By Anthony L. Williams
The Pros and Cons of globalization
Globalization is a set of relationships that is co-dependent on each other; these relationships are between people in different locations worldwide that are divided into nations. As well, these relationships tend to be expanding. As far as pros and cons are concerned, let’s consider the following. Nations are able to share in new technology, and firms with innovative products can do business with a larger costumer base worldwide. Thus, this would result in increase revenues for those firms. So too, global competition increases due to consumers’ awareness, and their ability to purchase new items that were once unreachable. In turn, by clustering firms gain greater awareness of foreign opportunities. This means new investments and potential profits (Daniels, Radebaugh, & Sullivan, 2011).
Globalization can also lead to better quality of life for host nations. As well as, good working relationships among the different nations involved is a benefit through sign treaties. But, where there is an upside there is also usually a downside. From this point of view, globalization is said to take away jobs from countries with firms looking for cheaper labor in foreign countries. Wages are, as well, argued to become stagnated as firms outsource jobs. When nations join the globalization expansion they run the risk of losing some economic leadership. Also, the people of a nation who has to worry about losing jobs and therefore economic status become stressful (Daniels, et al., 2011).
Global Forces Driving Globalization
The Pros and Cons of globalization
Globalization is a set of relationships that is co-dependent on each other; these relationships are between people in different locations worldwide that are divided into nations. As well, these relationships tend to be expanding. As far as pros and cons are concerned, let’s consider the following. Nations are able to share in new technology, and firms with innovative products can do business with a larger costumer base worldwide. Thus, this would result in increase revenues for those firms. So too, global competition increases due to consumers’ awareness, and their ability to purchase new items that were once unreachable. In turn, by clustering firms gain greater awareness of foreign opportunities. This means new investments and potential profits (Daniels, Radebaugh, & Sullivan, 2011).
Globalization can also lead to better quality of life for host nations. As well as, good working relationships among the different nations involved is a benefit through sign treaties. But, where there is an upside there is also usually a downside. From this point of view, globalization is said to take away jobs from countries with firms looking for cheaper labor in foreign countries. Wages are, as well, argued to become stagnated as firms outsource jobs. When nations join the globalization expansion they run the risk of losing some economic leadership. Also, the people of a nation who has to worry about losing jobs and therefore economic status become stressful (Daniels, et al., 2011).
Global Forces Driving Globalization