Wealthier key advantages and disadvantages globalization
According to Thomas Friedman, globalization is the integration of markets and technologies globally wherein it allows people, businesses, corporations, and different nations to rapidly and cheaply reach other countries from all over the world. Furthermore, it has its own set of rules economically, dominant culture, technologies, and fording the integration of people, economics, policies, and technologies (Pesut & Horton-Deutsch, 2002). It is an ongoing process in which its qualities and effects change withing a certain time period. He categorized globalization into three different types that occur in our history. Between 1492 to 1800 occurred the first era of globalization which is characterized as the period of imperialism, colonization, and exploration. The second era of globalization happened from 1800 to 2000 known as the industrial revolution era in which major corporation and technology innovations were produced. Lastly and currently, we are in the third era of globalization which started from 2000 up until the end of the 21st century. This era was greatly influenced by the Western countries and a more advanced technological innovations are being used to exploit opportunities globally (IvyPanda, 2020).
Globalization is the integration of capital, technology, and information across national borders, in a way that creates a single global market and, to some degree, a global village. Do you think that our country is in the right direction in terms of globalization? Kindly give one example and explain.
Globalization assists us in combining our resources to establish bigger and better things. – When different countries work together, better ideas, plans, good funding, better goals, could be attained when resources from these nations are combined (Gaile, 2018).
Globalization increases cross-border investments – investing internationally showed that this enhances welfare on both countries.
References:
14 Key Advantages and Disadvantages of Globalization. (2019). Connectus. Retrieved from https://connectusfund.org/14-key-advantages-and-disadvantages-of-globalization
Pesut, D. J. & Horton-Deutsch, S. (2002). Understanding globalization. Nursing Outlook. 50(3), 87-88. doi:10.1067/mno.2002.125133
Stobierski, T. (2021). 6 Pros and Cons of Globalization in Business to Consider. Harvard Business School Online. Retrieved from https://online.hbs.edu/blog/post/pros-and-cons-of-globalization