Positive And Negative Outcomes Of Economic Globalization

In this article, I review the literature on the positive and negative outcomes of economic globalization, and the impact on developed and developing nations. The findings indicate a strong trend in the belief that developed countries dominate in the world of international trade, as there resources ensure a competitive advantage over poorer undeveloped nations. In addition, it can be concluded that the great benefits of free trade, defined broadly as â€Å"free movement of goods, services, and capital across national boundaries (what I will call â€Å"economic interdependence† or â€Å"globalization†) is made possible by lower costs of transportation and telecommunications and the gradual liberalization of markets as countries negotiate reductions in tariffs, quotas, subsidies, and other barriers to trade†(Paul, 2015, pg 3), are mostly but not solely enjoyed by developed nations. However, there is a basic expectation in economic theory, that international trade wi ll allow for increased competition worldwide, thus will lead to greater productivity, higher wages and reduction in extreme poverty (Haase, 2012). Which arguably will benefit all nations, with developing nations being no exception. In stating this, there are many drawbacks of economic liberalisation that cannot be ignored: poverty, inequality, manipulation and closing of local industry. The studies highlight the positive and negative impacts globalisation and free trade have on both developed and developing nations. InternationalShow MoreRelatedThe North American Free Trade Agreement897 Words   |  4 Pagestook full swing and focused on an open economic market, and the creation of institutions. It created the Bretton Woods institutions in order to spread American values and promote economic growth through privatization of state owned enterprises. â€Å"The last 25 years has seen the most rapid, and most broad-based, growth in developing countries, ever† (Dervis, Kharas). Globalization has facilitated the spread of neoliberal ideology across the globe through an economic international trading system. For exampleRead MoreGlobalization Essay1402 Words   |  6 PagesA case for globalization Globalization is an inescapable factor in the global economy today. Its effects can be felt throughout the world in industrialized and developing nations alike. The â€Å"process of globalization is so pervasive that it affects all businesses,† (Lawrence Weber, 2014, p. 71). The benefits of globalization are apparent to organizations and nations such as reduction in poverty and benefits to consumers. But globalization must be properly balanced with a covential pledge to careRead MoreHow Globalisation has affected developing countries in the Asia - pacific region1609 Words   |  7 PagesAn important trend occurring in the world economy is the process of globalization. Globalization is the progressive integration between national economies and the breaking down of barriers between trade and financial flows around the world, which will eventually lead to the emergence of a single world market. Globalization has affected many different nations in different ways, depending on th eir degree of development and extent to which they are open to the flows of the world economy. China, whichRead MoreGlobalization: The Big Friendly Giant Essay1458 Words   |  6 Pagesinto contact with globalization. We are all active members of this web, and we are the fuel it needs to work to perfection. This web needs employers and employees, it needs people in need and people willing to help, and it needs members of different cultures and societies. It needs you. Whether it was by flying on an airplane, traveling to a foreign country, or simply by buying medicine, you are contributing to the unstoppable giant known as globalization. To understand globalization it is necessaryRead MoreUnderstanding Leadership And Empowerment Of The Workplace972 Words   |  4 PagesThe relationship between leaders and employee has become more strategic than anytime in business due to globalization. Leaders must understand how to use employee empowerment. Ba suggest, a negative view of a leader can hinder performance; therefore, exploring the aspects that guide followers to develop a positive image of their leader establishes desirable outcomes, and can create a positive view of a leader. Employee empowerment is tested to see if it is the key in aligning organizations systemsRead MoreGlobalization as a Process1744 Words   |  7 Pagesinto contact with globalization. We are all active members of this web, and we are the fuel it needs to work to perfection. This web needs employers and employees, it needs people in need and people willing to help, and it needs members of different cultures and societies. It needs you. Whether it was by flying on an airplane, traveling to a foreign country, or simply by buying medicine, you are contributing to the unstoppable giant known as globalization. To understand globalization it is necessaryRead MoreNike Positive And Negative Effects Of Globalization1367 Words   |  6 PagesPromises and Perils of the Globalization of Nike Globalization involves global interaction and cooperation between individuals, corporations, countries and their governments. As demand for products grows and the technology it takes to improve the process by which products can be manufactured more cheaply grows, globalization grows as well. It is supported by advancements in technology. These changes can have both short-term and lasting effects on issues surrounding economics, politics, the environmentRead MoreThe Cultural Dimensions Of A World Wide Citizenship And Belonging Notion Within Globalization Essay1586 Words   |  7 PagesGlobalization is a convoluted phenomena experienced across the world which arises from economic, cultural, ethical, and political exchanges of resources and concepts resulting in a growing opportunity for people to explore and appreciate the diversity of world culture. Although globalization has resulted in positive outcomes, it is also important to shed light on the negative consequences as well becaus e it is an essential aspect on the power of Globalization. In this paper, I strive to researchRead MoreFrom Agriculture To Industrialization To Innovation And1583 Words   |  7 Pageshas profoundly shaped today’s society. Globalization exists beyond the ends of America. The rapid growth of local and global relationships proves our interdependency. Our willingness to effectively and cooperatively communicate determines our fates in this globalized world. Globalization is â€Å"the expansion and intensification of social relations and consciousness across world-time and world-space† (Steger, 2013, p. 15). The four main dimensions are economic, political, ecological, and cultural. BecauseRead MoreImpact Of Globalization On The Chinese Economy Essay883 Words   |  4 PagesGlobalization is an important term that is partially responsible for an economic revolution that took place around the world. Theodore Levitt, a former Harvard Business Review editor, coined the term â€Å"globalization† and used it for the first time in one of his articles in 1983 (Los Angeles Times magazine, 2006). According to the Business Dictionary, globalization can be defined as â€Å"the worldwide movement toward economic, financial, trade, and communications integration† (businessdictonary.com).