Globalization Essay

Globalization is the process of integration arising from the interchange of views in the world, products ideas, and other aspects of culture

Why globalization is good:

Cheaper production costs and more consumers to sell to; this allows more business opportunities and availability of commodity to the consumer.

Untapped markets, different services, investment opportunities.

Globalization brings about growth in a countries business for some products are brought about by investors hence increasing the countries’ economy.

New business solutions, new ideas are introduced to solve problems; this allows one to get solutions from the exchange of business ideas from other world countries.

Why globalization is bad:

It uses up finite resources more quickly example coal, oil, nuclear and gas-dependency on business resources that won’t last.

Investors tend to invest in less developed countries so as to maximize their profits-the market goes to the country that the possession of the commodity.

With the dollar being the world’s reserve currency, globalization can lead to huge US balance of trade deficit and other imbalances.

 Globalization can move taxation from corporations.

 Globalization sets up a currency with each country trying to get an export advantage by dropping the value of its currency- thus the prices of the export reducing due to increase in competition within the business market.