Globalization

Globalization can be defined as the integration of countries based upon the trading of goods, services, and capital. In reference to a specific organization or industry, globalization is the competitive position in which an organization in one country is reliant to that in another. Globalization has not been the same since the terrorist attacks that occurred on September 11, 2001. From this point, national and multinational corporations have had to reassess globalization and the process in which it will evolve. Because of developments in technology, major increases in trade, investments, and migration have stirred up beliefs that the world has entered a new economic development (Walker, 2003). Advantages of globalization include the freedom of trade between countries, evolution of technology and new practices, development of unrestricted international trade, convergence of global lifestyles and values, and expansion of businesses. With the freedom of trade between countries, people are able to travel all over the world and obtain knowledge from social benefits. Information travels quickly through technology and media which puts communication on a global aspect (Advantages of Globalization, 2011). Therefore, companies and consumers have a greater opportunity to expand business because they have access to more goods. People were only able to depend on their own country for job opportunities. Globalization makes it possible to compete for jobs in other markets. Interacting and sharing new ideas with other countries lead to technology advancement and new practices learned from different cultures.
Disadvantages of globalization include economic failure, cultural integration, unemployment, and spread of diseases. The disadvantage of globalization in the economy is the fact that nations work closely and are connected with each other. In comparison to a dominoes effect, if one nation were to have an economic failure all the nations would be affected.

References: Advantages of Globalization. (2011). Retrieved September 6, 2012, from http://advantagesofglobalization.com/ Naik, A. (2011, September 21). Disadvantages of Globalization. Retrieved September 6, 2012, from Buzzle: http://www.buzzle.com/articles/disadvantages-of-globalization.html Walker. (2003). Doing Business Internationally. McGraw-Hill.