The process of integrating national economies on an international level is referred to as globalization. Globalization is a process where different cultures meet, their thoughts come together, and the people agree to receive others views, and the world becomes small, and its outcome is seen in all prospects of life. It is quite evident that the principle constituents accountable for the present-day state of globalization are the tremendous developments and innovations in telecommunications and transportation.
Few of the essential features of globalization
- In the way of the globalization of business, there are numerous hindrances. Protection of the domestic markets is the most powerful among them. But with the advancements in communication and transportation system, the event of globalization is impossible to stop.
- Globalization of business directs to economic globalization. With the globalization of business and exchange of goods and services, technology and investments it becomes sure to come about for various nations administrations to pull through and maintain in the long run.
- For the production and sale of goods and sourcing human resources, these organizations serve the whole world as business space. This has driven to the Economic advancement of many third world countries that have begun up their economies.
- The advancement of marketplaces also enhanced the purchasing capability of the nations and various activities such as tourism driving to the leading to the advancement of tourists.
Some of the positive effects of globalization on business
The globalization has brought adverse as well as positive effects in the developed countries. The positive effects of globalization include a number of factors which are education, technology, trade, competition, capital flows and investments, culture and organization structure and employment. It would be somewhat difficult to discuss the scope of the positives that globalization has had on the world at large. However still, here are remarkable positive effects of globalization and the positive influences they have had on so several demographic sections of the society.
- Trade opportunities- For importing and exporting products and services, the globalization of business processes and acceptable behavior opens up new possibilities. The step-by-step merge of business etiquette helps to facilitate business communication as well. Issues, such as speaking distance, handshaking, body language and taboo topics of voice communication are beginning to lose their power as probable deal breakers as business people around the world study and know each other’s cultural standards.
- Natural advantages- Gaining admittance to markets around the world allows each country to invest its unique natural advantages fully. A built-in power is an edge that will enable countries in particular geographic regions to produce specific products or commodities at a lower cost or higher quality than others. Without international trade, natural benefits do not add much to the economy.
- Economic development- By allowing the admittance to new markets around the world globalization furnishes new opportunities to underdeveloped nations. During the twentieth century and into the twenty-first China and India have driven the wave of globalization.
- Procurement and outsourcing- The opening up of global markets and improvements in inter-cultural communication create a wealth of possibilities to source high-quality, low-cost materials and work. Outsourcing is when less expensive; the foreign worker is used for activities traditionally performed at home.
Positive effects of globalization on workers
- Enhanced their standard of living- The globalization of markets has committed to the development of international businesses. The need for goods exercised by people has step by step increased, and companies have expanded their production to other states.
- Professional ambitiousness- With the process of globalization, the employees in developing countries are becoming more cognizant of the benefit of acquiring an education. Many of the workers are registering in universities while continuing with their professional development. People are becoming more knowledgeable and also engaging themselves in educational activities such as seminars, workshops and training sessions to be more employable.
- Social knowingness- Workers also gain consciousness of their rights and obligations through the process of globalization of communication. Because of their origin immigrants in the developed nations have often been ill-treated and discriminated against by their employers.
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