Globalization and the Society Essay Example | Topics and Well Written Essays - 1250 words

Globalization and the Society - Essay Example (Pros and Cons of Globalization, 2012) Most of the time globalization is used to refer to a particular specific aspect- economic integration throughout the world. This essay will examine the term of globalization, how it has been achieved, what benefits and drawbacks it brings to peoples’ daily life. Based on these facts and arguments, this essay will finally consider from different points of view whether globalization is good for society or not. Globalization began along with the time of the industrial age. Industries produced goods in a mass quantity without any specific market orientation; therefore they started to sell products across the board. Export became more efficient for business, so they wanted to replace production to a place with more affordable labor and cheaper production cost. Thus, replacing production location allows businesses to produce more at a cheaper price in a market where demand is higher. Free Trade Agreement allows free moving to industries among d ifferent countries; therefore it brings welfare to all countries for several reasons. First of all, globalization provides an opportunity for finance. Before globalization, businesses were limited only to domestic sources of finance from investors. But today, countries become closer therefore limitations on finance sources fall. In a global economy, entrepreneurs have an opportunity to gain investment form any country. For example, a company based in Mexico, can easily get investments from the US, Canada, Europe or Asia. This practice is becoming more common globally. This opportunity is available not only for developed countries, but also for developing countries. For example, African countries can gain funds form countless international sources like Kiva International, an organization that provides funding to poorest, allowing them to turn ideas into businesses (Faiola, 2009). Economic integration with foreign countries makes economic growth more constant and faster than those cou ntries that try to dissociate itself from all. China is a great illustration of international integration. To become a globally active nation, China has broken traditional principles of being individual and ignoring other countries. As a result, it could not be unnoticed that China is the fastest growing nation in the world nowadays. According to statistics, an open economy has a rate of growth of 2.5% higher than in a closed economy due to the process of globalization (Dreher, 2006). An open economy in this case has been achievable due to the globalization process that has taken place around the world allowing for different countries to financially interact with one another for mutual benefit. Business across the borders has proven to be a sustainable practice that allows the countries that practice to access markets that would have previously been inaccessible due to their location (Vujakovic, 2010). The open market has served to increase the financial wealth of a country as it ha s provided more opportunities to conduct business besides the local industries that are available. Globalization has enhanced the relationships that exist between countries thanks to their interaction with one another that has allowed them to get along and in the process reducing the prospect of war between countries (Scholte, 2005). Globalization has enhanced the bonds that exist between countries as they work together to enhance their financial and political strength meaning that there is little opportunity for them to come up with reasons for disagreements as they are in the process of working together for the common good of both of their nations. Improved relationships