to improve their communication and have utilized the resources in an effective manner. This makes the organization to go beyond the boundaries for the attaining growth in the market with the management of relations with the other countries.
|Globalization has its adverse effect as well on the economy
· Structural unemployment made an increment in poverty due to the globalization(Reader, 2017).
· Effectivethe trade practices in the industries.
· increasing pollution in the environment with the contribution in CO2(Reader, 2017).
|Global branding has been an issue for the development and promotion of products and services in the market at a global level.
It has made the industries over standardizing the products in the market, which affect it adversely on the organization and leads to breakage of trust.
The unfair increases practices of the organization in the global market reduced the employment level in domestic market. Diseconomies in scale also arise as it reduced the coordination level which is required for producing and selling the products in the market.
This affects the trade practices in the industries which make the reduction in global practice made for the production and development of products and services.
Changes that arise in the structure make the arousal in structural unemployment which gives rise in the difference between the poor and rich. This makes the richer to be richer so that it could make them attain high income with the employment.
The structural unemployment made an increment in poverty due to the globalization. The ineffective education that has been pertained by the individuals does not make them adopt the structural changes in it and reduces its effectiveness in the system (Reader, 2017).
Thus, the impact of globalization on the structural changes affects the organization drastically.
In addition to this, the increment in the trade has made its ill effect on global warming.Globalization has increased the trade, which has given its impact on the effect of increasing pollution in the environment with the contribution in CO2.
This has made the environment to be suffered from a high level with the increasing globalization. It has also given rise in inequality in the economy of different countries.
|Globalization and the changes in the economy
· Usage of new technology with the increment in employment level (Awan, 2016).
· Reduction in gender discrimination.
· Development of effective and durable relations.
· Economic stability (Compton, 2018).
|Globalization has given an immense increment intensity of research and development department with the innovation and access to the output. It has also made the organizations to be developed and competent with old incumbents.
The trade sector has also made employment of people for imports and exports with its great involvement. It has made the usage of new technology in the organization with green economy and effective production.
It has improved the condition of people with the usage of new technology for using it an effective manner and affects the employment level (Awan, 2016).
It has also made a diminishing effect on gender discrimination and made to provide various new opportunities to women.
It has made an improvement in quality of management for the promotion of its brand name in the market. The organization majorly puts focus on having its great image in the global market with the development of products and services in the market.
Assurance of quality makes the organization to attain a great stake in the market and deliver success to the industries.
The growth in the employment level with increasing import and export system of the industries has improved economical stability.
It makes it meet with competition level in the market with effective storage of products and services in the market.
This ensuresthe balance in the economy of different countries and develops the system with effective communication.
It gives a positive impact on the development of economy in the industries. The growth in the industries with the usage of social media and marketing devices so that it could have its stake at global level. Globalization has made the industries to interlink with each other for grabbing the position in different countries.
The indulgence of the countries has also made development in an effective relations with the people (Compton, 2018). It would make it sustain in the market and improve the trading system.
Awan, A.G., 2016. Wave of Anti-Globalization and Capitalism and its impact on World Economy. Global Journal of Management and Social Sciences, 2(4), pp.1-21.
Compton, R.W., 2018. Transforming East Asian Domestic and International Politics: The Impact of Economy and Globalization: The Impact of Economy and Globalization. Routledge.
Crane, A., Matten, D., Glozer, S. and Spence, L., 2019. Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press.
Frieden, J., 2019, November. The political economy of the globalization backlash: Sources and implications. In Meeting Globalization’s Challenges: Policies to Make Trade Work for All (p. 181). Princeton University Press.
Pandya, S.S., 2016. Political economy of foreign direct investment: Globalized production in the twenty-first century. Annual Review of Political Science, 19, pp.455-475.
Reader, J., 2017. Reconstructing practical theology: The impact of globalization. Routledge.
Salvatore, D., 2015. Managerial economics in a global economy. OUP Catalogue.
Williams, H., Sola, A., Abisola, A.T. and Dare, A., 2017. THE IMPACTS OF GLOBALIZATION IN A DEVELOPING THE IMPACTS OF GLOBALIZATION IN A DEVELOPING ECONOMY (A VECTOR AUTOREGRESSION ANALYSIS)(A VECTOR AUTOREGRESSION ANALYSIS). International Journal of Research in Social Sciences, 7(6).