TLC501 -Final Essay and Reflection Marking criteria TLC 501 Global Issues Research Paper

 Written Reflection and response to feedback

Revised Research Essay and Written reflection and Response to FeedbackDetails

Portfolio, Part 3 – Research Essay

Value: 30%         Length: 1500 words (excluding the end-text references)

Develop a research essay that answers the following topic:

Identify a global issue that is impacting on your country. Consider the impact and develop an argument that highlights a possible solution.

Your research essay should clearly present your position, as well as support your argument through reasoning and references (evidence) to the literature. You may also critically discuss other perspectives you have read in the literature.

The research essay should refer to at least 6 appropriate references, including at least 3 academic journal articles. Other credible sources may include appropriate book chapters, government reports, news publications and magazines, online videos or trusted websites.

Portfolio, Part 4 –Reflection and response to feedback

Value: 10%Length: 500 words

FormatYou can present your Reflection and Response to Feedback in any one of the following formats:

• a table,
• a set of paragraphs with sub-headings,
• any other format that your tutor agrees to.

Write a 500-word textreflecting on the process of writing your portfolio and address the feedback you receivedduring this process from your tutor, Studiosity, your peers, andpossibly other sources.

This response should address in a clear, concise and direct manner, how you reacted and responded to feedback which identified key areas for improvement in your writing.  Focus onyour tutor’s feedback from the first assignment submissionas well as onsubsequent feedback fromyour tutor,Studiosity, and other sources.  The response should include:

• personal reflections on the processes of researching, thinking, organising, and writingyour final essay,
• the challenges you encountered,
• the issues identified by the feedback you received,
• the strategies you used to overcome these challenges and issues,

Submissions will be assessed according to the assessment mark sheet provided above.

Style Guide
o The assignment is typed on A4 size paper
o The assignment is in 12-point font
o References are provided in Chicago, APA or another author-date style
o The assignment has ‘normal’ (2.54 cms) margins on both sides
o The lines in the assignment are 1.5 spaced

And finally…

1. Write your name and student number on the first page of this booklet, in the file name of this document and on the page below.
2. Make sure you include your reference list at the end of your essay
3. Paste Part 2 the Written Response to Feedbackafter the reference list of Part 1.
4. You do not need a cover page since your texts will be cut and pasted into this booklet (on the pages below)

Research Essay: THE ECONOMIC IMPACTS OF GLOBALIZATION

 Globalization in business has a huge impact on the global economy. Economic globalization is affected by the movements of goods and services around the world. The aim of performing this assignment is to analyze and understand the impact of globalization on economic conditions. Globalization brings foreign investments into the country increasing the economic growth of that country. The process of globalization in the business process impact economic positively. The globalization process helps in the sharing of business ideas, goods, and technology across countries. There are both benefits and challenges faced in the economy due to the globalization process. Globalization helps the country in the different sectors such as increasing job opportunities, rise of wages, implementations of innovated and new technology and global competitions in the global market. The aim of the easy is to develop an argument in the issues of globalization in the Indian economy and findings to possible solution to the problem. The thesis of this essay is negative impact of globalization on the economy of India and the government must maintain the trade barriers in order to protect the local business and industries.

Globalization brings benefits by improving the living conditions of the people, increase in innovation, lowers the services and goods cost. Other benefits include easy understanding and acceptance in a foreign culture. The process of globalization also has some challenges. The challenges involved in globalization are, mobility in jobs, the dominance of western culture and processes around the world. Globalization on the other hand also destroys the authenticity of some products and services. The globalization process affects the global economy immensely, for which there is a need for having proper government policies on business processes around the world.

The globalization processes affects the economy and form of business processes of India. The process of Globalization directly depends on the labor market, capital market and commodity market (Borjas, 2015). Globalization had put great impact in the world economy; it has also effect the economy of India in a large scale. Globalizations bring more competition to the business of various companies within India which negatively influences the economy of the country. The areas on which globalization has performed well to improve the global economy are, providing an efficient market, bringing more competition in the field. The other fields on which globalization is bringing improvements are security stabilization and also bring equality in wealth into the world. Economic globalization is affected by factors around the globe. The factors affecting economic globalization are non-government organizations internationally, international organizations of government, businesses around the world and immigrants (Nikolova, Rodionov & Afanasyeva, 2017).

Globalizations had put negative impact on the market efficiency of India through creating treats of competitions in the global markets. The small companies and manufacturing industries of India had to face many issues and challenges because of the emergences of the Multi National Companies in the country. The rising of the global competitions through globalizations, has been resulted as a great threats for the regional industries of India. In order to, compete with the global markets, various small companies collaborated to achieved their targeted goals. Every economy stove for an efficient market. Efficient markets have a better balance between buyers and sellers. The markets are run by buying and selling processes of services and products. The payment should be given on time to maintain the equilibrium of business. An increase in competition among business competitors is another positive impact of globalization on the economy. The competition in business helps in improving the product quality and quality of services (Reader, 2017). The producers of products have to prepare better produces for surviving in the market among its competitors. Competition, on the other hand, makes the producers or sellers demand the justifiable amount of money for the products.

The dealers can charge any amount of money when he or she is a single seller of the product. However, due to globalization, consumers are getting more options to buy their required products. Globalization brings a variety of products into the market which helps the market has a variety of products (Rodrik, 2018). The people can access global products in the market, which on the other hand increases the consumption of products. The availability of a different variety of products in the market allows people with choices for having better products. The competition for getting more market space increases the competition and thrives for better product supply.

The Government of India had modified its policy and procedures in 1991 for allowing the foreign direct investment which assists the businesses to expand their operations into the country. Enhanced incorporation of the global economy with that of India and the liberalization of the domestic economy has assisted in scaling up the GDP growth rate (Saini, 2018). Moreover, the number of inductees has also been benefitted through processing their business process in the field of pharmaceutical, petroleum, manufacturing, and BPO sector. The rate of the unemployment rate has also reduced through an enhanced number of businesses which indicates the positive aspect of globalization in India. From the recent business report, it has been identified that the businesses of India have also expanded their operations into different countries which are considered as Mittal Steel, Reliance Industries, Infosys, Hindalco, Aditya Birla, etc (Sharma & Sharma, 2017). On the other hand, the negative impact of globalization in India is demonstrated through the difference between urban and rural joblessness, terrorist activity threats and slum capital growth. In some cases, the customers have also preferred by consuming the product which is produced from outside which is a threat to local business. The companies in the telecommunication sector have invented different types of mobiles and other Media for connecting among individuals whereas most value generation of the mobiles sold in India has collected from foreign brands. The factors affecting economic globalization are non-government organizations internationally, international organizations of government. These factors have also caused serious complexity for the business process to execute their continuous process and system. The attitude of social partners has also required to be maintained for the economic growth of the country which is also beneficial from the aspects of country citizens.

Management among cross-culture puts a positive impact on the economy. The different parts of the world have different colter cultural backgrounds (Zhang, Fung, & Changhong, 2017). The products and services provided by some parts of the country are not always the same as the other parts of the country. There is a possibility that some parts of the world do perform better in some areas and other parts perform differently. The process of cross-cultural management helps in improving the management ability to perform well in cross-culture. Cross-cultural management spreads different cultures to different parts of the country (Auer, Borio & Filardo, 2017). Managing in cross-cultural scenario helps in decreasing the communication gap. The introduction of food chains like McDonald’s is an example of cross-cultural management of western culture around the world.

Foreign trade has increased extensively around the world due to the result of globalization. Increase in trade around the world help in improving the economic conditions around the world. Globalization allows the trading of different products from one country to another (Colantone & Stanig, 2018). Globalization in trading allows the supply of goods to some country lacking those goods. The process of trading helps in improving the sale of the product. The sale of more products improves the economy more efficiently. The developing countries get the opportunity to improve their economic conditions through successful trading. Bangladesh’s trade of readymade garments is an example of the positive impact of trading on the economy. Bangladesh earns 76% of its total earning of exports by exporting readymade garment to other countries around the world (Kilic, 2015). It is found out that the United States alone imports 42% of total readymade garments from Bangladesh.

Foreign investment is the main driving factor in improving the economy. The more a country has foreign investors coming for business into a country, the more that country performs well in the economy (Shahbaz et al, 2018). The ease of doing business in one country attracts investors from foreign countries. Investment, on the other hand, brings foreign currency to the country helping in the rolling of the economy properly. The process of globalization has implemented foreign policies related to trading in every country (Colantone & Stanig, 2018). The policies made by the government of the country determine how likely the country is suitable for business. A country with good policies attracts more investors to do business in those countries.

An increase in investments helps the country in improving the economic condition of that country. The government of the country needs to make it’s foreign and business policies more suitable for performing business. Foreign policies alone cannot bring investors (Dancygier & Walter, 2015). Developing countries improve their economic conditions through investments from developed countries. Globalization is bringing media coverage’s in the business processes which help in providing balance in human rights practices. The globalization of trade is seemed to protecting the human rights of labors in industries .

Globalization in business also brings some negative impacts on the economics and socio-cultural conditions of a country (Latif et al. 2018). Negative effects of globalization are on insecurity in jobs, price malfunctions, unemployment, the spread of western culture and fast food outlets. The recent advancement in globalization has increased insecurity in the job. Through the process of globalization, companies are getting more options to hire people from all over the world. This availability of companies to access a large number of working-class makes the company choose the best candidate for the job. The employee can be easily changed if they are not able to produce desirable work for the companies (Liang, Ren & Sun, 2015).

There is an effect on the rate of employment due to the process of globalization on business. Companies are extracting more work from employees as they are aware of the competition in the workplace. The factors like this are making the job market highly competitive and insecure. The investors of developed countries exploit the people of developing countries by paying less for the work done. Developing countries have numbers of people searching for a job. Companies from developed countries hire people from developing countries to cut down the cost of production (Rodrik, 2018). The fluctuation of prices is another negative effect of globalization. Competition in business leads to fluctuating prices of products. The advancement of developing countries like China is becoming capable of producing cheaper products in comparison to developed countries.

The cheaper products for the same features are attracting more people to buy such products. The developed countries, as another option, cannot produce cheaper because of production costs and high labor costs in developed countries. The fluctuation in prices causes losses in developed companies by affecting the economy of those countries (Claessens & Van Horen, 2015). The effect of the economy, on the other hand, hampers the well being of people of those developed countries. Unemployment is another negative impact of the globalization process. The low labor cost in developing countries is attracting companies from developed countries. This migration of companies is causing low job openings in developed countries. The number of job openings is causing an increase in unemployment in developed countries (Auer, Borio & Filardo, 2017). An increase in unemployment also causes poor economic growth.

Economic globalization is affected by the movements of goods and services around the world. Globalization brings foreign investments into the country increasing the economic growth of that country. The process of globalization in the business process impact economic positively. There are benefits and challenges faced in the economy due to the globalization process. The aim of performing this assignment is to analyze and understand the impact of globalization on economic conditions. Globalization brings benefits to society by improving the living conditions of the people (Goyal, 2016). The measures need to be taken to improve globalization policies to improve economic conditions around the world. Globalization affects the global economy immensely, for which there needs to have proper government policies.

Reference

Auer, R., Borio, C. E., & Filardo, A. J. (2017). The globalisation of inflation: the growing importance of global value chains. Retrieved from:  https://www.econstor.eu/bitstream/10419/161826/1/cesifo1_wp6387.pdf

Borjas, G. J. (2015). Immigration and globalization: A review essay. Journal of Economic Literature, 53(4), 961-74. Retrieved from: https://sites.hks.harvard.edu/fs/gborjas/publications/journal/JEL2015.pdf

Claessens, S., & Van Horen, N. (2015). The impact of the global financial crisis on banking globalization. IMF Economic Review, 63(4), 868-918.Retrieved from: https://www.researchgate.net/profile/Stijn_Claessens/publication/303736168_The_Impact_of_the_Global_Financial_Crisis_on_Banking_Globalization/links/5a040959a6fdcc1c2f59dc82/The-Impact-of-the-Global-Financial-Crisis-on-Banking-Globalization.pdf

Colantone, I., & Stanig, P. (2018). The trade origins of economic nationalism: Import competition and voting behavior in Western Europe. American Journal of Political Science, 62(4), 936-953. Retrieved from:  ftp://ftp.unibocconi.it/pub/RePEc/baf/papers/cbafwp1749.pdf

Dancygier, R. M., & Walter, S. (2015). Globalization, labor market risks, and class cleavages.Retrieved from: http://www.stefaniewalter.de/app/download/7352012/DancygierWalter.2015.ourversion.pdf

Goyal, K. (2016). Globalization and its impact on transforming India’s economy. International Journal of Research in Management and Business Studies, 3(4). Retrieved from: https://www.igi-global.com/chapter/redefining-the-21st-century-labor-paradigm/174192 [Retreived on: 10th December, 2019]

Kilic, C. (2015). Effects of Globalization on Economic Growth: Panel Data Analysis for Developing Countries. Petroleum-Gas University of Ploiesti Bulletin, Technical Series, 67(1). http://www.upg-bulletin-se.ro/archive/2015-1/1.Kilic.pdf

Latif, Z., Latif, S., Ximei, L., Pathan, Z. H., Salam, S., & Jianqiu, Z. (2018). The dynamics of ICT, foreign direct investment, globalization and economic growth: Panel estimation robust to heterogeneity and cross-sectional dependence. Telematics and Informatics, 35(2), 318-328. Retrieved from: https://www.researchgate.net/profile/Zahid_Latif7/publication/321692455_The_dynamics_of_ICT_foreign_direct_investment_globalization_and_economic_growth_Panel_estimation_robust_to_heterogeneity_and_cross-sectional_dependence/links/5a8e43fa0f7e9b2fac82ab22/The-dynamics-of-ICT-foreign-direct-investment-globalization-and-economic-growth-Panel-estimation-robust-to-heterogeneity-and-cross-sectional-dependence.pdf

Liang, H., Ren, B., & Sun, S. L. (2015). An anatomy of state control in the globalization of state-owned enterprises. Journal of International Business Studies, 46(2), 223-240. Retrieved from: https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=5877&context=lkcsb_research

Nikolova, L. V., Rodionov, D. G., & Afanasyeva, N. V. (2017). Impact of globalization on innovation project risks estimation. European Research Studies, 20(2), 396. Retrieved from: ftp://dlib.info/opt/ReDIF/RePEc/ers/papers/17_2_B_p25.pdf

Reader, J. (2017). Reconstructing practical theology: The impact of globalization. Routledge.

Rodrik, D. (2018). Populism and the Economics of Globalization. Journal of International Business Policy, 1(1-2), 12-33. Retrieved from: https://ces.fas.harvard.edu/uploads/files/events/Populism-and-the-Economics-of-Globalization.pdf

Saini, N. (2018). The Impact of Globalization on Indian Economy. International Journal of Research, 5(12), 3904-3908. Retrieved from: https://184.154.194.75/index.php/ijr/article/view/14391 [Retrieved on: 7th December 2019]

Shahbaz, M., Mallick, H., Mahalik, M. K., & Hammoudeh, S. (2018). Is globalization detrimental to financial development? Further evidence from a very large emerging economy with significant orientation towards policies. Applied Economics, 50(6), 574-595. Retrieved from: https://www.tandfonline.com/doi/abs/10.1080/00036846.2017.1324615 [Retrieved on: 11th December, 2019]

Sharma, S., & Sharma, S. (2017). Redefining the 21st Century Labor Paradigm: Role of Contingent Workforce in the Indian Economy. In Handbook of Research on Unemployment and Labor Market Sustainability in the Era of Globalization (pp. 17-33). IGI Global. Retreived from: https://www.igi-global.com/chapter/redefining-the-21st-century-labor-paradigm/174192 [Retreived on: 6th December, 2019]

Zhang, K. H., Fung, H. G., & Changhong, P. (2017). China and the challenge of economic globalization: The impact of WTO membership. Routledge.

Reflection and response to feedback

TLC501 Research Paper: Written Response to Feedback

1.[Key area for improvement]

The annotated bibliography provides an overview about the selected journal article which is aligned with the topic of the research. I was involved in identifying different articles which are based on health risks related to climate change. The concern of climate change has become very crucial in the context of the businesses and the Government of the country (Edenhofer, 2015). The chosen article has demonstrated the adverse health effect due to the approach of climate change and the article summary has provided a context for the study

2. [Next key area for improvement]

I have also taken the second article based on climate change which has focused on the industrial aspect. Diversified range of natural threats and industries has affected due to the application of climate change which has tried to be mentioned in the article. I had also studied diversified articles for focusing on perspective of climate change which has been published recently and aligned with the topic simultaneously. The reliability of the articles has been reflected through same pattern of conclusion which justified the same concern associated with the topic. Moreover, I mainly focused on the strategic solution associated with the threats of climate change which comprises with the governance process and regulations standards for the companies. I have also identified deferment sources for demonstrating the business actions which are undertaken to prevent the threat of climate change.

3. [Next key area for improvement]

I have conducted the data collection and analysis approaches for interpreting the globalization aspects for India. As India is considered as the developed country, the initiatives from Indian Government helped the businesses to expand their operations without facing any concern. Recently, Indian economy has faced serious threat due to reduction in GDP and growth in unemployment which has influenced the business processes. For conducting the assessment, both the positive and negative impact of globalization has been interpreted

4. [Next key area for improvement]

. Mainly, the essay is constructed based on economic impact of the globalization process with respect to India. I have also mentioned the benefits of globalization from the aspects of business and Government of the country. I have also found the difference between the culture and economy of the rural and urban location of India which has assisted me to develop the aspect of the topic. I have mainly focused on the aspects of employment level, technical growth, shift in economy and social media development for focusing on the external environment of the business. Connectivity among global range has also been improved which has assisted the Government of the country to maintain development of durable and effective relationship (Crane, et al., 2019)

5. [Next key area for improvement]

The aspect of application of new technology has maintained through the study. I had also focused on the negative impact for the globalization in the country context which makes the essay critical for clear representation. I had also found that the local business operations are generally hampered due to getting quality product at reliable pricing by the foreign brands. Moreover, the improvement of the economic stability of India since 1991 is reflected when the Indian Government has applied the principles of foreign direct investment

6. Explain in a few sentences if and how feedback from Studiosity helped you improve your draft of Assignment 2.

In studiosity, tutor suggests me to improve your grammar mistake, referencing styles   and suggest me to use more vocabulary words.