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“Positive Effects of Globalization on Economics”
Globalization is an evolved phenomenon that emerged with the need for interconnection in the world with mutual needs. Because of the mutual needs countries are dependent on each other so this need-driven phenomenon cannot be reversed as now the world had already mingled among each other. To understand this phenomenon first we should be aware of the term.
What is globalization?
It is a phenomenon of integration of those different countries that are coming forward to interact in business, culture, and politics or in many other areas. As interdependence is growing the phenomenon of globalization is increasing.
The drivers of globalization are economic development, political systems, culture, environment, interdependence and the need to improve the wellbeing of the world. It is a widely debated topic that when did globalization start. Some historians believe that the globalization phenomenon exited even at the time of Indus valley civilization. Some argue that it started in the 15th century when Castile and Portugal sent the exploratory voyages to America and Cape of Good Hope.
Drivers of globalization
Three main drivers of globalization had been identified those are:
It played a very important role in this process as it made easier for people to communicate with each other and share their ideas and culture across the borders. The technology which did not only decreased the distances but also the time to reach each other virtually. Even the development of transportation technology increased the business and trade by transporting a big amount of products or people to move. The technology of automation made easier to produce a large number of products and make it reach the farthest of the places. The technology of communication through various media made the world as one.
As one country cannot be self-sufficient in each and every manner the need of the different products and specialization resulted in the elimination of the trade barriers and spread the trade across the borders. This strengthened the interdependence and resulted in global trade and global investment in the result.
The connotation of this buzzing word has a positive impact on the exchange of knowledge, trade, and capital around the globe. With its drivers, it is considered to enrich the world scientifically and culturally. It also has the power to eliminate the menaces of society and it can lead to the development in several areas.
Economic trade and integration resulted in global investment which at last proved as a great driver to the process of globalization. FDI Foreign Direct investment, portfolio investment, loans from the foreign country benefitted many countries in their development process. Globalization created jobs, opportunities for business and product differentiation across the globe.
Positive effects of globalization
- Increased competition
Increase level of competition compels producers to provide quality products and services to the consumers. As with competition consumers have more choice to choose products from a lot of producers and all producers try their best in providing the best product to customer and that lead to the growth of the corporation or company. Even domestic companies that are facing international, as well as local competition, try to increase the standard to satisfy the consumers.
- Higher-quality products and services
Competition led to an increase in the quality of the products as consumers demand high products and purchase from the buyer who sells that product with high quality and best price. Globalization also increased the high-quality services by producers to the consumers.
- Efficient markets
With all the above, globalization led to the emergence of efficient markets. It created the equilibrium in willing to pay for the product by consumer and the quantity of the producer willing to sell.
- Stabilized security
Due to the growing interdependence, the world had reached the level of the stabilization of the security. Because of the institutes like the UN which include most of the countries of the world, human rights situations had been improved. There is now broader media attention from all over the world when violations of these rights appear.
- New opportunities to grow for developing and low developed countries
Globalization had increased the opportunities for trade for the LDCs and developing countries. It showed a large scale impact on the macroeconomic conditions of many countries. It had provided education, job and trade opportunities to the people live in these countries.
As we had discussed all sorts of positive effects of globalization, one does not need to ignore the negative impacts on the environment. When it comes to increasing the efficiency of the market it should also try to take care of the sustainability of the world.
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