① Openness And Globalization

Wednesday, September 01, 2021 11:06:36 AM

Openness And Globalization

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Imports, Exports, and Exchange Rates: Crash Course Economics #15

That is because the lower prices allow more purchase of the product that stimulates growth eventually. Increase in job opportunities. Globalization has increased competition. It drives labor toward more productive jobs. According to an estimate of the World Bank Group, million jobs would be increased by the year You have a laptop, numerous websites, and Genius Google. You are all set to approach the world while sitting at your home. Globalization has created endless job opportunities for people around the world. Apply anywhere according to your education and skills and bingo!. Also, you have a variety of options to choose from.

This very advantage hides many cons of globalization. Global powers manipulate their money to increase their worth and demand. The enhanced global contact can eliminate the need for this manipulation to gain an advantage of price so that the consumer can benefit from the outcome. Globalization does not allow countries to control the currencies of other local economies. In this way, it is the customer who can take advantage of the outcome. It is, yet one of the most significant advantages of globalization. It can provide opportunities for developing countries. Many countries, especially third world nations are agrarian in their mode of economy. They are at the entry-level of industrialization. It offers these regions with better opportunities to prosper by providing them international access.

The only scenario where the globalization is not termed bad by the critics is in the development of third world countries. Open borders promote trade. It brings out endless business opportunities. With the chance to expand its global outreach, globalization is playing an important role. It broadens the horizons of communication. Modern modes of communication allow access to more culture, information, and knowledge. There is more influx of international information. It provides necessary exposure for growth.

The most evident and prominent advantage of globalization is open communication for All. With the advent of Facebook, Insta gram, and other social media platforms, people from all around the world can interact with each other freely. Free communication allows the intermingling of cultures. Instead of divided centers of power, world power is emerging.

It is beneficial to people all over the world. The global policymaking and decisions impact the power hubs. It necessitates them to abide by standards of global welfare such as human rights. Nowadays, people are more open to variety than ever. It reduces a sense of alienation towards foreign culture because everything is globalized. People are becoming more open to learn and appreciate differences. Globalization brings international corporations and governments together. This urges them to fulfill their responsibilities towards social and ecological problems of the global society. Only a stable community will embrace and welcome what all the business giants and innovative startups have to offer.

This allows businesses to draw effective and eco-friendly strategies in their planning and development due to their corporate social responsibility. Today, this advantage is gaining more light in the analysis of the pros and cons of globalization. Technological and scientific advancements have made the world a better place. There is an improvement in the quality of lifestyle and healthcare. Improvement of lifestyle has increased the life expectancy of human beings. Now people can travel faster, communicate with each other, and benefit from life-saving medications. Rarities are no rarer. Various modes of trade have made it more accessible. Pooling resources can combine multiple talents to work towards a single goal. Instead of numerous agencies doing the same thing, a single agency can do it all!.

It can also enhance innovation in the industry. Globalization has made every social media platform into a smaller model of media networks. One can post the video online, and it becomes a Global Property. It is globalization that has expanded its global and digital footprint alike. Globalization makes colonial designs hard to thrive. It gives rise to collective consciousness hence favoring democracy. It provides more power for people. The global competition among various countries and markets with bring down the costs of goods. It is favorable for consumers due to economy of scale. Despite the wave of populism and elitism , globalization encourages more cooperation than isolation. Isolated economies cannot grow well. Hence, a certain level of economic relationship is to be maintained through alliances to preserve resources.

The technology factor, specifically telecommunication and information availability, has facilitated remote delivery and provided new access and distribution channels , while revamping industrial structures for financial services by allowing entry of non-bank entities, such as telecoms and utilities. Deregulation pertains to the liberalization of capital account and financial services in products, markets, and geographic locations. It integrates banks by offering a broad array of services, allows entry of new providers, and increases multinational presence in many markets and more cross-border activities. In a global economy, power is the ability of a company to command both tangible and intangible assets that create customer loyalty, regardless of location.

Independent of size or geographic location, a company can meet global standards and tap into global networks, thrive and act as a world-class thinker, maker, and trader , by using its greatest assets: its concepts, competence, and connections. Some economists have a positive outlook regarding the net effects of globalization on economic growth. These effects have been analyzed over the years by several studies attempting to measure the impact of globalization on various nations' economies using variables such as trade, capital flows , and their openness, GDP per capita , foreign direct investment FDI , and more. These studies examined the effects of several components of globalization on growth using time-series cross-sectional data on trade, FDI, and portfolio investment.

Although they provide an analysis of individual components of globalization on economic growth, some of the results are inconclusive or even contradictory. However, overall, the findings of those studies seem to be supportive of the economists' positive position, instead of the one held by the public and non-economist view. Trade among nations via the use of comparative advantage promotes growth, which is attributed to a strong correlation between the openness to trade flows and the effect on economic growth and economic performance. Foreign Direct Investment 's impact on economic growth has had a positive growth effect in wealthy countries and an increase in trade and FDI, resulting in higher growth rates. Further evidence indicates that there is a positive growth-effect in countries that are sufficiently rich, as are most of the developed nations.

The World Bank reports that integration with global capital markets can lead to disastrous effects, without sound domestic financial systems in place. One of the potential benefits of globalization is to provide opportunities for reducing macroeconomic volatility on output and consumption via diversification of risk. Non-economists and the wide public expect the costs associated with globalization to outweigh the benefits , especially in the short-run. Less wealthy countries from those among the industrialized nations may not have the same highly-accentuated beneficial effect from globalization as more wealthy countries, measured by GDP per capita , etc. Although free trade increases opportunities for international trade, it also increases the risk of failure for smaller companies that cannot compete globally.

Additionally, free trade may drive up production and labor costs, including higher wages for a more skilled workforce, which again can lead to outsourcing jobs from countries with higher wages. Domestic industries in some countries may be endangered due to comparative or absolute advantage of other countries in specific industries. Another possible danger, and harmful effect, is the overuse and abuse of natural resources to meet new higher demands in the production of goods.

One of the major potential benefits of globalization is to provide opportunities for reducing macroeconomic volatility on output and consumption via diversification of risk. The overall evidence of the globalization effect on macroeconomic volatility of output indicates that although direct effects are ambiguous in theoretical models, financial integration helps in a nation's production base diversification, and leads to an increase in specialization of production. However, the specialization of production, based on the concept of comparative advantage, can also lead to higher volatility in specific industries within an economy and society of a nation.

As time passes, successful companies, independent of size, will be the ones that are part of the global economy. United Nations. Accessed Oct. Stanford University. Accessed Feb. PLOS One. There are fewer opportunities to suppress people at the expense of others so only a few can benefit from success. Business tax havens go away in globalization. Numerous organizations over the years have been accused of placing their money in countries that have generous tax laws. It is a process which awards the executive team with high salaries and bonuses, but leaves the common worker behind and limits the funds a government receive for operational purposes.

Through the process of globalization, the tax havens go away because the borders go away. It allows for open lines of communication. When borders are removed, people have the ability to communicate with one another more freely. There is a greater intermingling of cultures, which allows people to have a greater perspective about the world. When we have access to more information, we have an ability to make better decisions. Instead of people from a different country being considered an alien, we would all be considered human. It becomes a place that is more open and tolerant. It could stop the issue of labor exploitation.

One of the ways that goods are produced cheaply in the world today is because of labor exploitation. This can be seen with child labor, prisoner labor, and human trafficking. Workers are further exploited through the implementation of unsafe working conditions because they may have entered a country illegally and face jail time or worse if they report on their conditions. By opening borders, it becomes possible to open business activities, thereby removing the need of a black market for cheap goods or services.

It limits the potential for abuse because there are fewer structures in place. The levels of accountability that can be in place to stop these abuses are usually implemented at the leisure of those who are in charge. That is how dictators can come into power and then stay in power. Globalization limits those structures and introduces a global system of accountability, creating a safety net which could potentially stop violent conflicts before they start. We could begin pooling resources to do great things.

Multiple countries are running space programs right now. Some private businesses are doing the same thing. If they could pool their resources and combine talents to work toward one single goal instead of having multiple agencies all trying to do the same thing, we could be more efficient with our innovation in the area of space exploration. The same principle could be applied to virtually any industry or idea. It generally makes the rich become rich and the poor to become mired in poverty. Globalization is supposed to be about free trade, but the reality of the situation is that only true globalization which removes national borders can do this. Jobs get transferred to lower-cost areas. Jobs can be created through globalism, but they tend to be created in the areas where labor costs are the cheapest.

Even in a world that is completely without borders, the cost of doing business is going to be cheaper in some areas than in others. Businesses will transfer or create jobs in these low-cost areas so they can remain competitive. Instead of it becoming a race to the top, many people in a borderless world could experience a race to the bottom instead. Globalism creates a culture of fear. It creates an environment where workers, especially those who would be in the current Middle Class around the world, would be unable to have any leverage when it came to their take-home pay or working conditions. People would be forced to either freelance their skills, create their own business, or accept the race to the bottom of the pay scale to keep their employment.

It creates a political system where the biggest and the richest have influence.

Wynne, M. Specifically, Openness And Globalization brings Openness And Globalization reorganization Openness And Globalization production, international tradeand the integration of financial markets. To illustrate, consider the case of import Openness And Globalization on Chinese tires.