Benefits Of Globalization

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Discuss the statement, ‘The benefits of globalization for individual businesses are outweighed by the costs for economies and society as a whole’. Breaking borders with Globalization Globalization can be defined as the transplanetary process or set of processes involving increasing liquidity and growing multidirectional flows of people, objects, places and information as well as the structures they encounter and create that are barriers to, or expedite, those flows (Ritzer, 2010). Simply put, globalization is the process of changing to an integrated world from an isolated one. From an economic perspective, globalization has greatly changed the world. Globalization has resulted in both positive and negative effects and must be analyzed accordingly.…show more content…
In a globalized world, workers can freely move from one country to another to seek jobs. For example, in 2015, UK faced a shortage of nurses and was able to hire nurses from Philippines, India and Pakistan (Drury, 2015). This would benefit both the businesses and the economy as gaps in the labor market will be filled as well as unemployed individuals in foreign countries will be given more opportunities to be employed. Individuals from developing countries that find work in developed countries return eventually with additional training and experience, which can facilitate technology transfer (Castles, 2000). This would improve living standards as the disposable incomes of these individuals would…show more content…
The local government should take measures to minimize the cultural disruptions and conduct health care programs to minimize diseases spread through globalization, pollution can also be minimized using new regulations as well as technology developed to minimize the pollution caused by the production process. Individuals, companies and governments can work together and use the benefits of globalization to make daily life more convenient and reduce the gap between different countries. References Castles, S., 2000. Ethnicity and Globalization. London: Sage Publications. Drury, I., 2015. DailyMail Online. [Online] Available at: http://www.dailymail.co.uk/health/article-3274427/Hospitals-hire-hundreds-foreign-nurses-Philippines-India-Pakistan-Government-U-turn-immigration.html [Accessed 1 1 2016]. Langdana, F. & Murphy, P. T., 2013. International Trade and Global Macropolicy. s.l.:Springer Science & Business Media. Nieberding, J., 2005. The Benefits of Free Trade to U.S. Consumers. Business economics (Cleveland, Ohio), 40(3), pp. 41-51. Ritzer, G., 2010. Globalization: A Basic Text.
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