by Nigel Akkara May 7 2022

Impact of Globalization

Globalization is the catch-all term for the process by which items and people
move across borders. From goods and services to money and technology,
globalization promotes and speeds up how we move and exchange things across
the world.
Globalization allows us to trade freely and work together as one planet.
Whether it’s large corporations boosting local economies overseas by investing
in resources and products or countries agreeing to work together against climate
change in the Paris Agreement, globalization enables us to work together for the
greater good.


The movement of people across borders has increased exponentially as a result
of globalization. We now have no qualms about flying around the world for
business or pleasure. Be it migration, expatriation, or traveling, the
intermingling of people from across our planet has undoubtedly led to hugely
important exchanges of culture.
This international tourism can benefit local economies, increase job
opportunities, and create a variety of opportunities to travel around the world.
Globalization's most visible benefits are arguably economic and financial.
Simply put, globalization has lifted many countries out of poverty by
dramatically increasing trade, economic, and financial exchanges.
As a result, strong global economic growth has resulted, as has the acceleration
of industrial development, which has given us the advanced technologies and
commodities we now can't imagine living without.
Similarly, global financial regulations have been simplified, making it easier for
the world's key financial players to exchange capital. This has resulted in a
healthy global financial market with consistently high international contracts
and exchanges.


While the economic impact of globalization can be seen as a benefit to all,
many argue that it serves the interests of the world's wealthiest countries Income
inequality, trade that benefits parties disproportionately, and unequal wealth
distribution are just a few of the criticisms leveled at some of the globalization
The wealth disparity is exemplified by Oxfam's recent study, which discovered
that the world's richest 1% own more than twice as much as the remaining 6.9
billion people. As a result, while globalization increases our collective global
wealth, many argue that the majority of the shared profits are funneled back into
the pockets of those.
New people bring new tastes, as well as new customs, clothing, beliefs, and
perspectives. Despite being native to tropical climates, foods such as coffee,
avocados, and bananas are now consumed globally.
Furthermore, technological advancements in the twenty-first century have
accelerated cultural exchange in the forms of books, television, and film. 

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