Globalzation

Globalization is the process of integration across world arising from the interchange of views, products, ideas and other aspects of culture. Advances in transportation and telecommunications infrastructure, including the rise of the internet, are major factors in globalization, further interdependence of economic and cultural activities. People around the globe are more connected to each other then ever before. Information and money flow more quickly than ever. Goods and services produced in one part of the world are increasingly available in all parts of the world. Globalization is an economic tidal wave that is sweeping over the world. It can’t be stopped, and there will be winners and losers. (WIKIPEDIA)

There are so many advantages of Globalization , like now there is a worldwide market for companies and consumers to access products from different countries. There is a world power that is being created gradually, instead of compartmentalized power sectors. Politics are merging and decisions that are being made are actually beneficial for people all over the world. There is more influx of information between two countries. But most of all it promotes global economic growth, creates jobs, makes companies more competitive, and lowers prices for consumers. It also provides poor countries, through infusions of foreign capital and technology, with the chance to develop economically and by spreading prosperity creates the conditions in which democracy and respect for human rights may flourish.  (ARTICLE FROM MANUFACTURING.NET)

Along with the benefits there are also draw backs of the globalization, like it has made the rich richer while making the non rich poorer. It is wonderful for managers and investors, but not very beneficiary to poor. Multinational corporations which were previously restricted to commercial activities are increasingly influencing political decisions. Many think there is a threat of corporations ruling the world because they are gaining power due to globalization. Many opponents of globalization say that globalization makes it easier for rich companies to act with less accountability.  If we see the affects of globalization on U.S.A, it clearly shows that the America is on top of list of the countries who had countless benefits science the world has squeeze down to a global village. But as America has also been outsourcing for last few decades, it has many negative affects on the American economy specially the American Middle class. Since 1980, American manufacturing has lost some 6 million jobs and has shrunk from a high of 29 percent of the GDP in 1950 to 11 percent of the GDP today. This has happened because manufacturing work is outsourced to developing nations like China where wages and the cost of manufacturing goods are lower. Federal government should come up with a law, which should restrict  too much of the job drainage in the form of outsourcing by private firms to the third world developing countries. (ARTICLE FROM MANUFACTURING .NET)

SOURCES :-

http://en.wikipedia.org/wiki/Globalization

http://www.manufacturing.net/articles/2010/06/the-pros-and-cons-of-globalization

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s