Globalization points to the entire effort towards making the global community as one. Merchandise that was only found in western nations is now available all over the globe.
In view of globalization, the economies of the world are progressively coordinated, model cell phones and the world wide web have brought individuals closer. The world is slowly transforming into a smaller place. Work can be redistributed to any part of the world.
As a result of globalization, many societies, cultures and regional economies have been able to become integrated as a part of a global network of trade, culture, and connectivity.
1. Global Market
Globalization encourages nations to specialize and produce the goods and services available to them locally and make them available to the outside world. There is no country that is self-sufficient. Worldwide integration has resulted in the reduction of the cost of raw materials. As a result of this, countries can purchase them and produce relatively lower-priced products with a good profit. This enables developed countries to advertise for the lower-income community to buy their products with compatible prices. This phenomenon leads to the promotion of the economic growth of the country from where developed countries buy their raw materials as they invest their money overseas by building various industries to produce cheaper goods.
Competition, if executed in a healthy and mutually beneficial way, is a good catalyst for progress. Competition is a big reason for the improvement of the quality of goods and services and the reduction in the prices of goods as well. People from developed countries can afford to buy products from both domestic industries and foreign ones. Competition results in increased communication of ideas and more innovation as people try to find a competitive advantage for their business over other businesses.
3. Job Opportunity
Initially, job opportunities were hard to find, and many people who graduated from college applied in a certain sector, but most of them ended up working as a casual laborer in industries with a low income. Globalization has brought the trend of scarce job opportunities to a halt as more opportunities are now available locally and internationally every day. By implementing technology, one can access employment opportunities, work remotely and even work more than one job. As a result of this many young men come out as entrepreneurs, ready to grow their own business and create many job opportunities for others. The major standards of living have improved by quite an extent due to an extended labor market.
In the end, it is safe to conclude that though Globalisation has its fair share of complications and disadvantages, the advantages outweigh the disadvantages and it is important to focus on the positive aspects and work towards a brighter future, a more connected future.