Introduction
Globalization entails incorporating national wealth through the trade of goods, investment, capital distribution, labor exchange, and technology use. It eliminates obstacles in a country’s economy to allow the marketing of goods, services, money, and human resources. Most developed nations have undergone international in one stage of their growth process (Cole, 2020). Some are still going through it up to date. However, some of these nations have faced great challenges associated with international business. The effects of globalization have either led to the growth of a country or dragged it further behind.
Main body
Globalization has increased opportunities for employment for people across the world. Other benefits include improving the flow of information as technological advancement makes it easier to share the data fast and immediately across all parts of the world (Erlanger, 2020). Furthermore, international trade has reduced the costs of products and services due to increased competition.
However, globalization has led to the degradation of the environment as industrialized states use the opportunities to take advantage of the developed countries’ weak environmental protection policies. Additionally, there is decreased employment growth as technological advancement has replaced human labor (Cole, 2020). Other problems include increased inequality and equity amongst the rich and the poor. Moreover, there are widespread chronic diseases like HIV and AIDs, and other infectious illnesses are spreading fast.
In conclusion, in the modern world, globalization has picked up stems and has become stronger because of new technologies in the communication and transportation sectors. The latest international business form is evident mainly based on the parameters such as increased or rather a free flow of goods and services across the globe. Therefore, it has been made possible by the reduction of trade barriers between countries. It has also led to developing an environment where money and investment can flow freely between countries.
Response
With increased globalization, I have learned that it is easier for people from different countries to move and acquire excellent education from the world’s best institutions. Such integration has led to increased integration between cultures. However, small-scale industries in developing countries face extensive challenges as they lack the power and resources that most large prominent companies have. As a result, these companies cannot compete with the large companies of the world in the market, leading to their failure and eventually collapse.
References
Cole, N. L. (2020). What globalization means in sociological terms. ThoughtCo. Web.
Erlanger, S. (2020). The spread of virus could hasten the great coming apart from globalization. The New York Times. Web.