Discussion on Pros of Globalization

Contents

Pros of Globalization: 2

References 4

 Globalization

Globalization is the increase in the speed of exchange of movement, services and goods among humans across the planet. Globalization brings forth increased intercommunication and interdependence among the people and countries globally. Globalization has the potential of making this world a much better place than it already is. With this, the world can become a better place for living for everybody, and the traditional problems of unemployment and poverty can also be uprooted by it (Burlacu, Gutu, & Matei, 2018). Below we will discuss some of the advantages of globalization apart from business-related which can help in making this world a better place:

• Cultural growth: Globalization has the potential to produce a common global culture. It has become more comfortable with the globalization to access foreign culture from any part of the world. One can easily access foreign art, cuisines, entertainment and information. Also, the free flow of people among the countries has been a significant factor for reducing diversification and promoting a mutual diffused culture. Human exchanges have led to cultural exchanges. This resulted in the exchange of customs and traditions which were limited to an area to become part of a culture which had different proceedings and traditions.

• Economic growth: The most noticeable impact of globalization has been on the economy. This has led to a spontaneous increase in trade and economic exchanges and has multiplied financial movement among different countries. This sharp increase in economic exchanges has led to rapid economic growth globally. Information was exchanged easily, and this gave the sharpest mind a chance to come together and increase the pace of global economic growth.

• Financial growth: Finances have also developed globally. With globalization in finances, the intermediaries have been removed, and there is a natural capital flow among countries. The barriers have also been removed among the financial centres.

• Expansion of technology: Many of the countries are always connected nowadays. Therefore there is a constant flow of information and ideas between them, and thus there is an increase in scientific advances.

• Low product prices: Globalization has led to increasing competition, and the people have access to the same product from various producers, thus more choices and fewer prices.

• Diffusion of Talents: Globalization allows to find the right person for the right job.

• Higher living standards: Developing nations have improved living standards and a decrease in poverty globally. (Erixon, 2018)

References

Burlacu, S., Gutu, C., & Matei, F. O. (2018). GLOBALIZATION – PROS AND CONS. Calitatea.

Erixon. (2018). The Economic Benefits of Globalization for Business and Consumers. European Centre for International Political Economy.