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Globalization: Impact on Modern Society

Globalization contributes to establishing relationships between individuals, independent social objects, and phenomena, embracing all spheres of people’s lives. Some people consider globalization a threat to national cultures. Others believe that free trade between states implies prosperity and economic growth of all nations and businesses. That is why it is difficult to determine precisely whether the impact of globalization is positive or negative.

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Undoubtedly, the allocation of resources on a global scale is being optimized. The assortment is expanding, and science, technology, and cultural achievements are becoming widely available. Thus, a person can purchase absolutely any goods offered in almost any country. Companies expand and go global, optimizing their assortment to the needs of local market. Competition becomes tougher, making producers constantly seek to improve their quality of goods. Globalization of markets allows even small companies to find their way into overseas territories and business processes become universal (Hill & Hult, 2016). Companies may reduce costs by operating in territories where the labour and production costs are low.

However, there is a downside to all these benefits, like in any global process. In the case of globalization, this is most often the intervention of the most economically developed states in the domestic policy of the less developed. The actual reduction of the sovereignty of less developed states brings about the instability of the national economies. Moreover, global competition often leads to the ruin of small businesses, unemployment, and a decrease in the population’s standard of living of less developed countries. More and more people call on governments to put trade barriers to stop global economic expansion of the largest companies. However, so far, the benefits of globalization outweigh its disadvantages. That is why the primary goal of today’s world politics is to focus on the development of the positive aspects of globalization and the opportunities it creates for everyone.

Reference

Hill, C., & Hult, T. (2016). Global business today. McGraw Hill

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StudyCorgi. 2022. "Globalization: Impact on Modern Society." December 11, 2022. https://studycorgi.com/globalization-impact-on-modern-society/.

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StudyCorgi. (2022) 'Globalization: Impact on Modern Society'. 11 December.

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