Question

BUSINESS AND SOCIETY
1 PAGE ESSAY QUESTION
(I'll give you thumbs up.)

What are some upsides and downsides to globalization?

Answer 1

Globalization is the process by which the business or organization extend its operations internationally by developing international influence. This is developed by integrating and interchanging the views, products, cultural aspects, etc. internationally.

Conducting business globally is very important and crucial decision made by the business and require lots of effort and correct decisions in order to make it an effective move. It not only provide new opportunities for growth and profit but also provide reputation to business globally.

The benefits of globalization are: -

• It results in the global economic growth by providing employment facilities, making the companies more competitive and increasing the market for products and services.
• Globalization helps in benefiting from foreign capital and technology to the poor and developing countries.
• Globalization helps in creating jobs and create more competition in the market.
• Companies can increase their market share by conducting business globally.
• Global company get access to diverse workforce and greater talent pool.
• Globalization helps in improving the reputation of the company.

The two challenges related to globalization are:-

• The problem is faced by the developed countries that the jobs are lost and are transferred to poor countries and developing countries.
• Globalization has made the richer countries more richer whereas the poor countries are facing problem due to trade barriers imposed by the rich countries.

The global economy and international business are changing day by day. The most important driving force for doing business globally is globalization. Conducting business globally or internationally helps in the growth of global GDP, growth of Foreign direct investment (FDI) and growth in the global value chain system. The international market place will help in increasing the exposure of the business to international customers thus helps the business to grow faster and become a market player for a long-run.