Globalization is the process by which businesses or organizations develop international influence or start operating on an international level with other countries. (Oxford Dictionaries, 2013) Thomas L. Friedman described globalization as three eras for simple understanding; Globalization 1.0, where countries globalized, Globalization 2.0, where companies globalized and last but not least Globalization 3.0 where individuals globalize. (Friedman, 2005) We currently reside in Globalization 3.0. According to his book, ‘The world is flat’ is a whole new era where the playing field is being flattened. Likewise, Globalization 3.0 is in the era where empowered individuals all over the globe stand in the same flattened field. (Friedman, 2005) However, people have been questioning if globalization is good or bad? Has it been levelling us or pulling us down? These are the question that still remain unanswered.
Benefits of Globalisation
Globalization can be viewed from three sides: the good side, the bad side, and the ugly side. (Mourdoukoutas, 2011) Mentioned below are few findings of the benefits on Globalization. Firstly, globalization has created interdependent markets which have assisted in global foreign exchanges to take part. With global foreign exchanges, undeveloped and developing countries see growth in their Gross Domestic Profit (GDP). (Globalization and Business, 2013) Globalization also focuses on the diverse markets we have. (Globalization and Business, 2013) It is because of these markets that we are able to find products, services and technology from all over the world conveniently and the increase in variety in these markets has helped us to import and export our product, service or technology of our choice.
Western Perspective: Benefit of Globalization
From a western perspective, the NAFTA (North America Free Trade Agreement) in 1994 has not only created many jobs for the Mexicans in the USA but also has brought the America’s...