Globalization is an ambiguous process with its advantages and disadvantages. It is impossible without significant changes in the ordinary life of people. Globalization even affects such processes as training and the development of additional skills to work in the field where changes are taking place. This process aims at changing the rules and norms familiar to the current generation of people. That causes much controversy among those who support and criticize the introduction of globalization in the economies of countries. There are both defenders of this process and its opponents who argue that globalization can lead to the collapse of social life. Simultaneously, defenders of globalization support the idea that globalization results from socio-economic changes that affect the development of economic, technological, and other spheres (Martin et al., 2018). The views of each party of this dispute will be discussed in the following paragraphs.
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According to the party criticizing globalization, its development has negative consequences that cause discontent among opponents of globalization in the economies of countries. Martin et al. (2018) report that a significant disadvantage of this process is the “increased inequality in income and wealth”, which inevitably occurs during the globalization of the economy (p. 5). For example, income inequality can be seen by comparing cities that have developed globalization and those that are not disposed to apply this process (Martin et al., 2018). Moreover, this disparity in globalization development also causes discontent among critics, as it is a geographically uneven process. While world trade is increasing and reaching heights in one place, the income inequality of people is growing to the same extent in a completely different place. Moreover, the development of the economy through globalization also affects the political situation between countries and regions, making it quite tense in some cases. There is an argument among critics of globalization that this process has an incredible impact on the environmental situation (Martin et al., 2018). The more global the processes become, the more visible are the consequences that affect nature.
On the other hand, people who support the view of globalization’s necessity find many advantages in its implementation in the economy. Globalization is one of the most critical factors affecting the development of the economies of different countries. Martin et al. (2018) confirm that “Indeed, many observers would argue that it is in the financial system that globalization finds its clearest expression” (p. 3). For example, free trade and markets appear that are organized by the advocacy of individual states and corporations. Moreover, Martin et al. (2018) argue that “It would be incorrect, however, to see globalization as some monolithic, universalizing political-economic program” (p. 5). It means that there are entirely different versions of globalization, which directly depend on the policy of the state and the regulation of the markets to which this process comes. Globalization in such cases can be strictly individual, depending on the country and the markets of implementation.
Moreover, it is noted that the share of economic production increases in countries where globalization is taking place (Martin et al., 2018). Spatial and language barriers are disappearing thanks to the development of the economy. That gives people the opportunity to become freer to fight for their desires. It also smooths out the cultural differences that so often stand in the way of cooperation between countries or companies. Due to the fact that people are instilled with similar values, the understanding between completely different business partners or ordinary acquaintances is growing.
The material that helps to understand the topic of globalization problems better is “Multinationals as global institutions: Power, authority and relative autonomy” (Martin et al., 2018). This source objectively describes the problems that accompany the introduction of globalization to the markets in different countries. Furthermore, Ruggie (2017) talks about the impact of “aspects of the political power, authority” on the process of globalization, using the example of multinational enterprises (p. 317). Moreover, such examples illustrate the possible decisions to apply the properties of globalization in companies. Ruggie (2017) reports that “the multinational enterprise is the standard model of organizing economic activities across countries” (p. 326). Moreover, Standford and Biddle (2015) claim that “many factors have contributed to the expansion of international business” (p. 298). These factors include free trade agreements, political stability, unilateral opening, improvement in management, transportation, and communication technologies (Standford & Biddle, 2015). Thus, through the multinational nature of enterprises and the assigned authority, introducing globalization into countries’ economies can be solved.
Furthermore, essential is the legal regime, legislation that will clearly and honestly regulate the performance of duties and rights of people. Besides, it is crucial to control the dynamic interaction between different spheres and be more careful when observing corporate social responsibility. Thus, science and practice should engage in a better understanding of the boundaries of international treaties. The above materials demonstrate possible solutions to the problems associated with the introduction of the processes of globalization in the economy of countries.
To sum up, it is essential to have solutions to globalization’s introduction in countries’ economies. Moreover, the study and practice of this issue should be occupied by leading research institutes of economics and other scientific organizations. This process will inevitably continue, and the task of humanity is to minimize the negative consequences, getting the maximum benefit from globalization. It is important to give high priority to this issue, as the quality of people’s lives directly depends on the solution to this problem.
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Martin, R., Tyler, P., Storper, M., Evenhuis, E., & Glasmeier, A. (2018). Globalisation at a critical conjuncture? Cambridge Journal of Regions, Economy and Society, 11(1), 3–16.
Ruggie, J. G. (2017). Multinationals as global institution: Power, authority and relative autonomy. Regulation & Governance, 12(3), 317–333.
Stanford, J., & Biddle, T. (2015). Economics for everyone: a short guide to the economics of capitalism. Pluto Press.