Globalization

Globalization

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Globalization

Globalization is a process of interaction and integration among people, companies, and governments of different nation. It intensifies the interconnections within the global community and influences nations not only economically, but also culturally. It has become important for a number of reasons, including the overall need for businesses to compete. It also allows poor country and their citizens to develop economically and raise their standards of living.

Globalization as a term came to prominence in the 1980s. Although many consider this process a relatively new phenomenon, globalization has been happening for a long time. For example, it has spread its economic and governing systems through significant portions of the ancient world for centuries. It has ebbed and flowed throughout history, with periods of expansion, as well as retrenchment. More domestic competition also forces some companies to grow internationally. Developing nations present opportunities to not only develop new revenue streams, but tap into new pipelines for capital. The influx of foreign competitors in the U.S. limits the number of companies in some industries that can succeed domestically. Globalization has become a major tidal wave that cannot be stopped. The concepts of some merits are:

Employment opportunities. This is considered as the major benefit of globalization because companies often look toward developing countries to gain work. Also, people willing to migrate have the opportunity to get a better job. Socially, people have become more tolerant and open as a result towards one another due to enhanced communication. Education. This has led to integration of cultures and people from different educational backgrounds. Countries that are labor intensive as well as developing nations have accrued the most benefits with educational institutions; it has become easier to move from home countries for better education opportunities.International Trade is also one of the merits whereby it has become more competitive leading to production of high quality products which have been enhanced to capture the attention of consumers.