Benefits of Globalization
There are two ways to look at globalization. The first way is to look at it as an accidental or an inevitable effect of worldwide economic growth, industrial growth, communication, technology and many other aspects. As the economy grows, it is natural for the global market to establish in local areas. Globalization is not just economic expansion, but also integrated global economy. For such integration to occur, economic freedom has to be there. The other way of looking at globalization is as a deliberate process (Pieterse & Jan Dasgupta, 2009). Despite there being a certain degree of inevitability, there is also the deliberate actions that are executed to achieve globalization. Agreements between corporations and nations have enhanced globalization. Businesses work hard to make globalization happen. This is because they aim to reduce the production costs as well as consumers to sell to. In other words, globalization for businesses is all about completion. Lower production costs and a larger market mean a competitive advantage for the businesses (Popa, 2014).
Some might consider globalization as a negative process, but, the reality is that there are many benefits of globalization. The essay focuses on the economic perspective and the social advantages of globalization. The essay is about the good of globalization. According to Singh (2010) good is defined as a commodity that satisfies human want or need. It is something that people find useful and desirable and take the initiative to find it.
Benefits of Globalization
1. Premise. Globalization creates more efficient markets. Efficiency, in this case, means supply and demand. Globalization deals with expansion. When corporations expand, then they can access a higher number of customers as well as reduce their cost. Efficient markets spur growth in economies andglobally. When one economy grows, it makes other economies grow. Therefore, evidence of success are felt across the world, even though there is more success in a few areas.
Conclusion. This is a good thing for populations globally. Improvement in economies means improvement in living standards (Popa, 2014).
2. Premise: Enhances wealth equality. This premise is partially as a result of more efficient markets. Another way to define this is improved living standards.
Conclusion: Globalization does a great number of things that are clearly seen. They include improvement of infrastructure, and allows people to live in higher global levels. Improvement in standards of living is a positive impact of globalization.
3. Premise: creates beneficial partnerships. Globalization results in partnerships between organizations and countries. This makes relations more stable between both countries. Agreements are reached between parties and as long as they are upheld, a world cooperation is achieved
Conclusion: having relationships with economic benefits provides sustainability for countries that aim to remain peaceful and look forward to being prosperous.
4. Premise: creates new solutions. Globalization allows significant processes to take place efficiently and proposed great ideas to become a reality. However, there is a certain irony that comes with this; globalization should allow countries to come together and deal with the environmental crises that the world is currently facing, and yet, we do not come up with an agreed solution. However, the predicament is as a result of globalization.
Conclusion: having the ability for economies to come together and make decisions is a positive impact of globalization. Due to this, nations can deal with the most gruesome crisis that face certain nations or even the global economy. This is certainly a good result from globalization (Pieterse & Jan Dasgupta, 2009).