Globalization : Its Effects
Globalization is the process where people, organizations, companies and nations interact and integrate. This is through international trade and the development of technology.
Globalization has a number of impacts on the economic, social and political structures of a nation. There are both positive and negative effects for each case. The major economic impact is that there is growth and development of the economy in a country. It creates flow of money in the countries.
Politically, it allows for the exchange of political ideas among nations. Governments are able to work towards a common goal. Globalization increases competition which lead to coming up with new ideas through innovation and creativity. It also helps in the standardization of prices.
Social globalization is where different cultures meet. For the developing countries this has led to a greater access of the foreign culture.it has also created more awareness when it comes to human right. People know more about their rights. Globalization has led to peace and stability among countries. There are less wars among nations.
Multi-national corporations have been created as a result of globalization. Many companies today operate in more than one country hence creating employment. This has led to the growth of outsourcing where people leave their country looking for jobs in developed countries. Some countries are left without jobs and labor.