Globalization also known as internationalization, liberalizing, universalistic, and modernization. It simply meaner that transform every countries to be connected as a whole. Many aspects such as technology, labor, raw materials, capital, skills, information, transportation, distribution, ideas and marketing all are integrated into global scale. Moreover, it is the process of the growth in international exchange and interdependence.
It particularly involve that economies are integrate into the international economy through trade, foreign direct investments, movement of workers and people, and flow of advance technology. Although globalization sounds good, but it also include both positive and negative impacts. The positive impacts of globalization is the transfer of technology, free trade, free flow of capital, cheaper foreign labor markets, it may provide many foreign employment opportunities, provide international education and enhance industrial growth.
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Through globalization, welfare of people living around the world today are more knowledgeable, can get various kind of information faster, employment rate increase (can get Job in foreign country), get higher paid, have various choice of reduces, borderless communication, get the latest advance technology, can increase standard of living (able to enjoy the latest technology, products, facilities) and so on. Globalization is one of the major factors that help boosting up the economy and industry growth.
All the way through globalization, there are many new products, knowledge, information, ideas, and advance technologies are exchanged and shared among countries. For example, globalization will help our country to attract more foreign direct investments through the local company can produced various kinds of reduces. Then our products can be sales to the whole world. When there are demands, our economy will relatively grow. It will help improve tourism industry too. With the inflow of foreign investment, our country will have enough of capital and can move one step forward to our goals (mission 2020).
Subsequently, our country is able to turn into more advanced country. Other than that, in the process of globalization, there will be always come out with new, updated, latest and advanced technology. The new technology will help the world be more improved and innovated faster. For example, launched of APPLE ‘phone and ‘pad. The whole world knew about it and everyone is crazy about it. Through this advanced technology, everyone can know the latest news and what is happening in every corner of the world with Just a finger click through internet.
Moreover, nowadays communication can be borderless. People can communication with their friends or family even though both of them at different country. They can even see their friends face emotion and communicate through video chatting applications such as PEACETIME and TANGO. Moreover, globalization also can help in medical industry. Professors can exchange their ideas and medical proposal among the world. It may help and save a lot of people lives. For example, if there is a patient with weird disease but in the country there is no medicine to cure him.
Then, the doctor can propose this disease to the professor in other country. After that, they can discuss with the professional and someone expert to come out with new medicine to cure the patient. Furthermore, many medical tools, equipments, applications, appliance and machine will be created through the innovation of technology. For example, heart beat graph machine can be upgrade. In addition, globalization not only can exchange ideas and technology but it also can created positive competition between countries.
If there are competition, the country with less strength will try to figure out a way to improved their weaknesses and try their best to compete with their competitors. For example, transportation industry. Japan competed with Korea with their modern design car such as Toyota and Hounded. Among all the competition between the countries, people today will get the most benefits. They will have more choice, they can compare and get the better reduces they want. They can choose the products that they can afford and fulfill their needs.
In the globalize economy, the import and export goods will be increase due to free trade. Then there will be increase in the demands, when the demand increased, there will be many sellers and buyers, and the money will flow in the market and capital will increase. Therefore, company will try to produce more products. When they want to produce more, they will need many workers to run the machine, and thus, employment opportunities will relatively increase. For the local company, they an get cheaper labor and raw materials from other country such as China and India.
On the other hand, local people can go to foreign country to work and get different experiences too. Foreign country would like to attract many talent people to help them such as Singapore. Besides, globalization helps in the area of education too. Every people can get various knowledge, ideas, information, and experiences from foreign country. For example, Anti International College Penance provided University of Walloping courses. People staying in Penance can enjoy the benefits and get the knowledge from Australia.
We still can get the same certificate with the Australian students who study the course locally. It is all about globalization, without globalization, people are unable to get the education from foreign country. Some of the people can even stay at home to study. They can Just online and the lecturers will teach them through WebMD. On the other hand, negative impacts exist too. Since all economies are integrated into once. Thus, when one economy falls, then the whole economy will collapse. For example, the US supreme mortgage crisis affected the whole world.
Furthermore, when the global economy rose, the demand for the products and services will increase too. In the relations, the company will try to produce as much as they can to fulfill the needs. Consequently, they will Just produce their products in the shortest time and the quality of the products will be bad. The other negative effects are uncompetitive industries loss of monopoly power of local industries. Businessmen and traders to exploit consumers by charging them prices that are higher than the imported goods and by supplying low quality products as compared o internationally available quality.
As a conclusion, the essence of globalization is the increasing degree of openness in respect of international trade, international investment and international finance. Globalization brings a lot of positives impacts. Hence, people in today’s world can enjoy a lot of benefits and increase their standard living of life. The practice of globalization not only can help the people in the country but also help the country to move toward the advanced economy. As a result our country will be able to compete with other advanced countries to get the economies of scale.