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Eco. 362 —21/01/2022 (Online Discussion/Quiz 2—Pros and Cons of Globalization)

 

Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.

As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.

In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

 

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Comments 177

  1. Avatar Uche Constance Chidera says:

    Name: Uche Constance Chidera
    Reg. No.: 2018/250689
    Course Code: Eco 362
    Department: Economics (major)
    Email: derance1234@gmail.com
    Question:
    Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.
    As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
    In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
    Answer :
    In international economics, globalization is the web of relationships between economies worldwide by way of international trade and investments. Starting with the Industrial Revolution, advancements in transportation (like railroads and steamships) and communication (like the telegraph) allowed increased economic interaction and cooperation across country borders.
    Advantages of globalization
    Increases economic growth: By increasing the international exchange of goods, technological advances, and information, globalization increases economic development for any country participating in the global economy. An increase in economic growth means better living standards, higher incomes, more wealth in a country, and, often, less poverty—in short, the overall well-being of a country.
    Makes production more affordable: A global market allows businesses wider access to production opportunities and consumers, meaning that there are more goods available at a wider range of price points.
    Promotes working together: When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services.
    Brings opportunities to poorer countries: Globalization allows companies to move their production from high-cost locations to lower-cost locations abroad—this means bringing jobs, information technology, and other economic opportunities to countries with fewer resources.
    Increased Cross-Border Investment: According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.
    Disadvantages of Globalization
    While it can benefit nations, there are also several negative effects of globalization. Cons of globalization include:

    Unequal economic growth. While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.
    Lack of local businesses. The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.
    Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
    Exploits cheaper labor markets. Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.
    Causes job displacement. Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.
    Environmental Concerns: Increased globalization has been linked to various environmental challenges, many of which are serious, including:
    Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
    Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
    The introduction of potentially invasive species into new environments

  2. Avatar Onyibor chinedu says:

    Name:onyibor chinedu
    Dept: Economics
    Reg no:2018/248795
    Course: Eco 362

    Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.

    As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
    In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
    (Ans)
    Globalization can be seen as a double edge swords that have positive and negative effect to the economy , looking from the pros of globalization we have the following:-
    1. Transfer of Technology
    Transfer of technology throughout the globe is good for us. Any country can borrow the technology through the agreement and can implement it in their country for their overall development. We can communicate each other easily from any part of the globe by using advance technology at minimal cost, time and efforts.

    2. Better Services
    Globalization always provides us better services. Through the technological advancement our services like water supply, mobile networking, internet, electricity supply and any other services have been easier and better than before. By the way, easy access to the internet throughout the globe is also the result of the globalization.

    3. Standardization of Living
    The integration of economies as the key process of globalization enables countries to fight against poverty and improve the standard of living of the people.

    Many researchers have been stated that when a country open up their trade to the globe, their rate of economic growth is faster and living standards tend to increase.
    4.Economic Growth
    Globalization entails to optimum utilization of resources wherein deficit resources are procured and surplus resources are exported to other countries. This ensure overall economic growth.
    5.Affordable Products
    With the access to the latest technology, the countries can provide products to its countrymen at affordable prices. Globalization promotes competition in domestic economies and their endeavor to compete against competition, companies reduce product price or follow penetration pricing strategy.

    8. Contribution to World GDP Growth Rate
    Globalization ensures contribution of every country to the world GDP growth.
    The following are cons of globalization:-
    1. Growing Inequality
    Globalization can increase inequality throughout the world by increasing specialization and trade. Although specialization and trade boost the per-capita income it may cause relative poverty.

    To illustrate this we will take an example. All dominated MNCs in the world are located in the United States. All these companies are buying cheaper labor from developing or underdeveloped countries for their product manufacturing or assembling. China, India and Africa are prime examples of this. It increases the employment of such countries but they are lagging behind relatively developed countries.

    Again those companies coming to these countries for cheap labor, they also deprive of that country’s i.e American people from work. So it appears that relative poverty is being created in developed countries as well.

    2. Increasing of the Unemployment rate
    Globalization can increase unemployment rate. Where people are getting jobs, how is it possible? Here is the explanation.

    Globalization demands for higher-skilled work with cheaper price. But countries where Institutions are relatively weak are not capable of producing highly skilled workers. As a result, the unemployment rate is increasing in those countries.

    When many foreign companies invest heavily in developing countries, they hire employee from that country. In some cases their salaries are very lower than the other developed countries. Moreover, the demand for these employees in developed countries is very low. Moreover, with the emergence of Global Economic Crisis, their jobs are at risk of losing.

    3. Trade Imbalance
    The balance of trade refers to the balance of values between a country’s export and import’s goods and services. As the result of globalization, any country can trade to any part of the globe.

    That is why, in some cases developing countries are so much dependent on the developed countries in terms of import goods but their export capabilities are lower than import. The trade imbalance has been occurring.

    So, trade imbalance refers to the imbalance of values between a country’s import and export’s goods and services. It is also called trade deficits. Trade imbalance may be increase in developed countries by their competitors.

    4. Environmental Loots
    The pace of industrialization is increasing as the result of globalization. Industrialization boosts the economic growth but it harms environment as well. Globalization loots from the nature and it harm us very badly.

    Let’s try to understand with the example. Coca-Cola is the world’s leading soft drink company. This company consume huge amount of water for making soft drinks. In a state of northern India, Uttar Pradesh, a Coca-Cola bottle plant was closed by the government order because of too much usage of water claimed by local farmers.

    In North India, the level of ground water is very low, but huge usage of this water for the interest of a MNC is very harmful to domestic farming.

    In Kerala, a state of southern India, Coca-Cola plant was also closed due to the polluting the water which was supplied to the local communities.

    Also, MNCs use the natural resources of different countries extensively for their personal gain.

    Various chemical industries are very harmful to our health by polluting the soil, water, air.

    Conclusion
    From the above discussion on the Advantages and Disadvantages of Globalization, it can be said that the list of benefits of globalization can be easily lengthened. However, there are some disadvantages. According to critics, the process did not benefit the poor. The impact of globalization on environmental protection is not too great and Did not stabilize the global economy.

    The policies formulated by the IMF, the World Bank, and the World Trade Organization only serve the interests of the developed world. Especially the internal interests of those countries. Developing countries have no place in it. The ideas of all these countries regarding globalization revolve around a particular economic and social scenario.

  3. Avatar Onyibor chinedu says:

    Name:onyibor chinedu
    Dept: Economics
    Reg no:2018/248795
    Course: Eco 362

    Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.

    As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
    In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
    (Ans)
    Globalization can be seen as a double edge swords that have positive and negative effect to the economy , looking from the pros of globalization we have the following:-
    1. Transfer of Technology
    Transfer of technology throughout the globe is good for us. Any country can borrow the technology through the agreement and can implement it in their country for their overall development. We can communicate each other easily from any part of the globe by using advance technology at minimal cost, time and efforts.

    2. Better Services
    Globalization always provides us better services. Through the technological advancement our services like water supply, mobile networking, internet, electricity supply and any other services have been easier and better than before. By the way, easy access to the internet throughout the globe is also the result of the globalization.

    3. Standardization of Living
    The integration of economies as the key process of globalization enables countries to fight against poverty and improve the standard of living of the people.

    Many researchers have been stated that when a country open up their trade to the globe, their rate of economic growth is faster and living standards tend to increase.

    4. Development of Infrastructure
    Due to the technological advancement and its transfer throughout the globe helps to improve country’s infrastructure. Countries are more enabling to deliver their services to the people. Development of infrastructure means overall development of respective countries. Here it is necessary to say that economic growth and development of infrastructure are compatible with each other.

    5. Foreign Exchange Reserves
    Through globalization countries can build foreign exchange reserves owing to international financial flows.

    6. Economic Growth
    Globalization entails to optimum utilization of resources wherein deficit resources are procured and surplus resources are exported to other countries. This ensure overall economic growth.

    7. Affordable Products
    With the access to the latest technology, the countries can provide products to its countrymen at affordable prices. Globalization promotes competition in domestic economies and their endeavor to compete against competition, companies reduce product price or follow penetration pricing strategy.

    8. Contribution to World GDP Growth Rate
    Globalization ensures contribution of every country to the world GDP growth.

    9. Extensions of Market
    Above all, Globalization promotes extension of market. It provides an opportunity to the domestic companies in going global. For instance, domestically, companies can witness saturation in the demand for their products or services but through globalization the domestic companies can sustain and satisfy the growing demands of foreign customers.

    Globalization impacts us in multidimensional way. So it has some disadvantages also. These areas:-
    1. Growing Inequality
    Globalization can increase inequality throughout the world by increasing specialization and trade. Although specialization and trade boost the per-capita income it may cause relative poverty.

    To illustrate this we will take an example. All dominated MNCs in the world are located in the United States. All these companies are buying cheaper labor from developing or underdeveloped countries for their product manufacturing or assembling. China, India and Africa are prime examples of this. It increases the employment of such countries but they are lagging behind relatively developed countries.

    Again those companies coming to these countries for cheap labor, they also deprive of that country’s i.e American people from work. So it appears that relative poverty is being created in developed countries as well.

    2. Increasing of the Unemployment rate
    Globalization can increase unemployment rate. Where people are getting jobs, how is it possible? Here is the explanation.

    Globalization demands for higher-skilled work with cheaper price. But countries where Institutions are relatively weak are not capable of producing highly skilled workers. As a result, the unemployment rate is increasing in those countries.

    When many foreign companies invest heavily in developing countries, they hire employee from that country. In some cases their salaries are very lower than the other developed countries. Moreover, the demand for these employees in developed countries is very low. Moreover, with the emergence of Global Economic Crisis, their jobs are at risk of losing.

    3. Trade Imbalance
    The balance of trade refers to the balance of values between a country’s export and import’s goods and services. As the result of globalization, any country can trade to any part of the globe.

    That is why, in some cases developing countries are so much dependent on the developed countries in terms of import goods but their export capabilities are lower than import. The trade imbalance has been occurring.

    So, trade imbalance refers to the imbalance of values between a country’s import and export’s goods and services. It is also called trade deficits. Trade imbalance may be increase in developed countries by their competitors.

    4. Environmental Loots
    The pace of industrialization is increasing as the result of globalization. Industrialization boosts the economic growth but it harms environment as well. Globalization loots from the nature and it harm us very badly.

    Let’s try to understand with the example. Coca-Cola is the world’s leading soft drink company. This company consume huge amount of water for making soft drinks. In a state of northern India, Uttar Pradesh, a Coca-Cola bottle plant was closed by the government order because of too much usage of water claimed by local farmers.

    In North India, the level of ground water is very low, but huge usage of this water for the interest of a MNC is very harmful to domestic farming.

    In Kerala, a state of southern India, Coca-Cola plant was also closed due to the polluting the water which was supplied to the local communities.

    Also, MNCs use the natural resources of different countries extensively for their personal gain.

    Various chemical industries are very harmful to our health by polluting the soil, water, air.

    Conclusion
    From the above discussion on the Advantages and Disadvantages of Globalization, it can be said that the list of benefits of globalization can be easily lengthened. However, there are some disadvantages. According to critics, the process did not benefit the poor. The impact of globalization on environmental protection is not too great and Did not stabilize the global economy.

    The policies formulated by the IMF, the World Bank, and the World Trade Organization only serve the interests of the developed world. Especially the internal interests of those countries. Developing countries have no place in it. The ideas of all these countries regarding globalization revolve around a particular economic and social scenario.

  4. Avatar Joseph Chinonso says:

    Name: Joseph chinonso
    Reg. No.: 2018/241859
    Dept: Economics

    Answer:
    Globalization is defined as the increase in the flow of goods, services, capital, people, and ideas across international boundaries, according to the online course Global Business, taught by Harvard Business School Professor Forest Reinhardt.

    “We live in an age of globalization,” Reinhardt says in Global Business. “That is, national economies are ever more tightly connected with one another than ever before.”

    ADVANTAGES OF GLOBALIZATION
    1. Economic Growth
    It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:

    Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
    Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
    Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
    The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties
    DISADVANTAGES OF GLOBALIZATION
    1. Increased Competition
    When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.

    With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.

    “Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”

    2. Disproportionate Growth
    Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

    Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.

    Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.

    “Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

  5. Avatar Ugwu Serah Izunna says:

    NAME: UGWU SERAH IZUNNA .
    DEPARTMENT: ECONOMICS.
    REG NUMBER: 2018/247399
    COURSE CODE: ECO362.
    COURSE TITLE: DEVELOPMENT ECONOMICS.

    ASSIGNMENT.

    Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.
    As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.

    In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
    ANSWER

    What Is Globalization?
    Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures. Supporters say that this is making countries more interdependent on free trade. But critics maintain that it is also concentrating wealth in the corporate elite, disrupting industries and making local economies more vulnerable.

    This process has roots in ancient civilizations that traded for valuable commodities that were unavailable in their homelands. But today, you can also see how large corporations similarly thrive as multinational businesses with offices and supply chains stretching around the globe.

    In the recent economy, trade agreements have become the cornerstones of globalization, creating and expanding networks for trade and infrastructure. This is the case with NAFTA, which was renegotiated by the Trump administration in 2020 as the United States-Mexico-Canada Agreement (USMCA). Initially, NAFTA incentivized U.S. businesses to relocate partially to take advantage of low-cost labor in Mexico. However, the USMCA has added protections for U.S. workers against this type of competition.

    Globalization has also come under scrutiny with President Joe Biden’s recent $2.3 trillion infrastructure and jobs plan. Many large multinational companies like Amazon were singled out by Biden for taking advantage of tax loopholes to avoid paying federal income taxes. The President said that he would raise corporate taxes and eliminate these loopholes and foreign tax credits to fund his plan.

    While governments focus on removing national barriers to promote global trade, they are also working on protecting local economies that could easily get disrupted. Let’s break down the advantages and disadvantages of globalization.

    Advantages of Globalization
    The Pros and Cons of Globalization
    1. Globalization Broadens Access to Goods and Services
    It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

    2. Globalization Can Lift People Out of Poverty
    The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

    3. Globalization Increases Cultural Awareness
    Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

    4. Information and Technology Spread More Easily With Globalization
    Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

    Disadvantages of Globalization
    The Pros and Cons of Globalization
    1. Workers Can Lose Jobs to Countries With Low-Cost Labor
    This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.

    Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

    2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
    In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.

    Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

    3. Globalization Can Contribute to Cultural Homogeneity
    Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

    4. Globalization Empowers Multinational Corporations
    Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements (this was an argument invoked against the TPP).

    Bottom Line
    Supporters and opponents of globalization generally agree that the phenomenon has created winners and losers. Supporters argue that the benefits outweigh the drawbacks, while critics want to either improve the conditions of global trade or, in some cases, roll back globalization.

  6. Avatar CHIMA PRINCE CHUKWUEMEKA says:

    Name: Chima Prince CHUKWUEMEKA
    Reg No: 2018/243755
    Department: Economics
    Assignment on Development Economics II (Eco362)
    Question
    Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
    Answers
    Before diving into the pros and cons of development, it is important to understand the concept clearly. Globalization is the process of interaction and integration among people, companies, and governments worldwide. Globalization is the connection of different parts of the world. In economics, globalization can be defined as the process in which businesses, organizations, and countries begin operating on an international scale. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. In general, globalization has been shown to increase the standard of living in developing countries, but some analysts warn that globalization can have a negative effect on local or emerging economies and individual workers. Some praise globalization for opening borders and connecting cultures and politics. Others blame it for disrupting local economies and eliminating jobs. The fact is that globalization has been around since ancient times, and it is fully integrated into different aspects of modern life. As a consumer, your clothing, foods and electronic gadgets are often produced by multinational companies located around the world. And as an investor, a financial advisor could help you diversify your portfolio with emerging market funds and other foreign investments.
    This now brings me to the pros of development. One might ask what are pros of Development. In a simple English it means in what way have globalization been an advantage to our local economy . Firstly, Globalization Broadens Access to Goods and Services .It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services. Secondly,Globalization have aided the lifting of People Out of Poverty.The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries. Thirdly, with globalization there is increase in the wide spread of information and technology. Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily. Fourthly, it boasts cultural awareness. Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia. Also, it Makes production more affordable. A global market allows businesses wider access to production opportunities and consumers, meaning that there are more goods available at a wider range of price points.
    All good things also have a bad side. What then are the cons of globalization. By cons I mean the demerits of globalization. Firstly, The general complaint about globalization is that it has made the rich richer while making the non-rich poorer. “It is wonderful for managers, owners and investors, but hell on workers and nature.” Secondly, it brings about Unequal economic growth. While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries. Thirdly, Lack of local businesses. The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation. Fourthly, Exploits cheaper labor markets. Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant. Fifthly, Causes job displacement. Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas. Lastly, Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.

  7. Avatar Uweh ifeanyi Shedrack says:

    Name: uweh ifeanyi Shedrack
    Reg no: 2018/241857
    Department: economics

    The pro’s and con’s of Globalisation are:
    Pro’s
    Specialization: with the help of comparative advantage that countries have with other countries, it makes room for speSpecialization is a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency. … This specialization is thus the basis of global trade, as few countries have enough production capacity to be completely self-sustaining.
    Transfer of technology: We find that the spread of knowledge and technology across borders has intensified because of globalization. In emerging markets, the transfer of technology has helped to boost innovation and productivity even in the recent period of weak global productivity growth.
    Labour mobility: High labour mobility may increase the productive capacity of the economy, it will be easier for firms expanding in new markets to attract qualified labour. Without labour mobility, innovation and expansion will meet supply constraints. Wages.
    Transfer of Idea
    Job opportunities: Globalization has enhanced firms’ abilities to relocate their production processes without obstruction or barrier. This allows firms to rapidly scale up and reduce overhead costs by outsourcing processes to nations with cheaper labour costs. This free flow of labour increases the total number of global jobs.

    Con’s
    Dumping: . Dumping is legal under WTO rules unless the foreign country can reliably show the negative effects the exporting firm has caused its domestic producers. To counter dumping and protect their domestic industries from predatory pricing, most nations use tariffs and quotas. Dumping is also prohibited when it causes “material retardation” in the establishment of an industry in the domestic market.1
    Unequal economic growth. While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.
    Lack of local businesses. The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.
    Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
    Economic Inequality: it’s also creates room for economic inequality, as advanced country will take the lesser countries as a dumping ground for their products.
    Theft of Intellectual property: it causes brain drain as more advanced country offer scholarships opportunity to lesser countries in hope of collecting some technical knowledge that will be used in advancement of their country.

  8. Avatar Phil-eze Chidiogo says:

    THE PRONS AND CONS OF GLOBALISATION
    Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures.
    In international economics, globalization is the web of relationships between economies worldwide by way of international trade and investments. While the history of globalization dates back to ancient times, the modern era of globalization began in earnest in the early nineteenth century. Starting with the Industrial Revolution, advancements in transportation (like railroads and steamships) and communication (like the telegraph) allowed increased economic interaction and cooperation across country borders. Pros. Supporters of globalization argue that it has the potential to make this world a better place to live in and solve some of the deep-seated problems like unemployment and poverty.
    First, globalization allows countries to gain easier access to foreign knowledge. Second, it enhances international competition—including as a result of the rise of emerging market firms—and this strengthens firms’ incentives to innovate and adopt foreign technologies.
    Globalization paves the way for redistribution of economic power at the world level leading to domination by economically powerful nations over the poor nations. It promotes local growth by stimulating overall growth.
    Globalization usually results greater increase in imports than increase in exports leading to growing trade deficit and balance of payment problems. It gives undeveloped countries a chance to join the developed world.
    ADVANTAGES OF GLOBALIZATION
    1. Globalization Increases Cultural Awareness: Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.
    2. Globalization Increases Cultural Awareness: Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.
    3. Globalization broadens access to goods and services: it’s hard to argue with the point that globalization makes more goods and services available to come people, often at lower price.
    4. Globalization can lift people out of poverty: the argument that globalization has lifted people in developing countries out of poverty of some what controversial because opinions differ as to the quantity-and-quantity-of the jobs created by globalization.
    DISADVANTAGES OF GLOBALISATION
    1. Workers Can Lose Jobs to Countries With Low-Cost Labor: This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals.
    2. Globalization Hasn’t Protected Labor, Environmental or Human Rights: In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect.
    3. Globalization Can Contribute to Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens.
    4. Cultural Homogeneity: Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones.
    THE BENEFITS OF GLOBALISATION
    1. Immigration Challenges and Local Job Loss: The political climates in the United States and Europe show that there are different viewpoints on the results of globalization. Many countries around the globe are tightening their immigration rules, and it is harder for immigrants to find jobs in new countries. This rise in nationalism is mainly due to anger from the perception that foreigners fill domestic jobs or at companies moving their operations abroad to save money on labor costs.
    2. Lower Costs for Products: Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.
    3. Access to New Talent: In addition to new markets, globalization allows companies to find new, specialized talent that is not available in their current market. For example, globalization gives companies the opportunity to explore tech talent in booming markets such as Berlin or Stockholm, rather than Silicon Valley. Again, International PEO allows companies to compliantly employ workers overseas, without having to establish a legal entity, making global hiring easier than ever.

    4. The Spread of Technology and Innovation: Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly. Because knowledge also transfers so fast, this means that scientific advances made in Asia can be at work in the United States in a matter of days.

  9. Avatar Akachukwu Christian Nonso says:

    Name:Akachukwu Christian nonso
    Dept:. Economics
    Reg no:2018/249531
    Course:Eco 362

    (1) Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.

    As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
    In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
    ( Answer)
    It is often said that the internet has made the world a much smaller place. People are able to connect with others all around the globe life in a way that has never been possible in the past. Money can instantly transfer from an account in Singapore to an account in London. Companies are able to product goods or perform services in a multinational way. In many ways, economic globalization is already here… and it is growing.

    The trend of economic globalization has some definite advantages to it, but there are some disadvantages that must be considered as well so that as the world grows even smaller, the economic opportunities continue to grow larger.

    What Are the Pros of Economic Globalization?
    1. It promotes local growth by stimulating overall growth.
    The theory of trickle down economics works if it is implemented properly. That’s because it is all about spending. Multinational businesses spend through national businesses. National businesses spend through local businesses. Local businesses provide jobs and dollars to their community. If a business hoards their cash, the whole system comes tumbling down, but the theory is good on the whole.
    2. It would create higher levels of mutual trust.
    The only way business opportunities can grow is if different people are able to trust one another. Different corners of the world have different opinions as to what equates to right or wrong. By working together and learning from the different opinions that people have, the colonial aspects of a growing business empire can be reduced because people will be working with other people to lift each other up.

    3. A global community requires a global economy.
    Goods and services are already being purchased from a global perspective. A worldwide market exists online thanks to a number of sites that allow individuals to market their goods or services to anyone who has access to a computer or mobile device. This means that someone with a home computer and a broadband hook-up can be just as competitive as the large multinational corporation when it comes to the initial first impression.
    4. It forces us all to share financial considerations.
    Instead of having segmented pots of cash that are used for personal needs, economic globalization creates one big pile of cash that can be used for the benefit of all. There will always be local spending that happens, but the emphasis will shift to helping meet the world’s needs first instead of meeting national needs first from a business perspective once true globalization occurs.

    5. It gives undeveloped countries a chance to join the developed world.
    Many countries are struggling to keep pace with the global changes that are happening today. Economic globalization would undoubtedly bring about a new wave of outsourcing, bringing in new revenues to nations that could use a burst of cash to work on their infrastructure and other internal needs. Over time, it could create a level of equality in development that hasn’t been seen since the Roman Empire ruled over much of the known world.
    What Are the Cons of Economic Globalization?
    1. It gives businesses more power to influence civil government.
    As businesses grow in wealth, they have the ability to better influence political elections. They can lobby for laws that benefit their company because of their cash flow. In the past, foreign companies were restricted from influencing domestic elections, but recent rulings from the US Supreme Court and other legal entities have made it so businesses have more power than ever before.

    2. It removes the emphasis of local cultures.
    There is no doubt that the American business revolution is taking over the lead role on economic globalization. There are other multinational companies that exist in Europe, the APAC region, and the Middle East, but is the US that dominates the business world. This means as globalization continues, the emphasis on local culture will be extinguished. There will only be the 3 regions providing influence from a business perspective instead.

    3. It encourages the development and spreading of disease.
    Having a globalized economy means that there will be more people traveling internationally than ever before. As the 2014 ebola outbreak showed, an illness can spread quickly when people hop onto airplanes and can travel anywhere in the world in 2 days or less. With more people doing this, more diseases are going to spread into places of the world where they generally aren’t seen today.
    4. Most of the world gets ignored in economic globalization.
    The richest 20% of the world is believe to consume about 85% of the world’s total resources. That means as the world grows smaller, the undeveloped world is just going to be left behind. Poor nations when combined only get 15% of current resources as it is and as business opportunities take on a global calling, that inequality is likely to continue growing over time.

    5. Worker exploitation would likely increase.
    Because economic globalization is ultimately a quest for bigger profits, there will be a need to exploit the workers in undeveloped nations who make nowhere near a livable wage. Why pay someone $20 per hour to fabricate parts when a worker can be paid $0.25 per hour instead? Most of the workers in the world today live on just $2 or less in daily wages. That will continue to increase as this becomes a business world.
    6. It would shift where unemployment and poverty happen to be.
    If jobs are being outsourced in a global economy, then eventually a global maximum output is going to be achieved. There will no longer be any room for growth. That means outsourced jobs will create unemployment and possible poverty in developed nations, switching who holds the power in the global economy. Businesses don’t care about borders. They care about profits. The ideas of social welfare or benefit programs could completely cease to exist.

    The economic globalization pros and cons show that we would need laws in place to govern and monitor business actions. If a business has more control than a government does from a global perspective, then how the world is governed could become very different. By weighing these pros and cons, we can all take the right path toward globalization that benefits everyone.

  10. Avatar Obeta Princess Oluchi says:

    Obeta Princess Oluchi
    2018/242409
    Economics Department
    Even though globalization makes our lives better, it does bring some challenges as companies start to grow and expand across borders. Cultural differences around the world are undeniable. These differences create challenges for businesses entering foreign markets and forces changes to their daily business activities , whether it’s employing workers in a new region or communicating the value of their product to a new audience.

    Advantages of Globalization
    1. Access to New Cultures
    Globalization makes it easier than ever to access foreign culture, including their food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment as you listen to your favorite Channel on the TV
    2. The Spread of Technology and Innovation
    Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly.
    3. Lower Costs for Products
    Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.
    4. Higher Standards of Living Across the Globe
    Developing nations experience an improved standard of living—thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.

    Disadvantages of Globalization

    Growing Inequality
    Globalization can increase inequality all over the world by increasing specialization and trade. Although specialization and trade boost the per-capita income it may cause relative poverty.
    Again those companies coming to these countries for cheap labor, they also deprive of that country’s i.e American people from work. So it appears that relative poverty is being created in developed countries as well.
    2. Increasing of the Unemployment rate
    Globalization can increase unemployment rate. Where people are getting jobs, how is it possible? Here is the explanation.
    Globalization requires for higher-skilled work with cheaper price. But countries where Institutions are relatively weak are not capable of producing highly skilled workers. As a result, the unemployment rate is increasing in those countries.
    When many foreign companies invest heavily in developing countries, they hire employee from that country. In some cases their salaries are very lower than the other developed countries. Moreover, the demand for these employees in developed countries is very low. Moreover, with the emergence of Global Economic Crisis, their jobs are at risk of losing.
    3. Trade Imbalance
    The balance of trade refers to the balance of values between a country’s export and import’s goods and services. As the result of globalization, any country can trade to any part of the world.
    That is why, in some cases developing countries are so much dependent on the developed countries in terms of import goods but their export capabilities are lower than import. The trade imbalance has been occurring.
    So, trade imbalance refers to the imbalance of values between a country’s import and export’s goods and services. It is also called trade deficits. Trade imbalance may be increase in developed countries by their competitors.
    4. Environmental Loots
    The pace of industrialization is increasing as the result of globalization. Industrialization boosts the economic growth but it harms environment as well. Globalization loots from the nature and it harm us very badly.

  11. Avatar Adigwe ifeoma Favour says:

    Name: Adigwe ifeoma Favour
    Reg no: 2018/241872
    Department: Economics department
    Course code: Eco 362

    Question
    clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

    Answer
    What is Globalization
    Globalization is defined as the increase in the flow of goods, services, capital, people, and ideas across international boundaries, according to the online course Global Business, taught by Harvard Business School Professor Forest Reinhardt.

    In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods.

    ADVANTAGES OF GLOBALIZATION
    1. Economic Growth
    It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:
    A: Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
    B: Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
    Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
    The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.

    2. Increased Global Cooperation
    For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict. “Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”

    3. Increased Cross-Border Investment
    According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.
    The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.

    DISADVANTAGES OF GLOBALIZATION

    1. Increased Competition
    When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened. With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties. “Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”

    2. Disproportionate Growth
    Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally. Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.
    Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.
    “Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

    3. Environmental Concerns
    Increased globalization has been linked to various environmental challenges, many of which are serious, including:
    Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
    Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
    The introduction of potentially invasive species into new environments.

  12. Avatar onyibor chinedu says:

    Eco. 362 —21/01/2022 (Online Discussion/Quiz 2—Pros and Cons of Globalization)

    • NAME: ONYIBOR CHINEDU
    • REG NO : 2018/248795
    • DEPARTMENT: ECONOMICS
    • Email:
    • QUESTION:
    Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.
    As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
    In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
    ANSWER:
    Pros of Globalization are enlisted as follows:
    Transfer of Technology
    Better Services
    Standardization of Living
    Development of Infrastructure
    Foreign Exchange Reserves

    Cons of Globalization
    Growing Inequality
    Increasing of the Unemployment rate
    Trade Imbalance
    Environmental Loots

    Discussion
    Pros of Globalization:
    Transfer of Technology
    Transfer of technology throughout the globe is good for us. Any country can borrow the technology through the agreement and can implement it in their country for their overall development. We can communicate each other easily from any part of the globe by using advance technology at minimal cost, time and efforts.
    2. Better Services
    Globalization always provides us better services. Through the technological advancement our services like water supply, mobile networking, internet, electricity supply and any other services have been easier and better than before. By the way, easy access to the internet throughout the globe is also the result of the globalization.
    3. Standardization of Living
    The integration of economies as the key process of globalization enables countries to fight against poverty and improve the standard of living of the people.
    Many researchers have been stated that when a country open up their trade to the globe, their rate of economic growth is faster and living standards tend to increase.
    4. Development of Infrastructure
    Due to the technological advancement and its transfer throughout the globe helps to improve country’s infrastructure. Countries are more enabling to deliver their services to the people. Development of infrastructure means overall development of respective countries. Here it is necessary to say that economic growth and development of infrastructure are compatible with each other.
    5. Foreign Exchange Reserves
    Through globalization countries can build foreign exchange reserves owing to international financial flows.

    Cons of Globalization:
    Growing Inequality
    Globalization can increase inequality throughout the world by increasing specialization and trade. Although specialization and trade boost the per-capita income it may cause relative poverty.
    To illustrate this we will take an example. All dominated MNCs in the world are located in the United States. All these companies are buying cheaper labor from developing or underdeveloped countries for their product manufacturing or assembling. China, India and Africa are prime examples of this. It increases the employment of such countries but they are lagging behind relatively developed countries.
    Again those companies coming to these countries for cheap labor, they also deprive of that country’s i.e American people from work. So it appears that relative poverty is being created in developed countries as well
    2. Increasing of the Unemployment rate
    Globalization can increase unemployment rate. Where people are getting jobs, how is it possible? Here is the explanation.
    Globalization demands for higher-skilled work with cheaper price. But countries where Institutions are relatively weak are not capable of producing highly skilled workers. As a result, the unemployment rate is increasing in those countries.
    When many foreign companies invest heavily in developing countries, they hire employee from that country. In some cases their salaries are very lower than the other developed countries. Moreover, the demand for these employees in developed countries is very low. Moreover, with the emergence of Global Economic Crisis, their jobs are at risk of losing.

  13. Avatar Ezeorah Mariagoretti Ukamaka says:

    Name: Ezeorah Mariagoretti Ukamaka
    Registration Number: 2018/244494
    Department: Education Economics

    ANSWERS
    PROS OF GLOBALIZATION
    1. Economic Growth
    It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:
    1. Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
    1. Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
    3. Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
    4. The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties

    2. Increased Global Cooperation
    For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.
    “Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”

    3. Increased Cross-Border Investment
    According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.

    The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.

    CONS OF GLOBALIZATION
    1. Increased Competition
    When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.

    With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.

    “Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”

    2. Disproportionate Growth
    Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

    Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.

    Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.

    “Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

    3. Environmental Concerns
    Increased globalization has been linked to various environmental challenges, many of which are serious, including:

    Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
    Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
    The introduction of potentially invasive species into new environments

  14. Avatar Umeh Chinaza Lucy says:

    Name: Umeh Chinaza Lucy
    Reg no:2018/246901
    Dept:Edu Economics
    Course no:Eco 362
    Assignment
    discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

    Introduction
    Globalization describes how different world cultures, populations, and economies are interdependent from each other. It is a consequence of cross-border business. Technology, goods, investments, information, and services along with the labor market are the most popular components of such activity. Nations have established worldwide integration over many centuries by enabling economic, political, and social partnerships.
    In ancient times people moved to distant places to settle, exchange goods with others, and to produce food and unprocessed materials. In the early 19th century, trains, steamships, and telegraphs opened the way to global interaction and integration through economic collaboration among states. Global trade was affected by World War I and II, the post-war protectionism and the Great Depression. Many countries were affected economically, and there was an increased rivalry between various nations. Today the same endeavor has improved due to innovations and intensified transportation. When someone needs to sell goods overseas, it takes a few minutes to get in touch with a buyer.
    The revival of trade between nations is associated with particular efforts of the United States. They began popularizing their conception of investments as well as preaching some positive impacts of cross-border trade on the global community. They encouraged funding to resurrect states’ domestic economies which softened and agreed to make their natural resources be an object of trading. At the same time, they allow the building of infrastructure to alleviate transportation.
    This term became popular in the 1990s when ordinary people got access to the global net. Globalization pertains to the transborder business along with cross-boundaries investments. Multinational institutions have organized a global order to operate trade relations through accepted rules. This concept was created to make intercultural cooperation easy and prevent conflicts from being escalated into unmanageable disputes. Among established INGOs and NGOs are IMF, World Bank, WTO, UN, and NATO.
    Effects of globalization are politically charged. They benefit corporate elites, while a small group of people is enormously harmed. People should understand future benefits apart from costs of globalization effects to solve problems and sustain the discounted payoffs. As a result, we’ve drawn attention to the good things about globalization in both developed countries and developing countries as well as some bad things about globalization in these states.
    Globalization of culture contributes to the exchange of cultural values of different countries, the convergence of traditions. For cultural globalization characterized convergence of business and consumer culture between the different countries of the world and the growth of international communication.
    the pros and cons of economic globalization
    Globalization Broadens Access to Goods and Services.
    Globalization Can Lift People Out of Poverty.
    Globalization Increases Cultural Awareness.
    Information and Technology Spread More Easily With Globalization.
    Workers Can Lose Jobs to Countries With Low-Cost Labor.

    Effects of Globalization on Developed Countries
    Worldwide integration impacted countries with developed economies. Some positive influences comprise low-cost country sourcing, evolved social interaction as well as increased employment opportunities.
    What are Some Advantages of Globalization?
    Researchers have concluded various positive effects of globalization which some developed countries enjoy today. It’s hard to encounter each of them, but let’s focus on some essential points.
    1.Global Market
    Among all effects of globalization, this one is beneficial. It means encouraging nations to specialize and produce plenty of goods available in their local market. Different countries produce different products and what is most surprising there is no country which is self-sufficient. Some countries with developed economies don’t have enough raw materials for their factories, while the rest accumulate costs more than it should. Worldwide integration has led the way to cheap raw materials. Now states can purchase them and produce low price products with a good profit.
    Developed countries advertise for the low-income community to buy their products with compatible prices. They also sell goods to developing countries because they are affordable. They are supposed to promote the economic growth of the country from where they buy their raw materials as they invest their money overseas by building industries to produce cheap goods.
    The larger the market, the more the returns. This concept has extended businesses in developed countries. They have also expanded by acquiring companies in developing countries, partnering and merging with others to reach out to a big market and produce cheaper goods due to the availability of materials and labor. Availability of cross-border market encourages companies from developed countries to create various goods because they have consumers worldwide. Some of them produce vehicles, other clothes or foods. There are a range of products invented in developed countries and sold elsewhere.
    2.Cross-Cultural Management
    Each country has got its own culture. Culture pertains to the way particular people do things as well as their values and believes. Incorporating all cultures to form a global one is not easy. For instance, gender equality is not recognized in some legal systems, and they do not allow women to lead or engage in business. Before globalization, many countries would not allow females to acquire education, and even if they did, they were supposed to do jobs such as teaching or nursing. Now a lot of states have adopted features of American culture even in the way they carry out business. For instance, one of the United States features is keeping time as well as understanding its value. They don’t like procrastinating with ridiculous activities. Population in developed and underdeveloped countries have a culture of engaging in activities which are profitable either socially, economically or spiritually. Here becomes a new global culture. Globalization is a causality of cultural erosion in communities from both developed and developing countries.

    3.Competition
    Competition is a healthy way of doing business. Without it, companies would not pioneer some innovations in cross-border trade. It is the main reason why the quality of goods and services improve as well as why the prices drop. Competition affected industries in some developed countries to source cheap raw materials and labor to decrease prices. People from the first-world can afford themselves to buy products from domestic industries and foreign ones. Competition causes increased communication of ideas and innovation as people try to find a competitive advantage for their business.
    4.Job Opportunity
    About 90 percent of the first-world population earns for living through employment. Initially, job opportunities were quite scarce, and everyone who graduated from college applied in a certain government sector, but most of them ended up working as a casual laborer in industries with a low income. Globalization has brought this trend to a halt as more job opportunities are now available locally and internationally. By using technology, one can access employment opportunities, work remotely and even have more than one job.
    Many students come out as entrepreneurs ready to grow their own business and create job opportunities for others. Globalization has brought in diversification which helps student interact with foreigners. They exchange ideas on available opportunities in various countries, and such discussions broaden their mind on how to find employment or other ways of making a decent living. The major standards of living have improved due to an extended labor market.

    5.Reducing the Gap between the Rich and the Poor
    Globalization has notably declined the gap between rich and poor people. For many centuries there has been a wide gap between these groups, a gap that seemed to widen every year. Globalization enabled poor people to have access to job opportunities. A long time ago people who worked in government sectors and companies got high salaries, but now even overeducated employees earn a little money. As a result, many employers hire qualified workers and pay them less than they deserve. Due to their expenses of maintaining companies’ specific image, the highly paid workers live a stressful life while the low-income people seem to have a stress-free experience.
    The number of low-income people working as casual laborers has continued to decrease as most young people acquire education. These young, educated people perform multitasking jobs to get enough money to enable themselves and their family to live a decent life. Consequently, a constant difference between the rich and the poor reduce considerably. Most industries employ only skilled workers due to complicated systems of operation. Those without skills seek employment in other states. Instead of staying without an income, most people don’t mind the displacement as long as they are going to earn for a living.
    6.Investments
    The population of developed countries prefers to invest money in profitable businesses rather than deposit it in banks. The reason is, they strive to earn for a living remotely because investments assure they will gain good profits without any efforts. Unfortunately, such an option is available only for those people in developed countries as usual defaults of economies in third-world states make it insecure. People are afraid to invest their earnings because they can not predict whether their national currency will be equivalent to the US dollar next year. Others spend it by establishing firms and industries in foreign countries where they gain profits.
    7.Advanced technology
    Advanced technologies are a result of globalization. A constant need for innovations appeared due to the lack of quick data transfer and public communication. Lots of inventors have tried to serve the needs of modern society by improving technology. Its advancement has paved the way for positive effects of globalization in countries that initially did not want to associate with others. Such states select partners for cooperation depending on religion rather than the economy.
    •Legal Effects
    Through globalization, people get to know what’s happening in other countries. Media services cover events which occur in other countries. As a result, various turmoils could be solved by international mediators. Those who perform acts against human rights are arrested and sentenced by intergovernmental courts. Equally, those who practice illegal business aiming to get competitors out of trading are prosecuted. Nevertheless, lots of states are not satisfied that a particular IGO interferes domestic policy and dictate them how they should operate within own boundaries. Imposed economic sanctions prosecute governments which refused to adopt international conventions and follow their laws.
    Negative Effects of Globalization
    It has had a few adverse effects on developed countries. Some adverse consequences of globalization include terrorism, job insecurity, currency fluctuation, and price instability.
    1.Terrorism
    It is a significant problem in most developed countries. Due to worldwide integration, people travel a lot. Some of them move abroad for studying, business, visiting relatives, work and access hospitals services. However, not all of them are totally honest. Lots of terrorists came to a foreign country with a worker visa having a hidden goal to perform a terrorist attack. It’s a problem that has posed fear among citizens who can’t trust their neighbors. Unfortunately, terrorists recruit young people, residents of the country and make them believe they are doing the right things. That’s why there are fear, mistrust, and tension in society.
    2.Job Insecurity
    Before globalization, skilled people got employment in government sectors and companies where they received high salaries. Job opportunities were waiting for those who completed colleges and earned a degree. People would resign a job and quickly get another. Due to globalization, there are many people seeking employment all over the world. Employers take advantage of cheap labor. One can get a dismissal because of a slight mistake as the employer can find a skilled worker who is ready to be paid less.
    3.Price Instability
    Price instability is a significant effect of globalization on business. Some people establish industries overseas where they get cheap raw materials and labor. They can cut production costs and sell their goods at a low price. Due to competition, some high-quality products differ in prices. No matter how the World Trade Organization has tried to control price fluctuation, their efforts are not successful. These companies reach out to consumers using modern technology. Successful businesses are for those who can find a competitive advantage and especially make high-quality products for a low price.
    4.Currency Fluctuation
    International trade buys and sells products using the US dollar. The price of dollar fluctuates day-to-day in developing countries, this results in imbalanced economy and unnormal prices for goods and services. National currencies are affected the most by IGOs.

    What are the Positive Effects of Globalization?
    Positive effects on Developing countries
    Globalization has had numerous positive effects on some developing countries. It’s the reason for the fast growth and development of these countries as people invest in these states improving their infrastructure, technology, and total production. Below are some positive effects of worldwide integration on developing countries.
    •Poverty Eradication
    Before globalization, developing countries have had plenty of resources which they didn’t know how to use. Their population was uneducated as well as there were no roads or means of transport. Nowadays people understood the significance of education and standards of living as foreigners settled in these countries. Consequently, locals went to schools established by the settlers and got employment in their companies and industries. Some of them went abroad for further studies. They were able to raise the living standard of their families by using new knowledge. Today, due to globalization, companies established by locals of some developing states are the major competitors of those from developed states. Although the fight against poverty is not over, there is a great improvement.
    •Availability of Employment
    Most developed countries have lots of educated jobless people. Globalization gives them job opportunities in other countries. Their primary advantage over the residents of the developed countries is the fact that they offer cheap services. They are also open to learning as they consider themselves lucky to have a new life.
    •Education
    Globalization has enabled further studies. Most developed countries have advanced schools and colleges. They encourage people from overseas to study there. While it is just a business venture like any other, students from developing countries take it as an advantage to get further education and skills to use in their careers. The investors from developed countries settle abroad with their families, what’s more, they want to have good schools for their children. As a result, they donate to local schools, advance the curriculum and hire qualified teachers. Following this way, most developing countries have very advanced high schools and universities. There is no need to move to developed states to seek education because it is readily available in these countries. Enhanced education is a positive impact of globalization in developing countries. The governments of most developing nations provide free training to encourage parents to school their children. Education is compulsory in most developing countries due to globalization because, without it, investors and traders would have a hard time hiring locals.
    •Technology
    Globalization has helped to transport technology to developing countries. Some investors and foreigners who have got a bargain with the people from developing countries needed to communicate with them and exchange ideas as well as information. The fastest way to do it was through using of modern technology. It has greatly helped people from developing countries. Most of them can buy and sell goods online at a low price. They work remotely with companies in developed countries. Interaction with people through social media, the Internet and other platforms have opened new horizons on how to improve standards of living. Media coverage has attracted lots of volunteers from developed countries. Consequently, most people can satisfy their basic needs such as food, clothing or medicines.
    •Foreign Investments
    Globalization brought in the need for people from developed states to invest in some developing countries. Foreign investment is one of the results of globalization that culminates in many developments in these countries. For instance, some investors want raw materials and goods to be transferred faster to the industry and the market respectively. The only way to do this is to help each government in the building of efficient infrastructure. The local people get jobs from these industries and companies established in their country. Investors boost the country’s economy by paying taxes to the government. They help to improve institutions such as schools and hospital through the government agencies which benefits the locals and their family members.
    Negative Effects of Globalization
    Although the developing countries have had many benefits from globalization, there are a few negative impacts it has caused in the developing countries.
    •Displacements of Workers
    Thanks to globalization, there are employment opportunities all over our huge world. However, most people have had to leave their families for many years as they work abroad. As a result, couples have divorced, remarried and left destitute children at the mercy of volunteers and shelters. Some children haven’t been able to meet their old-aged parents’ needs because the money they earn from their job is not enough. Lots of seniors die due to sicknesses and lack of financial and emotional support from their children.
    •Unemployment
    In almost all developing countries over half of the working population relied on casual jobs in industries until globalization took root. The advancement of technology has reduced such employment and increased global need for skilled professionals. Majority of people in developing countries don’t have skills, while the available jobs are poorly paid due to high demand caused by globalization. Most of the people are left unemployed and unable to meet their basic needs resulting in increased criminal activities such as burglary, pickpocketing, murder and drug abuse. The rate of unemployment and poverty keeps growing as the gap between the rich and the poor widens.
    •Increased Lifestyle diseases
    Globalization has brought in the consumption of processed foods, planting crops using chemicals to minimize the duration of growth and increase profit. In order to benefit from business, animals such as the cows are fed on chemicals that make them produce a lot of milk or increase in weight for those that are sold for the meat industry. Due to increased ingestion of chemicals from foods, chronic diseases are on the rise. The mortality rate is high. Furthermore, there is a reduction in the lifespan in the developing countries.
    •Abandonment of Culture
    Every community, society, or nation has its values and beliefs, that is to say – own culture. They are essential because they mold the acceptable behavior of the people in a particular community. The elders or leaders ensure that the people behave in a morally upright way. However, globalization mixed different cultures. Then people reconsidered their authentic rules and customs regarding their culture as primitive. Some nations from developing countries adopt the western culture and abandon there’s own. The community leaders can no longer pursue their own domestic policy punishing citizens for crimes them as they did before because they are regarded as backward and primitive by international society. They adopt the culture which is quite strange and distant from their nature, due to such policy, people conduct themselves regardless of actual laws. As a result, there is an increased crime as acts such as rape, divorce, and domestic violence get on the rise.
    How does Globalization affect me?
    Globalization has many positive effects on me. Firstly, I have an education and an online writing job. So to say I am a freelancer. I buy lots of my devices or tools online, what is more, I can communicate with people from other countries via popular networks. On the other hand, due to worldwide integration, I have never succeeded in getting a job in an office. All my applications have been turned down because there is high competition.

    References
    Beck, U. (2018). What is globalization?. John Wiley & Sons.
    Chinnammai, S. (2005). Effects of globalization on education and culture. New Delhi.
    Cox, K. R. (Ed.). (1997). Spaces of globalization: reasserting power of the local. Guilford Press.
    Garrett, G. (2001). Globalization and government spending around the world. Studies in comparative international development, 35(4), 3-29.
    Giddens, A. (2018). Globalization. In Sociology of Globalization(pp. 19-26). Routledge.
    Kohn, D. L. (2006). Effects of globalization on inflation and their implications for monetary policy. In Conference Series;[Proceedings] (Vol. 51). Federal Reserve Bank of Boston.
    Levitt, T. (1993). Globalization of markets. Readings in international business: a decision approach, 249.

  15. Avatar UKAEJIOFO KENECHUKWU VICTOR says:

    NAME: UKAEJIOFO KENECHUKWU VICTOR
    DEPT: ECONOMICS
    REG NO: 2018/250325
    COURSE TITLE: DEVELOPMENT ECONOMICS 2
    CODE: ECO 362
    THE PROS AND CONS OF GLOBALIZATION.
    Globalization is an established part of the modern world, so most of us do not realize the benefits it brings to our everyday lives—such as easy access to a variety of different cuisines or new technologies developed by countries half a world away.
    Even though globalization makes our lives better, it does bring some challenges as companies start to grow and expand across borders. Cultural differences around the world are undeniable. These differences create hurdles for businesses entering foreign markets and necessitate changes to their daily business operations, whether it’s employing workers in a new region or communicating the value of their product to a new audience.
    What is Globalization?
    The official definition of “globalization” is the process by which businesses or other organizations develop international influence or start operating on an international scale.
    More simply, globalization refers to an open flow of information, technology, and goods among countries and consumers. This openness occurs through various relationships, from business, geopolitics, and technology to travel, culture, and media.
    Because the world is already so connected, most people don’t notice globalization at work every single day. But the world is getting smaller, and companies need to understand what this means for the future of doing business. Companies that don’t embrace globalization risk losing a competitive advantage, which allows other businesses to take over new opportunities in the global marketplace.
    What Are the Benefits/Advantages of Globalization?
    Globalization impacts businesses in many different ways. But those who decide to take on international expansion find several benefits, including:
    1). Access to New Cultures
    Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment as you listen to your favorite UK-based artist or stream a Bollywood movie.
    2). The Spread of Technology and Innovation
    Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly. Because knowledge also transfers so fast, this means that scientific advances made in Asia can be at work in the United States in a matter of days.
    3). Lower Costs for Products
    Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.
    4). Higher Standards of Living Across the Globe
    Developing nations experience an improved standard of living—thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.
    5). Access to New Markets
    Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas. International Professional Employer Organizations (PEOs) make it easier than ever to employ workers in other countries quickly and compliantly. This means that, for many companies, there is no longer the need to establish a foreign entity to expand overseas.
    6). Access to New Talent
    In addition to new markets, globalization allows companies to find new, specialized talent that is not available in their current market. For example, globalization gives companies the opportunity to explore tech talent in booming markets such as Berlin or Stockholm, rather than Silicon Valley. Again, International PEO allows companies to compliantly employ workers overseas, without having to establish a legal entity, making global hiring easier than ever.
    What are the Challenges of Globalization?
    While globalization offers many benefits, it’s not without challenges. Velocity Global’s 2020 State of Global Expansion™ Report: Technology Industry reveals some of the top challenges that U.S. and UK tech leaders face when taking their companies global, and leaders of other companies likely face the same obstacles.
    Some of the hurdles companies face when going global include:
    1). International Recruiting:
    It’s not surprising that 30% of U.S. and UK tech leaders cited international recruiting as their most common challenge. Recruiting across borders creates unknowns for HR teams. First, companies create a plan for how they will interview and thoroughly vet candidates to make sure they are qualified when thousands of miles separate them from headquarters. Next, companies need to know the market’s demands for salaries and benefits to make competitive offers. To ensure successful hires, HR teams must factor in challenges like time zones, cultural differences, and language barriers to find a good fit for the company.
    2). Managing Employee Immigration:
    Immigration challenges cause a lot of headaches internally, which is why 28% of U.S. and UK tech leaders agreed it was one of their top challenges. Immigration laws change often, and in some countries, it is extremely difficult to secure visas for employees that are foreign nationals. The U.S., for example, is getting stricter with granting H-1B visas, and Brexit makes the future of immigration to the UK uncertain.
    3). Incurring Tariffs and Export Fees:
    Another challenge both U.S and UK tech leaders said they face in the report is incurring tariffs and export fees—29% agreed this is a challenge for their global businesses. For companies looking to sell products abroad, getting those items overseas can be expensive, depending on the market.
    4). Payroll and Compliance Challenges:
    Another common global expansion obstacle is managing overseas payroll and maintaining compliance with changing employment and tax laws. This management task gets even more difficult if you’re trying to manage operations in multiple markets.
    5). Loss of Cultural Identity:
    While globalization has made foreign countries easier to access, it has also begun to meld unique societies together. The success of certain cultures throughout the world caused other countries to emulate them. But when cultures begin to lose their distinctive features, we lose our global diversity.
    6). Foreign Worker Exploitation:
    Lower costs do benefit many consumers, but it also creates tough competition that leads some companies to search for cheap labor sources. Some western companies ship their production overseas to countries like China and Malaysia, where lax regulations make it easier to exploit workers.
    7). Global Expansion Difficulties:
    For businesses that want to go global and discover the benefits of globalization, setting up a compliant overseas presence is difficult. If companies take the traditional route of setting up an entity, they need substantial upfront capital, sometimes up to $20,000, and costs of $200,000 annually to maintain the business. Additionally, global businesses must keep up with different and ever-changing labor laws in new countries. When expanding into new countries, companies must be aware of how to navigate new legal systems. Otherwise, missteps lead to impediments and severe financial and legal consequences.
    8). Immigration Challenges and Local Job Loss:
    The political climates in the United States and Europe show that there are different viewpoints on the results of globalization. Many countries around the globe are tightening their immigration rules, and it is harder for immigrants to find jobs in new countries. This rise in nationalism is mainly due to anger from the perception that foreigners fill domestic jobs or at companies moving their operations abroad to save money on labor costs.
    For example, the Economic Policy Institute reports that the U.S. trade deficit with China (or the amount by which our imports exceed our exports) cost Americans 3.4 million jobs since 2001.

  16. Avatar Nnamani Dorathy nchido 2018/245743 Economics major says:

    Nnamani Dorathy nchido
    2018/245743
    Economic
    Assignment on 362
    Globalization
    Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures. Supporters say that this is making countries more interdependent on free trade. But critics maintain that it is also concentrating wealth in the corporate elite, disrupting industries and making local economies more vulnerable.
    PROS OF GLOBALIZATION
    One of the pros is the increased cooperation among the nations. This is in the field of technology, trade, and other activities that improve the economic growth of countries.
    1. Globalization Broadens Access to Goods and Services
    It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.
    2. Globalization Can Lift People Out of Poverty
    The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.
    3. Globalization Increases Cultural Awareness
    Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.
    4. Information and Technology Spread More Easily With Globalization
    Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.
    CONS OF GLOBALIZATION
    Environmental problems due to deforestation and global warming is due to gases released by factories and moving machines.
    1. Workers Can Lose Jobs to Countries With Low-Cost Labor
    This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.
    Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.
    2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
    In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.
    Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.
    3. Globalization Can Contribute to Cultural Homogeneity
    Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.
    4. Globalization Empowers Multinational Corporations
    Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements (this was an argument invoked against the TPP.

  17. Avatar Nwogwugwu Chisom Jennifer says:

    Name: Nwogwugwu Chisom Jennifer
    Reg no: 2018/245129
    Eco 362 Assignment
    Advantages of Globalization

    1. Globalization Broadens Access to Goods and Services: It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices.

    2. Globalization Can Lift People Out of Poverty: The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization.

    3. Globalization Increases Cultural Awareness:
    Globalization’s defenders say it has increased cross-cultural understanding and sharing.

    Cons of Globalization

    1. Workers Can Lose Jobs to Countries With Low-Cost Labor.
    2. Globalization Hasn’t Protected Labor, Environmental or Human Rights.
    3. Globalization Can Contribute to Cultural Homogeneous.
    4. Globalization Empowers Multinational Corporations

  18. Avatar OBETTA. CHISOM GRACE. REG NO:2018/242216 says:

    Name: OBETTA CHISOM GRACE
    Reg:2018/242216
    Dep: Education Economics
    Course: Development Economics
    Date: January, 2022

    Questions
    In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
    Answers:

    Globalization : the act or process of globalizing : the state of being globalized; especially : the development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets.
    Globalization, has so far re structured the lives of people’ around the world, it is said to have come from the western world(advanced Nations) to the less developed onse mostly through colonisation.
    Nevertheless globalization’s has cut across all countries and still active even till today, and has improved people’s lives but while it can benefit Nations there are also several negative effects associated with it. Same way medical advancement can be shared, terrorist information can be shared just as quickly.in this context we will be discussing the pros and cons of globalization.
    PROS OF GLOBALIZATION
    A.invention and innovation: invention which is the creations of new thing and invention which is the reconstruction og what has already been in existence has improved all-round the globe , we have new building, new industries new technologies, better means and processes if carrying out our daily activities and all this came about as a result of globalization.
    B. Improved economy; this is one of the greatest achievements of globalization so far, as of eighteen century the economic situation of Africa is nothing to write home about, but the coming of the white men , and through International trade and interelationship , there have been a transfer of ideas which the developing Nations had adopted and but I to practice to improved their economy both in structures and organisations.
    C. Globalization brings about about efficiency and effectiveness in an economy: through globalization people were able to interact with other people from different side of the world ,they share the ideas and views,and when this ideas are implemented,it helps the policy makers to make wise decision on how to on how to move the economy forward.
    D .liberalization;the restrictions on international trade and migrations has improved people lives, people can travel to different places at any given time ,with less or no restrictions, and all this happened as a result of globalization.
    lE.Globalization has advanced people’s knowledge , the world is becoming civilization as well as those inside it, there’s improved educational system, improved technology . improved standard of living all liked to globalization.
    F. Labour mobility
    CONS OF GLOBALIZATION
    A. Globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.
    B.Lack of local businesses. The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.
    C.Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
    D Marginalization and exploitation.till today the advanced Nations are still exploiting the developing ones even at their attainment of Independence,the whites brought globalization into Africa for their own selfish reasons and African who were in the dark are meant to believe they (the whites) are doing them great favor , like the case in Ghana where they are made to produce cocoa , the sell to the white men at a cheap cost of which they would process and sell back to them at a very high cost.
    E. Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.
    F.Causes job displacement. Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.

    like NAFTA, different parts of the world have been engaging in trade across national

  19. Avatar Aneke+Hannah says:

    Name: Aneke Hannah
    Reg No: 2018/242453
    Dept: Economics

    Question

    In view of this, you are required to clearly discuss the pros and cons of Globalization as it affects our local economy and the global economy at large.
    Answer
    This increase in global interactions has caused a growth in international trade and the exchange of ideas, beliefs, and culture. Globalization is primarily an economic process of interaction and integration that is associated with social and cultural aspects. Globalizatiion is the process of interaction and integration among people, companies, and governments worldwide. Globalization has accelerated since the 18th century due to advances in transportation and communication technology.
    Pros of Globalization
    1. Globalization broadens access to goods and services: Globalization has made it possible for the exchange of goods and services across various states in the economy locally and international. Merchants both locally and internationally converge at this point due to globalization which has led to specialization of various kinds. Business owners benefits by having access to bigger market for their goods and services.
    2. Information and Technology Spread More Easily With Globalization: Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.
    3. Globalization increases cultural Awareness: Globalization boosts the rate at which people are ezposed to the culture, attitudes and value of people in the community. The exposure can inspire and strengthen ties between and beyond nations. Globilization has increased cross- cultural understanding and sharing.
    Cons of Globilization
    1. It empowers multinational corporations: It is criticized that globilization has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens ability to hold their leaders accountable for conditions in their country.
    2. Large multinational corporations are accused of social injustice, unfair working conditions as well as lack of concern for environment mismanagementt of resources and ecological damages.
    3. Globalization Can Contribute to Cultural Homogeneity: Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

  20. Avatar CHINWUBA IFEANYI INNOCENT 2018/242447. says:

    NAME: CHINWUBA IFEANYI INNOCENT
    CLASS:300LEVEL
    DEPARTMENT:ECONOMICS
    REG NO:2018/242447

    ASSIGNMENT:

    The pro’s and con’s of Globalisation are:
    Pro’s
    1. Specialization: with the help of comparative advantage that countries have with other countries, it makes room for speSpecialization is a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency. … This specialization is thus the basis of global trade, as few countries have enough production capacity to be completely self-sustaining.
    2. Transfer of technology: We find that the spread of knowledge and technology across borders has intensified because of globalization. In emerging markets, the transfer of technology has helped to boost innovation and productivity even in the recent period of weak global productivity growth.
    3. Labour mobility: High labour mobility may increase the productive capacity of the economy, it will be easier for firms expanding in new markets to attract qualified labour. Without labour mobility, innovation and expansion will meet supply constraints. Wages.
    4. Transfer of Idea
    5. Job opportunities: Globalization has enhanced firms’ abilities to relocate their production processes without obstruction or barrier. This allows firms to rapidly scale up and reduce overhead costs by outsourcing processes to nations with cheaper labour costs. This free flow of labour increases the total number of global jobs.

    Con’s
    1. Dumping: . Dumping is legal under WTO rules unless the foreign country can reliably show the negative effects the exporting firm has caused its domestic producers. To counter dumping and protect their domestic industries from predatory pricing, most nations use tariffs and quotas. Dumping is also prohibited when it causes “material retardation” in the establishment of an industry in the domestic market.1
    2. Unequal economic growth. While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.
    3. Lack of local businesses. The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.
    4. Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
    5. Economic Inequality: it’s also creates room for
    6. Theft of Intellectual property:

  21. Avatar CHIGOZIE+ONYEDIKACHUKWU+GODSWILL+2018/241849 says:

    The pro’s and con’s of Globalisation are:
    Pro’s
    1. Specialization: with the help of comparative advantage that countries have with other countries, it makes room for speSpecialization is a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency. … This specialization is thus the basis of global trade, as few countries have enough production capacity to be completely self-sustaining.
    2. Transfer of technology: We find that the spread of knowledge and technology across borders has intensified because of globalization. In emerging markets, the transfer of technology has helped to boost innovation and productivity even in the recent period of weak global productivity growth.
    3. Labour mobility: High labour mobility may increase the productive capacity of the economy, it will be easier for firms expanding in new markets to attract qualified labour. Without labour mobility, innovation and expansion will meet supply constraints. Wages.
    4. Transfer of Idea
    5. Job opportunities: Globalization has enhanced firms’ abilities to relocate their production processes without obstruction or barrier. This allows firms to rapidly scale up and reduce overhead costs by outsourcing processes to nations with cheaper labour costs. This free flow of labour increases the total number of global jobs.

    Con’s
    1. Dumping: . Dumping is legal under WTO rules unless the foreign country can reliably show the negative effects the exporting firm has caused its domestic producers. To counter dumping and protect their domestic industries from predatory pricing, most nations use tariffs and quotas. Dumping is also prohibited when it causes “material retardation” in the establishment of an industry in the domestic market.1
    2. Unequal economic growth. While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.
    3. Lack of local businesses. The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.
    4. Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
    5. Economic Inequality: it’s also creates room for
    6. Theft of Intellectual property:

  22. Avatar Udeze Obianuju Charity says:

    Name: Udeze Obianuju Charity
    Department: Education Economics
    Reg No: 2018/244283

    Question:
    Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.
    we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
    In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
    Answer:
    Globalization has had and is still having great impact on both the local and the global (world) economy. The pros and cons (positive and negative effects) of have been evident and we will be discussing some of them but before then, let us see another definition of globalization apart from the one given above.
    Globalisation according to Commonwealth English is the process of interaction and integration among people, companies and government worldwide. This in other words mean working together of people.
    The pros of globalization are:
    1. It encourages the creation of multinational firms: Globalization encourages the establishment of the same firm in different countries thereby encouraging growth and development.
    2. Reduction in cost of production: According to the theory of the scale economy, the average cost per unit decreases as the amount of goods or services provided increases. Since globalization encourages larger scale of production for Mass supply, it therefore reduces cost of production.
    3. Production of machines for production of more efficient products: with the growth of globalisation, a lot of machines for production in the factory have been produced and now used for production of more efficient products.
    4. Cultural integration: Globalisation encourages the integration of people from different cultures which makes them to learn the cultures host countries and learning their cultures and believes.
    5. Production of more efficient goods and services: Globalisation encourages the establishment of many firms that produces similar products. This therefore encourages the production of more efficient products and enhance economic growth and development.
    6. Large corporations have the opportunity to amend the purchase prices, improve the supply conditions or even to monitor international technologies.
    7. Globalisation also encourages diversification of resources.

    The cons of globalisation are those negative impacts of globalisation.They are as follow:
    1. It encourages unequal development: Globalization encourages multinational trade which makes some countries to develop more than the others.
    2. Displacement of labour with machine: as a result of the fact globalization encourages the use of capital intensive method over labour intensive method. This therefore discourages I he use of more labour in production thereby leaving our labours idle.
    3. Health hazards: the smokes and other industrial wastes pollute the environment and make it unfit for human health.
    4. Overdependence on other countries: the fact that most countries are intertrading, makes some countries to overdepend on others rather than encourage the development of local areas.
    5. Depletion of the Ozone layer: the fact that globalization encourages industrialization also tells us of the fact that our ozone layer is going because of the various dangerous emissions into the environment.

  23. Avatar CHIDOZIE JULIETH CHISOM says:

    Name- CHIDOZIE JULIETH CHISOM

    Reg no-2018/250055

    DEPARTMENT- EDUCATION ECONOMICS

    Email- chidoziejulieth165@gmail.com

    Answer:

    Globalization, , is the process of interaction and integration among people, companies, and governments worldwide.

    AFFECT OF GLOBALIZATION IN THE LOCAL ECONOMY:

    THE POSITIVE AFFECT:
    Globalization provides businesses with a competitive advantage by allowing them to source raw materials where they are inexpensive. Globalization also gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies.
    Consumers benefit too. In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. In some cases, this may contribute to improved health by enabling a more varied and healthier .Others includes:
    .Access to New Cultures.
    .The Spread of Technology and Innovation.
    .Lower Costs for Products.
    .Higher Standards of Living Across the Globe.
    .Access to New Markets.
    .Access to New Talent.
    .International Recruiting.
    .Managing Employee

    NEGATIVE AFFECT:
    Studies also suggest that globalization may contribute to income disparity and inequality between the more-educated and less-educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization.
    cost markets for jobs; unions and workers may be unable to defend against the threat of corporations that offer the alternative between lower pay or losing jobs to a supplier in a less-expensive labor market.
    The situation is more complex in the developing world, where economies are undergoing rapid change. Indeed, the working conditions of people at some points in the supply chain are deplorable. The garment industry in Bangladesh, for instance, employs an estimated four million people, but the average worker earns less in a month than a U.S. worker earns in a day. In 2013, a textile factory building collapsed, killing more than 1,100 workers. Critics also suggest that employment opportunities for children in poor countries may increase the negative impacts of child labor and lure children of poor families away from school. In general, critics blame the pressures of globalization for encouraging an environment that exploits workers in countries that do not offer sufficient protections

    AFFECT OF GLOBALIZATION IN THE GLOBAL ECONOMY:

    THE POSITIVE AFFECT:
    With globalization, different parts of a product may be made in different regions of the world. Globalization has long been used by the automotive industry, for instance, where different parts of a car may be manufactured in different countries. Businesses in several different countries may be involved in producing even seemingly simple products such as cotton T-shirts.it promotes and increases interactions between different regions and populations around the globe.
    Globalization brings reorganization at the international, national, and sub-national levels. Specifically, it brings the reorganization of production, international trade, and the integration of financial markets. This affects capitalist economic and social relations, via multilateralism and microeconomic phenomena, such as business competitiveness, at the global level. The transformation of production systems affects the class structure, the labor process, the application of technology, and the structure and organization of capital. Globalization is now seen as marginalizing the less educated and low-skilled workers. Business expansion will no longer automatically imply increased employment. Additionally, it can cause a high remuneration of capital, due to its higher mobility compared to labor.

    Globalization affects services too. Many businesses located in the United States have outsourced their call centers or information technology services to companies in India. As part of the North American Free Trade Agreement (NAFTA), U.S. automobile companies relocated their operations to Mexico, where labor costs are lower. The result is more jobs in countries where jobs are needed, which can have a positive effect on the national economy and result in a higher standard of living. China is a prime example of a country that has benefited immensely from globalization. Another example is Vietnam, where globalization has contributed to an increase in the prices for rice, lifting many poor rice farmers out of poverty. As the standard of living increased, more children of poor families left work and attended school.

    In a global economy, power is the ability of a company to command both tangible and intangible assets that create customer loyalty, regardless of location. Independent of size or geographic location, a company can meet global standards and tap into global networks, thrive and act as a world-class thinker, maker, and trader, by using its greatest assets: its concepts, competence, and connections.
    Trade among nations via the use of comparative advantage promotes growth, which is attributed to a strong correlation between the openness to trade flows and the effect on economic growth and economic performance. Additionally, there is a strong positive relation between capital flows and their impact on economic growth.
    Foreign Direct Investment’s impact on economic growth has had a positive growth effect in wealthy countries and an increase in trade and FDI, resulting in higher growth rates.

    NEGATIVE AFFECT:
    Less wealthy countries from those among the industrialized nations may not have the same highly-accentuated beneficial effect from globalization as more wealthy countries, measured by GDP per capita, etc. Although free trade increases opportunities for international trade, it also increases the risk of failure for smaller companies that cannot compete globally. Additionally, free trade may drive up production and labor costs, including higher wages for a more skilled workforce, which again can lead to outsourcing jobs from countries with higher wages.

  24. Avatar CHIDOZIE JULIETH CHISOM says:

    ame- CHIDOZIE JULIETH CHISOM
    Reg no-2018/250055
    DEPARTMENT- EDUCATION ECONOMICS
    Email- chidoziejulieth165@gmail.com
    Answer:
    Globalization, , is the process of interaction and integration among people, companies, and governments worldwide.

    AFFECT OF GLOBALIZATION IN THE LOCAL ECONOMY:

    THE POSITIVE AFFECT:
    Globalization provides businesses with a competitive advantage by allowing them to source raw materials where they are inexpensive. Globalization also gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies.
    Consumers benefit too. In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. In some cases, this may contribute to improved health by enabling a more varied and healthier .Others includes:
    .Access to New Cultures.
    .The Spread of Technology and Innovation.
    .Lower Costs for Products.
    .Higher Standards of Living Across the Globe.
    .Access to New Markets.
    .Access to New Talent.
    .International Recruiting.
    .Managing Employee

    NEGATIVE AFFECT:
    Studies also suggest that globalization may contribute to income disparity and inequality between the more-educated and less-educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization.
    cost markets for jobs; unions and workers may be unable to defend against the threat of corporations that offer the alternative between lower pay or losing jobs to a supplier in a less-expensive labor market.
    The situation is more complex in the developing world, where economies are undergoing rapid change. Indeed, the working conditions of people at some points in the supply chain are deplorable. The garment industry in Bangladesh, for instance, employs an estimated four million people, but the average worker earns less in a month than a U.S. worker earns in a day. In 2013, a textile factory building collapsed, killing more than 1,100 workers. Critics also suggest that employment opportunities for children in poor countries may increase the negative impacts of child labor and lure children of poor families away from school. In general, critics blame the pressures of globalization for encouraging an environment that exploits workers in countries that do not offer sufficient protections.

    AFFECT OF GLOBALIZATION IN THE GLOBAL ECONOMY:

    THE POSITIVE AFFECT:
    With globalization, different parts of a product may be made in different regions of the world. Globalization has long been used by the automotive industry, for instance, where different parts of a car may be manufactured in different countries. Businesses in several different countries may be involved in producing even seemingly simple products such as cotton T-shirts.it promotes and increases interactions between different regions and populations around the globe.
    Globalization brings reorganization at the international, national, and sub-national levels. Specifically, it brings the reorganization of production, international trade, and the integration of financial markets. This affects capitalist economic and social relations, via multilateralism and microeconomic phenomena, such as business competitiveness, at the global level. The transformation of production systems affects the class structure, the labor process, the application of technology, and the structure and organization of capital. Globalization is now seen as marginalizing the less educated and low-skilled workers. Business expansion will no longer automatically imply increased employment. Additionally, it can cause a high remuneration of capital, due to its higher mobility compared to labor.

    Globalization affects services too. Many businesses located in the United States have outsourced their call centers or information technology services to companies in India. As part of the North American Free Trade Agreement (NAFTA), U.S. automobile companies relocated their operations to Mexico, where labor costs are lower. The result is more jobs in countries where jobs are needed, which can have a positive effect on the national economy and result in a higher standard of living. China is a prime example of a country that has benefited immensely from globalization. Another example is Vietnam, where globalization has contributed to an increase in the prices for rice, lifting many poor rice farmers out of poverty. As the standard of living increased, more children of poor families left work and attended school.

    In a global economy, power is the ability of a company to command both tangible and intangible assets that create customer loyalty, regardless of location. Independent of size or geographic location, a company can meet global standards and tap into global networks, thrive and act as a world-class thinker, maker, and trader, by using its greatest assets: its concepts, competence, and connections.
    Trade among nations via the use of comparative advantage promotes growth, which is attributed to a strong correlation between the openness to trade flows and the effect on economic growth and economic performance. Additionally, there is a strong positive relation between capital flows and their impact on economic growth.
    Foreign Direct Investment’s impact on economic growth has had a positive growth effect in wealthy countries and an increase in trade and FDI, resulting in higher growth rates.

    NEGATIVE AFFECT:
    Less wealthy countries from those among the industrialized nations may not have the same highly-accentuated beneficial effect from globalization as more wealthy countries, measured by GDP per capita, etc. Although free trade increases opportunities for international trade, it also increases the risk of failure for smaller companies that cannot compete globally. Additionally, free trade may drive up production and labor costs, including higher wages for a more skilled workforce, which again can lead to outsourcing jobs from countries with higher wages.

  25. Avatar OKOYE ARTHUR-KINGSLEY KANAYO says:

    NAME:- OKOYE ARTHUR-KINGSLEY KANAYO 2018/241820

    Globalization – as the name implies, is a concept pertaining to the process by which ideas, knowledge, information, goods and services spread around the world. In business, the term is used in an economic context to describe integrated economies marked by free trade, the free flow of capital among countries and easy access to foreign resources, including labor markets , to maximize returns and benefit for the common good.

    Globalization, or globalisation as it is known in some parts of the world, is driven by the nexus of cultural and economic systems.

    Apparently, this term has its merits which also accompanies certain demerits. To mention but a few , viz:

    MERITS

    • Improvements in infrastructure
    Due to the technological advancement and its transfer throughout the globe helps to improve country’s infrastructure. Nations are more oriented to deliver their services to the people. Improvement of infrastructure means overall development of respective countries.

    • Attributes to Economic growth
    Globalisation helps to boost the long run average growth rate of the economy of the country through:

    • Globalisation strengthens the financial sector
    Globalisation enhances the efficiency of the banking insurance and financial sectors with the opening up to those areas to foreign capital, foreign banks and insurance companies.

    • Standardization of Living
    The integration of economies as the key process of globalization enables countries to fight against poverty and improve the standard of living of the people.

    • Greater affordability of products
    Affordable Products
    With the access to the latest technology, the countries can provide products to its countrymen at affordable prices. Globalization promotes competition in domestic economies and their endeavor to compete against competition, companies reduce product price or follow penetration pricing strategy.

    • Foreign Exchange Reserves
    Through globalization countries can build foreign exchange reserves owing to international financial flows.

    Other merits includes
    • It removes the barriers set by geographic constraints, political boundaries and political economies.

    • Changing the way trade and financial exchange and interaction occurs among nations also promotes the cultural exchange of ideas

    DEMERITS

    • Increased unemployment
    Globalization demands for higher skilled work with cheaper price. But countries where Institutions are relatively weak are not capable of producing highly skilled workers. As a result, the unemployment rate is increasing in those countries.

    • Economic dominance by Advanced countries
    Globalisation paves the way for redistribution of economic power at the world level leading to domination by economically powerful nations over the poor nations.

    • Paves way for inequality
    Globalisation has been showing down the process to poverty reduction in some developing and underdeveloped countries of the world and thereby enhances the problem of inequality.

    • Non-redundancy in other sectors
    Globalisation poses as a threat to agriculture alongside other sectors in developing and underdeveloped countries of the world.

    • Exploits cheaper labor markets. Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.

    • Begets job displacement.
    Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes across borders.

    • Endangers local businesses.
    The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses. For instance, Nigerian locally made medicines are in danger of running out of sales due to importation of outlandish drugs or tablets or vaccines .

  26. Avatar IFEOMA FEECHI says:

    Name: Ifeoma Feechi Favour
    Reg. Mum: 2018/242455
    Department: Economics
    According to Velocity Global the official definition of “globalization” is the process by which businesses or other organizations develop international influence or start operating on an international scale. More simply, globalization refers to an open flow of information, technology, and goods among countries and consumers. This openness occurs through various relationships, from business, geopolitics, and technology to travel, culture, and media. Because the world is already so connected, most people don’t notice globalization at work every single day. But the world is getting smaller, and companies need to understand what this means for the future of doing business. Companies that don’t embrace globalization risk losing a competitive advantage, which allows other businesses to take over new opportunities in the global marketplace (Velocityglobal March 2020).
    The pros of globalisation are the advantages of globalisation to both the loca economy and the the world at large.
    The Pros of Globalization includes:
    1.Decreases in the Cost of Manufacturing: This means companies offering goods at a lower price to consumers. When goods are at their average cost, there tends to be an increase in the standard of living also granting consumers an access to a wider variety and range of goods.
    2. Grants Access to New Cultures: Globalization makes it easier to access foreign culture, including food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment as you listen to your favorite UK-based artist or stream a Bollywood movie.
    3. Enabling the Spread of Technology and Innovation: Many countries around the world remain constantly connected, so knowledge and technological advancements travel quickly. Because knowledge also transfers so fast, this means that scientific advancements made in Russia can be at work in the United Kingdom in a matter of days.
    4. Reduces Costs for Products: Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.
    5. Higher Standards of Living Across the World: Developing nations experience an improved standard of living—thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.
    6. Enabled Access to New Markets: Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas. International Professional Employer Organizations (PEOs) make it easier than ever to employ workers in other countries quickly and compliantly. This means that, for many companies, there is no longer the need to establish a foreign entity to expand overseas.
    7. Access to New Talent: In addition to new markets, globalization allows companies to find new, specialized talent that is not available in their current market. For example, globalization gives companies the opportunity to explore tech talent in booming markets such as Berlin or Stockholm, rather than Silicon Valley. Again, International PEO allows companies to compliantly employ workers overseas, without having to establish a legal entity, making global hiring easier than ever.
    Cons of Globalization include:
    1. Unequal economic growth: Globalization fuels inequality.Globalization leads to increased manufactured goods imports in developed countries with high-skilled labour and increased high-value tech and service exports. Therefore, it creates more opportunities in developed countries within the hi-tech, high-skilled sectors.Through globalization, the wages of certain segments of the workforce increase. In highly developed nations, this occurs in the hi-tech manufacturing sector and the services sector.These industries are dominated by highly-skilled, college-educated workers. These workers are already drawn from the wealthiest segments of a population.Simultaneously, the poorer, lower-educated sectors of society face increased competition from workers in lower-cost countries for unskilled labour. Their wages must be kept low to compete. Therefore, globalization is increasing the wages of the wealthiest sections of a developed society, increasing inequality and leaving the poorer segments worse off.
    2. Globalization leads to reduced public revenues: Globalization increases corporate mobility. This means companies are more responsive to tax hikes and increases. As a result, they prevent governments from raising tax revenues through corporation tax and seek out tax havens as a cost-cutting measure.The free movement of labour allows companies to easily relocate to tax havens.
    3. Increases potential global recessions.
    4. Exploits cheaper labor markets.
    5. Causes job displacement.
    6. Globalization has fuelled inequality, eroded worker protections and contributed to environmental degradation.
    7. Globalization creates a race to the bottom: Globalization increases international competition which creates a race to the bottom.
    The “race to the bottom” hypothesis basically states that if the global market opens to all countries, even the low-wage and developing ones, then the competition will force those nations to relax key environmental, economic, and tax regulations at the cost of social values in order to attract investment.Major economists like David Autor and Mariya Mileva have directed global attention to this growing threat, which becomes more ominous as low-wage countries enter into the global fold.The “race to the bottom” is incredibly pertinent in today’s changing world and the need to focus on wage equality and the environment over the false tenets of “free trade” within a global market is more essential than ever before.

    The international standards for financial regulation should not be restricted by a globalized market that has no regard for common social value and accountability among its constituent nations.
    8. Globalization leaves us vulnerable to infectious diseases: In a hyper-connected world, infectious diseases can spread more rapidly, increasing the likelihood of an international pandemic.A plethora of factors resulting from globalization can impact the spread of infectious disease. According to Brian D. Gushulak, increased migration within the past few decades has completely reshaped the world in ways we could never have foreseen. He cites the movement of people between many countries as an essential factor in the spread of disease, the likelihood of transmission among people skyrocketing as we move from country to country. Several other determining effects of globalization include industrial development, increase of the food trade (which can carry all kinds of unwanted bacteria and infection), and the threat of bioterrorism. The recent COVID-19 pandemic has shed new light on both the dangers and benefits of such close interconnection in the age of the Internet and social media, denoting how rapidly such a harmful and deadly disease can spread in this day and age, COVID-19’s infection rate notoriously high and more transmittable than we have ever seen before.
    9. Globalization destroys the environment: Globalization introduces an economic model that is incompatible with environmental protection.Globalization increases global consumer demand. This sparks an increase in production to meet demand. Increased production means increased pressure on the environment and the faster depletion of natural resources. Globalization results in increased international trade, lower prices and higher wages. These three factors create a higher demand for consumer goods.To meet this rising demand, manufacturers increase production, which involves the exploitation of more raw materials. This places a larger burden on the earth and its resources—for example, increased demand for timber results in deforestation in the Amazon.If we care about the environment, then we must consider the effects of globalization.
    References:
    Velocity Global, March 2020
    Google and the Internet
    http://www.parlia.com

  27. Avatar ASADU FRANCISCA SOMTOCHUKWU says:

    NAME: ASADU FRANCISCA SOMTOCHUKWU
    REG NO: 2018/241230
    DEPARTMENT: EDUCATION/ECONOMICS
    COURSE CODE: ECO 362

    Globalization is an established part of the modern world, so most of us do not realize the benefits it brings to our everyday lives such as easy access to a variety of different cuisines or new technologies developed by countries half a world away.
    Even though globalization makes our lives better, it does bring some challenges as companies start to grow and expand across borders. Cultural differences around the world are undeniable. These differences create hurdles for businesses entering foreign markets and necessitate changes to their daily business operations, whether it’s employing workers in a new region or communicating the value of their product to a new audience.
    WHAT IS GLOBALIZATION?
    Before discussing the benefits and challenges of globalization, it’s essential to have a strong understanding of what the term means.
    The official definition of “globalization” is the process by which businesses or other organizations develop international influence or start operating on an international scale.
    More simply, globalization refers to an open flow of information, technology, and goods among countries and consumers. This openness occurs through various relationships, from business, geopolitics, and technology to travel, culture, and media.
    Because the world is already so connected, most people don’t notice globalization at work every single day. But the world is getting smaller, and companies need to understand what this means for the future of doing business. Companies that don’t embrace globalization risk losing a competitive advantage, which allows other businesses to take over new opportunities in the global marketplace.
    What Are the Benefits of Globalization?
    Globalization impacts businesses in many different ways. But those who decide to take on international expansion find several benefits, including:
    1. Access to New Cultures: Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment as you listen to your favorite UK-based artist or stream a Bollywood movie.
    2. The Spread of Technology and Innovation: Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly. Because knowledge also transfers so fast, this means that scientific advances made in Asia can be at work in the United States in a matter of days.
    3. Lower Costs for Products: Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already developed countries live better on less money.
    4. Higher Standards of Living Across the Globe: Developing nations experience an improved standard of living thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.
    5. Access to New Markets: Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas. International Professional Employer Organizations (PEOs) make it easier than ever to employ workers in other countries quickly and compliantly. This means that, for many companies, there is no longer the need to establish a foreign entity to expand overseas.

    What Are the Disadvantages of Globalization?
    While it can benefit nations, there are also several negative effects of globalization. Cons of globalization include:
    1 Unequal economic growth: While globalization tends to increase economic growth for many countries, the growth isn’t equal richer countries often benefit more than developing countries.
    2 Lack of local businesses: The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.
    Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
    3 Exploits cheaper labor markets: Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.
    4 Causes job displacement: Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.

  28. Avatar ASADU FRANCISCA SOMTOCHUKWU says:

    NAME: ASADU FRANCISCA SOMTOCHUKWU
    REG NO: 2018/241230
    DEPARTMENT: EDUCATION/ECONOMICS
    COURSE CODE: ECO 362

    Globalization is an established part of the modern world, so most of us do not realize the benefits it brings to our everyday lives such as easy access to a variety of different cuisines or new technologies developed by countries half a world away.
    Even though globalization makes our lives better, it does bring some challenges as companies start to grow and expand across borders. Cultural differences around the world are undeniable. These differences create hurdles for businesses entering foreign markets and necessitate changes to their daily business operations, whether it’s employing workers in a new region or communicating the value of their product to a new audience.
    WHAT IS GLOBALIZATION?
    Before discussing the benefits and challenges of globalization, it’s essential to have a strong understanding of what the term means.
    The official definition of “globalization” is the process by which businesses or other organizations develop international influence or start operating on an international scale.
    More simply, globalization refers to an open flow of information, technology, and goods among countries and consumers. This openness occurs through various relationships, from business, geopolitics, and technology to travel, culture, and media.
    Because the world is already so connected, most people don’t notice globalization at work every single day. But the world is getting smaller, and companies need to understand what this means for the future of doing business. Companies that don’t embrace globalization risk losing a competitive advantage, which allows other businesses to take over new opportunities in the global marketplace.
    What Are the Benefits of Globalization?
    Globalization impacts businesses in many different ways. But those who decide to take on international expansion find several benefits, including:
    1. Access to New Cultures: Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment as you listen to your favorite UK-based artist or stream a Bollywood movie.
    2. The Spread of Technology and Innovation: Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly. Because knowledge also transfers so fast, this means that scientific advances made in Asia can be at work in the United States in a matter of days.
    3. Lower Costs for Products: Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already developed countries live better on less money.
    4. Higher Standards of Living Across the Globe: Developing nations experience an improved standard of living thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.
    5. Access to New Markets: Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas. International Professional Employer Organizations (PEOs) make it easier than ever to employ workers in other countries quickly and compliantly. This means that, for many companies, there is no longer the need to establish a foreign entity to expand overseas.

    What Are the Disadvantages of Globalization?
    While it can benefit nations, there are also several negative effects of globalization. Cons of globalization include:
    1 Unequal economic growth: While globalization tends to increase economic growth for many countries, the growth isn’t equal richer countries often benefit more than developing countries.
    2 Lack of local businesses: The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.
    Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
    3 Exploits cheaper labor markets: Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.
    4 Causes job displacement: Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.

  29. NAME: Eze Nnenna Anthoniatta
    Reg no:2018/248095
    Department:Economics
    Email:nnennaeze08@gmail.com

    QUESTION
    Discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

    PROS

    •. Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.

    •. One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.

    •. For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.

    •. This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this, this work can significantly contribute to the local economy.

    CONS

    •. some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.

    •. Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.

    •. Increased globalization has been linked to various environmental challenges such as Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods.

    The world is never going to abandon globalization. While it’s true that individual countries and regions put policies and practices in place that limit globalization, such as tariffs, it’s here to stay.

    The good news is that businesses and professionals willing to confront and prepare for globalization’s challenges and risks have the potential to benefit immensely.
    Whether you’re a business owner, member of executive leadership, or an employee, learning how to identify opportunities related to globalization and the risks it might bring can empower you to be more effective in your role and offer more value to your organization.

    Taking a course like Global Business is one path toward quickly gaining an understanding of the macroeconomic, political, and social conditions that have and continue to have an impact on modern globalization.

  30. Avatar Folarin gift funmilayo says:

    Folarin gift funmilayo
    2018/241234
    Department: Social Science education
    Unit: Economics Education
    Assignment
    Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.
    As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
    In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
    Answers
    What is globalization?
    “Globalization” refers to interconnectedness among countries through various relationships, from business, geopolitics, and technology to travel, culture, and the media.
    Globalization is the process by which ideas, knowledge, information, goods and services spread around the world. In business, the term is used in an economic context to describe integrated economies marked by free trade, the free flow of capital among countries and easy access to foreign resources, including labor markets, to maximize returns and benefit for the common good.

    Globalization, or globalisation as it is known in some parts of the world, is driven by the convergence of cultural and economic systems. This convergence promotes — and in some cases necessitates — increased interaction, integration and interdependence among nations. The more countries and regions of the world become intertwined politically, culturally and economically, the more globalized the world becomes.
    In a globalized economy, countries specialize in the products and services they have a competitive advantage in. This generally means what they can produce and provide most efficiently, with the least amount of resources, at a lower cost than competing nations. If all countries are specializing in what they do best, production should be more efficient worldwide, prices should be lower, economic growth widespread and all countries should benefit — in theory.

    Policies that promote free trade, open borders and international cooperation all drive economic globalization. They enable businesses to access lower priced raw materials and parts, take advantage of lower cost labor markets and access larger and growing markets around the world in which to sell their goods and services.
    History of globalization
    Although many people consider globalization a twentieth century phenomenon, the process has been happening for millennia. Examples include the following:

    The Roman Empire. Going back to 600 B.C., the Roman Empire spread its economic and governing systems through significant portions of the ancient world for centuries.
    Silk Road trade. These trade routes, which date from 130 B.C. to 1453 A.D., represented another wave of globalization. They brought merchants, goods and travelers from China through Central Asia and the Middle East to Europe.
    Pre-World War I. European countries made significant investments overseas in the decades before World War I. The period from 1870 to 1914 is called the golden age of globalization.
    Post-World War II. The United States led the effort to create a global economic system with a set of broadly accepted international rules. Multinational institutions were established such as the United Nations (UN), International Monetary Fund, World Bank and World Trade Organization to promote international cooperation and free trade.
    The term globalization as it’s used today came to prominence in the 1980s, reflecting several technological advancements that increased international interactions. IBM’s introduction of the personal computer in 1981 and the subsequent evolution of the modern internet are two examples of technology that helped drive international communication, commerce and globalization.
    There are three main classifications of globalisation : political, social and economic.

    Political globalisation
    Political globalisation refers to the amount of political co-operation that exists between different countries. This ties in with the belief that “umbrella” global organisations are better placed than individual states to prevent conflict. The League of Nations established after WW1 was certainly one of the pioneers in this. Since then, global organisations such as the World Trade Organisation (WTO), United Nations (UN), and more regional organisations such as the EU have helped to increase the degree of political globalisation.

    Social globalisation
    Social globalisation refers to the sharing of ideas and information between and through different countries.
    In today’s world, the Internet and social media is at the heart of this. Good examples of social globalisation could include internationally popular films, books and TV series. The Harry Potter/ Twilight films and books have been successful all over the world, making the characters featured globally recognisable. However, this cultural flow tends to flow from the centre (i.e. from developed countries such as the USA to less developed countries). Social globalisation is often criticised for eroding cultural differences.

    Economic globalisation
    Economic globalisation refers to the interconnectedness of economies through trade and the exchange of resources.Effectively, therefore, no national economy really operates in isolation, which means national economies influence each other. This is clearly evidenced by global recession from 2007 onwards. Economic globalisation also means that there is a two-way structure for technologies and resources. For example countries like the USA will sell their technologies to countries, which lack these, and natural resources from developing countries are sold to the developed countries that need them.
    Pros of Globalization
    As a result of globalization, we all enjoy many advantages. these are-
    Transfer of Technology
    Better Services
    Standardization of Living
    Development of Infrastructure
    Foreign Exchange Reserves
    Economic Growth
    Affordable Products
    Contribution to World GDP Growth Rate
    Extensions of Market
    1. Transfer of Technology
    Transfer of technology throughout the globe is good for us. Any country can borrow the technology through the agreement and can implement it in their country for their overall development. We can communicate each other easily from any part of the globe by using advance technology at minimal cost, time and efforts.

    2. Better Services
    Globalization always provides us better services. Through the technological advancement our services like water supply, mobile networking, internet, electricity supply and any other services have been easier and better than before. By the way, easy access to the internet throughout the globe is also the result of the globalization.

    3. Standardization of Living
    The integration of economies as the key process of globalization enables countries to fight against poverty and improve the standard of living of the people.

    Many researchers have been stated that when a country open up their trade to the globe, their rate of economic growth is faster and living standards tend to increase.

    4. Development of Infrastructure
    Due to the technological advancement and its transfer throughout the globe helps to improve country’s infrastructure. Countries are more enabling to deliver their services to the people. Development of infrastructure means overall development of respective countries. Here it is necessary to say that economic growth and development of infrastructure are compatible with each other.

    5. Foreign Exchange Reserves
    Through globalization countries can build foreign exchange reserves owing to international financial flows.

    6. Economic Growth
    Globalization entails to optimum utilization of resources wherein deficit resources are procured and surplus resources are exported to other countries. This ensure overall economic growth.

    7. Affordable Products
    With the access to the latest technology, the countries can provide products to its countrymen at affordable prices. Globalization promotes competition in domestic economies and their endeavor to compete against competition, companies reduce product price or follow penetration pricing strategy.

    8. Contribution to World GDP Growth Rate
    Globalization ensures contribution of every country to the world GDP growth.

    9. Extensions of Market
    Above all, Globalization promotes extension of market. It provides an opportunity to the domestic companies in going global. For instance, domestically, companies can witness saturation in the demand for their products or services but through globalization the domestic companies can sustain and satisfy the growing demands of foreign customers.
    Cons of globalization
    The globalization that just keeps doing well to us is not true. It impacts us in multidimensional way. So it has some disadvantages also. These ares-
    Growing Inequality
    Increasing of the Unemployment rate up
    Trade Imbalance
    Environmental Loots
    1. Growing Inequality
    Globalization can increase inequality throughout the world by increasing specialization and trade. Although specialization and trade boost the per-capita income it may cause relative poverty.

    To illustrate this we will take an example. All dominated MNCs in the world are located in the United States. All these companies are buying cheaper labor from developing or underdeveloped countries for their product manufacturing or assembling. China, India and Africa are prime examples of this. It increases the employment of such countries but they are lagging behind relatively developed countries.Again those companies coming to these countries for cheap labor, they also deprive of that country’s i.e American people from work. So it appears that relative poverty is being created in developed countries as well.

    2. Increasing of the Unemployment rate
    Globalization can increase unemployment rate. Where people are getting jobs, how is it possible? Here is the explanation.
    Globalization demands for higher-skilled work with cheaper price. But countries where Institutions are relatively weak are not capable of producing highly skilled workers. As a result, the unemployment rate is increasing in those countries.When many foreign companies invest heavily in developing countries, they hire employee from that country. In some cases their salaries are very lower than the other developed countries. Moreover, the demand for these employees in developed countries is very low. Moreover, with the emergence of Global Economic Crisis, their jobs are at risk of losing.

    3. Trade Imbalance
    The balance of trade refers to the balance of values between a country’s export and import’s goods and services. As the result of globalization, any country can trade to any part of the globe.That is why, in some cases developing countries are so much dependent on the developed countries in terms of import goods but their export capabilities are lower than import. The trade imbalance has been occurring.So, trade imbalance refers to the imbalance of values between a country’s import and export’s goods and services. It is also called trade deficits. Trade imbalance may be increase in developed countries by their competitors.

    4. Environmental Loots
    The pace of industrialization is increasing as the result of globalization. Industrialization boosts the economic growth but it harms environment as well. Globalization loots from the nature and it harm us very badly.
    Let’s try to understand with the example. Coca-Cola is the world’s leading soft drink company. This company consume huge amount of water for making soft drinks. In a state of northern India, Uttar Pradesh, a Coca-Cola bottle plant was closed by the government order because of too much usage of water claimed by local farmers.

    References
    “What Is Globalization? Globalization Explained” https://www.techtarget.com/searchcio/definition/globalization?amp=1
    “Types of globalisation | tutor2u” https://www.tutor2u.net/politics/reference/types-of-globalisation
    | SCHOOL OF POLITICAL SCIENCE” https://schoolofpoliticalscience.com/advantages-and-disadvantages-of-globalization/

  31. Avatar Roland Ifeanyi Godwin says:

    Reg No: 2018/241822
    Department: Economics
    Course Code: ECO 362
    Course Title: Development Economics II

    Assignment

          Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question. As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries and equally tremendous dangers.
          In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

    Answer
    Globalization is the process of interaction and integration among people, companies, and governments worldwide. Globalization has accelerated since the 18th century due to advances in transportation and communication technology. This increase in global interactions has caused a growth in international trade and the exchange of ideas, beliefs, and culture. Globalization is primarily an economic process of interaction and integration that is associated with social and cultural aspects. However, disputes and diplomacy are also large parts of the history of globalization, and of modern globalization.

    The pros of globalization are:

    Transfer of Technology
    Transfer of technology throughout the globe is good for us. Any country can borrow the technology through the agreement and can implement it in their country for their overall development. We can communicate each other easily from any part of the globe by using advance technology at minimal cost, time and efforts.

    Development of Infrastructure
    Due to the technological advancement and its transfer throughout the globe helps to improve country’s infrastructure. Countries are more enabling to deliver their services to the people. Development of infrastructure means overall development of respective countries. Here it is necessary to say that economic growth and development of infrastructure are compatible with each other.

    Economic Growth
    Globalization entails to optimum utilization of resources wherein deficit resources are procured and surplus resources are exported to other countries. This ensure overall economic growth.

    Extensions of Market
    Above all, Globalization promotes extension of market. It provides an opportunity to the domestic companies in going global. For instance, domestically, companies can witness saturation in the demand for their products or services but through globalization the domestic companies can sustain and satisfy the growing demands of foreign customers.

    Globalization could create more employment opportunities.
    With fewer barriers to the import/export market, the cost of producing goods or offering services would decline without affecting the profit margins of companies. Consumers would benefit from the lower prices, consume more, and create additional job opportunities around the world. By creating an environment where free trade encouragement readily exists, more innovation, creativity, and engagement would occur at every level of society.

    The cons of globalization are:

    Increasing of the Unemployment rate
    Globalization can increase unemployment rate. Where people are getting jobs, how is it possible? Here is the explanation.

    Globalization demands for higher-skilled work with cheaper price. But countries where Institutions are relatively weak are not capable of producing highly skilled workers. As a result, the unemployment rate is increasing in those countries.

    Globalization benefits the wealthy more than the poor.
    Value-added taxes above 25% exist in some nations. Tariffs above 70% exist for some products. Unless borders are completely removed, the advantages of globalization are challenging to achieve. The people who have the power to dictate policy would reap the most significant rewards. Those with money to invest would see their bank accounts continue to rise. At the same time, households living paycheck-to-paycheck would struggle to access what they require, suppressing their ability to pursue a better job.

    Globalization doesn’t fix a lack of skills.
    The future of employment involves programming, robotics, and artificial intelligence. Workers who adapt to automation with their skillset are the most likely to find employment in the coming generations. Jobs which require repetitive functions will be the first to go away, which are the employment opportunities often found in the developing world. With no meaningful skills to a globalized economy, there could be a higher unemployment rate if border restrictions reduce because only those in the developed world would be trained for the new economy.

    Unless new vocational development opportunities implement with the globalization structures, the boundaries between the developed and developing world will likely continue to exist.

    In addition, globalization would negatively impact the environment.
    We’ve already seen what free trade does to the environment. Greenhouse gas emissions rose in 2018 despite efforts to curtail them. Micro-plastics invaded our oceans, creating negative impacts on marine life. The waters of our planet are slowly acidifying, creating economic and health impacts every day. Over 200,000 Americans die each year because of pollution exposure. If caps are taken off of what is not permitted through globalization, then this issue will continue growing worse.

  32. Avatar Ukachukwu Divine Amarachi/2018/242426 says:

    Name: Ukachukwu Divine Amarachi
    Reg Number: 2018/242426
    Department: Economics
    Globalization is an international situation that has arisen in the late twentieth century in which the world’s investment, employment, production, and marketing systems have spread beyond the territorial boundaries to the international arena.
    ADVANTAGE OF GLOBALIZATION
    1. Transfer of Technology
    Transfer of technology throughout the globe is good for us. Any country can borrow the technology through the agreement and can implement it in their country for their overall development.
    2. Better Services
    Globalization always provides us better services. Through the technological advancement our services like water supply, mobile networking, internet, electricity supply and any other services have been easier and better than before. By the way, easy access to the internet throughout the globe is also the result of the globalization.
    3. Standardization of Living
    The integration of economies as the key process of globalization enables countries to fight against poverty and improve the standard of living of the people.
    4. Development of Infrastructure
    Countries are more enabling to deliver their services to the people. Development of infrastructure means overall development of respective countries.
    5. Extensions of Market
    Above all, Globalization promotes extension of market. It provides an opportunity to the domestic companies in going global.
    DISADVANTAGE OF GLOBALIZATION
    1. Trade Imbalance
    Trade imbalance refers to the imbalance of values between a country’s import and export’s goods and services. It is also called trade deficits. Trade imbalance may be increase in developed countries by their competitors.
    2. Increasing of the Unemployment rate
    Globalization demands for higher-skilled work with cheaper price. But countries where Institutions are relatively weak are not capable of producing highly skilled workers. As a result, the unemployment rate is increasing in those countries.
    3. Growing Inequality
    Globalization can increase inequality throughout the world by increasing specialization and trade. Although specialization and trade boost the per-capita income it may cause relative poverty.
    From the above pros and cons of globalization it can been seen that the benefits are more but according to critics it doesn’t favour the poor economies neither did it stabilise the global economy.

  33. Avatar Osike+Solomon+Ugochukwu says:

    Name: OSIKE SOLOMON UGOCHUKWU
    Reg.No:2018/242458
    Department: Economics

    Question
    you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
    Answer

    What is Globalization?
    Globalization is essentially the means by which individuals, governments, companies, and countries interact with and affect one another, with the goal of helping to build strong alliances that mutually benefit one another. Globalization is accomplished through the use of technology, as well as through trades and investments made internationally. The process can and does affect how different countries and regions develop and progress economically, how political systems are shaped, and how the environment and cultures of societies around the world are impacted.
    Today, globalization is taking on a newer, faster, and more thorough form. This is due, in large part, to political and trade policies that have allowed economic structuring to open up in a way that facilitates both domestic and international trade. Since World War II – and especially in the past two decades – the majority of the world’s governments have taken on a free-market economic system, which not only increases each country’s own potential for productivity but the possibility for international investments and trading. A lot of governments have gone to the bargaining table, removing restrictive commerce barriers between nations, as well as high taxes and tariffs on global goods and services.
    Perhaps the most predominant aspect of the recent wave of globalization is the fact that countries are capable of and willing to explore foreign markets, with companies setting up international headquarters and building factories and businesses in a number of new regions. This has opened up the industrial and financial structures of countries, enabling them to cater to broader and more diversified audiences.

    The Pros of Globalization
    A number of positive aspects of globalization include:

    Building up the economic and social structures of struggling countries and economies through free trade.

    Creation of world power and less and less compartmentalized power sectors.

    Learning about and sharing of new and interesting cultures with one another.

    Globalization would reduce currency manipulation problems.

    The opportunity and desire for prosperous nations to help countries struggling with serious issues like unemployment, disease, and natural disasters.

    The Cons of Globalization
    Though it comes with perks, there are a number of cons to globalization that analysts and critics have noted for years. They include:

    The oppression of weaker and poorer economies by those that are more robust; “the rich get richer, the poor get poorer”

    The danger of job loss, with certain industries and sectors sending jobs to countries where workers are willing to do the same amount of work or more for smaller wages.

    Globalization would create a new system of politics.

    Multinational corporations often get away with poor, unsafe, unethical, or exploitative working conditions due to variations in laws and regulations from one country to another.

    Multinational corporations can exploit tax haven nations, sending large portions of revenue offshore to avoid taxation.

    Globalization is a complicated and ever-changing process that has both good and bad aspects. Globalization, with the door to many countries open to one another, will continue. The primary goal, then, is to ensure that countries and independent financial actors work in harmony with one another for the betterment of everyone.

  34. Avatar Onyekwelu Collins Obinna says:

    Name: Onyekwelu Collins Obinna

    Reg No: 2018/251026

    Dept: Economics

    Globalization has led to increases in standards of living around the world, but not all of its effects are positive for everyone. Below are the pros and cons of globalization as it affects our local economy and the global economy at large.

    Pros

    1. Globalization Can Lift People Out of Poverty
    The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

    2. Globalization Increases Cultural Awareness
    Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

    3. Globalization Broadens Access to Goods and Services
    It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

    4. Information and Technology Spread More Easily With Globalization
    Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

    5. Globalization provides businesses with a competitive advantage by allowing them to source raw materials where they are inexpensive. Globalization also gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies.

    6. With globalization, different parts of a product may be made in different regions of the world. Globalization has long been used by the automotive industry, for instance, where different parts of a car may be manufactured in different countries. Businesses in several different countries may be involved in producing even seemingly simple products such as cotton T-shirts.

    7. Consumers benefit too. In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. In some cases, this may contribute to improved health by enabling a more varied and healthier diet; in others, it is blamed for increases in unhealthy food consumption and diabetes.

    Cons

    1. Globalization Hasn’t Protected Labor, Environmental or Human Rights
    In theory, globalization can be an opportunity to spread values and practices like environmentalism and labour rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labour protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.
    Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labour and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

    2. Globalization Can Contribute to Cultural Homogeneity
    Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches foreign movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

    3. Globalization Empowers Multinational Corporations
    Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements.

    4. Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

    5. Not everything about globalization is beneficial. Any change has winners and losers, and the people living in communities that had been dependent on jobs outsourced elsewhere often suffer. Effectively, this means that workers in the developed world must compete with lower-cost markets for jobs; unions and workers may be unable to defend against the threat of corporations that offer the alternative between lower pay or losing jobs to a supplier in a less-expensive labor market.

    6. Studies also suggest that globalization may contribute to income disparity and inequality between the more-educated and less-educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization.

  35. Avatar Unadike Fabian Chinemezu says:

    NAME: UNADIKE FABIAN CHINEMEZU
    REG NO: 2018/9698
    DEPARTMENT: ECONOMICS
    COURSE TITLE: ECO 362

    QUESTION
    Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.
    As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous danger.
    In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

    ANSWER
    What is Globalization??
    Globalization can be defined as the Process by which Businesses or other Organizations develop International Influence or start Operating in an International Scale.
    This simply means that Globalization is an Open flow of Information.,Technology and Goods among Countries and Consumers.

    The Pros(Advantages) of globalization are;
    1. INCREASES ECONOMIC GROWTH
    By increasing the international exchange of goods, technological advances, and information, globalization increases economic development for any country participating in the global economy. An increase in economic growth means better living standards, higher incomes, more wealth in a country, and, often, less poverty—in short, the overall well-being of a country.
    2. MAKES PRODUCTION MORE AFFORDABLE.
    A global market allows businesses wider access to production opportunities and consumers, meaning that there are more goods available at a wider range of price points.
    3. ACCESS TO NEW CULTURES.
    Globalization makes it easier than ever to access Foreign Cultures including Food.,Music.,Movies and Arts.
    This free flow of People.,Goods.,Arts and Information is the reason You can have a Chinese Food delivered to Your Apartment while You listen to Your Favourite Us based Artist while watching a Korean Movie.
    4. THE SPREAD OF TECHNOLOGY AND INNOVATIONS.
    Many Countries around the World remains Constantly Connected.,So Knowledge and Technological Advances travels Swiftly.,because Knowledge also travels so fast.,that means that Scientific Advances made in Europe can be at work in Asia in a matter of days.
    5. PROMOTES WORKING TOGETHER.
    When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services.
    6. BRINGS OPPORTUNITIES TO POORER COUNTRIES.
    Globalization allows companies to move their production from high-cost locations to lower-cost locations abroad—this means bringing jobs, information technology, and other economic opportunities to countries with fewer resources.

    The Cons(Disadvantages or Hurdles) of globalization are;
    1. UNEQUAL ECONOMIC GROWTH.
    While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.
    2. LACK OF LOCAL BUSINESSES.
    The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local Enugu shoe-making company may struggle to compete with the prices of a multinational shoe-making corporation.
    3. LOSS OF CULTURAL IDENTITY.
    While Globalization has made Foreign Countries easier to access.,it has also begun to meld Unique Societies together.
    The Success of certain Cultures throughout the World caused other Countries to emulate them.
    But when Cultures begin to Lose their distinctive Features.,We lose Our Global Diversity.
    4. INCREASES POTENTIAL GLOBAL RECESSIONS.
    When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
    5. EXPLOITS CHEAPER LABOR MARKETS.
    Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.
    6. PAYROLL AND COMPLIANCE CHALLENGES.
    Another Common Global expansion Obstacle is managing Overseas Payroll and maintaining Compliance with changing Employment and Tax Laws.
    This management task gets even more difficult if You are trying to manage Operations in Multiple Markets.

  36. Avatar Obiesie Mmesoma Rejoice says:

    Obiesie Mmesoma Rejoice
    2018/245427
    Economics Education
    Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.
    As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
    In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
    Answer
    In international economics, globalization is the web of relationships between economies worldwide by way of international trade and investments. While the history of globalization dates back to ancient times, the modern era of globalization began in earnest in the early nineteenth century.
    Globalization can benefit a country’s economy in many ways:
    1. Increases economic growth: By increasing the international exchange of goods, technological advances, and information, globalization increases economic development for any country participating in the global economy. An increase in economic growth means better living standards, higher incomes, more wealth in a country, and, often, less poverty—in short, the overall well-being of a country.
    2. Makes production more affordable: A global market allows businesses wider access to production opportunities and consumers, meaning that there are more goods available at a wider range of price points.
    3. Promotes working together: When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services.
    4. Brings opportunities to poorer countries: Globalization allows companies to move their production from high-cost locations to lower-cost locations abroad—this means bringing jobs, information technology, and other economic opportunities to countries with fewer resources.

    While it can benefit nations, there are also several negative effects of globalization. Cons of globalization include:
    1. Unequal economic growth: While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.
    2. Lack of local businesses: The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.
    3. Increases potential global recessions: When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
    4. Exploits cheaper labor markets: Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.
    5. Causes job displacement: Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.

  37. Avatar CHUKWUDUBEM CHINEMEREM PEACE says:

    Name: Chukwudubem chinemerem peace
    Reg no: 2018/245426
    Email: chukwudubemchinemerem459@gmail.com
    Pros and cons of globalization as it affects our local economy and the global economy at large.
    PROS/ADVANTAGES OF GLOBALIZATION
    1. Transfer of ideas: Globalization has helped in the transfer of ideas,innovations,inventions from developed countries to developing countries. For example people from developing countries traveled to developed countries for Education, or in search for greener pastures and in the process of their return to their own country transfer these ideas to improve their welfare/standard of living.
    2. Job opportunities: Through globalization, jobs opportunities are created and individuals are employed thereby reducing poverty and improving the People’s welfare.
    3.Profit maximization: Through globalization business owners travel to undeveloped countries to purchase raw materials at a cheaper rate for the production of goods and services which will be sold at a higher price in order to maximize profit.
    4. It enhances market expansion: Here it helps business owners to create awareness for their goods through advertisment thereby expanding the market.
    CONS/DISADVANTAGES OF GLOBALIZATION
    1. It promotes dumping: sub standard goods are pushed down to under developed countries by developed countries.
    2.it leads to exploitation: in the case of developed countries acquiring raw materials from under developed countries at a lower price and after production sells to developing countries at a higher prices thereby exploiting them.
    3. Unequal healthy growth: Globalization can increase inequality throughout the world by increasing specialization and trade. Although specialization and trade boost the per capita income it may cause relative poverty.

  38. Avatar ANEKE NELSON MADUAKONAM says:

    Aneke: Aneke Nelson Maduakonam
    Reg no: 2018/242192
    Dpt: Education Economics
    What Is Globalization?
    Globalization is the spread of products, technology, information, and jobs across national borders and cultures. In economic terms, it describes an interdependence of nations around the globe fostered through free trade.
    It is the process of interaction and integration among people, companies, and governments worldwide. Globalization has accelerated since the 18th century due to advances in transportation and communication technology.
    HISTORY OF GLOBALIZATION
    Globalization is not new. Since the start of civilization, people have traded goods with their neighbors. As cultures advanced, they were able to travel farther afield to trade their own goods for desirable products found elsewhere. The Silk Road, an ancient network of trade routes used between Europe, North Africa, East Africa, Central Asia, South Asia, and the Far East, is an example of early globalization. For more than 1,500 years, Europeans traded glass and manufactured goods for Chinese silk and spices, contributing to a global economy in which both Europe and Asia became accustomed to goods from far away. Following the European exploration of the New World, globalization occurred on a grand scale; the widespread transfer of plants, animals, foods, cultures and ideas became known as the Columbian Exchange. The Triangular Trade network in which ships carried manufactured goods from Europe to Africa, enslaved Africans to the Americas, and sent raw materials back to Europe is another example of globalization. The resulting spread of slavery demonstrates that globalization can hurt people just as easily as it can connect people.
    TYPE OF GLOBALIZATION

    There are three types of globalization.
    Economic globalization.
    Here, the focus is on the integration of international financial markets and the coordination of financial exchange. Free trade agreements, such the North American Free Trade Agreement and the Trans-Pacific Partnership are examples of economic globalization. Multinational corporations, which operate in two or more countries, play a large role in economic globalization.
    Political globalization.
    This type covers the national policies that bring countries together politically, economically and culturally. Organizations such as NATO and the UN are part of the political globalization effort.
    Cultural globalization. This aspect of globalization focuses in a large part on the technological and societal factors that are causing cultures to converge. These include increased ease of communication, the pervasiveness of social media and access to faster and better transportation.

    The Benefits of Globalization
    Globalization has benefits that cover many different areas. It reciprocally developed economies all over the world and increased cultural exchanges. It also allowed financial exchanges between companies, changing the paradigm of work. Many people are nowadays citizens of the world. The origin of goods became secondary and geographic distance is no longer a barrier for many services to happen.
    1. Access to New Culture
    Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered.
    2. The Spread of Technology and Innovation
    Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly. Because knowledge also transfers so fast, this means that scientific advances made in Asia can be at work in the United States in a matter of days.
    3. Lower Costs for Products
    Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers.
    4. Higher Standards of Living Across the Globe
    Developing nations experience an improved standard of living—thanks to globalization.
    5. Access to New Markets
    Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas.

    1. The Economic Negative Effects of Globalization
    The consequences of globalization are far from homogeneous: income inequalities, disproportional wealth and trades that benefit parties differently. In the end, one of the criticisms is that some actors (countries, companies, individuals) benefit more from the phenomena of globalization, while others are sometimes perceived as the “losers” of globalization.
    2. The Negative Effects of Globalization on the Environment
    the massive development of transport that has been the basis of globalization is also responsible for serious environmental problems such as greenhouse gas emissions, global warming or air pollution.
    3. Loss of Cultural Identity
    While globalization has made foreign countries easier to access, it has also begun to meld unique societies together. The success of certain cultures throughout the world caused other countries to emulate them. But when cultures begin to lose their distinctive features, we lose our global diversity.
    4. Foreign Worker Exploitation
    Lower costs do benefit many consumers, but it also creates tough competition that leads some companies to search for cheap labor sources.

    EFFECTS OF GLOBALIZATION ON LOCAL ECONOMY.
    in the developing world, where economies are undergoing rapid change. Indeed, the working conditions of people at some points in the supply chain are deplorable.
    The employment opportunities for children in poor countries may increase the negative impacts of child labor and lure children of poor families away from school.
    In general, critics blame the pressures of globalization for encouraging an environment that exploits workers in countries that do not offer sufficient protections.
    Globalization may contribute to income disparity and inequality between the more-educated and less-educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization.
    Regardless of the downsides, globalization is here to stay. The result is a smaller, more connected world. Socially, globalization has facilitated the exchange of ideas and cultures, contributing to a world view in which people are more open and tolerant of one another.
    Socially, globalization has facilitated the exchange of ideas and cultures, contributing to a world view in which people are more open and tolerant of one another.
    EFFECT OF GLOBALIZATION ON THE WORLD ECONOMY
    Globalization has led to increases in standards of living around the world, but not all of its effects are positive for everyone.
    1. More efficient markets
    Efficient markets should be what every economy strives for. Essentially, the sign of an efficient market is where there is an equilibrium between what buyers are willing to pay for a good or service and what sellers are willing to sell for a good or service.
    2. Increased competition
    Anytime that you have multiple producers competing for a hold of the economy, that’s a good sign for consumers, as the quality of goods and services often goes up as a result.
    When businesses started to venture across international borders, what they often did was introduce a new standard into the global marketplace. Consumers then had more options to choose from.
    3. Stabilized security

    When your economy depends largely on another country’s economy, it is hard to imagine either one of the countries attacking the other. In a weird sort of way, globalization helped heighten world security.
    4. More wealth equality throughout the world
    Although many Americans contend that their standard of living has gone down because of globalization, the flip side to this is that hundreds of thousands of people around the world now have jobs, have started their own businesses and can provide comfort for their families

  39. Avatar Ezenwa+chibuzo+franklin says:

    Name: Ezenwa chibuzo franklin
    Reg no: 2018/242324
    Course code: eco 362
    Dept: Education/economics
    Email :chibuzofranklin1000@gmail.com
    Assignment on eco 362.

    A Simple Globalization Definition
    Globalization means the speedup of movements and exchanges (of human beings, goods, and services, capital, technologies or cultural practices) all over the planet. One of the effects of globalization is that it promotes and increases interactions between different regions and populations around the globe.
    Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. This guide uses the term more narrowly to refer to international trade and some of the investment flows among advanced economies, mostly focusing on the United States.
    The wide-ranging effects of globalization are complex and politically charged. As with major technological advances, globalization benefits society as a whole, while harming certain groups. Understanding the relative costs and benefits can pave the way for alleviating problems while sustaining the wider payoffs.

    THE HISTORY OF GLOBALIZATION IS DRIVEN BY TECHNOLOGY, TRANSPORTATION, AND INTERNATIONAL COOPERATION
    Since ancient times, humans have sought distant places to settle, produce, and exchange goods enabled by improvements in technology and transportation. But not until the 19th century did global integration take off. Following centuries of European colonization and trade activity, that first “wave” of globalization was propelled by steamships, railroads, the telegraph, and other breakthroughs, and also by increasing economic cooperation among countries. The globalization trend eventually waned and crashed in the catastrophe of World War I, followed by postwar protectionism, the Great Depression, and World War II. After World War II in the mid-1940s, the United States led efforts to revive international trade and investment under negotiated ground rules, starting a second wave of globalization, which remains ongoing, though buffeted by periodic downturns and mounting political scrutiny.
    GLOBALIZATION AS A TOOL FOR PROSPERITY AND PEACE
    After World War II, the United States helped build a global economic order governed by mutually accepted rules and overseen by multilateral institutions. The idea was to create a better world with countries seeking to cooperate with one another to promote prosperity and peace. Free trade and the rule of law were mainstays of the system, helping to prevent most economic disputes from escalating into larger conflicts. The institutions established include:
    How Do We Make Globalization More Just?
    The ability of countries to rise above narrow self-interest has brought unprecedented economic wealth and plenty of applicable scientific progress. However, for different reasons, not everyone has been benefiting the same from globalization and technological change: wealth is unfairly distributed and economic growth came at huge environmental costs. How can countries rise above narrow self-interest and act together or designing fairer societies and a healthier planet? How do we make globalization more just?
    According to Christine Lagarde, former President of the International Monetary Fund, “debates about trade and access to foreign goods are as old as society itself ” and history tells us that closing borders or protectionism policies are not the way to go, as many countries doing it have failed.

    Lagarde defends we should pursue globalization policies that extend the benefits of openness and integration while alleviating their side effects. How to make globalization more just is a very complex question that involves redesigning economic systems. But how? That’s the question.

    Globalization is deeply connected with economic systems and markets, which, on their turn, impact and are impacted by social issues, cultural factors that are hard to overcome, regional specificities, timings of action and collaborative networks. All of this requires, on one hand, global consensus and cooperation, and on the other, country-specific solutions, apart from a good definition of the adjective “just”.
    Examples of Globalization
    Because of trade developments and financial exchanges, we often think of globalization as an economic and financial phenomenon. Nonetheless, it includes a much wider field than just flowing of goods, services or capital. Often referred to as the globalization concept map, some examples of globalization are:
    Economic globalization: is the development of trade systems within transnational actors such as corporations or NGOs.
    Financial globalization: can be linked with the rise of a global financial system with international financial exchanges and monetary exchanges. Stock markets, for instance, are a great example of the financially connected global world since when one stock market has a decline, it affects other markets negatively as well as the economy as a whole.
    Cultural globalization: refers to the interpenetration of cultures which, as a consequence, means nations adopt principles, beliefs, and costumes of other nations, losing their unique culture to a unique, globalized supra-culture;
    Political globalization: the development and growing influence of international organizations such as the UN or WHO means governmental action takes place at an international level. There are other bodies operating a global level such as NGOs like Doctors without borders or Oxfam;
    Sociological globalization: information moves almost in real-time, together with the interconnection and interdependence of events and their consequences. People move all the time too, mixing and integrating different societies;
    Technological globalization: the phenomenon by which millions of people are interconnected thanks to the power of the digital world via platforms such as Facebook, Instagram, Skype or Youtube.
    Geographic globalization: is the new organization and hierarchy of different regions of the world that is constantly changing. Moreover, with transportation and flying made so easy and affordable, apart from a few countries with demanding visas, it is possible to travel the world without barely any restrictions;
    Ecological globalization: accounts for the idea of considering planet Earth as a single global entity – a common good all societies should protect since the weather affects everyone and we are all protected by the same atmosphere. To this regard, it is often said that the poorest countries that have been polluting the least will suffer the most from climate change.
    The Benefits of Globalization
    Globalization has benefits that cover many different areas. It reciprocally developed economies all over the world and increased cultural exchanges. It also allowed financial exchanges between companies, changing the paradigm of work. Many people are nowadays citizens of the world. The origin of goods became secondary and geographic distance is no longer a barrier for many services to happen. Let’s dig deeper

  40. Avatar Ugwu Chikaodinaka Augustina says:

    Name: Ugwu Chikaodinaka Augustina
    Reg no: 2018/246451
    Course: eco 362
    Dept: Economics

    Globalization has led to increases in standards of living around the world, but not all of its effects are positive for everyone.
    Put simply, globalization is the connection of different parts of the world. In economics, globalization can be defined as the process in which businesses, organizations, and countries begin operating on an international scale. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. In general, globalization has been shown to increase the standard of living in developing countries, but some analysts warn that globalization can have a negative effect on local or emerging economies and individual workers.

    Globalization is not new. Since the start of civilization, people have traded goods with their neighbors. As cultures advanced, they were able to travel farther afield to trade their own goods for desirable products found elsewhere. The Silk Road, an ancient network of trade routes used between Europe, North Africa, East Africa, Central Asia, South Asia, and the Far East, is an example of early globalization. For more than 1,500 years, Europeans traded glass and manufactured goods for Chinese silk and spices, contributing to a global economy in which both Europe and Asia became accustomed to goods from far away. Following the European exploration of the New World, globalization occurred on a grand scale; the widespread transfer of plants, animals, foods, cultures and ideas became known as the Columbian Exchange. The Triangular Trade network in which ships carried manufactured goods from Europe to Africa, enslaved Africans to the Americas, and sent raw materials back to Europe is another example of globalization. The resulting spread of slavery demonstrates that globalization can hurt people just as easily as it can connect people.
    The rate of globalization has increased in recent years, a result of rapid advancements in communication and transportation. Advances in communication enable businesses to identify opportunities for investment. At the same time, innovations in information technology enable immediate communication and the rapid transfer of financial assets across national borders. Improved fiscal policies within countries and international trade agreements between them also facilitate globalization. Political and economic stability facilitate globalization as well. The relative instability of many African nations is cited by experts as one of the reasons why Africa has not benefited from globalization as much as countries in Asia and Latin America.

    PROS OF GLOBALIZATION
    Globalization provides businesses with a competitive advantage by allowing them to source raw materials where they are inexpensive. Globalization also gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies.
    With globalization, different parts of a product may be made in different regions of the world. Globalization has long been used by the automotive industry, for instance, where different parts of a car may be manufactured in different countries. Businesses in several different countries may be involved in producing even seemingly simple products such as cotton T-shirts.
    Globalization affects services too. Many businesses located in the United States have outsourced their call centers or information technology services to companies in India. As part of the North American Free Trade Agreement (NAFTA), U.S. automobile companies relocated their operations to Mexico, where labor costs are lower. The result is more jobs in countries where jobs are needed, which can have a positive effect on the national economy and result in a higher standard of living. China is a prime example of a country that has benefited immensely from globalization. Another example is Vietnam, where globalization has contributed to an increase in the prices for rice, lifting many poor rice farmers out of poverty. As the standard of living increased, more children of poor families left work and attended school.
    Consumers benefit too. In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. In some cases, this may contribute to improved health by enabling a more varied and healthier diet; in others, it is blamed for increases in unhealthy food consumption and diabetes.

    CONS OF GLOBALIZATION
    Not everything about globalization is beneficial. Any change has winners and losers, and the people living in communities that had been dependent on jobs outsourced elsewhere often suffer. Effectively, this means that workers in the developed world must compete with lower-cost markets for jobs; unions and workers may be unable to defend against the threat of corporations that offer the alternative between lower pay or losing jobs to a supplier in a less-expensive labor market.
    The situation is more complex in the developing world, where economies are undergoing rapid change. Indeed, the working conditions of people at some points in the supply chain are deplorable. The garment industry in Bangladesh, for instance, employs an estimated four million people, but the average worker earns less in a month than a U.S. worker earns in a day. In 2013, a textile factory building collapsed, killing more than 1,100 workers. Critics also suggest that employment opportunities for children in poor countries may increase the negative impacts of child labor and lure children of poor families away from school. In general, critics blame the pressures of globalization for encouraging an environment that exploits workers in countries that do not offer sufficient protections.
    Studies also suggest that globalization may contribute to income disparity and inequality between the more-educated and less-educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization.

  41. Avatar Unadike Fabian Chinemezu says:

    NAME: UNADIKE FABIAN CHINEMEZU
    REG NO: 2018/249698
    DEPARTMENT: ECONOMICS
    COURSE TITLE: ECO 362

    QUESTION:
    Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.
    As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
    In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

    ANSWER:
    What do We mean by Globalization??
    Globalization can be defined as a Process by which Businesses and other Organizations develop International influence or start Operating on an International Scale.
    Simply put., Globalization can be seen as an open flow of information.,Technology and Goods among Countries and Consumers.

    The Pros(Advantages) of Globalization are;
    1. INCREASES ECONOMIC GROWTH
    By increasing the international exchange of goods, technological advances, and information, globalization increases economic development for any country participating in the global economy. An increase in economic growth means better living standards, higher incomes, more wealth in a country, and, often, less poverty—in short, the overall well-being of a country.
    2. MAKES PRODUCTION MORE AFFORDABLE.
    A global market allows businesses wider access to production opportunities and consumers, meaning that there are more goods available at a wider range of price points.
    3. THE SPEED OF TECHNOLOGY AND INNOVATION.
    Many Countries around the World remains Constantly Connected.,So Knowledge and Technological Advances travel well and quickly.,because Knowledge travels so fast.,this means that Scientific Advances made in Asia can be at work in United States in a matter of days.
    4. ACCESS TO NEW CULTURES.
    Globalization makes it easier than ever to access Foreign Cultures including Food.,Music.,Movies and Art.
    This free flow of People.,., and Information is the reason You can have a Chinese Food delivered at Your Apartment as You Listen to a US based Artist and watch Korean Movies.
    5. PROMOTES WORKING TOGETHER.
    When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services.
    6. BRINGS OPPORTUNITIES TO POORER COUNTRIES.
    Globalization allows companies to move their production from high-cost locations to lower-cost locations abroad—this means bringing jobs, information technology, and other economic opportunities to countries with fewer resources.

    The Cons(Disavantages or Hurdles) of Globalization are;
    1. UNEQUAL ECONOMIC GROWTH.
    While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.
    2. LOSS OF CULTURAL IDENTITY.
    While Globalization has made Foreign Countries easier to Access.,it has equally began to meld Unique Societies together.
    The Success of certain Cultures throughout the World caused other Countries to emulate them.
    But when Cultures begin to Lose their distinctive features.,We Lose Our Global Diversity.
    3. LACK OF LOCAL BUSINESSES.
    The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local Enugu shoe-making company may struggle to compete with the prices of a multinational shoe-making corporation.
    4. INCREASES POTENTIAL GLOBAL RECESSIONS.
    When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
    5. PAYROLL AND COMPLIANCE CHALLENGES.
    Another common Global expansion Obstacle is managing Overseas Payroll and maintaining Compliance with changing Employment and Tax Laws.
    This management Task gets even more difficult if You are trying to manage Operations in different or Multiple Markets.
    6. EXPLOITS CHEAPER LABOR MARKETS.
    Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.

  42. Avatar UMEAYO EKWOMCHUKWU ELIJAH says:

    ME: UMEAYO EKWOMCHUKWU ELIJAH
    REG NO: 2018/247368
    COURSE NO: 362
    COURSE CODE: DEVELOPMENT ECONOMICS
    UNIT: ECONOMICS EDUCATION
    DEPT: SOCIAL SCIENCE EDUCATION
    FACULTY: EDUCATION
    E MAIL: umeayoekwomchukwuelijah@gmail.com

    A Simple Globalization Definition
    Globalization means the speedup of movements and exchanges (of human beings, goods, and services, capital, technologies or cultural practices) all over the planet. One of the effects of globalization is that it promotes and increases interactions between different regions and populations around the globe.
    Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. This guide uses the term more narrowly to refer to international trade and some of the investment flows among advanced economies, mostly focusing on the United States.
    The wide-ranging effects of globalization are complex and politically charged. As with major technological advances, globalization benefits society as a whole, while harming certain groups. Understanding the relative costs and benefits can pave the way for alleviating problems while sustaining the wider payoffs.
    What Is Globalization in the Economy?
    According to the Committee for Development Policy (a subsidiary body of the United Nations), from an economic point of view, globalization can be defined as:
    “(…) the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, the flow of international capital and the wide and rapid spread of technologies. It reflects the continuing expansion and mutual integration of market frontiers (…) and the rapid growing significance of information in all types of productive activities and marketization are the two major driving forces for economic globalization.”

    THE HISTORY OF GLOBALIZATION IS DRIVEN BY TECHNOLOGY, TRANSPORTATION, AND INTERNATIONAL COOPERATION
    Since ancient times, humans have sought distant places to settle, produce, and exchange goods enabled by improvements in technology and transportation. But not until the 19th century did global integration take off. Following centuries of European colonization and trade activity, that first “wave” of globalization was propelled by steamships, railroads, the telegraph, and other breakthroughs, and also by increasing economic cooperation among countries. The globalization trend eventually waned and crashed in the catastrophe of World War I, followed by postwar protectionism, the Great Depression, and World War II. After World War II in the mid-1940s, the United States led efforts to revive international trade and investment under negotiated ground rules, starting a second wave of globalization, which remains ongoing, though buffeted by periodic downturns and mounting political scrutiny.
    PROS AND CONS OF DEVELOPMENT:
    The Benefits of Globalization
    Globalization has benefits that cover many different areas. It reciprocally developed economies all over the world and increased cultural exchanges. It also allowed financial exchanges between companies, changing the paradigm of work. Many people are nowadays citizens of the world. The origin of goods became secondary and geographic distance is no longer a barrier for many services to happen. Let’s dig deeper.
    The Engine of Globalization – An Economic Example
    The most visible impacts of globalization are definitely the ones affecting the economic world. Globalization has led to a sharp increase in trade and economic exchanges, but also to a multiplication of financial exchanges.
    In the 1970s world economies opened up and the development of free trade policies accelerated the globalization phenomenon. Between 1950 and 2010, world exports increased 33-fold. This significantly contributed to increasing the interactions between different regions of the world.
    This acceleration of economic exchanges has led to strong global economic growth. It fostered as well a rapid global industrial development that allowed the rapid development of many of the technologies and commodities we have available nowadays.
    Knowledge became easily shared and international cooperation among the brightest minds speeded things up. According to some analysts, globalization has also contributed to improving global economic conditions, creating much economic wealth (thas was, nevertheless, unequally distributed – more information ahead).
    Globalization Benefits – A Financial Example
    At the same time, finance also became globalized. From the 1980s, driven by neo-liberal policies, the world of finance gradually opened. Many states, particularly the US under Ronald Reagan and the UK under Margaret Thatcher introduced the famous “3D Policy”: Disintermediation, Decommissioning, Deregulation.
    The idea was to simplify finance regulations, eliminate mediators and break down the barriers between the world’s financial centers. And the goal was to make it easier to exchange capital between the world’s financial players. This financial globalization has contributed to the rise of a global financial market in which contracts and capital exchanges have multiplied.
    GLOBALIZATION AS A TOOL FOR PROSPERITY AND PEACE:
    After World War II, the United States helped build a global economic order governed by mutually accepted rules and overseen by multilateral institutions. The idea was to create a better world with countries seeking to cooperate with one another to promote prosperity and peace. Free trade and the rule of law were mainstays of the system, helping to prevent most economic disputes from escalating into larger conflicts.
    NEGATIVE EFFECT OF GLOBALIZATION:
    Why Is Globalization Bad?
    Globalization is a complex phenomenon. As such, it has a considerable influence on several areas of contemporary societies. Let’s take a look at some of the main negative effects globalization has had so far.
    The Negative Effects of Globalization on Cultural Loss
    Apart from all the benefits globalization has had on allowing cultural exchanges it also homogenized the world’s cultures. That’s why specific cultural characteristics from some countries are disappearing. From languages to traditions or even specific industries. That’s why according to UNESCO, the mix between the benefits of globalization and the protection of local culture’s uniqueness requires a careful approach.
    The Economic Negative Effects of Globalization
    Despite its benefits, the economic growth driven by globalization has not been done without awakening criticism. The consequences of globalization are far from homogeneous: income inequalities, disproportional wealth and trades that benefit parties differently. In the end, one of the criticisms is that some actors (countries, companies, individuals) benefit more from the phenomena of globalization, while others are sometimes perceived as the “losers” of globalization. As a matter of fact, a recent report from Oxfam says that 82% of the world’s generated wealth goes to 1% of the population.
    How Do We Make Globalization More Just?
    The ability of countries to rise above narrow self-interest has brought unprecedented economic wealth and plenty of applicable scientific progress. However, for different reasons, not everyone has been benefiting the same from globalization and technological change: wealth is unfairly distributed and economic growth came at huge environmental costs. How can countries rise above narrow self-interest and act together or designing fairer societies and a healthier planet? How do we make globalization more just?
    According to Christine Lagarde, former President of the International Monetary Fund, “debates about trade and access to foreign goods are as old as society itself ” and history tells us that closing borders or protectionism policies are not the way to go, as many countries doing it have failed.
    Lagarde defends we should pursue globalization policies that extend the benefits of openness and integration while alleviating their side effects. How to make globalization more just is a very complex question that involves redesigning economic systems. But how? That’s the question.
    Globalization is deeply connected with economic systems and markets, which, on their turn, impact and are impacted by social issues, cultural factors that are hard to overcome, regional specificities, timings of action and collaborative networks. All of this requires, on one hand, global consensus and cooperation, and on the other, country-specific solutions, apart from a good definition of the adjective “just”.
    Examples of Globalization (Concept Map)
    Because of trade developments and financial exchanges, we often think of globalization as an economic and financial phenomenon. Nonetheless, it includes a much wider field than just flowing of goods, services or capital. Often referred to as the globalization concept map, some examples of globalization are:
    Economic globalization: is the development of trade systems within transnational actors such as corporations or NGOs;
    Financial globalization: can be linked with the rise of a global financial system with international financial exchanges and monetary exchanges. Stock markets, for instance, are a great example of the financially connected global world since when one stock market has a decline, it affects other markets negatively as well as the economy as a whole.
    Cultural globalization: refers to the interpenetration of cultures which, as a consequence, means nations adopt principles, beliefs, and costumes of other nations, losing their unique culture to a unique, globalized supra-culture;
    Political globalization: the development and growing influence of international organizations such as the UN or WHO means governmental action takes place at an international level. There are other bodies operating a global level such as NGOs like Doctors without borders or Oxfam;
    Sociological globalization: information moves almost in real-time, together with the interconnection and interdependence of events and their consequences. People move all the time too, mixing and integrating different societies;
    Technological globalization: the phenomenon by which millions of people are interconnected thanks to the power of the digital world via platforms such as Facebook, Instagram, Skype or Youtube.
    Geographic globalization: is the new organization and hierarchy of different regions of the world that is constantly changing. Moreover, with transportation and flying made so easy and affordable, apart from a few countries with demanding visas, it is possible to travel the world without barely any restrictions;
    Ecological globalization: accounts for the idea of considering planet Earth as a single global entity – a common good all societies should protect since the weather affects everyone and we are all protected by the same atmosphere. To this regard, it is often said that the poorest countries that have been polluting the least will suffer the most from climate change.
    The Benefits of Globalization
    Globalization has benefits that cover many different areas. It reciprocally developed economies all over the world and increased cultural exchanges. It also allowed financial exchanges between companies, changing the paradigm of work. Many people are nowadays citizens of the world. The origin of goods became secondary and geographic distance is no longer a barrier for many services to happen.

  43. Avatar Ezeugwu Sandra Adanna says:

    NAME: Ezeugwu Sandra Adanna
    REG NO: 2018/245872
    DEPARTMENT: Economics/Education
    DATE: Jenuary 2022
    COURSE CODE: Eco 362
    LEVEL: 300level
    LECTURER: Tony Orji

    QUESTION: CLEARLY DISCUSS THE PROS AND CONS OF GLOBALIZATION AS IT AFFECTS OUR LOCAL ECONOMY AND GLOBAL ECONOMY AT LARGE

    DEFINITION OF GLOBALIZATION IN A SIMPLE TERM
    Globalization means the speedup of movements and exchanges (of human beings, goods, and services, capital, technologies or cultural practices) all over the planet. One of the effects of globalization is that it promotes and increases interactions between different regions and populations around the globe.
    Globalization, or globalisation (Commonwealth English; see spelling differences), is the process of interaction and integration among people, companies, and governments worldwide. Globalization has accelerated since the 18th century due to advances in transportation and communication technology. This increase in global interactions has caused a growth in international trade and the exchange of ideas, beliefs, and culture. Globalization is primarily an economic process of interaction and integration that is associated with social and cultural aspects. However, disputes and diplomacy are also large parts of the history of globalization, and of modern globalization.
    HISTORY OF GLOBALIZATION
    Although many people consider globalization a twentieth century phenomenon, the process has been happening for millennia. Examples include the following:

    The Roman Empire. Going back to 600 B.C., the Roman Empire spread its economic and governing systems through significant portions of the ancient world for centuries.
    Silk Road trade. These trade routes, which date from 130 B.C. to 1453 A.D., represented another wave of globalization. They brought merchants, goods and travelers from China through Central Asia and the Middle East to Europe.
    Pre-World War I. European countries made significant investments overseas in the decades before World War I. The period from 1870 to 1914 is called the golden age of globalization.

    According to Ben Lutkevich, Technical Writer: Globalization is the process by which ideas, knowledge, information, goods and services spread around the world. In business, the term is used in an economic context to describe integrated economies marked by free trade, the free flow of capital among countries and easy access to foreign resources, including labor markets, to maximize returns and benefit for the common good.
    Globalization, or globalisation as it is known in some parts of the world, is driven by the convergence of cultural and economic systems. This convergence promotes — and in some cases necessitates — increased interaction, integration and interdependence among nations. The more countries and regions of the world become intertwined politically, culturally and economically, the more globalized the world becomes.
    Some Definitions of Globalization
    (1) Official Definition of Globalization by the World Health Organization (WHO)
    According to WHO, globalization can be defined as ” the increased interconnectedness and interdependence of peoples and countries. It is generally understood to include two inter-related elements: the opening of international borders to increasingly fast flows of goods, services, finance, people and ideas; and the changes in institutions and policies at national and international levels that facilitate or promote such flows.”

    (2) Definition of Globalization in the Economy
    According to the Committee for Development Policy (a subsidiary body of the United Nations), from an economic point of view, globalization can be defined as:
    “(…) the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, the flow of international capital and the wide and rapid spread of technologies. It reflects the continuing expansion and mutual integration of market frontiers (…) and the rapid growing significance of information in all types of productive activities and marketization are the two major driving forces for economic globalization.”

    Related: Planet VS Economy: How Coronavirus Is Unraveling A Dysfunctional System
    (3) Definition of Globalization in Geography
    In geography, globalization is defined as the set of processes (economic, social, cultural, technological, institutional) that contribute to the relationship between societies and individuals around the world. It is a progressive process by which exchanges and flows between different parts of the world are intensified.
    How do globalization work?
    In a globalized economy, countries specialize in the products and services they have a competitive advantage in. This generally means what they can produce and provide most efficiently, with the least amount of resources, at a lower cost than competing nations. If all countries are specializing in what they do best, production should be more efficient worldwide, prices should be lower, economic growth widespread and all countries should benefit — in theory.
    Policies that promote free trade, open borders and international cooperation all drive economic globalization. They enable businesses to access lower priced raw materials and parts, take advantage of lower cost labor markets and access larger and growing markets around the world in which to sell their goods and services.
    Money, products, materials, information and people flow more swiftly across national boundaries today than ever. Advances in technology have enabled and accelerated this flow and the resulting international interactions and dependencies. These technological advances have been especially pronounced in transportation and telecommunications.

    Among the recent technological changes that have played a role in globalization are the following:

    Internet and internet communication. The internet has increased the sharing and flow of information and knowledge, access to ideas and exchange of culture among people of different countries. It has contributed to closing the digital divide between more and less advanced countries.

    Communication technology. The introduction of 4G and 5G technologies has dramatically increased the speed and responsiveness of mobile and wireless networks.

    list of benefits of 5G network technologyIncreased speed and bandwidth are among the benefits of 5G technology.
    IoT and AI. These technologies are enabling the tracking of assets in transit and as they move across borders, making cross-border product management more efficient.

    Blockchain. This technology is enabling the development of decentralized databases and storage that support the tracking of materials in the supply chain. Blockchain facilitates the secure access to data required in industries such as healthcare and banking. For example, blockchain provides a transparent ledger that centrally records and vets transactions in a way that prevents corruption and breaches.

    list of 10 benefits of blockchain technology10 benefits of blockchain technology
    Transportation. Advances in air and fast rail technology have facilitated the movement of people and products. And changes in shipping logistics technology moves raw materials, parts and finished products around the globe more efficiently.

    Manufacturing. Advances such as automation and 3D printing have reduced geographic constraints in the manufacturing industry. 3D printing enables digital designs to be sent anywhere and physically printed, making distributed, smaller-scale production near the point of consumption easier. Automation speeds up processes and supply chains, giving workforces more flexibility and improving output.
    What is the G20?
    The G20, or Group of Twenty, is an international forum that aims to foster international cooperation by addressing global economic issues, such as financial stability and climate change. The G20 is made up of 19 countries and the European Union, including most of the world’s largest economies. The nations involved account for 60% of the planet’s population, 75% of global trade and 80% of world GDP. It was founded in 1999, following the 1997 financial crisis, and has met every year since then.
    Since 2008, the G20 has held an annual summit that brings together heads of state to discuss important economic issues. The G20’s president is selected annually on a rotating basis, and that person’s home country hosts the summit.
    In 2019, the summit was held in Osaka, Japan, and it addressed issues such as women’s empowerment, climate change and artificial intelligence. The 2020 summit was to be in Riyadh, Saudi Arabia, but was held virtually because of the pandemic. Three of the main themes addressed were empowering people, especially women and youth; safeguarding the planet; and long-term strategies to share the benefits of innovation and technological advancement. The 2021 summit will be held in Rome, Italy, and will focus on recovery from the pandemic and climate change.
    The members of G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, Japan, India, Indonesia, Italy, Mexico, Russia, South Africa, Saudi Arabia, South Korea, Turkey, the United Kingdom, the United States and the European Union. Spain is a permanent guest of the organization.
    There are three types of globalization.
    include the following:
    1. Economic.
    2. Political.
    3. Cultural.
    1. Economic globalization. Here, the focus is on the integration of international financial markets and the coordination of financial exchange. Free trade agreements, such the North American Free Trade Agreement and the Trans-Pacific Partnership are examples of economic globalization. Multinational corporations, which operate in two or more countries, play a large role in economic globalization.
    2. Political globalization. This type covers the national policies that bring countries together politically, economically and culturally. Organizations such as NATO and the UN are part of the political globalization effort.
    3. Cultural globalization. This aspect of globalization focuses in a large part on the technological and societal factors that are causing cultures to converge. These include increased ease of communication, the pervasiveness of social media and access to faster and better transportation.
    three types influence one another. For example, liberalized national trade policies drive economic globalization. Political policies also affect cultural globalization, enabling people to communicate and move around the globe more freely. Economic globalization also affects cultural globalization through the import of goods and services that expose people to other cultures.
    Effects of globalization
    The effects of globalization can be felt locally and globally, touching the lives of individuals as well as the broader society in the following ways:
    1. Effect of globalization on Individuals: Here, a variety of international influences affect ordinary people. Globalization affects their access to goods, the prices they pay and their ability to travel to or even move to other countries.
    2. Effect of globalization on Communities: This level encompasses the impact of globalization on local or regional organizations, businesses and economies. It affects who lives in communities, where they work, who they work for, their ability to move out of their community and into one in another country, among other things. Globalization also changes the way local cultures develop within communities.
    3. Effect of globalization on Institutions: Multinational corporations, national governments and other organizations such as colleges and universities are all affected by their country’s approach to and acceptance of globalization. Globalization affects the ability of companies to grow and expand, a university’s ability to diversify and grow its student body and a government’s ability to pursue specific economic policies.
    While the effects of globalization can be observed, analyzing the net impact is more complex. Proponents often see specific results as positive and critics of globalization view the same results as negative. A relationship that benefits one entity may damage another, and whether globalization benefits the world at large remains a point of contention.

    Comparison of internationalization and localization product strategiesInternationalization and localization are both product strategies used in globalizing industries.
    Examples of globalization:
    Multinational corporations are a tangible example of globalization. Some examples include the following:
    McDonald’s had 39,198 fast-food restaurants in 119 countries and territories, according to its Securities and Exchange Commission filing at the end of 2020. It employed more than 2.2 million people at that time, the filing said.
    Ford Motor Company reported in 2021 that it works with about 1,200 tier 1 suppliers around the globe.

    Pros and cons simply mean the good points and bad points of a situation.Pro means “for” or in support of and “con” means anything against or the opposite. Originally Answered: What do pros and cons stand for? ‘Pros’ just implies Good things and ‘CONS’ implies Bad things about anything. Here we talk about the advantages of globalization and the disadvantages of globalization.
    Advantages of globalization
    The Pros of Globalization
    1. Globalization Broadens Access to Goods and Services.
    It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.
    2. Globalization Can Lift People Out of Poverty
    The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.
    3. Globalization Increases Cultural Awareness
    Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.
    4. Information and Technology Spread More Easily With Globalization
    Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

    Disadvantages of globalization
    The cons of globalization
    1. Workers Can Lose Jobs to Countries With Low-Cost Labor
    This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.

    Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

    2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
    In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.

    Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

    3. Globalization Can Contribute to Cultural Homogeneity
    Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

    4. Globalization Empowers Multinational Corporations
    Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements (this was an argument invoked against the

  44. Avatar Oyibe Ebere Izuinya. 2018/245131 says:

    NAME: OYIBE, EBERE IZUINYA
    REG. NUMBER: 2018/245131
    DEPARTMENT: ECONOMICS
    COURSE: ECO 362

    Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.
    As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
    In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
    MERITS OF GLOBALIZATION.
    The merits of globalization as it affects our local and global economy are as follows:
    1. Economic Growth
    Increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including: access to labour, access to jobs, and access to resources.
    i. Access to labour: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
    ii. Access to jobs: This is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations
    iii. Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce.An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.
    2. Increased Global Cooperation
    For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.
    3. Access to New Cultures
    Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment as you listen to your favorite UK-based artist or stream a Bollywood movie
    4. Spread of Technology and Innovation
    Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly. Because knowledge also transfers so fast, this means that scientific advances made in Asia can be at work in the United States in a matter of days.
    5. Lower Costs for Products and Increased global competition
    Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.

    6. Increased Standards of Living Across the Globe
    Developing nations experience an improved standard of living—thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.

    7. Access to New Markets
    Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas. International Professional Employer Organizations (PEOs) make it easier than ever to employ workers in other countries quickly and compliantly. This means that, for many companies, there is no longer the need to establish a foreign entity to expand overseas.

    8. Access to New Talent
    In addition to new markets, globalization allows companies to find new, specialized talent that is not available in their current market. For example, globalization gives companies the opportunity to explore tech talent in booming markets such as Berlin or Stockholm, rather than Silicon Valley. Again, International PEO allows companies to compliantly employ workers overseas, without having to establish a legal entity, making global hiring easier than ever.
    9. Increased Cross-Border Investment
    Globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.

    DEMERITS OF GLOBALIZATION.
    The cons of globalization are also as numerous as the pros. They are aas follows:
    1. Increased Competition
    Individual companies, organizations, and workers can be disadvantaged by global competition. This is similar to how these parties might be disadvantaged by domestic competition: Thereby widening the gap between this countries as some would be considered richer and more developed, while some would be considered poor and developing just as it is now all over the world.
    With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.

    2. Disproportionate Growth
    Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boom to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.
    Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.“Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

    3. Environmental Concerns
    Increased globalization has been linked to various environmental challenges, many of which are serious, including:
    i. Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
    ii. Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
    iii. The introduction of potentially invasive species into new environments
    4. Dumping Ground, Reliance and dependence
    Most developing countries are used as a dumping ground for the products of developed countries there by making the products of those developing countries relatively cheaper than than that of the developed ones. This in turn discourages self reliance on the side of the developing countries as they would depend on imported products without working towards improving their local industries.
    5. Exploitation
    The developing countries have been exploited in the name of globalization. This is because they (developing countries) are being used by the more advanced countries as a source of raw materials as well as a market for their finished products.
    6. Loss of Cultural Identity
    While globalization has made foreign countries easier to access, it has also begun to meld unique societies together. The success of certain cultures throughout the world caused other countries to emulate them. But when cultures begin to lose their distinctive features, we lose our global diversity.

  45. Avatar Omeke Chinenye Joy says:

    Name: Omeke Chinenye Joy
    Reg. No: 2018/244290
    Department: Education economics
    Answer
    The pros of globalization
    Globalization can be extremely rewarding for growing businesses. But it’s also hugely beneficial for the general development of the global economy. By tapping into new markets and expanding your customer base, you are bringing people closer together. Here are some of the immediate benefits of globalization for you.
    1. Globalization brings the world’s advanced economies closer:
    Globalization allows the world’s most powerful economies and governments to cooperate to achieve great things. Globalization allows people, goods, services, ideas, languages, information, and commodities to flow across national borders all the time. The effect of globalization is that the world is becoming increasingly smaller as we all become more and more connected.
    2. Access to New Markets
    One major advantages of globalization is that it provides access to new or different markets for countries. With bi- and multilateral trade agreements, businesses can operate in multiple jurisdictions, this means that you tend to reach more customers, gaining more and better market insights, and building your brand on a global scale.
    3. Product Development and New Revenue Streams
    By accessing new markets, you also unavoidably develop your products and services in new ways. This is one of the greatest pros of globalization. When connecting out to different markets, businesses are often required to adapt their offerings to meet local demand. While this may seem like more work, it is a great opportunity for innovation. Through building successful products and services, and a solid customer base, one can increase one’s revenue streams beyond national or state borders.
    4. Sharing Knowledge, Technology, and Culture
    Another one of the brilliant effects of globalization is that Knowledge, information, technologies, and cultural practices and values are being shared across the world. This includes business practices also. While we are a far cry still from a multicultural utopia of global businesses, sharing and creating global partnerships has never been easier.
    5. Developing Universal Standards‍
    Globalization has had the effect of helping set some universal standards through knowledge sharing, basic industry standards have been set and international bodies are working to set standards for labour and employment law, as well as tax regulation. The OECD, for example, drafted the Model Tax Convention in 2017 to help authorities and businesses, understand when businesses are required to pay corporate taxes and how they can prepare when expanding internationally.
    6. Access to a Diverse Talent Pool
    If a company is hiring remotely, it can choose according to skillset, progressive behaviours like adaptability, regardless of background or where they are based. Companies looking to hire for their offices or foreign subsidiaries are also able to find great talent that will help them develop, change, and grow as a company more broadly. Each new diverse employee brings a wealth of new perspectives and possibilities to a business.
    7. A Diversified Workforce and Workplace Culture
    A diverse talent pool also leads to a diverse workforce. The positive effects of globalization on workplace culture can be vast. While some employers are afraid of cultural differences affecting productivity and internal communication and collaboration, a solid hiring strategy and inclusive company culture can do the trick. Look for suitable candidates by focusing on the necessary skills and the right behaviours needed to succeed in your business and industry. Then build an open company culture, where different kinds of communication and collaboration are championed, and inclusive behaviours are rewarded.
    The cons of globalization
    1. Worker Exploitation
    Many companies in developed countries have outsourced their production and some of their services to developing countries e.g. American companies have been known to use cheap foreign sweatshop labor to make cheap American goods. Wealthy, industrialized countries have shipped their trash to China and Malaysia. Exploiting cheap markets and lax regulations in developing nations has caused pollution and suffering in those countries, even as profits soar abroad. While this has generally been good for local economies in developing countries, local workers are still exposed to high degrees of exploitation. Organisations like the ILO have been working to set international standards to protect workers everywhere, but this is hard to enforce. In developing countries, companies have also been able to make increasingly exploitative demands of their workers as they are able to source cheaper labour elsewhere.
    2. Job Loss
    One of the most debated negative effects of globalization is the loss of jobs. This is particularly the case in developed countries, such as the US, from where many services and unskilled labor have been directed to developing countries. Many locals have lost their jobs or been forced to accept lesser wages and poorer working conditions as a result. Though it is the job of governments to protect the local workforce and create favourable business conditions for companies, you will still need to assess how you want your business to work around this challenge.
    3. High Investmen
    This is one of the most deterring disadvantages of globalization. It requires businesses to invest a lot of their resources into designing and implementing an effective globalization strategy. Setting up a company or business elsewhere, paying taxes, hiring, signing contracts with new partners, scouring the customer base – all these things require lots of research, capital, and time.
    4. Environmental Degradation
    Sadly globalization also affects our environment. As increased flow of goods and knowledge are great for people, the underlying business activities adversely affect the environment. Global transportation networks and increased market demand means more use of fuels, contributing to higher exertion of greenhouse gases. Planes, ships, and trucks transporting goods all over the world are harmful for the atmosphere and affect local ecosystems. More demand also means more production, again causing more fuel and raw materials to be used up.
    5. Legal Compliance for Employers
    One of the disadvantages of globalization is that all countries have their own labour law like working hours, types and amount of paid leave, termination rights, intellectual property rights, salaries, benefits, and social security. You will need to be aware of the labour code of each jurisdiction where your employees are based so you can employ them compliantly.
    6. Competition
    On the other hand, in developing countries, more capital-intensive goods get imported more cheaply from the outside. So if you’re a manufacturer of a capital-intensive good in a developing country you tend to lose because of that competition. This is how it is with international trade: production goes to wherever it is most efficient to produce. So, when people in any country are exposed to this kind of competition, some win and some lose.

  46. Avatar Ezeugwu Sandra Adanna says:

    NAME: Ezeugwu Sandra Adanna
    REG NO: 2018/245872
    DEPARTMENT: Economics/Education
    DATE: Jenuary 2022
    COURSE CODE: Eco 362
    LEVEL: 300level
    LECTURER: Tony Orji

    QUESTION: CLEARLY DISCUSS THE PROS AND CONS OF GLOBALIZATION AS IT AFFECTS OUR LOCAL ECONOMY AND GLOBAL ECONOMY AT LARGE

    DEFINITION OF GLOBALIZATION IN A SIMPLE TERM
    Globalization means the speedup of movements and exchanges (of human beings, goods, and services, capital, technologies or cultural practices) all over the planet. One of the effects of globalization is that it promotes and increases interactions between different regions and populations around the globe.
    Globalization, or globalisation (Commonwealth English; see spelling differences), is the process of interaction and integration among people, companies, and governments worldwide. Globalization has accelerated since the 18th century due to advances in transportation and communication technology. This increase in global interactions has caused a growth in international trade and the exchange of ideas, beliefs, and culture. Globalization is primarily an economic process of interaction and integration that is associated with social and cultural aspects. However, disputes and diplomacy are also large parts of the history of globalization, and of modern globalization.
    HISTORY OF GLOBALIZATION
    Although many people consider globalization a twentieth century phenomenon, the process has been happening for millennia. Examples include the following:

    The Roman Empire. Going back to 600 B.C., the Roman Empire spread its economic and governing systems through significant portions of the ancient world for centuries.
    Silk Road trade. These trade routes, which date from 130 B.C. to 1453 A.D., represented another wave of globalization. They brought merchants, goods and travelers from China through Central Asia and the Middle East to Europe.
    Pre-World War I. European countries made significant investments overseas in the decades before World War I. The period from 1870 to 1914 is called the golden age of globalization.

    According to Ben Lutkevich, Technical Writer: Globalization is the process by which ideas, knowledge, information, goods and services spread around the world. In business, the term is used in an economic context to describe integrated economies marked by free trade, the free flow of capital among countries and easy access to foreign resources, including labor markets, to maximize returns and benefit for the common good.
    Globalization, or globalisation as it is known in some parts of the world, is driven by the convergence of cultural and economic systems. This convergence promotes — and in some cases necessitates — increased interaction, integration and interdependence among nations. The more countries and regions of the world become intertwined politically, culturally and economically, the more globalized the world becomes.
    Some Definitions of Globalization
    (1) Official Definition of Globalization by the World Health Organization (WHO)
    According to WHO, globalization can be defined as ” the increased interconnectedness and interdependence of peoples and countries. It is generally understood to include two inter-related elements: the opening of international borders to increasingly fast flows of goods, services, finance, people and ideas; and the changes in institutions and policies at national and international levels that facilitate or promote such flows.”

    (2) Definition of Globalization in the Economy
    According to the Committee for Development Policy (a subsidiary body of the United Nations), from an economic point of view, globalization can be defined as:
    “(…) the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, the flow of international capital and the wide and rapid spread of technologies. It reflects the continuing expansion and mutual integration of market frontiers (…) and the rapid growing significance of information in all types of productive activities and marketization are the two major driving forces for economic globalization.”

    Related: Planet VS Economy: How Coronavirus Is Unraveling A Dysfunctional System
    (3) Definition of Globalization in Geography
    In geography, globalization is defined as the set of processes (economic, social, cultural, technological, institutional) that contribute to the relationship between societies and individuals around the world. It is a progressive process by which exchanges and flows between different parts of the world are intensified.
    How do globalization work?
    In a globalized economy, countries specialize in the products and services they have a competitive advantage in. This generally means what they can produce and provide most efficiently, with the least amount of resources, at a lower cost than competing nations. If all countries are specializing in what they do best, production should be more efficient worldwide, prices should be lower, economic growth widespread and all countries should benefit — in theory.
    Policies that promote free trade, open borders and international cooperation all drive economic globalization. They enable businesses to access lower priced raw materials and parts, take advantage of lower cost labor markets and access larger and growing markets around the world in which to sell their goods and services.
    Money, products, materials, information and people flow more swiftly across national boundaries today than ever. Advances in technology have enabled and accelerated this flow and the resulting international interactions and dependencies. These technological advances have been especially pronounced in transportation and telecommunications.

    Among the recent technological changes that have played a role in globalization are the following:

    Internet and internet communication. The internet has increased the sharing and flow of information and knowledge, access to ideas and exchange of culture among people of different countries. It has contributed to closing the digital divide between more and less advanced countries.

    Communication technology. The introduction of 4G and 5G technologies has dramatically increased the speed and responsiveness of mobile and wireless networks.

    list of benefits of 5G network technologyIncreased speed and bandwidth are among the benefits of 5G technology.
    IoT and AI. These technologies are enabling the tracking of assets in transit and as they move across borders, making cross-border product management more efficient.

    Blockchain. This technology is enabling the development of decentralized databases and storage that support the tracking of materials in the supply chain. Blockchain facilitates the secure access to data required in industries such as healthcare and banking. For example, blockchain provides a transparent ledger that centrally records and vets transactions in a way that prevents corruption and breaches.

    list of 10 benefits of blockchain technology10 benefits of blockchain technology
    Transportation. Advances in air and fast rail technology have facilitated the movement of people and products. And changes in shipping logistics technology moves raw materials, parts and finished products around the globe more efficiently.

    Manufacturing. Advances such as automation and 3D printing have reduced geographic constraints in the manufacturing industry. 3D printing enables digital designs to be sent anywhere and physically printed, making distributed, smaller-scale production near the point of consumption easier. Automation speeds up processes and supply chains, giving workforces more flexibility and improving output.
    What is the G20?
    The G20, or Group of Twenty, is an international forum that aims to foster international cooperation by addressing global economic issues, such as financial stability and climate change. The G20 is made up of 19 countries and the European Union, including most of the world’s largest economies. The nations involved account for 60% of the planet’s population, 75% of global trade and 80% of world GDP. It was founded in 1999, following the 1997 financial crisis, and has met every year since then.
    Since 2008, the G20 has held an annual summit that brings together heads of state to discuss important economic issues. The G20’s president is selected annually on a rotating basis, and that person’s home country hosts the summit.
    In 2019, the summit was held in Osaka, Japan, and it addressed issues such as women’s empowerment, climate change and artificial intelligence. The 2020 summit was to be in Riyadh, Saudi Arabia, but was held virtually because of the pandemic. Three of the main themes addressed were empowering people, especially women and youth; safeguarding the planet; and long-term strategies to share the benefits of innovation and technological advancement. The 2021 summit will be held in Rome, Italy, and will focus on recovery from the pandemic and climate change.
    The members of G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, Japan, India, Indonesia, Italy, Mexico, Russia, South Africa, Saudi Arabia, South Korea, Turkey, the United Kingdom, the United States and the European Union. Spain is a permanent guest of the organization.
    There are three types of globalization.
    include the following:
    1. Economic.
    2. Political.
    3. Cultural.
    1. Economic globalization. Here, the focus is on the integration of international financial markets and the coordination of financial exchange. Free trade agreements, such the North American Free Trade Agreement and the Trans-Pacific Partnership are examples of economic globalization. Multinational corporations, which operate in two or more countries, play a large role in economic globalization.
    2. Political globalization. This type covers the national policies that bring countries together politically, economically and culturally. Organizations such as NATO and the UN are part of the political globalization effort.
    3. Cultural globalization. This aspect of globalization focuses in a large part on the technological and societal factors that are causing cultures to converge. These include increased ease of communication, the pervasiveness of social media and access to faster and better transportation.
    three types influence one another. For example, liberalized national trade policies drive economic globalization. Political policies also affect cultural globalization, enabling people to communicate and move around the globe more freely. Economic globalization also affects cultural globalization through the import of goods and services that expose people to other cultures.
    Effects of globalization
    The effects of globalization can be felt locally and globally, touching the lives of individuals as well as the broader society in the following ways:
    1. Effect of globalization on Individuals: Here, a variety of international influences affect ordinary people. Globalization affects their access to goods, the prices they pay and their ability to travel to or even move to other countries.
    2. Effect of globalization on Communities: This level encompasses the impact of globalization on local or regional organizations, businesses and economies. It affects who lives in communities, where they work, who they work for, their ability to move out of their community and into one in another country, among other things. Globalization also changes the way local cultures develop within communities.
    3. Effect of globalization on Institutions: Multinational corporations, national governments and other organizations such as colleges and universities are all affected by their country’s approach to and acceptance of globalization. Globalization affects the ability of companies to grow and expand, a university’s ability to diversify and grow its student body and a government’s ability to pursue specific economic policies.
    While the effects of globalization can be observed, analyzing the net impact is more complex. Proponents often see specific results as positive and critics of globalization view the same results as negative. A relationship that benefits one entity may damage another, and whether globalization benefits the world at large remains a point of contention.

    Comparison of internationalization and localization product strategiesInternationalization and localization are both product strategies used in globalizing industries.
    Examples of globalization:
    Multinational corporations are a tangible example of globalization. Some examples include the following:
    McDonald’s had 39,198 fast-food restaurants in 119 countries and territories, according to its Securities and Exchange Commission filing at the end of 2020. It employed more than 2.2 million people at that time, the filing said.
    Ford Motor Company reported in 2021 that it works with about 1,200 tier 1 suppliers around the globe.

    Pros and cons simply mean the good points and bad points of a situation.Pro means “for” or in support of and “con” means anything against or the opposite. Originally Answered: What do pros and cons stand for? ‘Pros’ just implies Good things and ‘CONS’ implies Bad things about anything. Here we talk about the advantages of globalization and the disadvantages of globalization.
    Advantages of globalization
    The Pros of Globalization
    1. Globalization Broadens Access to Goods and Services.
    It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.
    2. Globalization Can Lift People Out of Poverty
    The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.
    3. Globalization Increases Cultural Awareness
    Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.
    4. Information and Technology Spread More Easily With Globalization
    Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

    Disadvantages of globalization
    The cons of globalization
    1. Workers Can Lose Jobs to Countries With Low-Cost Labor
    This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.

    Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

    2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
    In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.

    Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

    3. Globalization Can Contribute to Cultural Homogeneity
    Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

    4. Globalization Empowers Multinational Corporations
    Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements (this was an argument invoked against the

  47. Avatar JOSEPH CHIOMA MERCY says:

    Name: JOSEPH CHIOMA MERCY
    REG. NO. 2018/242205
    DEPT. EDUCATION/ECONOMICS

    Globalization is an established part of the modern world, so most of us do not realize the benefits it brings to our everyday lives such as easy access to a variety of different cuisines or new technologies developed by countries half a world away. Even though globalization makes our lives better, it does bring some challenges as companies start to grow and expand across borders. Cultural differences around the world are undeniable. These differences create hurdles for businesses entering foreign markets and necessitate changes to their daily business operations, whether it’s employing workers in a new region or communicating the value of their product to a new audience. The following are some of the prons and cons of globalization.
    ADVANTAGES OF GLOBALIZATION
    1. Lower Costs for Products
    Globalization allows companies to find lower cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already developed countries live better on less money.
    2. Access to New Markets
    Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas. International Professional Employer Organizations make it easier than ever to employ workers in other countries quickly and compliantly. This means that, for many companies, there is no longer the need to establish a foreign entity to expand overseas.
    3. Access to New Cultures
    Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment as you listen to your favorite artist or stream a Bollywood movie.
    DISADVANTAGES OF GLOBALIZATION
    1. Incurring Tariffs and Export Fees
    Another challenge both U.S and UK tech leaders said they face in the report is incurring tariffs and export fees—29% agreed this is a challenge for their global businesses. For companies looking to sell products abroad, getting those items overseas can be expensive, depending on the market.
    2. Foreign Worker Exploitation
    Lower costs do benefit many consumers, but it also creates tough competition that leads some companies to search for cheap labor sources. Some western companies ship their production overseas to countries like China and Malaysia, where lax regulations make it easier to exploit workers.
    3. Global Expansion Difficulties
    For businesses that want to go global and discover the benefits of globalization, setting up a compliant overseas presence is difficult. If companies take the traditional route of setting up an entity, they need substantial upfront capital, sometimes up to $20,000, and costs of $200,000 annually to maintain the business.

  48. Avatar Onyedekwe Henry Chinedu. 2018/242306 says:

    Globalization refers to the interrelationship between two or more nations, which involves the transfer of product, technology, knowledge, labour etc amongst themselves.

    It is defined as the increase in the flow of goods, services, capital, people, and ideas across international boundaries.

    The advantages which comes along with globalization includes:

    1. Transfer of Technology:
    Globalization aids in the transfer of technological ideas and technical know-how between countries. This aids in the development and growth of that country.

    2. Access to new talent:
    Globalization gives companies the opportunity to explore talents in other countries labour markets for recruitment.

    3. Access to foreign product:
    Through globalization, a country can easily obtain another’s product, especially if she lacks the necessary resources to produce such products.

    4. Increases economic growth:
    By increasing the international exchange of goods, technological advances, and information, globalization increases economic development for any country participating in the global economy.

    5 Promotes working together.
    When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services.

    Despite the advantages of globalization as mentioned above, there exist several disadvantages of globalization, this includes:

    1. Overdependence between nations:

    increases potential global recessions. when many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis. Globalization could lead to a situation where by a country totally depends on another for common products which it actually has the capacity to produce.

    2. Unequal economic growth:

    While globalization tends to increase economic growth for many countries, the growth isn’t equal, richer countries often benefit more than developing countries.

    3. Globalization has made it that countries serves as a dumping ground for another’s product. Which dis-stabilises the latter’s economy.

    4. Increases potential global recessions:

    When many nation’s economic systems become interdependent, the likelihood of a global recession increases dramatically-because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.

    5. Promotes Unhealthy Competition:

    Globalization creates competition between foreign markets and local market in the production of goods and services. This competition could lead to job loss in the home country and under utilization of resources.

  49. Avatar Ugwu Cynthia Ugochukwu says:

    NAME: UGWU CYNTHIA UGOCHUKWU
    REG NUMBER: 2018/245470
    COURSE: ECO 362
    DEPARTMENT: ECONOMICS
    PROS OF GLOBALIZATION
    1. Economic Growth
    It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:
    a. Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
    b. Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
    c. Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
    The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.
    2. Increased Global Cooperation
    For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.
    3. Increased Cross-Border Investment
    According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.

    The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.
    CONS OF GLOBALIZATION
    1. Increased Competition
    When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.
    With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.
    2. Disproportionate Growth
    Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.
    Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.
    Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.
    3. Environmental Concerns
    Increased globalization has been linked to various environmental challenges, many of which are serious, including:
    a. Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
    b. Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
    The introduction of potentially invasive species into new environments While such issues are governed by existing or proposed laws and regulations, businesses have made environmental concerns and sustainability a priority by, for example, embracing the tenets of the triple bottom line and the idea of corporate social responsibility.

  50. Avatar Owoh+Anayo+Jonathan says:

    NAME: OWOH ANAYO JONATHAN
    DEPT: ECONOMICS
    REG NO: 2018/250325
    COURSE TITLE: DEVELOPMENT ECONOMICS 2
    COURSE CODE: ECO 362
    THE PROS AND CONS OF GLOBALIZATION.
    Globalization is an established part of the modern world, so most of us do not realize the benefits it brings to our everyday lives—such as easy access to a variety of different cuisines or new technologies developed by countries half a world away.
    Even though globalization makes our lives better, it does bring some challenges as companies start to grow and expand across borders. Cultural differences around the world are undeniable. These differences create hurdles for businesses entering foreign markets and necessitate changes to their daily business operations, whether it’s employing workers in a new region or communicating the value of their product to a new audience.
    What is Globalization?
    The official definition of “globalization” is the process by which businesses or other organizations develop international influence or start operating on an international scale.
    More simply, globalization refers to an open flow of information, technology, and goods among countries and consumers. This openness occurs through various relationships, from business, geopolitics, and technology to travel, culture, and media.
    Because the world is already so connected, most people don’t notice globalization at work every single day. But the world is getting smaller, and companies need to understand what this means for the future of doing business. Companies that don’t embrace globalization risk losing a competitive advantage, which allows other businesses to take over new opportunities in the global marketplace.
    What Are the Benefits/Advantages of Globalization?
    Globalization impacts businesses in many different ways. But those who decide to take on international expansion find several benefits, including:
    1). Access to New Cultures
    Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment as you listen to your favorite UK-based artist or stream a Bollywood movie.
    2). The Spread of Technology and Innovation
    Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly. Because knowledge also transfers so fast, this means that scientific advances made in Asia can be at work in the United States in a matter of days.
    3). Lower Costs for Products
    Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.
    4). Higher Standards of Living Across the Globe
    Developing nations experience an improved standard of living—thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.
    5). Access to New Markets
    Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas. International Professional Employer Organizations (PEOs) make it easier than ever to employ workers in other countries quickly and compliantly. This means that, for many companies, there is no longer the need to establish a foreign entity to expand overseas.
    6). Access to New Talent
    In addition to new markets, globalization allows companies to find new, specialized talent that is not available in their current market. For example, globalization gives companies the opportunity to explore tech talent in booming markets such as Berlin or Stockholm, rather than Silicon Valley. Again, International PEO allows companies to compliantly employ workers overseas, without having to establish a legal entity, making global hiring easier than ever.
    What are the Challenges of Globalization?
    While globalization offers many benefits, it’s not without challenges. Velocity Global’s 2020 State of Global Expansion™ Report: Technology Industry reveals some of the top challenges that U.S. and UK tech leaders face when taking their companies global, and leaders of other companies likely face the same obstacles.
    Some of the hurdles companies face when going global include:
    1). International Recruiting:
    It’s not surprising that 30% of U.S. and UK tech leaders cited international recruiting as their most common challenge. Recruiting across borders creates unknowns for HR teams. First, companies create a plan for how they will interview and thoroughly vet candidates to make sure they are qualified when thousands of miles separate them from headquarters. Next, companies need to know the market’s demands for salaries and benefits to make competitive offers. To ensure successful hires, HR teams must factor in challenges like time zones, cultural differences, and language barriers to find a good fit for the company.
    2). Managing Employee Immigration:
    Immigration challenges cause a lot of headaches internally, which is why 28% of U.S. and UK tech leaders agreed it was one of their top challenges. Immigration laws change often, and in some countries, it is extremely difficult to secure visas for employees that are foreign nationals. The U.S., for example, is getting stricter with granting H-1B visas, and Brexit makes the future of immigration to the UK uncertain.
    3). Incurring Tariffs and Export Fees:
    Another challenge both U.S and UK tech leaders said they face in the report is incurring tariffs and export fees—29% agreed this is a challenge for their global businesses. For companies looking to sell products abroad, getting those items overseas can be expensive, depending on the market.
    4). Payroll and Compliance Challenges:
    Another common global expansion obstacle is managing overseas payroll and maintaining compliance with changing employment and tax laws. This management task gets even more difficult if you’re trying to manage operations in multiple markets.
    5). Loss of Cultural Identity:
    While globalization has made foreign countries easier to access, it has also begun to meld unique societies together. The success of certain cultures throughout the world caused other countries to emulate them. But when cultures begin to lose their distinctive features, we lose our global diversity.
    6). Foreign Worker Exploitation:
    Lower costs do benefit many consumers, but it also creates tough competition that leads some companies to search for cheap labor sources. Some western companies ship their production overseas to countries like China and Malaysia, where lax regulations make it easier to exploit workers.
    7). Global Expansion Difficulties:
    For businesses that want to go global and discover the benefits of globalization, setting up a compliant overseas presence is difficult. If companies take the traditional route of setting up an entity, they need substantial upfront capital, sometimes up to $20,000, and costs of $200,000 annually to maintain the business. Additionally, global businesses must keep up with different and ever-changing labor laws in new countries. When expanding into new countries, companies must be aware of how to navigate new legal systems. Otherwise, missteps lead to impediments and severe financial and legal consequences.
    8). Immigration Challenges and Local Job Loss:
    The political climates in the United States and Europe show that there are different viewpoints on the results of globalization. Many countries around the globe are tightening their immigration rules, and it is harder for immigrants to find jobs in new countries. This rise in nationalism is mainly due to anger from the perception that foreigners fill domestic jobs or at companies moving their operations abroad to save money on labor costs.
    For example, the Economic Policy Institute reports that the U.S. trade deficit with China (or the amount by which our imports exceed our exports) cost Americans 3.4 million jobs since 2001.

  51. Avatar Abalihi Chukwuebuka Ernest says:

    Abalihi Chukwuebuka Ernest
    2018/245128
    Economics
    What is Globalisation
    Globalisation is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures. Supporters say that this is making countries more interdependent on free trade. But critics maintain that it is also concentrating wealth in the corporate elite, disrupting industries and making local economies more vulnerable.
    This process has roots in ancient civilizations that traded for valuable commodities that were unavailable in their homelands. But today, you can also see how large corporations similarly thrive as multinational businesses with offices and supply chains stretching around the globe.
    In the recent economy, trade agreements have become the cornerstones of globalization, creating and expanding networks for trade and infrastructure. While governments focus on removing national barriers to promote global trade, they are also working on protecting local economies that could easily get disrupted. Let’s break down the advantages and disadvantages of globalization.
    Advantages of Globalization
    1. Globalization Broadens Access to Goods and Services
    It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

    2. Globalization Can Lift People Out of Poverty
    The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

    3. Globalization Increases Cultural Awareness
    Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

    4. Information and Technology Spread More Easily With Globalization
    Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Nigeria or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

    Disadvantages Of Globalization
    1. Workers Can Lose Jobs to Countries With Low-Cost Labor
    This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor. Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.
    2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
    In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.

    Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.
    3. Globalization Can Contribute to Cultural Homogeneity
    Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches American movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.
    4. Globalization Empowers Multinational Corporations
    Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements.
    Conclusion
    Supporters and opponents of globalization generally agree that the phenomenon has created winners and losers. Supporters argue that the benefits outweigh the drawbacks, while critics want to either improve the conditions of global trade or, in some cases, roll back globalization.

  52. Avatar Ezema Samuel Nnamdi says:

    Ezema Samuel Nnamdi
    REG.NO. 2018/249458

    Globalization is a complicated and ever-changing process that has both good and bad aspects. Globalization, with the door to many countries open to one another, will continue. The primary goal, then, is to ensure that countries and independent financial actors work in harmony with one another for the betterment of everyone.
    Some praise globalization for opening borders and connecting cultures and politics. Others blame it for disrupting local economies and eliminating jobs. The fact is that globalization has been around since ancient times, and it is fully integrated into different aspects of modern life. As a consumer, your clothing, foods and electronic gadgets are often produced by multinational companies located around the world. And as an investor, a financial advisor could help you diversify your portfolio with emerging market funds and other foreign investments. Let’s take a look at some of the advantages and disadvantages of globalization.

    Pros of Globalization:

    • Globalization Broadens Access to Goods and Services 
    It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

    • Globalization Can Lift People Out of Poverty
    The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

    • Globalization Increases Cultural Awareness
    Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

    • Information and Technology Spread More Easily With Globalization
    Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

    Cons of Globalization:

    • The general complaint about globalization is that it has made the rich richer while making the non-rich poorer. “It is wonderful for managers, owners and investors, but hell on workers and nature.”

    • Globalization is supposed to be about free trade where all barriers are eliminated but there are still many barriers. For instance161 countries have value added taxes (VATs) on imports which are as high as 21.6% in Europe. The U.S. does not have VAT.

    • The biggest problem for developed countries is that jobs are lost and transferred to lower cost countries.” According to conservative estimates by Robert Scott of the Economic Policy Institute, granting China most favored nation status drained away 3.2 million jobs, including 2.4 million manufacturing jobs. He pegs the net losses due to our trade deficit with Japan ($78.3 billion in 2013) at 896,000 jobs, as well as an additional 682,900 jobs from the Mexico –U.S. trade-deficit run-up from 1994 through 2010.”

    • Workers in developed countries like the US face pay-cut demands from employers who threaten to export jobs. This has created a culture of fear for many middle class workers who have little leverage in this global game

    • Large multi-national corporations have the ability to exploit tax havens in other countries to avoid paying taxes.

    • Multinational corporations are accused of social injustice, unfair working conditions (including slave labor wages, living and working conditions), as well as lack of concern for environment, mismanagement of natural resources, and ecological damage.

    • Multinational corporations, which were previously restricted to commercial activities, are increasingly influencing political decisions. Many think there is a threat of corporations ruling the world because they are gaining power, due to globalization.

    • Building products overseas in countries like China puts our technologies at risk of being copied or stolen, which is in fact happening rapidly

    • The anti-globalists also claim that globalization is not working for the majority of the world. “During the most recent period of rapid growth in global trade and investment, 1960 to 1998, inequality worsened both internationally and within countries. The UN Development Program reports that the richest 20 percent of the world’s population consume 86 percent of the world’s resources while the poorest 80 percent consume just 14 percent. “

    • Some experts think that globalization is also leading to the incursion of communicable diseases. Deadly diseases like HIV/AIDS are being spread by travelers to the remotest corners of the globe.

    • Globalization has led to exploitation of labor. Prisoners and child workers are used to work in inhumane conditions. Safety standards are ignored to produce cheap goods. There is also an increase in human trafficking.

    • Social welfare schemes or “safety nets” are under great pressure in developed countries because of deficits, job losses, and other economic ramifications of globalization.

  53. Avatar Ihekwoaba Alex Ezihe says:

    IHEKWOABA ALEX EZIHE
    2018/243746
    ECONOMICS DEPARTMENT

    What Is Globalization?

    Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures.

    The PROS of globalization a are;

    1. Economic Growth

    It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:

    Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.

    Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.

    Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.

    The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.

    2. Increased Global Cooperation

    For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.

    “Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”

    3. Increased Cross-Border Investment

    According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.

    The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.

    THE CONS are;

    1. Increased Competition
    When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.

    With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.

    “Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”

    2. Disproportionate Growth
    Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

    Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.

    Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.

    “Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

    3. Environmental Concerns
    Increased globalization has been linked to various environmental challenges, many of which are serious, including:

    Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
    Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
    The introduction of potentially invasive species into new environments

    HOW THE PROS AND CONS OF GLOBALIZATION AFFECTS THE ECONOMY OF THE COUNTRY;

    The globalization process, which began more than a decade and a half ago trapped Nigeria on the basis of political instability. The main features of globalization includes the liberalization of trade, the free movement of capital and the rapid development of information technology.
    Globalization offers opportunities windows when development rates and exchange rates, terms of trade etc., are on a positive and reasonable scale. In Nigeria, in the mid-eighties, utility and public infrastructure had come in very bad condition. The road network were in poor condition. Schools and hospitals.As a result of activities related to oil, agriculture was neglected.
    After Dauda (2009; 84) the impact of globalization is characterized by the following

    1. Uncompetitive and collapsing industrial sector activities (30% surviving in the previous 10 years.)
    2. Rapid increase in unemployment, under employment and poverty (about 60% of the youth aged 14-25 years) amounting into 3 million jobless people entering the labour market annually.
    3. Social instability (ethnic nationalist and religious friction)
    4. Hyper inflation covers 50% between (1985 – 1995)
    5. Unstable exchange and interest rates
    6. Low productivity and
    7. Endemic corruption and greed.

  54. Avatar Obodoike Faith Oluchi says:

    Name: obodoike Faith Oluchi

    Reg no:2018/245387

    Department: Education Economics

    Email address: oluchifaith093@gmail.com

    Course code: Eco 362

    Course tittle: Economics Development

    Assignment
    Clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

    Answer

    Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures.
    The Pros and Cons of Globalization

    Advantages of globalization

    1. Globalization Broadens Access to Goods and Services
    It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

    2. Globalization Increases Cultural Awareness:
    A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries.

    3. Globalization Can Lift People Out of Poverty
    The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity and quality of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

    4. Information and Technology Spread More Easily With Globalization
    Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.
    5. Globalization enhances employment opportunities for people:it makes employment opportunities easily accessible to people who are seeking for job or employment
    6. Globalization enhances or encourage specialisation.

    Disadvantages of globalization
    1. Workers Can Lose Jobs to Countries With Low-Cost Labor
    globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

    2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
    In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.

    3. Globalization Can Contribute to Cultural Homogeneity
    Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.
    4. Globalization Empowers Multinational Corporations
    Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries.
    5. Globalization leads to too much dependent,it makes underdeveloped countries to depend on developed countries for most of their needs.

  55. Avatar Ezeilo Kanayochukwu Chimuanya (2018/242412) says:

    Online quiz
    Ezeilo Kanayochukwu Chimuanya
    2018/242412

    PROS OF GLOBALIZATION

    1. It brings about economic Growth :
    It’s widely believed that increased globalization leads to greater economic growth for all parties.

    2. It gives access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.

    3. It gives access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this, work can significantly contribute to the local economy.

    4. It gives access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
    The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.

    5. Increased global cooperation
    For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction though not an elimination of conflict.

    6. Increased Cross-Border Investment
    According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.

    CONS OF GLOBALIZATION

    1. Increase in competition
    When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition. With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.

    2. Disproportionate growth
    Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.
    Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic downfall to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.

    3. It brings environmental concerns or environmental pollution.
    Increased globalization has been linked to various environmental challenges, many of which are serious, including:
    Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
    Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
    The introduction of potentially invasive species into new environments.

    4. Workers Can Lose Jobs to Countries With Low-Cost Labor: Due to globalization, citizens of a domestic country can lose their job due to trading of in the international market. When domestic countries are not importing goods and services more than their exporting, causing workers not to have jobs or may even lose them.

  56. Avatar Orungbemi Timothy 241848 says:

    Name: Orungbemi Timothy Anuoluwapo
    Reg no.: 2018/241848
    Department: Economics

    Globalisation was introduced in order to bring the world together to unite every country most especially bringing the developing and developed world together in every aspect.
    Though globalisation was done for a good or right reasons yet it has its cons which makes it not perfect
    Here we discuss about the pro and cons of the the topic globalisation. The following are the pros and cons of globalisation

    PROS OF GLOBALISATION

    1. Access to New Cultures:
    Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art.

    2. The Spread of Technology and Innovation:
    Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly.

    3. Increased Global Cooperation:
    For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.

    4. Lower Costs for Products:
    Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers.

    5. Increased Cross-Border Investment:
    According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.

    CONS OF GLOBALISATION

    1. Increased Competition:
    When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition.

    2. Loss of Cultural Identity:
    While globalization has made foreign countries easier to access, it has also begun to meld unique societies together. The success of certain cultures throughout the world caused other countries to emulate them.

    3. Foreign Worker Exploitation:
    Lower costs do benefit many consumers, but it also creates tough competition that leads some companies to search for cheap labor sources.

    4. Immigration Challenges and Local Job Loss:
    The political climates in the United States and Europe show that there are different viewpoints on the results of globalization.

    5. Environmental Concerns:
    Increased globalization has been linked to various environmental challenges, many of which are serious, including:
    a.Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
    b.Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
    c.The introduction of potentially invasive species into new environments

  57. Avatar Okoli chibuzor .D says:

    Okoli chibuzor Divinelove
    2018/249713
    Eco 362

    PROS OF GLOBALISATION
    1. Globalization facilitates trade.
    2. Better job Opportunities.
    3. Increase in global GDP.
    4. Global research collaborations.
    5. Changes in value systems.
    6. Reduction in labour exploitation.

    CONS OF GLOBALISATION
    1. Food speculation.
    2. land speculation.
    3. Increase in consumption per capita.
    4. Increase in average pollution levels.
    5. Increase in migration.
    6. Facilitation of money laundering.

  58. OCHONWU LOTACHI VIVIAN
    2018/248806
    ECONOMICS
    ASSIGNMENT ON ECO 362
    THE PROS AND CONS OF GLOBALIZATION.
    The pros of Globalization
    1. Transfer of Technology
    Transfer of technology throughout the globe is good for us. Any country can borrow the technology through the agreement and can implement it in their country for their overall development. We can communicate each other easily from any part of the globe by using advance technology at minimal cost, time and efforts.
    2. Better Services
    Globalization always provides us better services. Through the technological advancement our services like water supply, mobile networking, internet, electricity supply and any other services have been easier and better than before. By the way, easy access to the internet throughout the globe is also the result of the globalization. 3. Standardization of Living
    The integration of economies as the key process of globalization enables countries to fight against poverty and improve the standard of living of the people.
    Many researchers have been stated that when a country open up their trade to the globe, their rate of economic growth is faster and living standards tend to increase.
    4. Development of Infrastructure
    Due to the technological advancement and its transfer throughout the globe helps to improve country’s infrastructure. Countries are more enabling to deliver their services to the people. Development of infrastructure means overall development of respective countries. Here it is necessary to say that economic growth and development of infrastructure are compatible with each other.
    5. Foreign Exchange Reserves
    Through globalization countries can build foreign exchange reserves owing to international financial flows.
    6. Economic Growth
    Globalization entails to optimum utilization of resources wherein deficit resources are procured and surplus resources are exported to other countries. This ensure overall economic growth.
    7. Affordable Products
    With the access to the latest technology, the countries can provide products to its countrymen at affordable prices. Globalization promotes competition in domestic economies and their endeavor to compete against competition, companies reduce product price or follow penetration pricing strategy.
    8. Contribution to World GDP Growth Rate
    Globalization ensures contribution of every country to the world GDP growth.
    9. Extensions of Market
    Above all, Globalization promotes extension of market. It provides an opportunity to the domestic companies in going global. For instance, domestically, companies can witness saturation in the demand for their products or services but through globalization the domestic companies can sustain and satisfy the growing demands of foreign customers.
    The cons of Globalization
    1. Growing Inequality
    Globalization can increase inequality throughout the world by increasing specialization and trade. Although specialization and trade boost the per-capita income it may cause relative poverty.
    To illustrate this we will take an example. All dominated MNCs in the world are located in the United States. All these companies are buying cheaper labor from developing or underdeveloped countries for their product manufacturing or assembling. China, India and Africa are prime examples of this. It increases the employment of such countries but they are lagging behind relatively developed countries.
    Again those companies coming to these countries for cheap labor, they also deprive of that country’s i.e American people from work. So it appears that relative poverty is being created in developed countries as well.
    2. Increasing of the Unemployment rate
    Globalization can increase unemployment rate. Where people are getting jobs, how is it possible? Here is the explanation.
    Globalization demands for higher-skilled work with cheaper price. But countries where Institutions are relatively weak are not capable of producing highly skilled workers. As a result, the unemployment rate is increasing in those countries.
    When many foreign companies invest heavily in developing countries, they hire employee from that country. In some cases their salaries are very lower than the other developed countries. Moreover, the demand for these employees in developed countries is very low. Moreover, with the emergence of Global Economic Crisis, their jobs are at risk of losing.
    3. Trade Imbalance
    The balance of trade refers to the balance of values between a country’s export and import’s goods and services. As the result of globalization, any country can trade to any part of the globe.
    That is why, in some cases developing countries are so much dependent on the developed countries in terms of import goods but their export capabilities are lower than import. The trade imbalance has been occurring.
    So, trade imbalance refers to the imbalance of values between a country’s import and export’s goods and services. It is also called trade deficits. Trade imbalance may be increase in developed countries by their competitors.
    4. Environmental Loots
    The pace of industrialization is increasing as the result of globalization. Industrialization boosts the economic growth but it harms environment as well. Globalization loots from the nature and it harm us very badly.

  59. Avatar Ikechukwu Mmesoma Maryann says:

    Reg no: 2018/241875
    Economics major.

    Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures. Supporters say that this is making countries more interdependent on free trade. But critics maintain that it is also concentrating wealth in the corporate elite, disrupting industries and making local economies more vulnerable.

    This process has roots in ancient civilizations that traded for valuable commodities that were unavailable in their homelands. But today, you can also see how large corporations similarly thrive as multinational businesses with offices and supply chains stretching around the globe.

    In the recent economy, trade agreements have become the cornerstones of globalization, creating and expanding networks for trade and infrastructure. This is the case with NAFTA, which was renegotiated by the Trump administration in 2020 as the United States-Mexico-Canada Agreement (USMCA). Initially, NAFTA incentivized U.S. businesses to relocate partially to take advantage of low-cost labor in Mexico. However, the USMCA has added protections for U.S. workers against this type of competition.

    Globalization has also come under scrutiny with President Joe Biden’s recent $2.3 trillion infrastructure and jobs plan. Many large multinational companies like Amazon were singled out by Biden for taking advantage of tax loopholes to avoid paying federal income taxes. The President said that he would raise corporate taxes and eliminate these loopholes and foreign tax credits to fund his plan.

    While governments focus on removing national barriers to promote global trade, they are also working on protecting local economies that could easily get disrupted.

    THE PROS OF GLOBALIZATION
    1. Globalization Broadens Access to Goods and Services
    It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

    2. Globalization Can Lift People Out of Poverty
    The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

    3. Globalization Increases Cultural Awareness
    Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

    4. Information and Technology Spread More Easily With Globalization
    Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

    CONS OF GLOBALIZATION
    1. Workers Can Lose Jobs to Countries With Low-Cost Labor
    This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.

    Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

    2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
    In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.

    Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

    3. Globalization Can Contribute to Cultural Homogeneity
    Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

    4. Globalization Empowers Multinational Corporations
    Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements.

  60. Avatar Urama Isaac Anenechukwu says:

    Name: Urama Isaac Anenechukwu
    Reg. no: 2018/243823
    Course Code: Eco 362
    Department: Economics
    Lecturer: Dr. Anthony Orji, (Rt. Hon. Mr President)
    2nd Online Assignment on Development Economics 2.

    THE PROS AND CONS OF GLOBALIZATION
    ANSWER:
    Globalization is an international situation that has arisen in the late twentieth century in which the world’s investment, employment, production, and marketing systems have spread beyond the territorial boundaries to the international arena. As a result, the world has become a pervasive social and different countries are simultaneously participating in the process of uniform investment, employment, production, and marketing.
    In international economics, globalization is the web of relationships between economies worldwide by way of international trade and investments. While the history of globalization dates back to ancient times, the modern era of globalization began in earnest in the early nineteenth century. Starting with the Industrial Revolution, advancements in transportation (like railroads and steamships) and communication (like the telegraph) allowed increased economic interaction and cooperation across country borders.
    The opposite of economic globalization—or free-market trade across borders—is protectionism, an economic policy that attempts to protect domestic businesses from foreign competition and labor markets, usually by imposing trade barriers like tariffs.
    Three Examples of Globalization include:
    1 Intergovernmental organizations. Globalization has made it possible for international organizations to be created through treaties between many different countries. Examples include the European Union, the United Nations, the World Bank, the World Trade Organization (WTO), and the International Monetary Fund (IMF).
    2. Intergovernmental treaties. Many governments across the world have engaged in treaties or trade policies to make it easier for international investment and trade. These treaties, called free-trade agreements, include the North American Free Trade Agreement (NAFTA) and the Comprehensive Economic and Trade Agreement (CETA).
    3. Multinational corporations. A multinational corporation is an organization that does business in many different countries. Globalization is the reason that multinational businesses exist. For example, globalization allows major US corporations to sell their products to Mexico, Europe, and China.

    BENEFITS OF GLOBALIZATION?
    Globalization can benefit a country’s economy in many ways:
    1. Transfer of Technology
    Transfer of technology throughout the globe is good for us. Any country can borrow the technology through the agreement and can implement it in their country for their overall development. We can communicate each other easily from any part of the globe by using advance technology at minimal cost, time and efforts.
    2. Better Services
    Globalization always provides us better services. Through the technological advancement our services like water supply, mobile networking, internet, electricity supply and any other services have been easier and better than before. By the way, easy access to the internet throughout the globe is also the result of the globalization.
    3. Standardization of Living
    The integration of economies as the key process of globalization enables countries to fight against poverty and improve the standard of living of the people.
    Many researchers have been stated that when a country open up their trade to the globe, their rate of economic growth is faster and living standards tend to increase.
    4. Development of Infrastructure
    Due to the technological advancement and its transfer throughout the globe helps to improve country’s infrastructure. Countries are more enabling to deliver their services to the people. Development of infrastructure means overall development of respective countries. Here it is necessary to say that economic growth and development of infrastructure are compatible with each other.
    5. Foreign Exchange Reserves
    Through globalization countries can build foreign exchange reserves owing to international financial flows.
    6. Economic Growth
    Globalization entails to optimum utilization of resources wherein deficit resources are procured and surplus resources are exported to other countries. This ensure overall economic growth.
    7. Affordable Products
    With the access to the latest technology, the countries can provide products to its countrymen at affordable prices. Globalization promotes competition in domestic economies and their endeavor to compete against competition, companies reduce product price or follow penetration pricing strategy.

    8. Contribution to World GDP Growth Rate
    Globalization ensures contribution of every country to the world GDP growth.
    9. Extensions of Market
    Above all, Globalization promotes extension of market. It provides an opportunity to the domestic companies in going global. For instance, domestically, companies can witness saturation in the demand for their products or services but through globalization the domestic companies can sustain and satisfy the growing demands of foreign customers
    10. Increases economic growth. By increasing the international exchange of goods, technological advances, and information, globalization increases economic development for any country participating in the global economy. An increase in economic growth means better living standards, higher incomes, more wealth in a country, and, often, less poverty—in short, the overall well-being of a country.
    11. Makes production more affordable. A global market allows businesses wider access to production opportunities and consumers, meaning that there are more goods available at a wider range of price points.
    12. Promotes working together. When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services.
    13. Brings opportunities to poorer countries. Globalization allows companies to move their production from high-cost locations to lower-cost locations abroad—this means bringing jobs, information technology, and other economic opportunities to countries with fewer resources.
    14. Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
    15. Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
    16. Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
    17. The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.
    18. Increased Global Cooperation
    For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.
    “Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”
    19. Increased Cross-Border Investment
    According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.
    20. The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.

    DISADVANTAGES OF GLOBALIZATION?
    1. Growing Inequality
    Globalization can increase inequality throughout the world by increasing specialization and trade. Although specialization and trade boost the per-capita income it may cause relative poverty.
    To illustrate this we will take an example. All dominated MNCs in the world are located in the United States. All these companies are buying cheaper labor from developing or underdeveloped countries for their product manufacturing or assembling. China, India and Africa are prime examples of this. It increases the employment of such countries but they are lagging behind relatively developed countries.
    Again those companies coming to these countries for cheap labor, they also deprive of that country’s i.e American people from work. So it appears that relative poverty is being created in developed countries as well.
    2. Increasing of the Unemployment rate
    Globalization can increase unemployment rate. Where people are getting jobs, how is it possible? Here is the explanation.
    Globalization demands for higher-skilled work with cheaper price. But countries where Institutions are relatively weak are not capable of producing highly skilled workers. As a result, the unemployment rate is increasing in those countries.
    When many foreign companies invest heavily in developing countries, they hire employee from that country. In some cases their salaries are very lower than the other developed countries. Moreover, the demand for these employees in developed countries is very low. Moreover, with the emergence of Global Economic Crisis, their jobs are at risk of losing.
    3. Trade Imbalance
    The balance of trade refers to the balance of values between a country’s export and import’s goods and services. As the result of globalization, any country can trade to any part of the globe.
    That is why, in some cases developing countries are so much dependent on the developed countries in terms of import goods but their export capabilities are lower than import. The trade imbalance has been occurring.
    So, trade imbalance refers to the imbalance of values between a country’s import and export’s goods and services. It is also called trade deficits. Trade imbalance may be increase in developed countries by their competitors.
    4. Environmental Loots
    The pace of industrialization is increasing as the result of globalization. Industrialization boosts the economic growth but it harms environment as well. Globalization loots from the nature and it harm us very badly.
    Let’s try to understand with the example. Coca-Cola is the world’s leading soft drink company. This company consume huge amount of water for making soft drinks. In a state of northern India, Uttar Pradesh, a Coca-Cola bottle plant was closed by the government order because of too much usage of water claimed by local farmers.
    In North India, the level of ground water is very low, but huge usage of this water for the interest of a MNC is very harmful to domestic farming.
    In Kerala, a state of southern India, Coca-Cola plant was also closed due to the polluting the water which was supplied to the local communities.
    Also, MNCs use the natural resources of different countries extensively for their personal gain.
    Various chemical industries are very harmful to our health by polluting the soil, water, air.
    While it can benefit nations, there are also several negative effects of globalization. Cons of globalization include:
    5. Unequal economic growth. While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.
    6. Lack of local businesses. The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.
    7. Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
    8. Exploits cheaper labor markets. Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.
    9. Causes job displacement. Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas
    10. Increased Competition
    When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.
    With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.
    “Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”
    11. Disproportionate Growth
    Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.
    Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.
    Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.

    “Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”
    12. Environmental Concerns
    Increased globalization has been linked to various environmental challenges, many of which are serious, including:
    Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
    Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
    The introduction of potentially invasive species into new environments
    While such issues are governed by existing or proposed laws and regulations, businesses have made environmental concerns and sustainability a priority by, for example, embracing the tenets of the triple bottom line and the idea of corporate social responsibility.

    MANAGING THE RISKS OF GLOBALIZATION
    The world is never going to abandon globalization. While it’s true that individual countries and regions put policies and practices in place that limit globalization, such as tariffs, it’s here to stay. The good news is that businesses and professionals willing to confront and prepare for globalization’s challenges and risks have the potential to benefit immensely.
    Whether you’re a business owner, member of executive leadership, or an employee, learning how to identify opportunities related to globalization and the risks it might bring can empower you to be more effective in your role and offer more value to your organization.
    Taking a course like Global Business is one path toward quickly gaining an understanding of the macroeconomic, political, and social conditions that have and continue to have an impact on modern globalization.
    Are you interested in breaking into a global market? Sharpen your knowledge of the international business world with our four-week Global Business course, and explore our other online courses regarding business in society.
    In conclusion, globalization has come to stay and it’s and we must embrace it if we must grow along with other developing countries, we should rather try to minimize the risks and disadvantages associated with it and then take advantage of the benefits associated with it instead of backing off completely as a result of it’s disadvantages.

  61. Avatar ANYANWU COLETTE CHINAZAEKPERE says:

    NAME: ANYANWU COLETTE CHINAZAEKPERE
    REG. NO: 2018/242442
    EMAIL: colettechinazaekpere@gmail.com
    DEPARTMENT: ECONOMICS (MAJOR)

    The pros and cons of globalization as it affects our local economy and the global economy at large.

    Things have got cheaper, but has life got better?
    Globalization has transformed the modern world. It shapes, and will continue to shape, the way people do business, travel, and connect. Globalization provides a wealth of benefits, but it also comes with economic and cultural consequences that can be difficult to navigate. As globalization continues to shape worldwide interactions in commerce, technology, and more, companies will need to understand both its benefits and challenges.
    Globalization” refers to interconnectedness among countries through various relationships, from business, geopolitics, and technology to travel, culture, and the media.
    Imagine a pair of jeans in the mall with a “made in China tag” inside.
    Imagine a business call with members of eight different countries. Imagine a joint United Nations peacekeeping mission in which different member nations join forces to save lives on another continent.

    Globalization informs all these scenarios.

    Though it has become commonplace to say it, it’s true that the world is getting smaller. You can use a phone to reach someone instantly, no matter how far across the globe that person is. You can Skype, text, or use Whatsapp.
    You can get on a plane and in a matter of hours show up halfway around the world. Globalization is part of that shrinking world, bringing people together for common — or competitive — goals.

    Every industrial revolution has driven a wave of globalization.
    The first wave was driven by innovations such as the steam engine and the industrial weaving machine; the second by the assembly line, the car and the plane; and the third by the digital revolution.

    As we enter the fourth wave of globalization, driven by the digital revolution, there is renewed debate over whether it is a beneficial force: powering economic growth, and allowing the spread of ideas to improve people’s lives; or whether it erodes communities, and widens the gap between the elites and the rest of the world.

    Globalization results in increased trade and lower prices. It heightens competition within domestic product, capital, and labour markets, as well as among countries adopting different trade and investment strategies.

    But how do these impacts net out?
    What are the positive and negative effects of globalization?

    Overall, what are the pros of globalization?

    The advantages of globalization are actually much like the advantages of technological improvement. They have very similar effects: they raise output in countries, raise productivity, create more jobs, raise wages, and lower prices of products in the world economy.

    What might be the pros of globalization that someone would feel in their day-to-day life?

    I think something that’s not sufficiently appreciated about,
    For instance, international trade is that it reduces the prices of goods that they consume. So if you look at day-to-day things that you purchase, in terms of washing machines, or cars, or even clothing, because of international trade we’ve had a decline in prices of these goods, so they have become far more affordable for a lot of people in the world.

    How have the benefits played out in advanced economies versus poorer ones over the last three decades?

    Both advanced economies and developing economies have benefited overall in terms of having higher productivity, more job creation, and higher wages. As we’ve always known, and this is true again with technology, there are always some winners and losers. So there are communities and there are workers who lose out when there is more trade integration. That is what we’re seeing right now in terms of discontent with international trade.

    Who have been the biggest losers?

    The biggest losers from international trade are always those whose skills have a cheaper competitor in a different market. So, in the case of the US, it’s been those who work in the manufacturing sector because jobs in the manufacturing sector have been outsourced to countries where labour is far cheaper.

    On the other hand, in developing countries, more capital-intensive goods get imported more cheaply from the outside. So if you’re a manufacturer of a capital-intensive good in a developing country you tend to lose because of that competition.

    This is how it is with international trade: production goes to wherever it is most efficient to produce. So, when people in any country are exposed to this kind of competition, some win and some lose.

    Has this wave of globalized trade been a net positive or a net negative?

    If you say, I’m going to look at it from a measure of overall effect on a country’s income, on its purchasing power, on the prices that its people pay, overall I think the evidence that we have all points to it being a net positive.

    Now, if you frame the question as, has international trade been good for the manufacturing worker in the US?
    Then the answer to that would be “not fully”; it’s been very costly in terms of jobs and wages for them.

    THE PROS OF GLOBALIZATION

    1. Quick Technological Advances

    For developing countries, especially, being able to skip the long technological development processes of industrialized countries brings rapid progress. For example, cell phones came quickly to the African continent, with cell phone use currently growing every year in sub-Saharan Africa and approaching 90% in countries such as South Africa.

    The rapid adoption of mobile technology has spurred entrepreneurism in countries like Kenya. Where it is dangerous or difficult to travel, small business owners simply use their mobile phones to reach clients and contractors. Most Kenyans don’t have access to banks or bank accounts, but they can use their phones to send and receive funds, using a text-based app since most mobile phones in the country are not smartphones. They can also use their phones to track the prices of crops and find out which markets will bring in more money.

    Rapid technological advances have benefits other than economic ones. Pregnant women without access to traditional medical care can use their phones to keep in touch with midwives. The midwives, in turn, use their phones to connect to a system that doctors monitor at all hours. The infant mortality rate in Kenya, especially in its slums, is one of the top 65 in the world, but globalization has provided tools to help address some of the difficulty with pre- and postnatal care.

    2. Better Products at Lower Prices

    Global competition in the markets leads to both quality and affordability. As consumers realize they have a variety of options from all corners of the globe, they will choose to purchase the best and cheapest options, requiring companies to enhance quality and provide affordable prices if they wish to remain competitive. The outsourcing of work also contributes to lower prices, as many companies hire foreign laborers to do the work for lower pay.

    3. Collaboration and Shared Resources

    Combining efforts and resources allows for more creativity and innovation to solve problems that affect people all around the globe. Conservation efforts and efforts to combat rising carbon emissions, for example, will require a concentrated global effort if they are to succeed. Nongovernmental organizations (NGOs) use a collaborative approach to address issues that are not confined within borders, such as child labor, human trafficking, and health care and disease prevention.

    4. Cross-Cultural Exchange
    Not all the positive effects of globalization take place at the scale of billions and trillions of dollars. Cross-cultural exchanges of ideas, food, music, media, and language are just as valuable.

    Individuals who travel around the world for business or leisure and try different foods, listen to different music, read different books, gain exposure to different media outlets, and learn to express themselves, even poorly, in another language gain a broader perspective on the world. Their new knowledge helps develop stronger empathy and appreciation for people of other cultures.

    5. Spread of Knowledge and Technology
    Arguably one of the top advantages of globalization has been the rapid spread of technology worldwide. Google, Dell, and Microsoft, for example, all have offices on many continents. Developing countries often appeal to investors because of the huge potential for growth. The resulting advancements lead to results like the spread of motorized farm machinery in Southeast Asia, for instance, where there had previously only been manual labor.

    NGOs also compile and spread knowledge. When medical professionals from around the world came together through Doctors Without Borders, in cooperation with the World Health Organization, and worked to eradicate SARS in Vietnam, they prepared a “SARS kit” afterward and developed guidelines for dealing with the infection. They shared these materials worldwide to help hospitals deal with the illness.

    6. Increased Household Income
    The European Centre for International Political Economy reports that globalization has helped reduce high inflation rates in western economies, so each dollar of consumer spending goes further. This development also has the effect of increasing real wages by lowering the cost of living. Additionally, competition on the global market means the prices of many items have declined, so purchases that were once unaffordable luxuries, such as laptops, cars, and washing machines, are now affordable for many people.

    7. Increased Flow of Capital

    The economic benefits of globalization to much of the world are hard to ignore. Increased trade to larger and more diverse markets results in greater revenues and increased gross domestic product (GDP). World GDP has grown from about $50 trillion in 2000 to about $75 trillion in 2016, primarily as a result of economic interdependence and the increased global trade it allows.

    India, for example, is a country whose GDP has benefited immensely from globalization in the technology sector:

    The United States relies on India for half of its computer service imports.
    India has seen an increase in the value of its computer service exports from $11 billion in 1995 to almost $110 billion in 2015.
    Economic growth in India correlated substantially with this increase, averaging 6.5% a year during that time.

    CONS OF GLOBALIZATION

    1. Exploitation

    American companies have been known to use cheap foreign sweatshop labor to make cheap American goods. Wealthy, industrialized countries have shipped their trash to China and Malaysia. Exploiting cheap markets and lax regulations in developing nations has caused pollution and suffering in those countries, even as profits soar abroad.

    At mines in the Democratic Republic of Congo, where metals needed for electronics abound — gold and tungsten, tin and tantalum — armed militia groups, often using child soldiers, have taken over, keeping power with violence and trading minerals for guns. Though the world gold price quadrupled over 10 years and electronics have become ever cheaper, globalization has not alleviated the poverty and violence in the country.

    2. High Investment Costs

    Globalization presents challenges for multinational corporations in terms of capital investment and leadership. Setting up a business in a new country, especially a developing country, requires substantial upfront capital. The needed infrastructure may not be in place.

    Roads, electrical grids, broadband internet, water, and sanitation may need to be upgraded or developed from scratch. It can also be difficult to find and retain managers with the requisite skills to add value to the company and work effectively within the local culture.

    3. Confusing Local Systems

    Multinational corporations also face the challenge of contending with different laws in different countries. Sometimes they must contend with different types of legal and banking systems entirely. Difficulty navigating these systems may lead to impediments in expanding to new countries and severe repercussions for missteps made.

    4. Weak Regulation

    Fewer regulatory bodies exist for international business enterprises. Navigating the international markets can thus sometimes feel like the Wild West. Interconnected markets also mean that with a lack of regulation, if something goes wrong, the repercussions will resound globally. The global financial crisis, for example, hit many nations hard.

    5. Immigration Challenges
    Increasing populations of immigrants and refugees present a challenge for industrialized nations. Though countries may wish to help, too large an influx puts a strain on resources and social structures. Countries find themselves limited in the aid they can provide without detriment to their own citizens.

    6. Localized Job Loss

    Globalization can contribute to a decline in job opportunities as companies move their production facilities overseas.
    Forbes reports that the move toward globalization has led to deindustrialization throughout the United States, which was once home to many more factories and auto plants. When American companies move their production to China and other countries with plentiful, cheap labor, American workers suffer under factory closures, layoffs, and skyrocketing unemployment rates where they live. According to the Economic Policy Institute, the U.S. trade deficit with China — that is, the amount by which our imports, which tend to cost U.S. jobs, exceed our exports, which tend to provide them — has lost the United States 3.4 million jobs since 2001.

  62. Avatar ONWE, IRENE EBERE says:

    NAME: ONWE, IRENE EBERE
    REG NO: 2018/242201
    DEPARTMENT: EDUCATION AND ECONOMICS
    Email: onwe.irene.242201@unn.edu.ng

    Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.

    As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
    In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

    ANSWER
    In discussing the above, The world is never going to abandon globalization. While it’s true that individual countries and regions put policies and practices in place that limit globalization, such as tariffs, it’s here to stay. The good news is that businesses and professionals willing to confront and prepare for globalization’s challenges and risks have the potential to benefit immensely. In as much as globalization is important to an economy there are some pros and cons which can also be said to be the advantages and disadvantages. They are:
    ADVANTAGES OF GLOBALIZATION
    1. Economic Growth
    It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:

    Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
    Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
    Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
    The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.
    2. Increased Global Cooperation
    For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.

    “Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”

    3. Increased Cross-Border Investment
    According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.

    The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.

    Consumers benefit too. In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. In some cases, this may contribute to improved health by enabling a more varied and healthier diet; in others, it is blamed for increases in unhealthy food consumption and diabetes.

    DISADVANTAGES OF GLOBALIZATION
    1. Increased Competition
    When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.

    With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.

    “Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”

    2. Disproportionate Growth
    Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

    Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.

    Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.

    “Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

    3. Environmental Concerns
    Increased globalization has been linked to various environmental challenges, many of which are serious, including:

    Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
    Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
    The introduction of potentially invasive species into new environments.

    4. Studies also suggest that globalization may contribute to income disparity and inequality between the more-educated and less-educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization.

  63. Avatar Okoye Adaezechukwu precious says:

    NAME: OKOYE ADAEZECHUKWU PRECIOUS
    REG NO: 2018/241831
    COURSE CODE: 362
    COURSE TITLE: DEVELOPMENT ECONOMICS II
    Date: 27/01/2022

    Assignment
    The pros and cons of globalization as it affects our local economy and the global economy at large.

    Globalization is a complicated issue. It is necessary to evaluate the pros and cons before drawing any conclusions.

    Pros

    Supporters of globalization argue that it has the potential to make this world a better place to live in and solve some of the deep-seated problems like unemployment and poverty.

    1. Free trade is supposed to reduce barriers such as tariffs, value added taxes, subsidies, and other barriers between nations. This is not true. There are still many barriers to free trade. The Washington Post story says “the problem is that the big G20 countries added more than 1,200 restrictive export.
    2. The proponents say globalization represents free trade which promotes global economic growth; creates jobs, makes companies more competitive, and lowers prices for consumers.

    3. Competition between countries is supposed to drive prices down. In many cases this is not working because countries manipulate their currency to get a price advantage.

    4. It also provides poor countries, through infusions of foreign capital and technology, with the chance to develop economically and by spreading prosperity, creates the conditions in which democracy and respect for human rights may flourish. This is an ethereal goal which hasn’t been achieved in most countries.
    5. According to supporters globalization and democracy should go hand in hand. It should be pure business with no colonialist designs.

    6. There is now a worldwide market for companies and consumers who have access to products of different countries.
    7. Gradually there is a world power that is being created instead of compartmentalized power sectors. Politics is merging and decisions that are being taken are actually beneficial for people all over the world. This is simply a romanticized view of what is actually happening. True

    8. There is more influx of information between two countries, which do not have anything in common between them. True

    9. There is cultural intermingling and each country is learning more about other cultures. True

    10. Since we share financial interests, corporations and governments are trying to sort out ecological problems for each other. – True, they are talking more than trying.

    11. Socially we have become more open and tolerant towards each other and people who live in the other part of the world are not considered aliens. True in many cases.
    12. Most people see speedy travel, mass communications and quick dissemination of information through the Internet as benefits of globalization. True

    13. Labor can move from country to country to market their skills. True, but this can cause problems with the existing labor and downward pressure on wages.

    14. Sharing technology with developing nations will help them progress. True for small countries but stealing our technologies and IP have become a big problem with our larger competitors like China.

    15. Transnational companies investing in installing plants in other countries provide employment for the people in those countries often getting them out of poverty. True

    16. Globalization has given countries the ability to agree to free trade agreements like NAFTA, South Korea Korus, and The TPP. True but these agreements have cost the U.S. many jobs and always increase our trade deficit

    Cons

    • The general complaint about globalization is that it has made the rich richer while making the non-rich poorer. “It is wonderful for managers, owners and investors, but hell on workers and nature
    investors, but hell on workers and nature.”

    • Globalization is supposed to be about free trade where all barriers are eliminated but there are still many barriers. For instance161 countries have value added taxes (VATs) on imports which are as high as 21.6% in Europe. The U.S. does not have VAT.

    • The biggest problem for developed countries is that jobs are lost and transferred to lower cost countries.” According to conservative estimates by Robert Scott of the Economic Policy Institute, granting China most favored nation status drained away 3.2 million jobs, including 2.4 million manufacturing jobs. He pegs the net losses due to our trade deficit with Japan ($78.3 billion in 2013) at 896,000 jobs, as well as an additional 682,900 jobs from the Mexico –U.S. trade-deficit run-up from 1994 through 2010.”

    • Workers in developed countries like the US face pay-cut demands from employers who threaten to export jobs. This has created a culture of fear for many middle class workers who have little leverage in this global game

    • Large multi-national corporations have the ability to exploit tax havens in other countries to avoid paying taxes.

    • Multinational corporations are accused of social injustice, unfair working conditions (including slave labor wages, living and working conditions), as well as lack of concern for environment, mismanagement of natural resources, and ecological damage.
    • Multinational corporations, which were previously restricted to commercial activities, are increasingly influencing political decisions. Many think there is a threat of corporations ruling the world because they are gaining power, due to globalization.

    • Building products overseas in countries like China puts our technologies at risk of being copied or stolen, which is in fact happening rapidly

    • The anti-globalists also claim that globalization is not working for the majority of the world. “During the most recent period of rapid growth in global trade and investment, 1960 to 1998, inequality worsened both internationally and within countries. The UN Development Program reports that the richest 20 percent of the world’s population consume 86 percent of the world’s resources while the poorest 80 percent consume just 14 percent. “

    • Some experts think that globalization is also leading to the incursion of communicable diseases. Deadly diseases like HIV/AIDS are being spread by travelers to the remotest corners of the globe.

    • Globalization has led to exploitation of labor. Prisoners and child workers are used to work in inhumane conditions. Safety standards are ignored to produce cheap goods. There is also an increase in human trafficking.

  64. Avatar Mbaso Raluchi says:

    NAME: MBASO RALUCHI
    REG NO: 2018/242437
    DEPARTMENT: ECONOMICS

    Globalization is the interconnectedness or association between economies worldwide by way of international trade and investments. It is the interdependencce of the worlds economies, populations and culture. While the background of globalization could be traced back to ancient times, the modern era of globalization initiated in the early nineteenth century. Starting with the Industrial Revolution, advancements in transportation and communication allowed increased economic interaction and cooperation across country borders
    organization that does business in many different countries. Globalization is the reason that multinational businesses exist. For example, globalization allows major US corporations to sell their products to Mexico, Europe, and China. This is the reson we see china companies having outlets in the US, products made in Japan sold in Nigeria.

    Globalization can be advantageous to countries in many ways including;
    •Increases economic growth. By increasing the international exchange of goods, technological advances, and information, globalization increases economic development for any country participating in the global economy. An increase in economic growth means better living standards, higher incomes, more wealth in a country, and, often, less poverty. Generally, it positively impacts the overall well-being of a country.
    •Makes production more affordable. A global market allows businesses wider access to production opportunities and consumers, meaning that there are more goods available at a wider range of price points. Countries with better production advantage would produce more and supply to other countries
    •Promotes working together. When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services.
    •Brings opportunities to poorer countries. Globalization allows companies to move their production from high-cost locations to lower-cost locations abroad—this means bringing jobs, information technology, and other economic opportunities to countries with fewer resources.

    While globalization is advantageous to countries, there are also several negative effects, the Cons of globalization include:
    •Unequal economic growth. While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.
    •Lack of local businesses. The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.
    Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
    •Exploits cheaper labor markets. Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.
    •Causes job displacement. Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.

  65. Avatar ONUOHA IKENNA MICHAEL says:

    ONUOHA IKENNA MICHAEL
    2018/241860

    Globalization has become a major feature of the contemporary world as countries have found various ways of engaging is businesses across the world as technology has made the world a global village. Nigeria as well does not seem to be lacking in this global idea, as her policy makers have made policies that gears towards making globalization possible, but this also seems to be in contrast to the self sustainable development plan which same policy makers have deliberated upon because although Nigeria seeks to be sustainably independent, globalization makes her and other global economies interdependent.

    EFFECTS OF GLOBALIZATION ON THE NIGERIAN ECONOMY
    Positive effects of globalization on the Nigerian economy:

    1. As a result of globalization, Nigeria as an economy can increase her specialization and efficiency in production of goods and services.
    2. Given the increase in specialization and efficiency in production, Nigeria can export goods that are of better quality and at a lower price.
    3. Efficiency in production becomes feasible given larger number of goods produced as production cost decreases as quantity produced increases.
    4. For efficiency in production to take place it would mean that there has to be technological progress in the art of production as existing resources are used productively.
    5. Globalization boosts investment in the Nigerian local economy which aids in the restructuring of the economy to also boost competition.

    Negative effects:
    1. Oftentimes globalization influences the values and ideological beliefs of the indigenous cultures of developing nations such as Nigeria.
    2. There might exist discrimination against the goods that are produced from a developing country like Nigeria.
    3. The goal for national and economic independence creates some international inequality or difference.
    4. Even in the face of globalization, the transfer of technological know how from advanced countries to developing nations such as Nigeria is still hindered.
    5. As a result of mass importation of gadgets and electronics puts Nigeria in a deficit position on the balance of trade without and corresponding export.

    EFFECTS OF GLOBALIZATION ON THE GLOBAL ECONOMY AT LARGE
    PRO’S
    1. It gives advantages to businesses to seek out the raw resources in place where they are less expensive.
    2. It offers companies merits of offering their services to consume in different locale where same services are demanded.
    3. Globalization offers consumes globally with a wider variety of goods at a lower cost after manufacturing.
    4. Knowledge becomes easily assessable and shareable amongst various institutions which speeds up the economic conditions for wealth creation.

    CON’S
    1. A major effect of globalization on the world economy is that of environmental problems such as carbon emissions and global warming.
    2. As a result of global economic growth and productivity, natural resources are depleted accompanied by the destruction of ecosystems and biodiversity.
    3. Another profound effect of globalization is the homogenization of world culture and language and makes culture values disappears.
    4. It also contributes to the existing income disparity and inequality in the global society between the rich and poor, the educated and less educated.

  66. Avatar Imo onyinyechi mirabel says:

    NAME:imo onyinyechi Mirabel
    REG NO:2018/246751
    DEPT:EDUCATION/ECONOMICS
    COURSE:ECO 362
    EMAIL:mirabelimo@gmail.com

    Globalization

    Globalization is a term used to describe how trade and technology have made the world into a more connected and interdependent place. Globalization also captures in its scope the economic and social changes that have come about as a result. It may be pictured as the threads of an immense spider web formed over millennia, with the number and reach of these threads increasing over time. People, money, material goods, ideas, and even disease and devastation have traveled these silken strands, and have done so in greater numbers and with greater speed than ever in the present age. Globalization means the speedup of movements and exchanges (of human beings, goods, and services, capital, technologies or cultural practices) all over the planet. One of the effects of globalization is that it promotes and increases interactions between different regions and populations around.
    Pros of Globalization

    Globalization impacts businesses in many different ways. But those who decide to take on international expansion find several benefits, including:
    1. Access to New Cultures
    Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment as you listen to your favorite UK-based artist or stream a Bollywood movie.
    2. The Spread of Technology and Innovation
    Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly. Because knowledge also transfers so fast, this means that scientific advances made in Asia can be at work in the United States in a matter of days.
    3. Lower Costs for Products
    Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.
    4. Higher Standards of Living Across the Globe
    Developing nations experience an improved standard of living—thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.
    5. Access to New Markets
    Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas. International Professional Employer Organizations (PEOs) make it easier than ever to employ workers in other countries quickly and compliantly. This means that, for many companies, there is no longer the need to establish a foreign entity to expand overseas.
    6. Access to New Talent
    In addition to new markets, globalization allows companies to find new, specialized talent that is not available in their current market. For example, globalization gives companies the opportunity to explore tech talent in booming markets such as Berlin or Stockholm, rather than Silicon Valley. Again, International PEO allows companies to compliantly employ workers overseas, without having to establish a legal entity, making global hiring easier than ever.

    Cons Of Globalization

    1. International Recruiting
    It’s not surprising that 30% of U.S. and UK tech leaders cited international recruiting as their most common challenge. Recruiting across borders creates unknowns for HR teams. First, companies create a plan for how they will interview and thoroughly vet candidates to make sure they are qualified when thousands of miles separate them from headquarters. Next, companies need to know the market’s demands for salaries and benefits to make competitive offers. To ensure successful hires, HR teams must factor in challenges like time zones, cultural differences, and language barriers to find a good fit for the company.
    2. Managing Employee Immigration
    Immigration challenges cause a lot of headaches internally, which is why 28% of U.S. and UK tech leaders agreed it was one of their top challenges. Immigration laws change often, and in some countries, it is extremely difficult to secure visas for employees that are foreign nationals. The U.S., for example, is getting stricter with granting H-1B visas, and Brexit makes the future of immigration to the UK uncertain.
     3. Incurring Tariffs and Export Fees
    Another challenge both U.S and UK tech leaders said they face in the report is incurring tariffs and export fees—29% agreed this is a challenge for their global businesses. For companies looking to sell products abroad, getting those items overseas can be expensive, depending on the market.
    4. Payroll and Compliance Challenges
    Another common global expansion obstacle is managing overseas payroll and maintaining compliance with changing employment and tax laws. This management task gets even more difficult if you’re trying to manage operations in multiple markets.
    5. Loss of Cultural Identity
    While globalization has made foreign countries easier to access, it has also begun to meld unique societies together. The success of certain cultures throughout the world caused other countries to emulate them. But when cultures begin to lose their distinctive features, we lose our global diversity.
    6. Foreign Worker Exploitation
    Lower costs do benefit many consumers, but it also creates tough competition that leads some companies to search for cheap labor sources. Some western companies ship their production overseas to countries like China and Malaysia, where lax regulations make it easier to exploit workers.
    7. Global Expansion Difficulties
    For businesses that want to go global and discover the benefits of globalization, setting up a compliant overseas presence is difficult. If companies take the traditional route of setting up an entity, they need substantial upfront capital, sometimes up to $20,000, and costs of $200,000 annually to maintain the business. Additionally, global businesses must keep up with different and ever-changing labor laws in new countries. When expanding into new countries, companies must be aware of how to navigate new legal systems. Otherwise, missteps lead to impediments and severe financial and legal consequences.
    8. Immigration Challenges and Local Job Loss
    The political climates in the United States and Europe show that there are different viewpoints on the results of globalization. Many countries around the globe are tightening their immigration rules, and it is harder for immigrants to find jobs in new countries. This rise in nationalism is mainly due to anger from the perception that foreigners fill domestic jobs or at companies moving their operations abroad to save money on labor costs.
    For example, the Economic Policy Institute reports that the U.S. trade deficit with China (or the amount by which our imports exceed our exports) cost Americans 3.4 million jobs since 2001.

  67. Avatar Olayiwola Nurudeen Akanni says:

    Name: Olayiwola Nurudeen Akanni
    Reg No: 2018/246563
    Department: Economics
    Course: Eco 362
    Assignment
    Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.
    As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
    In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
    Answer
    What Are the Benefits of Globalization?
    Globalization can benefit a country’s economy in many ways:
    1. Increases economic growth. By increasing the international exchange of goods, technological advances, and information, globalization increases economic development for any country participating in the global economy. An increase in economic growth means better living standards, higher incomes, more wealth in a country, and, often, less poverty—in short, the overall well-being of a country.
    2. Makes production more affordable. A global market allows businesses wider access to production opportunities and consumers, meaning that there are more goods available at a wider range of price points.
    3. Promotes working together. When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services.
    4. Brings opportunities to poorer countries. Globalization allows companies to move their production from high-cost locations to lower-cost locations abroad—this means bringing jobs, information technology, and other economic opportunities to countries with fewer resources.
    What Are the Disadvantages of Globalization?
    While it can benefit nations, there are also several negative effects of globalization. Cons of globalization include:
    1. Unequal economic growth. While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.
    2. Lack of local businesses. The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
    3. Exploits cheaper labor markets. Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.
    4.Causes job displacement. Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.

  68. Avatar ISAAC BRIGHT CHISOM 2018/246602 says:

    Globalization refers to the worldwide interconnectedness of economies and societies.
    PROS OF GLOBALIZATION
    1. Globalization brings the world’s advanced economies closer: Globalization allows the world’s most powerful economies and governments to collaborate to achieve great things.
    2. Globalization facilitates the spread of information and technology: Civil society organizations can draw inspiration from other countries, and successful ideas can spread more quickly.
    3. Reduced production cost: Business enjoy Economics of scale as a result of expanded market size, Businesses can take advantage of the opportunities provided by globalization by paying cheaper salaries and having reduced overheads.
    CONS OF GLOBALISATION
    1.Multinational Corporations Gain Power as a Result of Globalization: This erodes state sovereignty and people’s ability to hold their leaders accountable for the state of their countries as multinational companies are empowered by trade agreements at the expense of governments and populations.
    2. Globalization Has not Protected Labor, Environmental or Human Rights: companies actively seek the countries with the weakest labor and environmental protections and the lowest wages.
    3. Disproportionate Growth: Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

  69. Avatar OGBOGU PRECIOUS ADANNA says:

    NAME:OGBOGU PRECIOUS ADANNA
    REG NO:2018/242467
    COURSE CODE:ECO 362
    DEPT:ECONOMICS EDUCATION
    MAIL.Adannaprecious224@gmail.com

    Globalization, or globalisation is the process of interaction and integration among people, companies, and governments worldwide. Globalization has accelerated since the 18th century due to advances in transportation and communication technology. This increase in global interactions has caused a growth in international trade and the exchange of ideas, beliefs, and culture. Globalization is primarily an economic process of interaction and integration that is associated with social and cultural aspects. However, disputes and diplomacy are also large parts of the history of globalization, and of modern globalization.
    Economically, globalization involves goods, services, data, technology, and the economic resources of capital. The expansion of global markets liberalizes the economic activities of the exchange of goods and funds. Removal of cross-border trade barriers has made the formation of global markets more feasible. Advances in transportation, like the steam locomotive, steamship, jet engine, and container ships, and developments in telecommunication infrastructure, like the telegraph, Internet, and mobile phones, have been major factors in globalization and have generated further interdependence of economic and cultural activities around the globe.
    Though many scholars place the origins of globalization in modern times, others trace its history to long before the European Age of Discovery and voyages to the New World, and some even to the third millennium BCE. The term globalization first appeared in the early 20th century (supplanting an earlier French term mondialization), developed its current meaning some time in the second half of the 20th century, and came into popular use in the 1990s. Large-scale globalization began in the 1820s, and in the late 19th century and early 20th century drove a rapid expansion in the connectivity of the world’s economies and cultures.
    In 2000, the International Monetary Fund (IMF) identified four basic aspects of globalization: trade and transactions, capital and investment movements, migration and movement of people, and the dissemination of knowledge. Globalizing processes affect and are affected by business and work organization, economics, sociocultural resources, and the natural environment. Academic literature commonly divides globalization into three major areas: economic globalization, cultural globalization, and political globalization.

    Advantages of Globalization
    1. Transfer of Technology
    Transfer of technology throughout the globe is good for us. Any country can borrow the technology through the agreement and can implement it in their country for their overall development. We can communicate each other easily from any part of the globe by using advance technology at minimal cost, time and efforts.

    2. Better Services
    Globalization always provides us better services. Through the technological advancement our services like water supply, mobile networking, internet, electricity supply and any other services have been easier and better than before. By the way, easy access to the internet throughout the globe is also the result of the globalization.

    3. Standardization of Living
    The integration of economies as the key process of globalization enables countries to fight against poverty and improve the standard of living of the people.

    Many researchers have been stated that when a country open up their trade to the globe, their rate of economic growth is faster and living standards tend to increase.

    4. Development of Infrastructure
    Due to the technological advancement and its transfer throughout the globe helps to improve country’s infrastructure. Countries are more enabling to deliver their services to the people. Development of infrastructure means overall development of respective countries. Here it is necessary to say that economic growth and development of infrastructure are compatible with each other.

    5. Foreign Exchange Reserves
    Through globalization countries can build foreign exchange reserves owing to international financial flows.

    6. Economic Growth
    Globalization entails to optimum utilization of resources wherein deficit resources are procured and surplus resources are exported to other countries. This ensure overall economic growth.

    7. Affordable Products
    With the access to the latest technology, the countries can provide products to its countrymen at affordable prices. Globalization promotes competition in domestic economies and their endeavor to compete against competition, companies reduce product price or follow penetration pricing strategy.

    8. Contribution to World GDP Growth Rate
    Globalization ensures contribution of every country to the world GDP growth.

    9. Extensions of Market
    Above all, Globalization promotes extension of market. It provides an opportunity to the domestic companies in going global. For instance, domestically, companies can witness saturation in the demand for their products or services but through globalization the domestic companies can sustain and satisfy the growing demands of foreign customers.

    Disadvantages of Globalization
    The globalization that just keeps doing well to us is not true. It impacts us in multidimensional way. So it has some disadvantages also. These ares-

    Growing Inequality
    Increasing of the Unemployment rate
    Trade Imbalance
    Environmental Loots
    1. Growing Inequality
    Globalization can increase inequality throughout the world by increasing specialization and trade. Although specialization and trade boost the per-capita income it may cause relative poverty.
    To illustrate this we will take an example. All dominated MNCs in the world are located in the United States. All these companies are buying cheaper labor from developing or underdeveloped countries for their product manufacturing or assembling. China, India and Africa are prime examples of this. It increases the employment of such countries but they are lagging behind relatively developed countries.
    Again those companies coming to these countries for cheap labor, they also deprive of that country’s i.e American people from work. So it appears that relative poverty is being created in developed countries as well.

    2. Increasing of the Unemployment rate
    Globalization can increase unemployment rate. Where people are getting jobs, how is it possible? Here is the explanation.
    Globalization demands for higher-skilled work with cheaper price. But countries where Institutions are relatively weak are not capable of producing highly skilled workers. As a result, the unemployment rate is increasing in those countries.
    When many foreign companies invest heavily in developing countries, they hire employee from that country. In some cases their salaries are very lower than the other developed countries. Moreover, the demand for these employees in developed countries is very low. Moreover, with the emergence of Global Economic Crisis, their jobs are at risk of losing.

    3. Trade Imbalance
    The balance of trade refers to the balance of values between a country’s export and import’s goods and services. As the result of globalization, any country can trade to any part of the globe.
    That is why, in some cases developing countries are so much dependent on the developed countries in terms of import goods but their export capabilities are lower than import. The trade imbalance has been occurring.
    So, trade imbalance refers to the imbalance of values between a country’s import and export’s goods and services. It is also called trade deficits. Trade imbalance may be increase in developed countries by their competitors.

    4. Environmental Loots
    The pace of industrialization is increasing as the result of globalization. Industrialization boosts the economic growth but it harms environment as well. Globalization loots from the nature and it harm us very badly.
    Let’s try to understand with the example. Coca-Cola is the world’s leading soft drink company. This company consume huge amount of water for making soft drinks. In a state of northern India, Uttar Pradesh, a Coca-Cola bottle plant was closed by the government order because of too much usage of water claimed by local farmers.
    In North India, the level of ground water is very low, but huge usage of this water for the interest of a MNC is very harmful to domestic farming.
    In Kerala, a state of southern India, Coca-Cola plant was also closed due to the polluting the water which was supplied to the local communities.
    Also, MNCs use the natural resources of different countries extensively for their personal gain.
    Various chemical industries are very harmful to our health by polluting the soil, water, air.

  70. Avatar Udeh Josephine Nkemakoram says:

    Udeh Josephine Nkemakoram
    2018/241843
    Economics
    300 level
    Globalization is a term used to describe how trade and technology have made the world into a more connected and interdependent place. Globalization also captures in its scope the economic and social changes that have come about as a result. Globalization possesses many advantages, but to everything that has pros there are cons, some are listed below.
    ADVANTAGES OF GLOBALIZATION
    • The spread of new technologies and innovations: with globalization it the spread of innovation becomes more easy, as neighboring countries would be in steady communications sharing all the good knowledge achieved along the way.
    • Not only technologies but culture: with globalization cultures are also shared in every possible milieu, it could be sharing of dressing patterns or the way food us cooked, many different and vast ways made known to all.
    • Lower costs of production: a system called comparative advantage could be implemented. A situation where countries produce goods where they excel, in terms of costs and import the others, therefore lowering costs of production.
    • Access to new markets: like explained above international trade is made possible when countries are globalized, offering them the chance to get what they can’t produce from other countries. These could range from products down to skills.
    • Better services: Globalization always provides us better services. Through the technological advancement our services like water supply, mobile networking, internet, electricity supply and any other services have been easier and better than before. The use of the internet is a result of globalization.
    • A raise in the standard of living, increased social welfare: The integration of economies as the key process of globalization enables countries to fight against poverty and improve the standard of living of the people.
    DISADVANTAGES OF GLOBALIZATION
    • Unequal economic growth. While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.
    • Lack of local businesses. Globalization promotes trade and trade sometimes suffocates infant industries. A like situation is happening in Nigeria, infant industries cannot handle the competition and therefore simply stop existing.
    • Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically.
    • Causes job displacement. Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas. So many youths want to ho abroad to look for greener pastures making Nigeria more deplorable.
    • Trade imbalance. This comes in the form of overdependence exercised by some developing countries like Nigeria, on imported goods. Such is not good for ones economy.

  71. Avatar Eze Joy Ozioma says:

    Eze Joy Ozioma
    2018/242430
    Economics department
    An assignment on Eco 362

    Globalization is a very common concept used to characterize the current state of the world economy, but differently understood by those who characterize it as a phenomenon. Some perceive it as a complete uniformity, others, on the contrary, as a diversification of proportions, based on the observance of common principles.
    The aim of this paper is to present current understanding of globalization as well as environmental changes in the context of globalization and its influence on demographic evolution, population and the global environment. For impartiality in presenting the pros and cons of globalization have been considered both meanings of the concept, as found in literature but also in international operations, as well as positive and negative effects of the phenomenon .
    Globalization has also been good for Multi-national corporations and Wall Street. But globalization has not been good for working people (blue or white collar) and has led to the continuing deindustrialization of America.
    Pros of globalization are •
    Foreign Direct Investment
    Foreign direct investment (FDI) tends to grow at a much greater rate than world trade does. This can help to boost technology transfer, industrial restructuring, and the growth of global companies.
    Technological Innovation
    Increased competition helps inspire new technology development. The growth in FDI helps improve economic output by making processes more efficient.
    Economies of Scale
    Increased global trade enables large companies to realize economies of scale. This reduces costs and prices, which in turn supports further growth. However, this can hurt many small businesses trying to compete at home.
    What Are the Risks of Globalization?
    Some of the risks of increased global trade include:
    Interdependence
    Interdependence between nations can cause local or global instability. This occurs if local economic fluctuations end up impacting a large number of countries relying on them.
    National Sovereignty
    Some see the rise of nation-states, global firms, and other international organizations as a threat to sovereignty. Ultimately, this could cause some leaders to become nationalistic.6
    Equity Distribution
    The pros of globalization can be unfairly skewed toward rich nations or individuals, creating greater economic inequalities.
    The goal of globalization is to boost economies around the world by making markets more efficient. The hope is that increased global trade will lead to more competition, which will spread wealth more equally. Those who are in favor also claim that trade across borders will help limit military conflicts.
    Globalization, a dominant force in the 20th century’s last decade, is shaping a new era of interaction among nations, economies and people. It is increasing the contacts between people across national boundaries in economy, in technology, in culture and in governance.” Rothenberg (2003) states, “Globalization is the acceleration and intensification of interaction and integration among the people, companies, and governments of different nations” (p. 1). Today, globalization turns out to be a multidimensional concept as it covers a lot of areas, such as economic, political, and social areas.
    Uncovering the effect of globalization on economic growth is worthy in the era of globalization as the net impact of globalization on economic growth still remains puzzling. Bhattacharya (2004) argues that a substantial proportion of people and countries continue to remain excluded from the rewards of globalization for the asymmetrical nature of the process even though it yields a bunch of benefits including greater freedom of choice, lower prices of goods, and higher income for individuals (p. 7). Benefits from globalization are not just spread unevenly between developed and developing countries, even within countries there is often unequal distribution of benefits (United Nations 2004, p. 229). Kilic (2015) contends that even though the globalization generates opportunities for some countries’ economies and positively promoting their economic growth, it also triggers off poverty, Globalization pushed us to create better systems to track international trade. … Technology empowers efficiency in global trade and reduces cost and time. In addition, production processes became more efficient due to globalization as companies want to maintain their competitive advantage.
    Globalization has resulted in greater interconnectedness among markets around the world and increased communication and awareness of business opportunities in the far corners of the globe. More investors can access new investment opportunities and study new markets at a greater distance than before. Potential risks and profit opportunities are within easier reach thanks to improved communications technology.
    Products and services previously available within one country are made available to new markets outside the country due to globalization. In addition, countries with positive relations between them are able to increasingly unify their economies through increased investment and trade.
    Maintaining Competitiveness
    Globalization has had the effect of increased competition. Companies are broadening their target area, expanding from local areas and home countries to the rest of the world. Suddenly, some companies are fighting strong competition from outside their home country. This forced them to source materials and outsource labor from other countries. This story of ‘sourcing and outsourcing’ turned many companies into global ones, actively seeking for production locations and partners for new ventures. Globalization has facilitated this and made the transition to global markets easier.
    Technology and Efficiency
    More advanced systems are needed to facilitate global trade. Globalization pushed us to create better systems to track international trade. ERP systems are one of the solutions provided to support global trade.
    Enterprise resource planning (ERP) is a process by which a company (often a manufacturer) manages and integrates the important parts of its business. An ERP management information system integrates areas such as planning, purchasing, inventory, sales, marketing, finance and human resources.
    This technological innovation in global trade has enabled a more efficient environment. Technology empowers efficiency in global trade and reduces cost and time. In addition, production processes became more efficient due to globalization as companies want to maintain their competitive advantage.
    However, we still find a gap between globalization and blockchain. Blockchain could help companies become even more ‘global’. It helps companies to save time and money, storing data tamper-proof and improving communication.

  72. Avatar Okoye favour says:

    NAME: OKOYE FAVOUR
    REG NO: 2018/249186
    DEPT:ECONOMICS

    globalization is the connection of different parts of the world. In economics, globalization can be defined as the process in which businesses, organizations, and countries begin operating on an international scale. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. In general, globalization has been shown to increase the standard of living in developing countries, but some analysts warn that globalization can have a negative effect on local or emerging economies and individual workers.

    Benefits of Globalization

    Globalization provides businesses with a competitive advantage by allowing them to source raw materials where they are inexpensive. Globalization also gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies.

    With globalization, different parts of a product may be made in different regions of the world. Globalization has long been used by the automotive industry, for instance, where different parts of a car may be manufactured in different countries. Businesses in several different countries may be involved in producing even seemingly simple products such as cotton T-shirts.

    Globalization affects services too. Many businesses located in the United States have outsourced their call centers or information technology services to companies in India. As part of the North American Free Trade Agreement (NAFTA), U.S. automobile companies relocated their operations to Mexico, where labor costs are lower. The result is more jobs in countries where jobs are needed, which can have a positive effect on the national economy and result in a higher standard of living. China is a prime example of a country that has benefited immensely from globalization. Another example is Vietnam, where globalization has contributed to an increase in the prices for rice, lifting many poor rice farmers out of poverty. As the standard of living increased, more children of poor families left work and attended school.

    Consumers benefit too. In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. In some cases, this may contribute to improved health by enabling a more varied and healthier diet; in others, it is blamed for increases in unhealthy food consumption and diabetes.

    Downsides

    Not everything about globalization is beneficial. Any change has winners and losers, and the people living in communities that had been dependent on jobs outsourced elsewhere often suffer. Effectively, this means that workers in the developed world must compete with lower-cost markets for jobs; unions and workers may be unable to defend against the threat of corporations that offer the alternative between lower pay or losing jobs to a supplier in a less-expensive labor market.

    The situation is more complex in the developing world, where economies are undergoing rapid change. Indeed, the working conditions of people at some points in the supply chain are deplorable. The garment industry in Bangladesh, for instance, employs an estimated four million people, but the average worker earns less in a month than a U.S. worker earns in a day. In 2013, a textile factory building collapsed, killing more than 1,100 workers. Critics also suggest that employment opportunities for children in poor countries may increase the negative impacts of child labor and lure children of poor families away from school. In general, critics blame the pressures of globalization for encouraging an environment that exploits workers in countries that do not offer sufficient protections.

    Studies also suggest that globalization may contribute to income disparity and inequality between the more-educated and less-educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization.

    Into the Future

    Regardless of the downsides, globalization is here to stay. The result is a smaller, more connected world. Socially, globalization has facilitated the exchange of ideas and cultures, contributing to a world view in which people are more open and tolerant of one another.
    NAME: OKOYE FAVOUR
    REG NO: 2018/249186
    DEPT:ECONOMICS

    globalization is the connection of different parts of the world. In economics, globalization can be defined as the process in which businesses, organizations, and countries begin operating on an international scale. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. In general, globalization has been shown to increase the standard of living in developing countries, but some analysts warn that globalization can have a negative effect on local or emerging economies and individual workers.

    Benefits of Globalization

    Globalization provides businesses with a competitive advantage by allowing them to source raw materials where they are inexpensive. Globalization also gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies.

    With globalization, different parts of a product may be made in different regions of the world. Globalization has long been used by the automotive industry, for instance, where different parts of a car may be manufactured in different countries. Businesses in several different countries may be involved in producing even seemingly simple products such as cotton T-shirts.

    Globalization affects services too. Many businesses located in the United States have outsourced their call centers or information technology services to companies in India. As part of the North American Free Trade Agreement (NAFTA), U.S. automobile companies relocated their operations to Mexico, where labor costs are lower. The result is more jobs in countries where jobs are needed, which can have a positive effect on the national economy and result in a higher standard of living. China is a prime example of a country that has benefited immensely from globalization. Another example is Vietnam, where globalization has contributed to an increase in the prices for rice, lifting many poor rice farmers out of poverty. As the standard of living increased, more children of poor families left work and attended school.

    Consumers benefit too. In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. In some cases, this may contribute to improved health by enabling a more varied and healthier diet; in others, it is blamed for increases in unhealthy food consumption and diabetes.

    Downsides

    Not everything about globalization is beneficial. Any change has winners and losers, and the people living in communities that had been dependent on jobs outsourced elsewhere often suffer. Effectively, this means that workers in the developed world must compete with lower-cost markets for jobs; unions and workers may be unable to defend against the threat of corporations that offer the alternative between lower pay or losing jobs to a supplier in a less-expensive labor market.

    The situation is more complex in the developing world, where economies are undergoing rapid change. Indeed, the working conditions of people at some points in the supply chain are deplorable. The garment industry in Bangladesh, for instance, employs an estimated four million people, but the average worker earns less in a month than a U.S. worker earns in a day. In 2013, a textile factory building collapsed, killing more than 1,100 workers. Critics also suggest that employment opportunities for children in poor countries may increase the negative impacts of child labor and lure children of poor families away from school. In general, critics blame the pressures of globalization for encouraging an environment that exploits workers in countries that do not offer sufficient protections.

    Studies also suggest that globalization may contribute to income disparity and inequality between the more-educated and less-educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization.

    Into the Future

    Regardless of the downsides, globalization is here to stay. The result is a smaller, more connected world. Socially, globalization has facilitated the exchange of ideas and cultures, contributing to a world view in which people are more open and tolerant of one another.

  73. Avatar Eze Amarachi Ruth says:

    Name: Eze Amarachi Ruth
    Reg no: 2018/248529
    Department: Economics
    Assignment

    Pros and cons of globalization

    What Is Globalization?

    Globalization is the spread of products, technology, information, and jobs across national borders and cultures. In economic terms, it describes an interdependence of nations around the globe fostered through free trade.

    Globalization is a complicated issue. It is necessary to evaluate the pros and cons before drawing any conclusions.

    Pros

    Supporters of globalization argue that it has the potential to make this world a better place to live in and solve some of the deep-seated problems like unemployment and poverty.

    1. Free trade is supposed to reduce barriers such as tariffs, value added taxes, subsidies, and other barriers between nations. This is not true. There are still many barriers to free trade. The Washington Post story says “the problem is that the big G20 countries added more than 1,200 restrictive export and import measures since 2008.

    2. The proponents say globalization represents free trade which promotes global economic growth; creates jobs, makes companies more competitive, and lowers prices for consumers.

    3. Competition between countries is supposed to drive prices down. In many cases this is not working because countries manipulate their currency to get a price advantage.

    4. It also provides poor countries, through infusions of foreign capital and technology, with the chance to develop economically and by spreading prosperity, creates the conditions in which democracy and respect for human rights may flourish. This is an ethereal goal which hasn’t been achieved in most countries.

    5. According to supporters globalization and democracy should go hand in hand. It should be pure business with no colonialist designs.

    6. There is now a worldwide market for companies and consumers who have access to products of different countries. True

    Cons

    • The general complaint about globalization is that it has made the rich richer while making the non-rich poorer. “It is wonderful for managers, owners and investors, but hell on workers and nature.”

    • Globalization is supposed to be about free trade where all barriers are eliminated but there are still many barriers. For instance161 countries have value added taxes (VATs) on imports which are as high as 21.6% in Europe. The U.S. does not have VAT.

    • The biggest problem for developed countries is that jobs are lost and transferred to lower cost countries.” According to conservative estimates by Robert Scott of the Economic Policy Institute, granting China most favored nation status drained away 3.2 million jobs, including 2.4 million manufacturing jobs. He pegs the net losses due to our trade deficit with Japan ($78.3 billion in 2013) at 896,000 jobs, as well as an additional 682,900 jobs from the Mexico –U.S. trade-deficit run-up from 1994 through 2010.”

    • Workers in developed countries like the US face pay-cut demands from employers who threaten to export jobs. This has created a culture of fear for many middle class workers who have little leverage in this global game.

    • Large multi-national corporations have the ability to exploit tax havens in other countries to avoid paying taxes.

    • Multinational corporations are accused of social injustice, unfair working conditions (including slave labor wages, living and working conditions), as well as lack of concern for environment, mismanagement of natural resources, and ecological damage.

  74. Avatar Onuigbo Chidimma says:

    Name : Onuigbo Chidimma
    Reg num : 2019/249019
    Department : Education/Economic
    Assignment
    Pros and cons of Globalization
    Answer
    What is globalization?
    Globalization is the process by which ideas, knowledge, information, goods and services spread around the world. In business, the term is used in an economic context to describe integrated economies marked by free trade, the free flow of capital among countries and easy access to foreign resources, including labor markets, to maximize returns and benefit for the common good.
    Globalization refers to the increased flow of trade, people, investment, technology, culture, ideas, among countries and creates a more integrated and interdependent world. A worldwide movement towards economic financial communication, and trade integration.
    Globalization is a process of interaction and integration among the people, companies, and the government of different nations. It’s a process driven by international trade and investment and aided by information technology.
    Globalization, or globalisation as it is known in some parts of the world, is driven by the convergence of cultural and economic systems. This convergence promotes — and in some cases necessitates — increased interaction, integration and interdependence among nations. The more countries and regions of the world become intertwined politically, culturally and economically, the more globalized the world becomes.
    In a globalized economy, countries specialize in the products and services they have a competitive advantage in. This generally means what they can produce and provide most efficiently, with the least amount of resources, at a lower cost than competing nations. If all countries are specializing in what they do best, production should be more efficient worldwide, prices should be lower, economic growth widespread and all countries should benefit — in theory.
    Policies that promote free trade, open borders and international cooperation all drive economic globalization. They enable businesses to access lower priced raw materials and parts, take advantage of lower cost labor markets and access larger and growing markets around the world in which to sell their goods and services.
    Money, products, materials, information and people flow more swiftly across national boundaries today than ever. Advances in technology have enabled and accelerated this flow and the resulting international interactions and dependencies. These technological advances have been especially pronounced in transportation and telecommunications.
    Among the recent technological changes that have played a role in globalization are the following:

    1) Internet and internet communication: The internet has increased the sharing and flow of information and knowledge, access to ideas and exchange of culture among people of different countries. It has contributed to closing the digital divide between more and less advanced countries.

    2) Communication technology: The introduction of 4G and 5G technologies has dramatically increased the speed and responsiveness of mobile and wireless networks.
    list of benefits of 5G network technologyIncreased speed and bandwidth are among the benefits of 5G technology.
    IoT and AI. These technologies are enabling the tracking of assets in transit and as they move across borders, making cross-border product management more efficient.
    3) Blockchain: This technology is enabling the development of decentralized databases and storage that support the tracking of materials in the supply chain. Blockchain facilitates the secure access to data required in industries such as healthcare and banking. For example, blockchain provides a transparent ledger that centrally records and vets transactions in a way that prevents corruption and breaches.
    4) Manufacturing: Advances such as automation and 3D printing have reduced geographic constraints in the manufacturing industry. 3D printing enables digital designs to be sent anywhere and physically printed, making distributed, smaller-scale production near the point of consumption easier. Automation speeds up processes and supply chains, giving workforces more flexibility and improving output.
    Why is globalization important?
    Globalization changes the way nations, businesses and people interact. Specifically, it changes the nature of economic activity among nations, expanding trade, opening global supply chains and providing access to natural resources and labor markets.
    Changing the way trade and financial exchange and interaction occurs among nations also promotes the cultural exchange of ideas. It removes the barriers set by geographic constraints, political boundaries and political economies.
    For example, globalization enables businesses in one nation to access another nation’s resources. More open access changes the way products are developed, supply chains are managed and organizations communicate. Businesses find cheaper raw materials and parts, less expensive or more skilled labor and more efficient ways to develop products.
    With fewer restrictions on trade, globalization creates opportunities to expand. Increased trade promotes international competition. This, in turn, spurs innovation and, in some cases, the exchange of ideas and knowhow. In addition, people coming from other nations to do business and work bring with them their own cultures, which influence and mix with other cultures.
    The many types of exchange that globalization facilitates can have positive and negative effects. For instance, the exchange of people and goods across borders can bring fresh ideas and help business. However, this movement can also heighten the spread of disease and promote ideas that might destabilize political economies.
    History of globalization
    Although many people consider globalization a twentieth century phenomenon, the process has been happening for millennia. Examples include the following:

    The Roman Empire. Going back to 600 B.C., the Roman Empire spread its economic and governing systems through significant portions of the ancient world for centuries.
    Silk Road trade. These trade routes, which date from 130 B.C. to 1453 A.D., represented another wave of globalization. They brought merchants, goods and travelers from China through Central Asia and the Middle East to Europe.
    Pre-World War I. European countries made significant investments overseas in the decades before World War I. The period from 1870 to 1914 is called the golden age of globalization.
    Post-World War II. The United States led the effort to create a global economic system with a set of broadly accepted international rules. Multinational institutions were established such as the United Nations (UN), International Monetary Fund, World Bank and World Trade Organization to promote international cooperation and free trade.
    The term globalization as it’s used today came to prominence in the 1980s, reflecting several technological advancements that increased international interactions. IBM’s introduction of the personal computer in 1981 and the subsequent evolution of the modern internet are two examples of technology that helped drive international communication, commerce and globalization.
    Globalization has ebbed and flowed throughout history, with periods of expansion and retrenchment. The 21st century has witnessed both. Global stock markets plummeted after the Sept. 11, 2001, terrorist attacks in the United States, but rebounded in subsequent years.
    More recently, nationalist political movements have slowed immigration, closed borders and increased trade protectionism. The pandemic has had similar effects on borders and immigration and also disrupted supply chains. However, overall, the early 21st century has seen a dramatic increase in the pace of global integration. Rapid advances in technology and telecommunications are responsible for much of this change.
    Types of globalization:
    There are three types of globalization.
    1) Economic
    2) political
    3) cultural

    1) Economic globalization: Here, the focus is on the integration of international financial markets and the coordination of financial exchange. Free trade agreements, such the North American Free Trade Agreement and the Trans-Pacific Partnership are examples of economic globalization. Multinational corporations, which operate in two or more countries, play a large role in economic globalization.
    2) Political globalization: This type covers the national policies that bring countries together politically, economically and culturally. Organizations such as NATO and the UN are part of the political globalization effort.
    3) Cultural globalization: This aspect of globalization focuses in a large part on the technological and societal factors that are causing cultures to converge. These include increased ease of communication, the pervasiveness of social media and access to faster and better transportation.
    These three types influence one another. For example, liberalized national trade policies drive economic globalization. Political policies also affect cultural globalization, enabling people to communicate and move around the globe more freely. Economic globalization also affects cultural globalization through the import of goods and services that expose people to other cultures.

    Effects of globalization
    The effects of globalization can be felt locally and globally, touching the lives of individuals as well as the broader society in the following ways:
    Individuals. Here, a variety of international influences affect ordinary people. Globalization affects their access to goods, the prices they pay and their ability to travel to or even move to other countries.
    Communities. This level encompasses the impact of globalization on local or regional organizations, businesses and economies. It affects who lives in communities, where they work, who they work for, their ability to move out of their community and into one in another country, among other things. Globalization also changes the way local cultures develop within communities.
    Institutions. Multinational corporations, national governments and other organizations such as colleges and universities are all affected by their country’s approach to and acceptance of globalization. Globalization affects the ability of companies to grow and expand, a university’s ability to diversify and grow its student body and a government’s ability to pursue specific economic policies.
    While the effects of globalization can be observed, analyzing the net impact is more complex. Proponents often see specific results as positive and critics of globalization view the same results as negative. A relationship that benefits one entity may damage another, and whether globalization benefits the world at large remains a point of contention.
    Comparison of internationalization and localization product strategiesInternationalization and localization are both product strategies used in globalizing industries.
    Examples of globalization
    Multinational corporations are a tangible example of globalization. Some examples include the following:
    McDonald’s had 39,198 fast-food restaurants in 119 countries and territories, according to its Securities and Exchange Commission filing at the end of 2020. It employed more than 2.2 million people at that time, the filing said.
    Ford Motor Company reported in 2021 that it works with about 1,200 tier 1 suppliers around the globe.
    Amazon’s recent expansion has it using tens of thousands of suppliers and employing more than nearly 1.3 million full- and part-time employees.
    Through their influence on social and economic development in the countries that host them, multinational corporations embody the contradictions of globalization. They bring jobs, skills and wealth to the region they are investing or doing business in. But they also can destroy local businesses, exploit cheap labor and threaten indigenous cultures. The benefits they offer are often unsustainable because the loyalty of multinationals is to their investors and bottom lines and not to the local people, economies and cultures where they are doing business.

    Another example of globalization is the response to the COVID-19 pandemic. Because the world was able to communicate across boundaries, nations were able to work together to quickly produce vaccines for the virus. In addition, doctors traveled where they were needed. For example, Cuba sent doctors to Italy at the beginning of the pandemic to assist with the crisis as it developed there.

    However, countries also enacted strict travel restrictions and many closed their borders to cut down on the free movement of people and spread of the virus.

    Benefits of globalization
    Globalization enables countries to access less expensive natural resources and lower cost labor. As a result, they can produce lower cost goods that can be sold globally. Proponents of globalization argue that it improves the state of the world in many ways, such as the following:

    Solves economic problems. Globalization moves jobs and capital to places that need these resources. It gives rich countries access to lower cost resources and labor and poorer countries access to jobs and the investment funds they need for development.
    Promotes free trade. Globalization puts pressure on nations to reduce tariffs, subsidies and other barriers to free trade. This consequently promotes economic growth, creates jobs, makes companies more competitive and lowers prices for consumers.
    Spurs economic development. Theoretically, globalization gives poorer countries access to foreign capital and technology they would not otherwise have. Foreign investment can result in an improved standard of living for the citizens of those nations.
    Encourages positive trends in human rights and the environment. Advocates of globalization point to improved attention to human rights on a global scale and a shared understanding of the impact of people and production on the environment.
    Promotes shared cultural understanding. Advocates view the increased ability to travel and experience new cultures as a positive part of globalization that can contribute to international cooperation and peace.
    Negative consequences of globalization
    Many proponents view globalization as way to solve systemic economic problems. But critics see it as increasing global inequality. Among the critiques of globalization are the following issues:

    1) Destabilizes markets. Critics of globalization blame the elimination of trade barriers and the freer movement of people for undermining national policies and local cultures. Labor markets in particular are affected when people move across borders in search of higher paying jobs or companies outsource work and jobs to lower cost labor markets.
    2) Damages the environment. The transport of goods and people among nations generates greenhouse gas and all the negative effects it has on the environment. Global travel and trade also can introduce, sometimes inadvertently, invasive species to foreign ecosystems. Industries such as fishing and logging tend to go where business is most lucrative or regulations are less strict, which has resulted in overfishing and deforestation in some parts of the world.
    3) Lowers living standards. When companies move operations overseas to minimize costs, such moves can eliminate jobs and increase unemployment in sectors of the home country.
    Facilitates global recessions. Tightly integrated global markets carry a greater risk of global recessions. The 2007-2009 financial crisis and Great Recession is a good example of how intertwined global markets are and how financial problems in one country or region can quickly affect other parts of the world. Globalization reduces the ability of individual nations to effectively use monetary and fiscal policy to control the national economy.
    4) Damages cultural identities. Critics of globalization decry the decimation of unique cultural identities and languages that comes with the international movement of businesses and people. At the same time, the internet and social media are driving this trend even without the movement of people and commerce.
    Increases the likelihood of pandemics. Increased travel, critics say, has the potential to increase the risk of pandemics. The H1N1 (swine flu) outbreak of 2009 and coronavirus in 2020 and 2021 are two examples of serious diseases that spread to multiple nations quickly.

  75. Avatar Ibukun Bamiduro says:

    Name:Bamiduro ibukun obianuju
    Reg No:2018/243749
    Department: Economics
    Course: Eco 362

    Question
    Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.

    As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers. Given this, you are required to discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

    Answer

    What Are the Pros of Globalization?

    Globalization impacts businesses in many different ways. But those who decide to take on international expansion find several benefits, including:

    1. Access to New Cultures
    Globalization makes it easier than ever to access foreign cultures, including food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment as you listen to your favorite UK-based artist or stream a Bollywood movie.

    2. The Spread of Technology and Innovation
    Many countries around the world remain constantly connected, so the knowledge and technological advances travel quickly. Because knowledge also transfers so fast, this means that scientific advances made in Asia can be at work in the United States in a matter of days.

    3. Lower Costs for Products
    Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.

    4. Higher Standards of Living Across the Globe
    Developing nations experience an improved standard of living thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.

    5. Access to New Markets
    Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas. International Professional Employer Organizations (PEOs) make it easier than ever to employ workers in other countries quickly and compliantly. This means that, for many companies, there is no longer the need to establish a foreign entity to expand overseas.

    6. Access to New Talent
    In addition to new markets, globalization allows companies to find new, specialized talent that is not available in their current market. For example, globalization allows companies to explore tech talent in booming markets such as Berlin or Stockholm, rather than Silicon Valley. Again, International PEO allows companies to compliantly employ workers overseas, without having to establish a legal entity, making global hiring easier than ever.

    Negative Effects of Globalization

    Although the developing countries have had many benefits from globalization, there are a few negative impacts it has caused in the developing countries.

    Displacements of Workers

    Thanks to globalization, there are employment opportunities all over our huge world. However, most people have had to leave their families for many years as they work abroad. As a result, couples have divorced, remarried, and left destitute children at the mercy of volunteers and shelters. Some children haven’t been able to meet their old-aged parents’ needs because the money they earn from their job is not enough. Lots of seniors die due to illnesses and a lack of financial and emotional support from their children.

    Unemployment
    In almost all developing countries over half of the working population relied on casual jobs in industries until globalization took root. The advancement of technology has reduced such employment and increased the global need for skilled professionals. The majority of people in developing countries don’t have skills, while the available jobs are poorly paid due to the high demand caused by globalization. Most of the people are left unemployed and unable to meet their basic needs resulting in increased criminal activities such as burglary, pickpocketing, murder, and drug abuse. The rate of unemployment and poverty keeps growing as the gap between the rich and the poor widens.

    Increased Lifestyle diseases
    Globalization has brought in the consumption of processed foods, planting crops using chemicals to minimize the duration of growth and increase profit. To benefit from the business, animals such as cows are fed on chemicals that make them produce a lot of milk or increase in weight for those that are sold for the meat industry. Due to increased ingestion of chemicals from foods, chronic diseases are on the rise. The mortality rate is high. Furthermore, there is a reduction in the lifespan in developing countries.

    Abandonment of Culture
    Every community, society, or nation has its values and beliefs, that is to say its culture. They are essential because they mold the acceptable behavior of the people in a particular community. The elders or leaders ensure that the people behave in a morally upright way. However, globalization mixed different cultures. Then people reconsidered their authentic rules and customs regarding their culture as primitive. Some nations from developing countries adopt the western culture and abandon there’s own. The community leaders can no longer pursue their domestic policy punishing citizens for crimes as they did before because they are regarded as backward and primitive by international society. They adopt a culture thathatuite strange and distant from their nature. Due to such policy, people conduct themselves regardless of actual laws. As a result, there is an increased crime as acts such as rape, divorce, and domestic violence get on the rise.

    Unequal economic growth.
    While globalization tends to increase economic growth for many countries, the growth isn’t equal. Richer countries often benefit more than developing countries.
    Lack of local businesses.
    The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.

    Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.

    Exploits cheaper labor markets.
    Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.

    Causes job displacement.
    Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.

  76. Avatar Stephen Ifessy Precious says:

    Stephen Ifessy Precious
    2018/244261
    Economics Education
    Globalization is playing an increasingly important role in the developing countries. It can be seen that, globalization has certain advantages such as economic processes, technological developments, political influences, health systems, social and natural environment factors. It has a lot of benefit on our daily life. Globalization has created a new opportunities for developing countries. Such as, technology transfer hold out promise, greater opportunities to access developed countries markets, growth and improved productivity and living standards.
    Globalization creates greater opportunities for firms in less industrialized countries to tap into more and larger markets around the world. Thus, businesses located in developing countries have more access to capital flows, technology, human capital, cheaper imports, and larger export markets. Globalization allows businesses in less industrialized countries to become part of international production networks and supply chains that are the main conduits of trade.
    Globalization gives access to the world market to transitional countries. They need to adapt their production capability, their prices, and their product quality to be competitive with the nations of the developed countries. Globalization changed and continues to change China. This country is becoming a major economic player in the global world.
    Globalization allocates the production in the countries where it is the most efficient and less costly for the global world. Developed countries become more concentrated on services and research and development. The best example in the United States is Apple. Apple created and continues to develop iPhones in the US but outsources the mass production of iPhones in China where the costs are lower.
    Globalization is the trend of increasing integration of economies in terms not only of goods and services, but of ideas, information and technology has tremendous potential benefits for developing countries.

  77. Avatar Nwosu Sochima Anne says:

    Name: Nwosu Sochima Anne
    Dep: Economics
    Reg No: 2018/242291
    Course: Eco 362
    PROS OF GLOBALIZATION
    1. Economic Growth-It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:
    * Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, let’s say, “import” labor to kickstart industry.
    * Access to goods and services: It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.
    * Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations.
    * Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce.
    * The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.
    2. Increased Global Cooperation-For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.
    3. Increased Cross-Border Investment-According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.
    The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.
    4. Globalization Can Lift People Out of Poverty-The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.
    5. Globalization Increases Cultural Awareness-Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.
    6. Information and Technology Spread More Easily With Globalization-Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

    CONS OF GLOBALIZATION
    1. Increased Competition-When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.
    With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.
    2. Disproportionate Growth-Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.
    Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.
    Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.
    “Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty.”
    3. Environmental Concerns-Increased globalization has been linked to various environmental challenges, many of which are serious, including:
    * Deforestation and loss of biodiversity caused by economic specialization and infrastructure development.
    * Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods.
    * The introduction of potentially invasive species into new environments.
    While such issues are governed by existing or proposed laws and regulations, businesses have made environmental concerns and sustainability a priority by, for example, embracing the tenets of the triple bottom line and the idea of corporate social responsibility.
    4. Globalization Empowers Multinational Corporations-Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements (this was an argument invoked against the TPP.
    5. Workers Can Lose Jobs to Countries With Low-Cost Labor-Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

  78. Avatar BENJAMIN GIFT IHUNANYA says:

    Globalization is an amalgamation of interaction and integration among distinct groups of people, organizations, and governments from other countries.
    PROS OF GLOBALIZATION
    1. Globalization helps to strengthen conflict resolution among trade countries: Globalization reduces the event of war among countries that trade as it improves political relationship among their leaders thereby making conflict resolution easier.
    2. Unrestricted access to goods and services: As a result of Globalization, buyers have varieties of good and services to choose from.
    3. Technology transfer: Globalization enhances transfer of technology as nations can draw insight from one another.
    4. Mobility of labour: Labor can move from country to country to market their skills.
    CONS OF GLOBALISATION.
    1. Globalization encourages dumping:.
    2. Exploitation of labour and resources: Globalization enables firms to expand employment and economic prospects in countries with cheap labour and resources needed for production. The result is that, these countries’ total economic growth may be modest or stagnant. Safety standards are ignored to produce cheap goods.
    3. Unemployment: The biggest problem for developed countries is that jobs are lost and transferred to lower cost countries. Many locals have lost their jobs or been forced to accept lesser wages and poorer working conditions because labour has been outsourced to developing countries.

  79. Avatar Nelson Favour Ogechukwu says:

    Name: Nelson Favour Ogechukwu
    Reg No: 2018/245389
    Dept: Education Economics
    Email: nelsonfavour38@gmail.com
    Eco. 362 —21/01/2022 (Online Discussion/Quiz 2—Pros and Cons of Globalization)

    Throughout history, commerce and business have been limited by certain geographic constraints. In its earliest days, trade happened between neighboring tribes and city-states. As humans domesticated the horse and other beasts of burden, the distances they could travel to trade increased. These distances increased further with the development of seafaring capabilities.

    Although humans have been using ships for centuries to transport goods, cargo, people, and ideas around the world, it wasn’t until the development of the airplane that the blueprint of a “globalized economy” was laid. This was for a simple reason: It allowed us to travel greater distances faster than ever before.

    The development of the internet and easier means of communication and collaboration propelled us from those early days of globalization to where we are today: A few taps or clicks away from a co-worker, business partner, customer, or friend.

    Globalization has had numerous effects—both positive and negative—on business and society at large. Here’s an overview of the pros and cons of globalization in business.

    WHAT IS GLOBALIZATION?
    Globalization is defined as the increase in the flow of goods, services, capital, people, and ideas across international boundaries, according to the online course Global Business, taught by Harvard Business School Professor Forest Reinhardt.

    “We live in an age of globalization,” Reinhardt says in Global Business. “That is, national economies are ever more tightly connected with one another than ever before.”

    Three Examples of Globalization
    Examples of globalization include:

    Intergovernmental organizations. Globalization has made it possible for international organizations to be created through treaties between many different countries. Examples include the European Union, the United Nations, the World Bank, the World Trade Organization (WTO), and the International Monetary Fund (IMF).
    Intergovernmental treaties. Many governments across the world have engaged in treaties or trade policies to make it easier for international investment and trade. These treaties, called free-trade agreements, include the North American Free Trade Agreement (NAFTA) and the Comprehensive Economic and Trade Agreement (CETA).
    Multinational corporations. A multinational corporation is an organization that does business in many different countries. Globalization is the reason that multinational businesses exist. For example, globalization allows major US corporations to sell their products to Mexico, Europe, and China.

    ADVANTAGES OF GLOBALIZATION
    1. Economic Growth
    It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:

    Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
    Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
    Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
    The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.
    2. Increased Global Cooperation
    For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.

    “Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”

    3. Increased Cross-Border Investment
    According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.

    The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.

    DISADVANTAGES OF GLOBALIZATION
    1. Increased Competition
    When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.

    With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.

    “Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”

    2. Disproportionate Growth
    Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

    Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.

    Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.

    “Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

    3. Environmental Concerns
    Increased globalization has been linked to various environmental challenges, many of which are serious, including:

    Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
    Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
    The introduction of potentially invasive species into new environments
    While such issues are governed by existing or proposed laws and regulations, businesses have made environmental concerns and sustainability a priority by, for example, embracing the tenets of the triple bottom line and the idea of corporate social responsibility.

    MANAGING THE RISKS OF GLOBALIZATION
    The world is never going to abandon globalization. While it’s true that individual countries and regions put policies and practices in place that limit globalization, such as tariffs, it’s here to stay. The good news is that businesses and professionals willing to confront and prepare for globalization’s challenges and risks have the potential to benefit immensely.

    Whether you’re a business owner, member of executive leadership, or an employee, learning how to identify opportunities related to globalization and the risks it might bring can empower you to be more effective in your role and offer more value to your organization.

    Taking a course like Global Business is one path toward quickly gaining an understanding of the macroeconomic, political, and social conditions that have and continue to have an impact on modern globalization.

    Reference
    https://online.hbs.edu/blog/post/pros-and-cons-of-globalization
    https://www.masterclass.com/articles/how-globalization-works-pros-and-cons-of-globalization

  80. Avatar IBENYENWA JUSTICE JUNIOR says:

    2018/245647
    Economics
    The term “globalization” can be seen as the process of interaction and integration among people, companies, and governments worldwide. Globalization has accelerated since the 18th century due to advances in transportation and communication technology. This increase in global interactions has caused a growth in international trade and the exchange of ideas, beliefs, and culture. Globalization is primarily an economic process of interaction and integration that is associated with social and cultural aspects.
    Benefits of Globalization to both local and global economies
    1) Globalization has led to an increase in standard of living: The average cost of goods is a key aspect that contributes to the increases in standard of living. This is true because, globalization reduces the cost of manufacturing goods thereby making it possible for companies to provide goods to consumers at low prices.
    2) Consumers have access to wider variety of goods: globalization made it possible for consumers to have a more healthier diet by providing variety of products/goods to choose from thereby improving their health.
    3) Globalization provides businesses with a comparative advantage by allowing them to source raw materials where they are inexpensive.
    4) Globalization also gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies.
    5) With globalization, different parts of a product may be made in different regions of the world.
    From the above five points, we can clearly see how both local and global economies benefit from globalization. In addition, we can also use the “automotive industry” to better understand how globalization affects the local and global economy. For example, different parts of a car may be manufactured in different countries and local economies of these countries can benefit by assembling cars just like the case of most Nigerian companies that assemble cars.
    As a developing Nation, most Nigerian companies were not able to produce and assemble cars in recent years, but due to globalization, local economies have been able to improve and develop. And now, Nigeria now have 8 different companies that produce and assemble cars. And this local economic growth affects the global economy at large in a positive way. So this shows that most developing countries that cannot manufacture their own cars can through globalization assemble the ones that have been manufactured by developed countries, and as they do these their local economy can improve and learn from the more advanced economies and hopefully a day will come when they will start manufacturing their own cars.

    A huge economic change always results to winners and losers. This shows that it’s not everything about globalization that is beneficial.
    Demerits of globalization
    1) Job outsourcing/Job competition in the labour market: people living in communities that had been dependent on jobs outsourced elsewhere often suffer. This means that workers in the developed world must compete with lower-cost markets for jobs; unions and workers may be unable to defend against the threat of corporations that offer the alternative between lower pay or losing jobs to a supplier in a less-expensive labor market.
    2) Studies also suggest that globalization may contribute to income disparity and inequality between the more-educated and less-educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization.

  81. Avatar Ezeh Uchechukwu Evelyn says:

    Name: Ezeh Uchechukwu Evelyn
    Reg no: 2018/241821
    Department: Economics ( Major )
    Course: Development Economics ( Eco 362 )

    clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
    ADVANTAGES OF GLOBALIZATION
    1. Economic Growth
    It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:
    a) Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
    b) Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations.
    c) Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce.
    d) The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources.

    2. Increased Global Cooperation
    For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction, though not an elimination of conflict.
    “Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force, through war and conquest, and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows goods, services, capital, people, and so on have reduced the probability that the world’s nations will fall back into the catastrophe of war.”

    3. Increased Cross-Border Investment
    According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.

    DISADVANTAGES OF GLOBALIZATION
    1. Increased Competition
    When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.
    With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition.

    2. Disproportionate Growth
    Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally. Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.

    3. Environmental Concerns
    Increased globalization has been linked to various environmental challenges, many of which are serious, including:
    — Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
    — Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
    — The introduction of potentially invasive species into new environments
    While such issues are governed by existing or proposed laws and regulations, businesses have made environmental concerns and sustainability a priority by, for example, embracing the tenets of the triple bottom line and the idea of corporate social responsibility

  82. Avatar Joseph Ruth Tochukwu says:

    JOSEPH RUTH TOCHUKWU
    2018/245132
    ECONOMICS DEPARTMENT

    ASSIGNMENT

    PROS OF GLOBALIZATION
    1. Economic Growth
    It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:
    Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
    Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this, this work can significantly contribute to the local economy.
    Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
    The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.
    2. Increased Global Cooperation
    For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction,(though not an elimination) of conflict.
    3. Increased Cross Border Investment
    Globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.
    The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.
    4. Consumers benefit too. In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. In some cases, this may contribute to improved health by enabling a more varied and healthier diet; in others, it is blamed for increases in unhealthy food consumption and diabetes.
    CONS OF GLOBALIZATION
    1. Increased Competition
    When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened. Studies also suggest that globalization may contribute to income disparity and inequality between the more educated and less educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization.
    With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.
    2. Disproportionate Growth
    Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.
    Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.
    3. Environmental Concerns
    Increased globalization has been linked to various environmental challenges, many of which are serious, including:
    Deforestation and loss of biodiversity caused by economic specialization and infrastructural development, greenhouse gas emissions and other forms of pollution caused by increased transportation of goods, the introduction of potentially invasive species into new environments

  83. Avatar OKELEKE CHINEMEMMA VICTORY says:

    Eco. 362 —21/01/2022 (Online Discussion/Quiz 2—Pros and Cons of Globalization)
    • NAME: Okeleke chinememma Victory
    • REG NO : 2018/247843
    • DEPARTMENT: ECONOMICS
    • Email: okelekevictory@yahoo.com
    • QUESTION:
    Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.
    As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
    In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

    ANSWER:
    Pros of Globalization are :
    1.Economic Growth
    It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:

    Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kick start industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
    • Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
    • Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
    The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.
    2. Increased Global Cooperation
    For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.

    “Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”

    3. Increased Cross-Border Investment
    According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.

    The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.

    Cons of Globalization are :
    Unequal economic growth. While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.
    Lack of local businesses. The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.
    Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
    Exploits cheaper labor markets. Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.
    Causes job displacement. Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.

  84. Avatar EZE UCHECHUKWU says:

    Eco. 362 —21/01/2022 (Online Discussion/Quiz 2—Pros and Cons of Globalization)
    • NAME: UCHECHUKWU
    • REG NO : 2018/241866
    • DEPARTMENT: ECONOMICS
    • Email: uchechukwu.eze.241866@unn.edu.ng
    • QUESTION:
    Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.
    As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
    In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

    ANSWER:
    Globalization as a global phenomenal has pros and cons that affects our local economy and the world at larger.
    Prons of Globalization are as follows:
    (a) Employments opportunities
    (b) Openness to New culture (that is improving the ways of life or doing something)
    (c) The widespread of technology facilities and innovation
    (d) Smaller costs for products
    (e) Better standards of living of the people across the world (globe)
    (f) Openness or access to New and larger markets
    (g) Access to New talent.

    Cons of Globalization are as follows
    (a) Lead to job displacement
    (b) Open local economy to unhealthy competition
    (c) It lead to unequal growth ( that is disproportionate growth)
    (d) Environmental degradation

    EXPLAINATION
    Pros
    (a) Openness to New Cultures
    Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment as you listen to your favorite UK-based artist or stream a Bollywood movie.

    (b) Widespread of Technology facilities and Innovation
    Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly. Because knowledge also transfers so fast, this means that scientific advances made in Asia can be at work in the United States in a matter of days.

    (c) Smaller Costs for Products
    Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.

    (d)Better Standards of Living of the people Across the Globe
    Developing nations experience an improved standard of living—thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.

    (e) Openness or access to New Markets
    Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas. International Professional Employer Organizations (PEOs) make it easier than ever to employ workers in other countries quickly and compliantly. This means that, for many companies, there is no longer the need to establish a foreign entity to expand overseas.

    (f)Access to New pattern of doing things Talent
    In addition to new markets, globalization allows companies to find new, specialized talent that is not available in their current market. For example, globalization gives companies the opportunity to explore tech talent in booming markets such as Berlin or Stockholm, rather than Silicon Valley. Again, International PEO allows companies to compliantly employ workers overseas, without having to establish a legal entity, making global hiring easier than ever.

    Cons

    (a) Open local economy to unhealthy Competition
    When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.

    With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.

    “Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”

    (b) Globalization leads unequal Growth
    Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

    Within countries, globalization often has the effect of increasing immigration. Macro economically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.

    Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.

    “Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

    (C)Environmental degradation
    Increased globalization has been linked to various environmental challenges, many of which are serious, including:

    Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
    Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
    The introduction of potentially invasive species into new environments
    Therefore, the pros and cons of Globalization cannot overemphasized in the local and globe economy of the world

  85. Avatar Obiyo,+Uchechukwu+Ngozi says:

    Obiyo, Uchechukwu Ngozi
    2018/241841

    The following are some of the pros of globalisation and how they affect our local economy and the global economy at large:
    1. Production of goods at lower cost: Through globalisation, Nigeria can check out the goods she can produce at lower opportunity cost and therefore focus(specialise) on the production of those goods. She can import the ones that have higher opportunity costs. This will cause the prices of those domestic goods to be cheaper which will in return increase their demand thereby increasing GDP through increase in consumer purchases. The goods can also be exported thereby providing those goods in other countries.
    2. Free movement of Labour: As Nigeria is currently facing high unemployment issue, globalisation has made it possible for citizens to travel to other countries to seek for employment. When they get employed or get businesses in those countries, Nigeria will have an increase in GNP while those countries’ GDP increases.
    3. Spread in technology: Globalisation has made it possible for countries to have access to new and existing technology. Nigeria , through globalisation, can get to know of new technological innovations that they can use to ease and boost production which will in return, boost the economy.

    The following are some of the Cons of Globalisation:
    1. Brain drain from some developing countries: Since there is free movement of Labour, developed countries tend to create ‘opportunities ‘ for developing countries’ geniuses. This will cause a serious reduction in the number of technical know-Hows of developing countries like Nigeria.
    2. Less cultural diversity: Since the time of globalisation in the 1990s, countries tend to leave some beautiful practices and rather go for the general practices thereby causing a reduction in cultural diversity of nations. People are no longer recognised or identified by their dressings because globalisation has made it to be that almost everyone puts on the same kind of wear.
    3. Environmental costs: Globalisation has turned the world into an industrial world. This has made some countries to make use of non-renewable resources that are harmful to the environment. This causes pollution in the land for all living things.

  86. Avatar Ezeamenyi chinonso ifesorochukwu says:

    NAME: EZEAMENYI CHINONSO IFESOROCHUKWU
    REG: 2018/251370
    DEPT: EDUCATION/ECONOMICS
    EMAIL ADDRESS: nonsofavour732@gmail.com
    Globalization describes how different world cultures, populations, and economies are interdependent from each other. It is a consequence of cross-border business. Technology, goods, investments, information, and services along with the labor market are the most popular components of such activity. Nations have established worldwide integration over many centuries by enabling economic, political, and social partnerships.
    What are Some Advantages of Globalization?
    1: Global Market: It means encouraging nations to specialize and produce plenty of goods available in their local market. Different countries produce different products and what is most surprising there is no country which is self-sufficient. Some countries with developed economies don’t have enough raw materials for their factories, while the rest accumulate costs more than it should. Worldwide integration has led the way to cheap raw materials. Now states can purchase them and produce low price products with a good profit.
    2: Cross-Cultural Management: Culture pertains to the way particular people do things as well as their values and believes. Incorporating all cultures to form a global one is not easy. For instance, before globalization, many countries would not allow females to acquire education, and even if they did, they were supposed to do jobs such as teaching or nursing.
    3:Competition: Competition is a healthy way of doing business. Without it, companies would not pioneer some innovations in cross-border trade. It is the main reason why the quality of goods and services improve as well as why the prices drop. Competition affected industries in some developed countries to source cheap raw materials and labor to decrease prices. People from the first-world can afford themselves to buy products from domestic industries and foreign ones. Competition causes increased communication of ideas and innovation as people try to find a competitive advantage for their business.
    4:Job Opportunity: Initially, job opportunities were quite scarce, and everyone who graduated from college applied in a certain government sector, but most of them ended up working as a casual laborer in industries with a low income. Globalization has brought this trend to a halt as more job opportunities are now available locally and internationally. By using technology, one can access employment opportunities, work remotely and even have more than one job.
    5:Advanced technology: Advanced technologies are a result of globalization. A constant need for innovations appeared due to the lack of quick data transfer and public communication. Lots of inventors have tried to serve the needs of modern society by improving technology. Its advancement has paved the way for positive effects of globalization in countries that initially did not want to associate with others. Such states select partners for cooperation depending on religion rather than the economy.
    NEGATIVE EFFECTS OF GLOBALIZATION
    Although the developing countries have had many benefits from globalization, there are a few negative impacts it has caused in the developing countries.
    1: Displacements of Workers: Thanks to globalization, there are employment opportunities all over our huge world. However, most people have had to leave their families for many years as they work abroad. As a result, couples have divorced, remarried and left destitute children at the mercy of volunteers and shelters. Some children haven’t been able to meet their old-aged parents’ needs because the money they earn from their job is not enough. Lots of seniors die due to sicknesses and lack of financial and emotional support from their children.
    2:Unemployment: In almost all developing countries over half of the working population relied on casual jobs in industries until globalization took root. The advancement of technology has reduced such employment and increased global need for skilled professionals. Majority of people in developing countries don’t have skills, while the available jobs are poorly paid due to high demand caused by globalization. Most of the people are left unemployed and unable to meet their basic needs resulting in increased criminal activities such as burglary, pickpocketing, murder and drug abuse. The rate of unemployment and poverty keeps growing as the gap between the rich and the poor widens.
    3:Increased Lifestyle diseases: Globalization has brought in the consumption of processed foods, planting crops using chemicals to minimize the duration of growth and increase profit. In order to benefit from business, animals such as the cows are fed on chemicals that make them produce a lot of milk or increase in weight for those that are sold for the meat industry. Due to increased ingestion of chemicals from foods, chronic diseases are on the rise. The mortality rate is high. Furthermore, there is a reduction in the lifespan in the developing countries.
    4:Abandonment of Culture: Every community, society, or nation has its values and beliefs, that is to say – own culture. They are essential because they mold the acceptable behavior of the people in a particular community. The elders or leaders ensure that the people behave in a morally upright way. However, globalization mixed different cultures. Then people reconsidered their authentic rules and customs regarding their culture as primitive. Some nations from developing countries adopt the western culture and abandon there’s own. The community leaders can no longer pursue their own domestic policy punishing citizens for crimes them as they did before because they are regarded as backward and primitive by international society. They adopt the culture which is quite strange and distant from their nature, due to such policy, people conduct themselves regardless of actual laws. As a result, there is an increased crime as acts such as rape, divorce, and domestic violence get on the rise.
    5:Terrorism: Not a year ends without incidences of terrorism in my community, something that has affected its welfare and unity that existed before globalization. According to recent studies, there were nine thousand terroristic attacks performed worldwide in 2017. This statistic sounds really frighteningly.

  87. Avatar Favour Okpara says:

    Okpara Favour Amarachi
    2018/248953
    favouramy363@gmail.com

    Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.

    As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
    In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

    ANSWERS
    The pros and cons of something are its advantages and disadvantages, which you consider carefully so that you can make a sensible decision.
    Below are the advantages and disadvantages of globalization as it affects the local economy and the global economy at large.

    ADVANTAGES
    1.Information and Technology Spread More Easily With Globalization
    Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

    2.Globalization Broadens Access to Goods and Services
    It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

    3.Globalization Increases Cultural Awareness
    Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

    4.Promotes working together. When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services.

    5.Foreign Exchange Reserves
    Through globalization countries can build foreign exchange reserves owing to international financial flows. 

    DISADVANTAGES
    1.Globalization Can Contribute to Cultural Homogeneity :
    Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

    2.Globalization Empowers Multinational Corporations :
    Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements (this was an argument invoked against the TPP).

    3.Increases potential global recessions :
    When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.

    4.Exploits cheaper labor markets :
    Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.

    5.Trade Imbalance
    The balance of trade refers to the balance of values between a country’s export and import’s goods and services. As the result of globalization, any country can trade to any part of the globe.
    That is why, in some cases developing countries are so much dependent on the developed countries in terms of import goods but their export capabilities are lower than import. The trade imbalance has been occurring.

  88. Avatar Chime Doris chinenye says:

    Chime Doris chinenye
    2018/250191
    Eco 362

    Question:Discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

    Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures. Supporters say that this is making countries more interdependent on free trade. But critics maintain that it is also concentrating wealth in the corporate elite, disrupting industries and making local economies more vulnerable.

    This process has roots in ancient civilizations that traded for valuable commodities that were unavailable in their homelands. But today, you can also see how large corporations similarly thrive as multinational businesses with offices and supply chains stretching around the globe.

    Globalization has also come under scrutiny with President Joe Biden’s recent $2.3 trillion infrastructure and jobs plan. Many large multinational companies like Amazon were singled out by Biden for taking advantage of tax loopholes to avoid paying federal income taxes. The President said that he would raise corporate taxes and eliminate these loopholes and foreign tax credits to fund his plan.

    While governments focus on removing national barriers to promote global trade, they are also working on protecting local economies that could easily get disrupted. Let’s break down the advantages and disadvantages of globalization.

    Advantages of globalization
    1. Globalization Broadens Access to Goods and Services
    It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent.

    2. Globalization Can Lift People Out of Poverty
    The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

    3. Globalization Increases Cultural Awareness
    A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

    4. Information and Technology Spread More Easily With Globalization
    Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

    Disadvantages of globalization
    1. Workers Can Lose Jobs to Countries With Low-Cost Labor
    This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.

    Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

    2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
    In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.

    Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

    3. Globalization Can Contribute to Cultural Homogeneity
    Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

    4. Globalization Empowers Multinational Corporations
    Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements (this was an argument invoked against the TPP).

    In conclusion, supporters and opponents of globalization generally agree that the phenomenon has created winners and losers. Supporters argue that the benefits outweigh the drawbacks, while critics want to either improve the conditions of global trade or, in some cases, roll back globalization.

  89. Avatar IBEZIM CHISOM PRECIOUS - 2018/242340 says:

    NAME: IBEZIM CHISOM PRECIOUS
    REG NO: 2018/242340
    DEPARTMENT: ECONOMICS
    COURSE: DEVELOPMENT ECONOMICS II

    What Exactly Is Globalization?
    Globalization is the network of relationships that exists between economies all over the world as a result of international commerce and investment. While globalization has a long history, the current era of globalization began in earnest in the early nineteenth century. Beginning with the Industrial Revolution, advances in transportation (such as railroads and steamships) and communication (such as the telegraph) enabled increased economic engagement and cooperation across national borders.
    Protectionism is the polar opposite of economic globalization, or free-market commerce across borders. It is an economic strategy that seeks to shield domestic enterprises from international competition and labor markets, typically by erecting trade barriers such as tariffs.

    Globalization examples include:
    1. Organizations with intergovernmental status. Treaties between many different countries have enabled the formation of international organizations as a result of globalization. The European Union, the United Nations, the World Bank, the World Trade Organization (WTO), and the International Monetary Fund (IMF) are a few examples.
    2. Treaties between governments. Many nations throughout the world have signed treaties or implemented trade policies to facilitate international investment and trade. The North American Free Trade Agreement (NAFTA) and the Comprehensive Economic and Trade Agreement (CETA) are two examples of free-trade accords.
    3. Corporations with global reach. A multinational corporation is a company that conducts business in multiple nations. Multinational corporations exist because of globalization. Globalization, for example, enables major US firms to sell their products in Mexico, China and Europe.

    What Are the pros of Globalization?
    Globalization can help a country’s economy in a variety of ways:
    1. Enhances economic growth. Globalization promotes economic progress in every country that participates in the global economy by expanding the worldwide exchange of commodities, technical developments, and knowledge. An increase in economic growth equals improved living standards, higher earnings, more wealth in a society, and, in many cases, less poverty—in short, a country’s overall well-being.
    2. Reduces the cost of production. A global market provides firms with greater access to manufacturing possibilities and consumers, resulting in more items offered at a wider range of pricing points.
    3. Encourages collaboration. When different countries join forces to trade and invest in a global financial market, they become interdependent and frequently rely on one another for particular goods and services.
    4. Opportunities are created for poorer countries. Globalization enables businesses to shift manufacturing from high-cost locales to lower-cost locations abroad, bringing jobs, information technology, and other economic opportunities to countries with limited resources.

    What Are the cons of Globalization?
    While globalization can benefit nations, it also has a number of negative consequences. Globalization has the following disadvantages:
    1. Economic growth that is unequal. While globalization tends to boost economic growth in many nations, the benefits are not distributed evenly—richer countries often gain more than emerging countries.
    2. There aren’t enough local businesses. Globalization policies tend to favor companies with the resources and infrastructure to operate supply chains or distribution in multiple countries, which can disadvantage small local businesses—for example, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.
    3. Increases the likelihood of worldwide recessions. When the economic systems of several countries grow intertwined, the likelihood of a global recession rises dramatically—because if one country’s economy begins to struggle, it might set off a chain reaction that affects many other countries at the same time, resulting in a global financial crisis.
    4. Low-cost labor marketplaces are exploited. Globalization allows businesses to create more jobs and opportunities in poorer countries, where labor costs are often lower. These countries’ overall economic development, however, may be low or stagnant.
    5. This results in job displacement. Globalization does not create more employment; rather, it redistributes them by shifting production from high-cost countries to low-cost ones. As a result, high-cost countries frequently lose jobs as a result of globalization, as production moves outside.

  90. Avatar OGBONNAYA GERALDINE UGOCHI says:

    NAME: OGBONNAYA GERALDINE UGOCHI
    DEPARTMENT: ECONOMICS
    REGISTRATION NUMBER: 2018/241833
    LEVEL: 300L
    COURSE TITLE: DEVELOPMENT ECONOMICS II
    COURSE CODE: ECO 362

    ASSIGNMENT

    PONS OF GLOBALIZATION
    1. Globalization Broadens Access to Goods and Services:
    It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

    2. Globalization Can Lift People Out of Poverty:
    The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

    3. Globalization Increases Cultural Awareness:
    Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

    4. Information and Technology Spread More Easily With Globalization:
    Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

    5. Increases Economic Growth:
    By increasing the international exchange of goods, technological advances, and information, globalization increases economic development for any country participating in the global economy. An increase in economic growth means better living standards, higher incomes, more wealth in a country, and, often, less poverty—in short, the overall well-being of a country.

    6. Makes Production More Affordable:
    A global market allows businesses wider access to production opportunities and consumers, meaning that there are more goods available at a wider range of price points.

    7. Promotes Working Together:
    When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services.

    8. Brings Opportunities To Poorer Countries:
    Globalization allows companies to move their production from high-cost locations to lower-cost locations abroad—this means bringing jobs, information technology, and other economic opportunities to countries with fewer resources.

    CONS OF GLOBALIZATION
    1. Unequal Economic Growth:
    While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.

    2. Lack Of Local Businesses:
    The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.

    3. Increases Potential Global Recessions:
    When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.

    4. Exploits Cheaper Labor Markets:
    Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.

    5. Causes Job Displacement:
    Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.

    6. Globalization Can Contribute to Cultural Homogeneity:
    Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

    7. Globalization Hasn’t Protected Labor, Environmental or Human Rights:
    In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect.
    Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.
    8. Globalization Empowers Multinational Corporations:
    Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements

  91. Avatar Aroh oluchukwu perpetua says:

    Name:Aroh oluchukwu perpetua

    Reg no:2018/243120

    Dept:Economics

    Course:Eco 362 quiz

    Firstly Globalization is the spread of products, technology, information, and jobs across national borders and cultures. In economic terms, it describes an interdependence of nations around the globe fostered through free trade.
    Then there are pros and cons of globalization in the economy

    The pros of Globalization in the local economy can be seen as follows:
    1)Increases economic growth. By increasing the international exchange of goods, technological advances, and information, globalization increases economic development for any country participating in the global economy. An increase in economic growth means better living standards, higher incomes, more wealth in a country, and, often, less poverty—in short, the overall well-being of a country.

    2)Makes production more affordable. A global market allows businesses wider access to production opportunities and consumers, meaning that there are more goods available at a wider range of price points.

    3)Promotes working together. When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services.

    4)Brings opportunities to poorer countries. Globalization allows companies to move their production from high-cost locations to lower-cost locations abroad—this means bringing jobs, information technology, and other economic opportunities to countries with fewer resources.

    While the cons of globalization in the local economy can be seen as :

    1)Unequal economic growth: While globalization tends to increase economic growth for many countries, the growth isn’t equal,richer countries often benefit more than developing countries.

    2)Lack of local businesses: The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.

    3)Increases potential global recessions:When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.

    4)Exploits cheaper labor markets:Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.

    5)Causes job displacement:Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.

  92. Avatar Ezeaku Anderson Esomchukwu says:

    Name: Ezeaku Anderson Esomchukwu
    Reg no: 2018/242413
    Dept: Economics
    Course code: Eco 362
    Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and culture. Supporters say that this is making countries more interdependent on free trade. But critics maintain that it is also concentrating wealth in the corporate elite, disrupting industries and making local economies more vulnerable.
    Advantages of globalization
    1. Globalization Broadens Access to goods and services: its hard to argue with the point globalization makes more goods and services available to more people often at lower prices if you have disposable income and you’re buying a product that comes from abroad you’re benefiting from globalization to some extent.Business owners also benefit by having access to a bigger market for their goods and services.
    2. Globalization can lift people out of poverty: The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity and quality of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital scarce, labour rich countries I.e developing countries.
    3. Globalization increases cultural awareness: Globalizations defenders say it has increased cross cultural understanding and sharing. A globalized society boost the rate at which People are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.
    4. Information and technology spread more easily with globalization: Art and culture aren’t the only things that spread more easily in a globalized society.The same goes for information and technology.
    Disadvantages of Globalization
    1. Workers can lose jobs to countries with low cost labour: Generally speaking, globalization increases the returns to capital in rich countries like the u.s and decreases the returns to labour in those same countries. Thats a Fancy way of saying that low skill jobs in the u.s can disappear as a result of globalization.
    2. Globalization hasn’t protected Labour, environmental or human right: some argue that globalization has caused a race to the bottom in which companies with the weakest labour and environmental protections and the lowest wages. And while globalization has increased flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by government.
    3. Globalization can contribute to cultural homogeneity: globalization might lead to more cultural homogeneity as peoples preferences converge and products cannot compete with cheaper multinational ones. Some critics of globalization worry that its creating a mainstream monoculture while driving other diverse cultures underground
    4. Globalization empowers multinational corporations: Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens.This reduces state sovereignty and citizens ability to hold their leaders accountable for conditions in their countries.

  93. Avatar EZEA SOPULUCHUKWU LUKE says:

    NAME:: EZEA SOPULUCHUKWU LUKE
    REG NO:: 2018/251024
    DEPARTMENT:: ECONOMICS
    COURSE::ECO 362( development economics ii)
    EMAIL:: sopuluchukwuluke@gmail.com
    ASSIGNMENT
    Globalization is defined as the increase in the flow of goods, services, capital, people, and ideas across international boundaries, according to the online course Global Business, taught by Harvard Business School Professor Forest Reinhardt.

    “We live in an age of globalization,” Reinhardt says in Global Business. “That is, national economies are ever more tightly connected with one another than ever before.”
    ADVANTAGES OF GLOBALIZATION
    1. Economic Growth
    It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:

    Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
    Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
    Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
    The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.
    2. Increased Global Cooperation
    For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.

    “Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”

    3. Increased Cross-Border Investment
    According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.

    The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.

    DISADVANTAGES OF GLOBALIZATION
    1. Increased Competition
    When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.

    With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.

    “Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”

    2. Disproportionate Growth
    Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

    Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.

    Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.

    “Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

    3. Environmental Concerns
    Increased globalization has been linked to various environmental challenges, many of which are serious, including:

    Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
    Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
    The introduction of potentially invasive species into new environments

    2 Effects of Economic Globalization
    Globalization has led to increases in standards of living around the world, but not all of its effects are positive for everyone.

    Put simply, globalization is the connection of different parts of the world. In economics, globalization can be defined as the process in which businesses, organizations, and countries begin operating on an international scale. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. In general, globalization has been shown to increase the standard of living in developing countries, but some analysts warn that globalization can have a negative effect on local or emerging economies and individual workers.

    A Historical View

    Globalization is not new. Since the start of civilization, people have traded goods with their neighbors. As cultures advanced, they were able to travel farther afield to trade their own goods for desirable products found elsewhere. The Silk Road, an ancient network of trade routes used between Europe, North Africa, East Africa, Central Asia, South Asia, and the Far East, is an example of early globalization. For more than 1,500 years, Europeans traded glass and manufactured goods for Chinese silk and spices, contributing to a global economy in which both Europe and Asia became accustomed to goods from far away. Following the European exploration of the New World, globalization occurred on a grand scale; the widespread transfer of plants, animals, foods, cultures and ideas became known as the Columbian Exchange. The Triangular Trade network in which ships carried manufactured goods from Europe to Africa, enslaved Africans to the Americas, and sent raw materials back to Europe is another example of globalization. The resulting spread of slavery demonstrates that globalization can hurt people just as easily as it can connect people.

    The rate of globalization has increased in recent years, a result of rapid advancements in communication and transportation. Advances in communication enable businesses to identify opportunities for investment. At the same time, innovations in information technology enable immediate communication and the rapid transfer of financial assets across national borders. Improved fiscal policies within countries and international trade agreements between them also facilitate globalization. Political and economic stability facilitate globalization as well. The relative instability of many African nations is cited by experts as one of the reasons why Africa has not benefited from globalization as much as countries in Asia and Latin America.

    Benefits of Globalization

    Globalization provides businesses with a competitive advantage by allowing them to source raw materials where they are inexpensive. Globalization also gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies.

    With globalization, different parts of a product may be made in different regions of the world. Globalization has long been used by the automotive industry, for instance, where different parts of a car may be manufactured in different countries. Businesses in several different countries may be involved in producing even seemingly simple products such as cotton T-shirts.

    Globalization affects services too. Many businesses located in the United States have outsourced their call centers or information technology services to companies in India. As part of the North American Free Trade Agreement (NAFTA), U.S. automobile companies relocated their operations to Mexico, where labor costs are lower. The result is more jobs in countries where jobs are needed, which can have a positive effect on the national economy and result in a higher standard of living. China is a prime example of a country that has benefited immensely from globalization. Another example is Vietnam, where globalization has contributed to an increase in the prices for rice, lifting many poor rice farmers out of poverty. As the standard of living increased, more children of poor families left work and attended school.

    Consumers benefit too. In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. In some cases, this may contribute to improved health by enabling a more varied and healthier diet; in others, it is blamed for increases in unhealthy food consumption and diabetes.

  94. Avatar AGUBUZO+SOMTOCHUKWU+THELMA says:

    NAME: AGUBUZO SOMTOCHUKWU THELMA
    REG NO: 2018/242444
    DEPARTMENT: ECONOMICS

    Globalization refers to an open flow of information, technology, and goods among countries and consumers. Globalization is a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures.Some scholars praise globalization for opening borders and connecting cultures and politics. Others blame it for disrupting local economies and eliminating jobs.
    The pros of globalization are:
    1.Information and Technology Spread More Easily With Globalization
    Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.
    2.Increased Cross-Border Investment
    According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.
    The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.
    3.Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
    4. Higher Standards of Living Across the Globe
    Developing nations experience an improved standard of living—thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.
    The cons of globalization are:

    1. Workers Can Lose Jobs to Countries With Low-Cost Labor
    This first argument against globalization is the one that surfaces most frequently in developed political discussions about trade deals. When th developed countries competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.
    Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.
    2. Disproportionate Growth
    Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.
    Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.
    3. Loss of Cultural Identity
    While globalization has made foreign countries easier to access, it has also begun to meld unique societies together. The success of certain cultures throughout the world caused other countries to emulate them. But when cultures begin to lose their distinctive features, we lose our global diversity.

  95. Avatar ASADU EMMANUEL CHIAGOZIEM says:

    NAME: ASADU EMMANUEL CHIAGOZIEM
    REGISTERATION NUMBER: 2018/241853
    DEPARTMENT: ECONOMICS

    Advantages of globalization
    1. Transfer of Technology
    The resultant boom in trade and communication has led to the trader of knowledge and technology from the developed world to the developing world.

    2. Better Services and Products
    Through the resultant technological and trade advancements, the global labor force is more mobile than before and can move between nations with ease, bringing with them their wealth of experience in a plethora of services. Also, various products and production methods are exchanged.

    3. Standardization of Living
    The integration of economies as the key process of globalization enables countries to fight against poverty and improve the standard of living of the people. Many researchers have stated that when a country opens up their trade to the globe, their rate of economic growth is faster and living standards tend to increase.

    4. Development of Infrastructure
    Due to technological advancement and the increase in foreign investments into other nations, nations have witnessed an improvement in their national infrastructure.

    5. Foreign Exchange Reserves
    Through globalization countries can build foreign exchange reserves owing to international financial flows.

    6. Economic Growth
    Globalization entails optimum utilization of resources wherein deficit resources are procured and surplus resources are exported to other countries. This ensures overall economic growth.

    7. Affordable Products
    With access to the latest technology, countries can provide products to its countrymen at affordable prices. Globalization promotes competition in domestic economies and their endeavor to compete against competition, companies reduce product price or follow penetration pricing strategy.

    8. Contribution to World GDP
    Globalization ensures the contribution of every country to world GDP growth.

    Disadvantages of Globalization

    1. Growing Inequality
    Globalization can increase inequality throughout the world by increasing specialization and trade. Although specialization and trade boost the per-capita income it may cause relative poverty.
    To illustrate this we will take an example. All dominated MNCs in the world are located in the United States. All these companies are buying cheaper labor from developing or underdeveloped countries for their product manufacturing or assembling. China, India and Africa are prime examples of this. It increases the employment of such countries but they are lagging behind relatively developed countries.

    2. Increasing of the Unemployment rate
    Globalization demands for higher-skilled work with cheaper prices. But countries where Institutions are relatively weak are not capable of producing highly skilled workers. As a result, the unemployment rate is increasing in those countries.
    When many foreign companies invest heavily in developing countries, they hire employees from that country. In some cases their salaries are much lower than their counterparts in developed countries. Moreover, the demand for these employees in developed countries is very low.

    3. Trade Imbalance
    The balance of trade refers to the difference in value between a country’s imports and exports. As a result of globalization, any country can trade with any part of the globe.
    The increase in trade freedoms leads to a situation where developing countries are heavily dependent on the developed countries in terms of import goods but their export capabilities are lower than import which results in a continuous trade imbalance.

    4. Environmental degradation
    The increasing pace of global industrialization has led MNCs and their host nations to seek cheaper sources of natural resources in developing nations whose regulatory structure can not do much to restrict their activities. The lack of firm regulation and the nature of the activities of these firms and countries has led to pollution on a catastrophic scale. For example, the Niger Delta region of Nigeria has been plagued by air and water pollution, stemming from the unregulated activities of Shell and other oil MNCs.

  96. Avatar Nnadebe Jane Amarachi (2018/241863) says:

    NNADEBE JANE AMARACHI
    2018/241863
    DEPARTMENT OF ECONOMICS

    GLOBALIZATION refers to an open flow of information, technology, and goods among countries and consumers. This openness occurs through various relationships, from business, geopolitics, and technology to travel, culture, and media.
    Even though globalization makes our lives better, it does bring some challenges as companies start to grow and expand across borders. Cultural differences around the world are undeniable. These differences create hurdles for businesses entering foreign markets and necessitate changes to their daily business operations, whether it’s employing workers in a new region or communicating the value of their product to a new audience.

    ADVANTAGES OF GLOBALIZATION TO GLOBAL AND LOCAL ECONOMY

    1. Transfer of Technology:
    Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly. Any country can borrow the technology through the agreement and can implement it in their country for their overall development.

    2. Lower Costs for Products:
    With the access to the latest technology, the countries can provide products to its countrymen at affordable prices.

    3. Extensions of Market:
    Above all, Globalization promotes extension of market. It provides an opportunity to the domestic companies in going global.

    4. Higher Standards of Living:
    Developing nations experience an improved standard of living—thanks to globalization.

    5. Better Services:
    Globalization always provides us better services. Through the technological advancement our services like water supply, mobile networking, internet, electricity supply and any other services have been easier and better than before.

    6. Development of Infrastructure:
    Due to the technological advancement across the world, it has helped in improving infrastructure.

    7. Economic Growth:
    It’s widely believed that increased globalization leads to greater economic growth for all parties.

    8. Globalization also reduce labor exploitation issues

    DISADVANTAGES OF GLOBALIZATION TO GLOBAL AND LOCAL ECONOMY.

    1. Globalization May Encourage More Offshoring Instead Of Less:
    With fewer restrictions in place at the national level, some businesses may use offshoring to their advantage.

    2. Loss of Cultural Identity:
    While globalization has made foreign countries easier to access, it has also begun to meld unique societies together. The success of certain cultures throughout the world caused other countries to emulate them. But when cultures begin to lose their distinctive features, we lose our global diversity.

    4. Foreign Worker Exploitation:
    Lower costs do benefit many consumers, but it also creates tough competition that leads some companies to search for cheap labor sources.
    5. Growing Inequality:
    Although specialization and trade boost the per-capita income it may cause relative poverty and inequality

    6. Increasing Of The Unemployment Rate:
    Globalization demands for higher-skilled work with cheaper price. But countries where Institutions are relatively weak are not capable of producing highly skilled workers. As a result, the unemployment rate will increase in those countries.

    7. Imbalance of Trade:
    Trade imbalance refers to the imbalance of values between a country’s import and export’s goods and services. It is also called trade deficits. Trade imbalance may be increase in developed countries by their competitors.

  97. Avatar Ugwu chidera loveth says:

    UGWU CHIDERA LOVETH
    2018/241235
    ECONOMICS EDUCATION.

    What Is Globalization?
    Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures. Supporters say that this is making countries more interdependent on free trade. But critics maintain that it is also concentrating wealth in the corporate elite, disrupting industries and making local economies more vulnerable.
    PROS OF GLOBALIZATION.
    1. Globalization Broadens Access to Goods and Services
    It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

    2. Globalization Can Lift People Out of Poverty
    The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

    3. Globalization Increases Cultural Awareness
    Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

    4. Information and Technology Spread More Easily With Globalization
    Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro -lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

    CONS OF GLOBALIZATION.
    1. Workers Can Lose Jobs to Countries With Low-Cost Labor
    This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.

    2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
    In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect.
    Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

    3. Globalization Can Contribute to Cultural Homogeneity
    Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

    4. Globalization Empowers Multinational Corporations
    Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements.

  98. Avatar Obodoike Faith Oluchi says:

    Name: obodoike Faith Oluchi
    Reg no:2018/245387
    Department: Education Economics
    Email address: oluchifaith093@gmail.com
    Course code: Eco 362
    Course tittle: Economics Development
    Assignment
    Clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

    Answer

    Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures.
    The Pros and Cons of Globalization

    Advantages of globalization
    1. Globalization Broadens Access to Goods and Services
    It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

    2. Globalization Increases Cultural Awareness:
    A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries.

    3. Globalization Can Lift People Out of Poverty
    The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity and quality of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

    4. Information and Technology Spread More Easily With Globalization
    Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.
    5. Globalization enhances employment opportunities for people:it makes employment opportunities easily accessible to people who are seeking for job or employment
    6. Globalization enhances or encourage specialisation.

    Disadvantages of globalization
    1. Workers Can Lose Jobs to Countries With Low-Cost Labor
    globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

    2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
    In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.

    3. Globalization Can Contribute to Cultural Homogeneity
    Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.
    4. Globalization Empowers Multinational Corporations
    Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries.
    5. Globalization leads to too much dependent,it makes underdeveloped countries to depend on developed countries for most of their needs.

  99. Avatar OBELEZE CHRISTIANTUS IFEANYI says:

    Name: Obeleze Christiantus Ifeanyi
    Reg. No: 2018/242407
    Email: obelezechristiantus@gmail.com

    Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.
    As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
    In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

    PROS OF GLOBALIZATION AS IT AFFECT OUR LOCAL ECONOMY AND THE GLOBAL ECONOMY AT LARGE.

    POVERTY ALLEVIATION
    As far as poverty reduction is concerned, globalization played a role in poverty reduction in developing countries. In deed most developed countries experienced reduction in poverty in the proportion of their living below the poverty line, including fast developing countries like China, India, Vietnam. While other countries like Sub-Saharan Africa registered an opposite trend (Lee E., 2006).
    TECHNOLOGY
    This is a powerful force that drives the world toward a converging commonality. It has proletarianized communication, transport, and travel. People from different places everywhere wants all the things they have heard about, seen, or experienced through technology. Organizations through its managements can obtain knowledge from different places in the world that can be used in the organization.
    Television and medias played a big role in influencing the perception of the world, from a relatively small national unity and reality, into a global market and international concerns. As multinationals establish subsidiaries in new locations, they transfer know how from the parent to the local operation. Knowledge flows from one unit to another as a whole organization benefits from development activity. One of the ways that organizations use in knowledge transfer is the movement of personnel, which takes place within multinationals. This build up a bank of knowledge about working in different situations with people from different cultures and this represents a stock of knowledge that could be developed and used to benefit the organization (Kamoche, 1997).
    EMPLOYMENT SITUATION.
    Through globalization, people from different countries are provided with jobs opportunities within the global. It has created the concept of outsourcing. Developed countries prefer to provide work to developing countries where costs are cheap. Work such as customer support, software development, accounting, marketing and insurance are given to developing countries like India. Therefore the country that is given the work enjoys by getting jobs.
    It has given an opportunity to invest in the emerging markets and tap up the talent which is available there. In developing countries, there is often a lack of capital which hinders the growth of domestic companies and hence, employment. In such cases, due to global nature of the businesses, people of developing countries too can obtain gainful employment opportunities (Pillai P.,2008).

    EDUCATION.
    Globalization from the point of view has positive effects as well as negative effects. It has increased the access of higher education example universities and reducing the knowledge gap in developing countries, it equally has negative aspects which can seriously threaten universities in those countries. From point of view it has brought more positive effects to developing countries through increasing access to higher learning institutions. Today you can move in the search of the best educational facilities in the world including developing countries without any hindrance. This is due to increased output from secondary schools, greater participation of women in higher education, a growing private sector demand for graduates, and the exorbitant costs of acquiring education in foreign countries, especially those in the nort (Mohamedbhai G., 2002).
    FOREIGN TRADE
    Despite having negative effects of globalization, it has a good side too. One of the most significant effect it has brought to developing countries is Trade. Before people used to exchange goods for goods or services for services but now people can trade goods for money. This is mostly through International trade whereby people exports and imports goods within countries. Globalization has led to reduction of costs in trade within the globe. It has led to reduction of tax of importation of goods.
    According to economic theory, foreign trade is in principle, beneficial to any country engaged. The international division of labor allocates the resources more efficient whereby it increases the economic welfare of all countries engaged in foreign trade in long run (Kaitilia V and Kotilainen M., 2002).

    FOREIGN INVESTMENT
    Foreign investment is a direct result of globalization. Foreign investment is always welcomed as it provides resources, capital and technology to a country that will support economic development of the host country. This improves employment as in direct and indirectly. Increases exports to a country and thereby improves the current account and therefore will help to the repayment of foreign debt. This however has some criticisms for leading to too much foreign control (Kaitilia V and Kotilainen M., 2002).
    Developing countries can use general or specific industrial and trade policies to be more or less welcoming to foreign direct investments, capital and foreign tourist services. They can directly and indirectly shape their participation in the economic activities in the globe (Piasecki R. and Wolnicki M., 2004).
    MARKET SECTOR
    Globalization of markets in developing countries is growing so fast. The emergence of global markets for standardized consumer products on a previously unimagined scale of magnitude. This brought benefits which are economies of scale in production, reduced world prices, distribution, marketing and management (Levitt T., 1983)
    IKEA is one of the company that is growing fast in developed countries. Its market is increasing within the global. It has become the world’s largest home furnishings retailer. The managers are facing a lot of challenges in managing them (Nanda A., 1990). IKEA can now be found in so many places in the world example Malaysia.
    ECONOMIC GROWTH
    It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:
    • Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
    • Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
    • Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
    • The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.

    CONS OF GLOBALIZATION AS IT AFFECT OUR LOCAL ECONOMY AND THE GLOBAL ECONOMY AT LARGE.

    UNEMPLOYMENT
    Globalization is a blame to world’s unemployment situation though it brought some jobs opportunities. Despite the fact that it brought jobs opportunities to the global but it is still a blame to the current situation. “It ‘s true that global economic integration and increased travel have resulted in increased competitiveness at the national and enterprise levels, forcing producers to find ways to cut costs, improve efficiency, and raise productivity”(Kigundu M.N.,2002).
    “The most important factor to determine the level of employment during 1980-2000 was national or regional macroeconomic policies which were implemented and sustained. In addition those countries with liberal macroeconomic reforms, pursued politics promoting flexible labor markets and employment practices, decentralized industrial relations systems, and judicious enforcement of labor. On the other hand, countries with employment laws, regulations, and policies experienced higher level of employment because they were not able to attract and retain as many new jobs”(Kiggundu M.N.,2002).
    For example ,Indonesia faced unemployment and poverty that grew to levels not experienced in two decades, health conditions worsened, and the natural environment degraded (Piasecki R and Wolnicki M.,2004)
    ENVIRONMENTAL CONCERNS
    Increased globalization has been linked to various environmental challenges, many of which are serious, including:
    • Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
    • Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
    • The introduction of potentially invasive species into new environments
    While such issues are governed by existing or proposed laws and regulations, businesses have made environmental concerns and sustainability a priority by, for example, embracing the tenets of the triple bottom line and the idea of corporate social responsibility.

    SPREAD OF FAST FOODS CHAIN.
    Fast foods chain is growing very fast. But some of the most rapid growth is occurring in the developing countries, where it’s real changing the way people eat. “Kentucky Fried Chicken(KFC) is the largest, fastest growing, and highest potential units” (Bartlett C.,1986).
    Most people prefer to buy fast foods because it’s cheap and quick. This replaces home cooked fare enjoyed with family and friends. Traditional diets and recipes are yielding to sodas, burgers, and other highly processed and standardized items that have a lot of fat, sugar, and salt resulting a global epidemic of diabetes, obesity, and other chronic diseases. Meanwhile, fast food producers require farmers to raise uniform fields of crops and herds of livestock for easy processing, eliminating agricultural diversity.
    WESTERN CULTURE.
    Globalization has led to the spread of western culture and influence at the expense of local culture in developing countries like Africa. Most people now in developing countries cop what people in developed countries do. So, its like they ignore their own culture and practice western culture ( Goyal K.A., 2006). For example dressing styles and eating habits, language. All these can affect management in one way or another example it can cause misunderstandings because of language barrier.
    TRADE
    Average tariff rates continue to be high in many developing countries, including some that have recently implemented trade reforms. Example,India. Trade policy continues to be an important aspect in globalization at least in some of the lower income developing countries.
    Widespread use of computers, faxes and mobile phones, introduction of the internet and e-commerce, and quicker and cheaper means of transportation in some cases offered opportunities to developing countries, but in many cases deepened the gap between global firms and traditional industries globalization opened up new opportunities for developing countries to create jobs and expand exports. In practice, many developing countries competing for foreign investors offered longer tax holidays, costly subsidies, and various incentives for multinationals. The competition among developing nations reduced positive net effects of globalization or, at best, delayed them.

  100. Avatar Mbah+Chisom+Mary says:

    NAME : Mbah Chisom Mary
    DEPARTMENT: Education/ Economics
    REG NUMBER : 2018/244295
    EMAIL : chisommary111@gmail.com

    ANSWERS
    Globalization has been seen by many as being responsible for opening borders and connecting cultures and politics. Others blame it for disrupting local economies and eliminating jobs while others still views it makes countries more interdependent on free trade. The fact is that globalization has been around since ancient times, and it is fully integrated into different aspects of modern life. As a consumer, your clothing, foods and electronic gadgets are often produced by multinational companies located around the world. And as an investor, a financial advisor could help you diversify your portfolio with emerging market funds and other foreign investments. Critics maintain that it is also concentrating wealth in the corporate elite, disrupting industries and making local economies more vulnerable.
    Advantages of Globalization
    The Pros and Cons of Globalization
    1. Globalization Broadens Access to Goods and Services
    It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

    2. Globalization Can Lift People Out of Poverty
    The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

    3. Globalization Increases Cultural Awareness
    Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

    4. Information and Technology Spread More Easily With Globalization
    Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

    Disadvantages of Globalization
    The Pros and Cons of Globalization
    1. Workers Can Lose Jobs to Countries With Low-Cost Labor
    This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor. globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

    2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
    In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected. Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

    3. Globalization Can Contribute to Cultural Homogeneity
    Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

    4. Globalization Empowers Multinational Corporations
    Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements (this was an argument invoked against the TPP).

    In Summary
    Supporters and opponents of globalization generally agree that the phenomenon has created winners and losers. Supporters argue that the benefits outweigh the drawbacks, while critics want to either improve the conditions of global trade or, in some cases, roll back globalization.

  101. Avatar Nzenwa Ngozi Beatrice says:

    Name: Nzenwa Ngozi Beatrice
    Registration Number: 2018/249548
    Department: Social Science Education
    Unit: Economics and Education
    Email: paulbeatrice3417@gmail.com

    PROS AND CONS OF GLOBALIZATION THAT AFFECTS THE GLOBAL ECONOMY AT LARGE.

    Globalization alludes to the innovative, political, monetary, and social trades among people groups and countries that have made and keep on making the world a more interconnected and related spot. In the business world, this incorporates expanded exchange and venture streams, money trade, and the ascent of worldwide enterprises. Correspondence and transportation advances are fit for connecting individuals who are actually far off from each other, subsequently working with the trading of culture, information, and ideas.

    ADVANTAGES OF GLOBALIZATION
    1. Globalization Widens Admittance to Labor and Products: It’s difficult to contend with the point that Globalization makes more labor and products accessible to more individuals, regularly at lower costs. Assuming you have discretionary cashflow and you’re purchasing an item that comes from abroad, you’re profiting from globalization somewhat. Entrepreneurs likewise benefit by approaching a greater market for their labor and products.

    2. Globalization Can Lift Individuals Out of Destitution: The contention that globalization has lifted individuals in non-industrial nations out of neediness is to some degree disputable on the grounds that conclusions contrast with regards to the amount – and quality – of the positions made by globalization. In any case, the overall insight is that globalization has expanded open positions in capital-scant, work rich nations, for example non-industrial nations.

    3. Globalization Increments Social Mindfulness: Globalization’s protectors say it has expanded diverse agreement and sharing. A globalized society supports the rate at which individuals are presented to the way of life, perspectives and upsides of individuals in different nations. That openness can motivate craftsmen, reinforce ties among countries and hose xenophobia.

    4. Data and Innovation Spread All the more Effectively With Globalization:
    Workmanship and culture aren’t the main things that spread all the more effectively in a globalized society. The equivalent goes for data and innovation. As specific illustrations, see the ascent of versatile banking in Kenya or the act of miniature loaning. Common society gatherings can seek different nations for motivation and smart thoughts can spread all the more without any problem.

    DISADVANTAGES OF GLOBALIZATION
    1. Laborers Can Lose Positions to Nations With Minimal expense Work: This first contention against globalization is the one that surfaces most often in U.S. political conversations about NAFTA and other economic agreements. At the point when the U.S. rivals less-created nations, its huge benefit is its admittance to capital, while less-fostered nations’ large benefit is their modest work.

    As a rule, globalization expands the profits to capital in rich nations like the U.S. also diminishes the profits to work in those equivalent nations. That is an extravagant approach to saying that low-ability occupations in the U.S. can vanish because of globalization (however innovation assumes a major part in this change, as well). The outcome might be a reduction in the disparity between nations however an increment in the imbalance inside nations.

    2.Globalization Hasn’t Secured Work, Ecological or Common freedoms:
    In principle, globalization can be a chance to spread qualities and practices like environmentalism and work freedoms all through the world. By and by, that spread has been sluggish and blemished. For instance, rather than trading the work securities that an organization may need to comply with in the U.S., it may adhere to bring down guidelines in another nation where work isn’t ensured.

    A few contend that globalization has caused a “rush to the base” in which organizations effectively look for the nations with the most fragile work and ecological assurances and the least wages. And keeping in mind that globalization has expanded the progression of products, administrations and capital, there are still a lot of duty safe houses, implying that a large part of the worth added by globalization isn’t caught and rearranged by legislatures.

    3. Globalization can Add to Social Homogeneity:
    Globalization may prompt more social homogeneity as individuals’ inclinations meet and items can’t rival less expensive worldwide ones. Assuming everybody wears pants, learns English and watches Hollywood motion pictures we might lose valuable social practices and dialects. A few pundits of globalization stress that it’s making a standard monoculture while driving other different societies underground.

    4.Globalization Engages Global Organizations:
    One more analysis evened out at globalization is that it has engaged worldwide companies to the detriment of legislatures and residents. This decreases state power and residents’ capacity to consider their chiefs responsible for conditions in their nations. It’s another explanation that work and natural assurances are more diligently to uphold than numerous pundits of globalization would like. Global companies may likewise campaign for great arrangements in economic deals (this was a contention conjured against the TPP).

    Synopsis:
    Allies and adversaries of globalization by and large concur that the peculiarity has made champs and washouts. Allies contend that the advantages offset the downsides, while pundits need to either work on the states of worldwide exchange or, sometimes, roll back globalization.

  102. Avatar Ik-Ukennaya Ezekiel says:

    Name: Ik-Ukennaya Ezekiel
    Reg. No: 2018/249 788
    Department: Economics
    Email: ezekielikukennaya4@gmail.com

    Eco. 362 —21/01/2022 (Online Discussion/Quiz 2—Pros and Cons of Globalization)
    Question:
    Clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
    THE PROS OF GLOBALIZATION
    Globalization has positively impacted on our local economy. It offers us the opportunity to learn from the advanced countries on new ways of doing things thereby helping the increase in and expansion of technology in the country. For example, we have learn that there can be video conferencing among people in different locations. This technology is particularly convenient for business users in different cities or even different countries because it saves time and expenses. Also, through globalization, Agriculture has been known to be more favorable to Farmers using modern implement, improved seeds, chemicals as well as the use of good storage facilities like silos. Through globalization, liberalisation of cross border trade and resource movement has given our local economy the opportunity to trade in the international market as a result of low tariffs. It also help to facilitate labour and capital mobility across the world.
    The desire to sustain globalization has led to the development of World Trade Organization ( WTO) that formulate and enforce the implementation of international trade policies . Globalization has also increased global competition and this has helped our local economy to improve the quality of it’s products to attract sales in the international market even though , our products are still been seen as having low quality compared to those from developed or more advanced nations because of lack of enough technical Know-how and high cost of production in our local economy. The increased global competitiveness also provide a wide variety of goods for consumers in the global economy.
    The political situation of our local economy has also changed.
    Market policies are made in such a way that they can facilitate close relationship with the international economy through implementation of market- friendly policies. These benefits of globalization has helped our local economy to expand cross- national cooperation thereby supporting and facilitating the existence of a global economy.
    THE CONS OF GLOBALIZATION
    Although globalization has created tremendous opportunities for on our local economy and the global economy at large, it has also created great dangers to our local economy. Because of globalization, our local economy has been forced to remove trade restrictions and this contribute largely to poor growth of local industries which in turn has led to high level of unemployment in the country, poverty and poor welfare among the citizens.
    The mobility of labour has also led to high preference of foreign professionals to local ones in our economy. Poor growth of local industries always subject them to produce goods of relatively low quality when compared to those from advanced economies and this makes our local economy to compete non-favourably in the international market causing low economic growth. Through globalization, the developed countries see our local economy and other developing countries as source of raw materials and market for their goods as they buy our raw materials at cheap prices while they sell their manufactured goods at very high prices.
    High level of unemployment as a result of poor growth of local industries and low economic growth in our local economy has led to high level of poverty among the majority of the population. The effect to the global economy is continuous failure in the global effort to eradicate poverty due to high level of poverty and poor welfare in local economy of developing countries.

  103. Avatar Nwankwo chidubem pascal says:

    Name: Nwankwo chidubem pascal
    Reg no: 2018/245467
    Dept: Economics
    Email: nwankwochidubem44@gmail.com
    Course: Eco 362
    Question

    Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.
    As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers
    : In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

    Answer
    1.
    Globalization is essentially the means by which individuals, governments, companies, and countries interact with and affect one another, with the goal of helping to build strong alliances that mutually benefit one another. Globalization is accomplished through the use of technology, as well as through trades and investments made internationally.
    The Pros of Globalization
    A number of positive aspects of globalization include:
    Building up the economic and social structures of struggling countries and economies through free trade
    Creation of world power and less and less compartmentalized power sectors
    Learning about and sharing of new and interesting cultures with one another
    The opportunity and desire for prosperous nations to help countries struggling with serious issues like unemployment, disease, and natural disasters

    The Cons of Globalization
    Though it comes with perks, there are a number of cons to globalization that analysts and critics have noted for years. They include:

    The oppression of weaker and poorer economies by those that are more robust; “the rich get richer, the poor get poorer”
    The danger of job loss, with certain industries and sectors sending jobs to countries where workers are willing to do the same amount of work or more for smaller wages
    Multinational corporations often get away with poor, unsafe, unethical, or exploitative working conditions due to variations in laws and regulations from one country to another
    Multinational corporations can exploit tax haven nations, sending large portions of revenue offshore to avoid taxation

    It Effects
    1Globalization and Money
    Businesses worldwide are no longer confined to national borders. They can expand across the globe, diversify their operations and reduce their costs by moving their manufacturing operations to countries that have the cheapest labor resources or better access to raw materials. The booming trade and rising global connectivity helps money to travel further than ever before. Companies are now able to operate across borders and reach more customers, which leads to higher profits and ultimately, economic growth.
    With globalization, a company in one country can now sell its products in another country halfway around the world. Furthermore, it can build stores and factories there, invest in commodities and contribute to the local economy. Ford Motor Company, for example, moved its call centers to India. Cisco opened a research and development center in Bangalore. In 2010, Microsoft signed a three-year contract with Infosys Technologies in India to manage its internal IT operations. By outsourcing their services to developing countries, companies can save money and change people’s lives. Because of it, poverty rates declined worldwide over the past decades.
    2.Greater Free Trade
    One of the primary advantages of globalization is the free trade of goods and resources. For instance, a country that specializes in motor vehicles will produce cars and accessories in a location that achieves the lowest costs possible, and sell them on both local and foreign markets. This means that people living in other countries will be able to purchase these vehicles for less. At the same time, they will have access to a wider range of brands and models.
    World trade has increased by approximately 7 percent since 1945 following the acceleration of globalization. Countries that export goods pay lower transportation fees and have a competitive edge. The end result is greater wealth equality throughout the world, especially for countries whose economies depend on another country’s economy. China, for example, became a leading manufacturer of goods. Companies from all around the world outsource their production activities to Chinese factories. Their customers have access to affordable goods that they might not be able to purchase otherwise.

    The Downsides of Globalization
    Like everything else, globalization has its drawbacks. The free trade of goods, services and information set the world economy into a cycle of income and employment growth. The downside is that it also led to declining money flows and tight credit across local and national economies.
    Additionally, G2O countries, such as the UK, Brazil, Germany, France and Japan, which account for over 86 percent of the global economy, added more than 1,200 restrictive trade measures since 2008. This translates into higher taxes and stricter laws for companies that import and export goods.
    Another problem is that many nations manipulate their currency to obtain a price advantage. Furthermore, employees in developed countries are losing their jobs due to pay cuts. More and more companies are choosing to outsource work and export jobs as a means to keep the costs low. Large enterprises are now able to exploit tax havens worldwide, which affects the local economy. Other major concerns include ecological damage, unfair working conditions, tax competition, money laundering and job losses.

  104. Avatar Nwajuagu Divine Ndubuisi says:

    Name: Nwajuagu Divine Ndubuisi
    Reg no: 2018/248278
    Email: nwajuagudivine22@gmail.com

    PROS OF GLOBALISATION
    1. Access to New Cultures
    Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art, in our country Nigeria.

    2. The Spread of Technology and Innovation
    Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly.

    3. Lower Costs for Products
    Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.

    4. Higher Standards of Living Across the Globe
    Developing nations experience an improved standard of living—thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.

    5. Access to New Markets
    Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas. International Professional Employer Organizations (PEOs) make it easier than ever to employ workers in other countries quickly and compliantly. This means that, for many companies, there is no longer the need to establish a foreign entity to expand overseas.

    6. Access to New Talent
    In addition to new markets, globalization allows companies to find new, specialized talent that is not available in their current market. For example, globalization gives companies the opportunity to explore tech talent in booming markets such as Berlin or Stockholm, rather than Silicon Valley. Again, International PEO allows companies to compliantly employ workers overseas, without having to establish a legal entity, making global hiring easier than ever.

    CONS OF GLOBALIZATION
    1. Increased Competition
    When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.

    2. Disproportionate Growth
    Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

    3. Environmental Concerns
    Increased globalization has been linked to various environmental challenges, many of which are serious, including: Deforestation and loss of biodiversity caused by economic specialization and infrastructure development, greenhouse gas emissions and other forms of pollution caused by increased transportation of goods, the introduction of potentially invasive species into new environments.

  105. Avatar Ugwuoke Solomon Chukwuemeka says:

    Ugwuoke Solomon Chukwuemeka
    Economics major
    2018/350872

    Throughout history, commerce and business have been limited by certain geographic constraints. In its earliest days, trade happened between neighboring tribes and city-states. As humans domesticated the horse and other beasts of burden, the distances they could travel to trade increased. These distances increased further with the development of seafaring capabilities.

    Although humans have been using ships for centuries to transport goods, cargo, people, and ideas around the world, it wasn’t until the development of the airplane that the blueprint of a “globalized economy” was laid. This was for a simple reason: It allowed us to travel greater distances faster than ever before.

    The development of the internet and easier means of communication and collaboration propelled us from those early days of globalization to where we are today: A few taps or clicks away from a co-worker, business partner, customer, or friend.

    Globalization has had numerous effects—both positive and negative—on business and society at large. Here’s an overview of the pros and cons of globalization in business.

    WHAT IS GLOBALIZATION?
    Globalization is defined as the increase in the flow of goods, services, capital, people, and ideas across international boundaries.

    ADVANTAGES OF GLOBALIZATION
    1. Economic Growth
    It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:

    Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
    Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
    Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
    The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.
    2. Increased Global Cooperation
    For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.

    “Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”

    3. Increased Cross-Border Investment
    According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.

    The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.

    DISADVANTAGES OF GLOBALIZATION
    1. Increased Competition
    When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.

    With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.

    “Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”

    2. Disproportionate Growth
    Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

    Within countries, globalization often has the effect of increasing immigration. macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.

    Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.

    “Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

    3. Environmental Concerns
    Increased globalization has been linked to various environmental challenges, many of which are serious, including:

    Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
    Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
    The introduction of potentially invasive species into new environments

  106. Avatar AGBO LOVETH AMARACHI says:

    Name: AGBO LOVETH AMARACHI
    REG.NO :2018/ 248 680
    DEPARTMENT: EDUCATION ECONOMICS
    Email: lovethamarachi84@gmail.com

    Eco. 362 —21/01/2022 (Online Discussion/Quiz 2—Pros and Cons of Globalization)

    Question:
    Clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
    THE PROS OF GLOBALIZATION
    Globalization has positive impact in our local economy. It offers us the opportunity to learn from the advanced countries on new ways of doing things thereby helping the increase in and expansion of technology in the country. For example, Agriculture has been known to be more favorable to Farmers using modern implement, improved seeds, chemicals as well as the use of good storage facilities like silos. Through globalization, liberalisation of cross border trade and resource movement has given our local economy the opportunity to trade in the international market as a result of low tariffs. It also help to facilitate labour and capital mobility across the world.
    The quest to hold on to globalization has led to the development of World Trade Organization ( WTO) that formulate and enforce the implementation of international trade policies . Globalization has also increased global competition and this has helped our local economy to improve the quality of it’s products to attract sales in the international market even though , our products are still been seen as having low quality compared to those from developed or more advanced nations because of lack of enough technical Know-how and high cost of production in our local economy. The increased global competitiveness induces nations to strive to become more efficient in their production thereby presenting varieties of product to consumers.
    The political situation of our local economy has also changed.
    Market policies are made in such a way that they can facilitate close relationship with the international economy through implementation of market- friendly policies. These benefits of globalization has helped our local economy to expand cross- national cooperation thereby supporting and facilitating the existence of a global economy.
    THE CONS OF GLOBALIZATION
    Despite the fact that globalization has impacted positively on our local economy and the global economy at large, it poses great challenge to our local economy. Because of globalization, our local economy has been forced to remove trade restrictions thereby causing it to place little or no tariffs on foreign goods. The abundant availability of foreign goods has led to high preference of foreign goods to locally made ones by the citizens and this has led to poor growth of local industries which in turn has led to high unemployment in the country.
    The mobility of labour has also led to high preference of foreign professionals to local ones in our economy. Poor growth of local industries always subject them to produce goods of relatively low quality when compared to those from advanced economies and this makes our local economy to compete non-favourably in the international market causing low economic growth. The developed countries see our local economy and other developing countries as source of raw materials and market for their goods as they buy our raw materials at cheap prices while they sell their manufactured goods at very high prices.
    High level of unemployment as a result of poor growth of local industries and low economic growth in our local economy has led to high level of poverty among the majority of the population. The effect to the global economy is continuous failure in the global effort to eradicate poverty due to high level of poverty and poor welfare in local economy of developing countries.

  107. Avatar Okonkwo chinaza favour says:

    NAME: OKONKWO CHINAZA FAVOUR
    REG NO: 2018/242315
    DEPARTMENT: ECONOMICS

    Globalization is the integration of language,goods and services, technologies, labour, information etc among the countries of the world. Globalization as a concept has it’s advantages and disadvantage to both local and global economy. It’s advantages include but not limited to the following:
    1) Globalization has led to the transfer of technology, information, products among different nation’s of the world and this has increased both local and global economies.

    2) IMPROVED PRODUCTIVITY AND OUTPUT: Due to the transfer of knowledgeable labour,more effective and efficient technologies and information, individual countries level of output and productivity have drastically improved.

    3) EXTENSION OF MARKET: Globalization has provide opportunity for local industries and market to access global market.

    4) Globalization has increased economic patternship among countries and global co-operation at large.

    5) Globalization creates employment opportunities both to local economies as their productivity and output increases and to global economies as more compentent workers can travel to any country of their choice to offer their labour services.

    It’s disadvantages include:

    1) Globalization aids in rapid transfer of diseases and virus across globe. Due to the easy access to different countries, diseases are easily spread.

    2) AFFECTS INFANT INDUSTRIES: Due to the competition from global market, local and infant industries who could not compete are force to leave the market and this is not good for local economy.

    3) TRANSFER OF LABOUR : Easy transfer of labour across different countries makes it easier for skilled labour to leave the country to a country that pays higher than one’s country. This affect the local economy as the country is leave without compentent workers to facilitate economic activities.

    4) ENVIRONMENT DEGRADATION: Due to increased transportation, manufacturing process and increased in economic activities, countries are faced with high level of deforestation, emission of green house effect and pollution.

    5) Globalization also widens the gaps between the rich and the poor as rich citizen have higher access to the goodies that globalization brings.

  108. Avatar Ekpe Esther Chidinma says:

    pe Esther Chidinma
    2018/250323
    Eco362; Development Economic 2
    Pros and Cons of Globalization
    The pros of Globalization
    1. Standardization of living.
    The integration of economies as the key process of globalization enables countries to fight against poverty and improve the standard of living if the people.
    2. Development of infrastructure.
    Technological advancement and it’s transfer throughout the globe helps to improve country’s infrastructure . Countries are more enabling to deliver their services to the people. Development of infrastructure means overall development of infrastructure are compatible with each other.
    3. Foreign Exchange Reserve.
    Through globalization countries can build foreign exchange reserve owing to international financial flows.
    4. Affordable product.
    The countries can provide product to it’s country men at affordable prices with the access to the technology. Globalization promotes competition in domestic economies and their endeavor to compete against competition, companies reduce their product price penetration pricing strategy.
    5. Economic growth.
    Globalization entails to optimum utilization of resources wherein deficit resources are procured and surplus resources are exported to other countries. This ensure overall economic growth.
    6. Contribution to world GDP growth rates. Globalization ensures contribution of every country to the world GDP growth.
    7. Extension of market.
    Globalization promotes extension of market. It provides an opportunity to the domestic companies in going global.
    The cons of Globalization
    1. Growing inequality: Globalization can increase inequality throughout the world by increasing specialization and trade boost the percapita income . It may cause relative poverty.
    2. Trade Imbalance
    The balance of trade refers to the balance of values between a country’s export and import’s goods and services. As the result of globalization, any country can trade to any part of the globe.

    That is why, in some cases developing countries are so much dependent on the developed countries in terms of import goods but their export capabilities are lower than import. The trade imbalance has been occurring.

    So, trade imbalance refers to the imbalance of values between a country’s import and export’s goods and services. It is also called trade deficits. Trade imbalance may be increase in developed countries by their competitors.
    3. Environmental Loots
    The pace of industrialization is increasing as the result of globalization. Industrialization boosts the economic growth but it harms environment as well. Globalization loots from the nature and it harm us very badly.
    4. Globalisation paves the way for redistribution of economic power at the world level leading to domination by economically powerful nations over the poor nations.
    5. Globalisation is also posing as a threat to agriculture in developing and underdeveloped countries of the world. As with the WTO trading provisions, agricultural commodities market of poor and developing countries will be flooded farm goods from countries at a rate much lower than that indigenous farm products leading to a death-blow to many farmers.
    6. Implementation of globalisation principle becoming harder in many industrially developed democratic countries to ask its people to bear the pains and uncertainties of structural adjustment with the hope of getting benefits in future.
    7. Globalisation has been showing down the process to poverty reduction in some developing and underdeveloped countries of the world and thereby enhances the problem of inequality
    8. Globalisation has alerted the village and small scale industries and sounded death-knell to it as they cannot withstand the competition arising from well organized MNCs.

  109. Avatar Ekpe Esther Chidinma says:

    9. Globalisation usually results greater increase in imports than increase in exports leading to growing trade deficit and balance of payments problem.

  110. Avatar Mbakwe Temple Alex says:

    Name: Mbakwe Temple Alex
    Department: Economics
    Reg Number: 2018/242400
    Year: 300 L

    We first of all have to define and discuss the term Globalization.

    What Is Globalization?
    Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures.

    Pros of Globalization

    1. Globalization Broadens Access to Goods and Services

    It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

    2. Globalization Can Lift People Out of Poverty

    The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

    3. Globalization Increases Cultural Awareness

    Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

    4. Information and Technology Spread More Easily With Globalization

    Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

    Disadvantages of Globalization

    1. Workers Can Lose Jobs to Countries With Low-Cost Labor

    This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.

    Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

    2. Globalization Hasn’t Protected Labor, Environmental or Human Rights

    In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.

    Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

    3. Globalization Can Contribute to Cultural Homogeneity

    Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

    4. Globalization Empowers Multinational Corporations

    Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like.

  111. Avatar Ugwu Emmanuel chibiuke says:

    Name: Ugwu Emmanuel chibuike
    Reg NO 2019/248403
    Department: edu/econs
    Globalization is the connection of different parts of the world. In economics, globalization can be defined as the process in which businesses, organizations, and countries begin operating on an international scale. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. In general, globalization has been shown to increase the standard of living in developing countries, but some analysts warn that globalization can have a negative effect on local or emerging economies and individual workers.

    A Historical View

    Globalization is not new. Since the start of civilization, people have traded goods with their neighbors. As cultures advanced, they were able to travel farther afield to trade their own goods for desirable products found elsewhere. The Silk Road, an ancient network of trade routes used between Europe, North Africa, East Africa, Central Asia, South Asia, and the Far East, is an example of early globalization. For more than 1,500 years, Europeans traded glass and manufactured goods for Chinese silk and spices, contributing to a global economy in which both Europe and Asia became accustomed to goods from far away. Following the European exploration of the New World, globalization occurred on a grand scale; the widespread transfer of plants, animals, foods, cultures and ideas became known as the Columbian Exchange. The Triangular Trade network in which ships carried manufactured goods from Europe to Africa, enslaved Africans to the Americas, and sent raw materials back to Europe is another example of globalization. The resulting spread of slavery demonstrates that globalization can hurt people just as easily as it can connect people.

    The rate of globalization has increased in recent years, a result of rapid advancements in communication and transportation. Advances in communication enable businesses to identify opportunities for investment. At the same time, innovations in information technology enable immediate communication and the rapid transfer of financial assets across national borders. Improved fiscal policies within countries and international trade agreements between them also facilitate globalization. Political and economic stability facilitate globalization as well. The relative instability of many African nations is cited by experts as one of the reasons why Africa has not benefited from globalization as much as countries in Asia and Latin America.

    *positive effect of Globalization on developing economy and the global economy at large.

    Globalization provides businesses with a competitive advantage by allowing them to source raw materials where they are inexpensive. Globalization also gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies.

    With globalization, different parts of a product may be made in different regions of the world. Globalization has long been used by the automotive industry, for instance, where different parts of a car may be manufactured in different countries. Businesses in several different countries may be involved in producing even seemingly simple products such as cotton T-shirts.

    Globalization affects services too. Many businesses located in the United States have outsourced their call centers or information technology services to companies in India. As part of the North American Free Trade Agreement (NAFTA), U.S. automobile companies relocated their operations to Mexico, where labor costs are lower. The result is more jobs in countries where jobs are needed, which can have a positive effect on the national economy and result in a higher standard of living. China is a prime example of a country that has benefited immensely from globalization. Another example is Vietnam, where globalization has contributed to an increase in the prices for rice, lifting many poor rice farmers out of poverty. As the standard of living increased, more children of poor families left work and attended school.

    Consumers benefit too. In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. In some cases, this may contribute to improved health by enabling a more varied and healthier diet; in others, it is blamed for increases in unhealthy food consumption Globalization is a process through which businesses or other organizations create influence, or develop operations around the world.
    Globalization is a combination of gross domestic product (GDP), industrialization, and the Human Development Index (HDI).
    Developed nations benefit under globalization as businesses compete worldwide, and from the ensuing reorganization in production, international trade, and the integration of financial markets.
    Negative effect of globalization
    Some economists argue globalization helps promote economic growth and increased trading between nations; yet, other experts, as well as the general public, generally see the negatives of globalization as outweighing the benefits.
    Critics say globalization is detrimental for less wealthy nations, for small companies that can’t compete with the bigger firms, and for consumers who face higher production costs and the

    Not everything about globalization is beneficial. Any change has winners and losers, and the people living in communities that had been dependent on jobs outsourced elsewhere often suffer. Effectively, this means that workers in the developed world must compete with lower-cost markets for jobs; unions and workers may be unable to defend against the threat of corporations that offer the alternative between lower pay or losing jobs to a supplier in a less-expensive labor market.

    The situation is more complex in the developing world, where economies are undergoing rapid change. Indeed, the working conditions of people at some points in the supply chain are deplorable. The garment industry in Bangladesh, for instance, employs an estimated four million people, but the average worker earns less in a month than a U.S. worker earns in a day. In 2013, a textile factory building collapsed, killing more than 1,100 workers. Critics also suggest that employment opportunities for children in poor countries may increase the negative impacts of child labor and lure children of poor families away from school. In general, critics blame the pressures of globalization for encouraging an environment that exploits workers in countries that do not offer sufficient protections.

    Studies also suggest that globalization may contribute to income disparity and inequality between the more-educated and less-educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization.

    Into the Future

    Regardless of the downsides, globalization is here to stay. The result is a smaller, more connected world. Socially, globalization has facilitated the exchange of ideas and cultures, contributing to a world view in which people are more open and tolerant of one another.

  112. Avatar Chimezie chiamaka Victoria says:

    Name: chimezie chiamaka Victoria
    Reg:2018/242202
    Department: education economics
    No doubt there are mainly three pillars to globalization no minding if it’s impact is positive or negative in a nation’s economy these pillars include These three pillars will either lead to the creation of more wealth or increase in the level of porverty for others. Growth In the 1990s was marginalized In the sense that the gap between the rich and the poor was so obvious using the three pillars of globalization I will be explaining the benefit and negativity of globalization.
    *Economic pillar: market friendly policies de emphasis the money role of state and promote efficient long term growth.market friendly policies typically emphasis non inflationary growth fiscal discipline ( i.e, wise government spending high saving and investment rates,trade and foreign investment liberalization, privatization and domestic market deregulation)which lead to the growth of the economy of developing countries. It could be noticed that during the 1990s, that the washington benefited so much from international trade and general openness to the global economy this created a big cap in the economy because only sectors directly involved in production were growing.
    *Political pillar: as we know that democratic system of government is a system that was purely inspired by the whites. On one hand, the acceptance of democracy as a good form of government, lead to support from developed countries to developing countries which has aided change in government and technical support to achieve stable politics In developing nations once the political system of a nation is stable it discourages implementation of different political agenda rather it modifies the current agenda and builds more on it.golbalization crated room for political battles between two opponent parties which put life and properties of people at stake it has also created room for privatization of government own properties which sometimes are better in the hands of private individuals only that it attracts exploration of the poor by the rich.
    *Technological pillar: many technical innovation has helped developing countries eg banking system,access to internet, transportation, agriculture sectors. But you will also agree with me that technology has done as much harm as the benefit developing of deadly weapons, creation of genetic cell weapons such as the covid-19.

  113. Avatar Ifiegbu Ononuju Julie star says:

    NAME: IFIEGBU ONONUJU JULIE.
    REG NO: 2017/245848.(Deferred Student).
    UNIT: ECONOMIC EDUCATION.
    EMAIL: juliexfib@gmail.com

    QUESTION

    In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

    ANSWER.

    GLOBALIZATION.
    Globalization is one of the most frequently used words in discussions of Development , trade, and international political economy. As the form of the word implies, globalization is a process by which the economies of the world become more integrated, leading to a global economy and, increasingly, global economic policymaking, for example, through international agencies such as the World Trade Organization.

    Globalization also refers to an emerging “global culture,” in which people consumes similar goods and services across countries and use a common language of business English; these changes facilitate economic integration and are in turn further promoted by it. But in its core economic meaning, globalization refers to the increased openness of economies to international trade, financial flows, and direct foreign investment chapters. The growing interconnection of all kind the growing interconnection of all kinds across national governments and firms and directly between peoples is a process that affects everyone in the world, one that so far still seems more visible in the developed countries. But globalization can in many ways have a greater impact in developing countries.For some people, the term globalization suggests exciting business opportunities, efficiency gains from trade, more rapid growth of knowledge and innovation, and the transfer of such knowledge to developing countries facilitating faster growth or the prospect of a world too interdependent to engage in war. In part, globalization may well turn out to be all of these things. For other people, however, globalization raises troubling concerns: that inequalities may be accentuated both across and within countries, that environmental degradation may be accelerated, that the international dominance of the richest countries may be expanded and locked in, and that some peoples and regions may be left further behind. Nobel laureate Muhammad Yunus captured some of these sentiments when he wrote in 2008, “Global trade is
    like a hundred lane highway crisscrossing the world. If it is a free-for-all highway, with no stop lights, speed limits, size restrictions, or even lane markers; its surface will be taken over by the giant trucks from the world’s most powerful economies. “Appropriate policies and agreements are needed to forestall such potential problems. Thus globalization carries benefits and opportunities as well as costs and risks. This is true for all peoples in all countries but especially for poor families in low -income countries, for whom the stakes are much higher. The potential upside is perhaps also greatest for developing countries; globalization
    does present new possibilities for broad-based economic development. By providing many types of interactions with people in other countries, globalization can potentially benefit poor countries directly and indirectly through cultural, social, scientific, and technological exchanges, as well as through conventional trade and finance. A faster diffusion of productive ideas, such as a shorter time between innovation and adoption of new technologies around the world, might help developing countries catch up more quickly. In short, globalization makes it possible, at least in principle, for the less developed countries to more effectively absorb the knowledge that is one of the foundations of the wealth of developed countries. In addition, as Adam Smith wrote in 1776, “the division of labor is limited by the extent of the market.” The larger the market that can be sold to, the greater the gains from trade and the division of labor. Moreover, the greater is the incentive for innovation, because the potential return is much larger. The potential downside of globalization is also greater for poorer countries, if they become locked into a pattern of dependence, if dualism within developing countries sharpens, or if some of the poor are entirely bypassed by globalization. Critics have raised the legitimate worry that many people living in poverty could find it all the harder to break out of poverty traps without concerted public action—for example if human capital falls below the minimum needed to engage the global economy. The share of international investment received by the poorest countries has been on a long-term trend of falling countries more so. All countries may experience certain threats to their cultural identities, but developing countries the most. Certainly, some very important developing countries, accounting for a large fraction of world population, notably China and India, have recently been using globalization as an opportunity to accelerate their rate of catch-up by growing faster than the developed world, thereby reducing some international inequalities. But by other measures, inequality may be accentuated both across and within countries. The two-decade decline in Africa and the extreme disparities that opened up between coastal and inland China are important cases in point. Widespread and understandable concerns about globalization are based on the fact that previous great waves of globalization, associated with the colonial period, were extraordinarily uneven in their impact. The worst affected areas, such as Africa, are still reeling. The argument that there will be widespread general benefits from at least some form of globalization today must rest on what is different about this current wave.

    PROS AND CONS OF GLOBALIZATION THAT AFFECTS THE GLOBAL ECONOMY AT LARGE.
    1..Globalization Broadens Access to Goods and Services :
    It’s hard to argue with the point that Globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

    2. Globalization Can Lift People Out of Poverty:
    The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital scarce, labor-rich countries, i.e. developing countries.

    3. Globalization Increases Cultural Awareness
    Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

    4. Information and Technology Spread More Easily With Globalization:
    Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

    DISADVANTAGES OF GLOBALIZATION
    1. Workers Can Lose Jobs to Countries With Low-Cost Labor:
    This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.

    Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

    2.Globalization Hasn’t Protected Labor, Environmental or Human Rights:
    In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.

    Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

    3. Globalization can Contribute to Cultural Homogeneity:
    Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

    4.Globalization Empowers Multinational Corporations:
    Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements (this was an argument invoked against the TPP).

  114. Avatar Peter Emmanuel says:

    Name: Peter Emmanuel
    Reg: 2018/246577
    Department: education economics
    Assignment
    Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.
    multinational corporation is an organization that does business in many different countries. Globalization is the reason that multinational businesses exist. For example, globalization allows major US corporations to sell their products to Mexico, Europe, and China.
    What Are the Benefits of Globalization?
    Globalization can benefit a country’s economy in many ways:
    * Increases economic growth:
    By increasing the international exchange of goods, technological advances, and information, globalization increases economic development for any country participating in the global economy. An increase in economic growth means better living standards, higher incomes, more wealth in a country, and, often, less poverty—in short, the overall well-being of a country.
    * Makes production more affordable:
    A global market allows businesses wider access to production opportunities and consumers, meaning that there are more goods available at a wider range of price points.
    * Promotes working together:
    When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services.
    * Brings opportunities to poorer countries.
    Globalization allows companies to move their production from high-cost locations to lower-cost locations abroad—this means bringing jobs, information technology, and other economic opportunities to countries with fewer resources.
    What Are the Disadvantages of Globalization?
    While it can benefit nations, there are also several negative effects of globalization. Cons of globalization include:
    * Unequal economic growth:
    While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.
    * Lack of local businesses:
    The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses.
    * Increases potential global recessions:
    When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
    * Exploits cheaper labor markets:
    Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.
    * Causes job displacement:
    Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.
    Globalization has led to increases in standards of living around the world, but not all of its effects are positive for everyone.speed and the best experience on this site.
    Put simply, globalization is the connection of different parts of the world. In economics,
    globalization can be defined as the process in which
    businessess, organizations, and countries begin operating on an international scale. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. In general, globalization has been shown to increase the standard of living in developing countries, but some analysts warn that globalization can have a negative effect on local or emerging economies and individual workers.

  115. Avatar Michael-Atu Ifunanya says:

    Michael-Atu Ifunanya
    2018/243767
    Economics Education
    Some praise globalization for opening borders and connecting cultures and politics. Others blame it for disrupting local economies and eliminating jobs. The fact is that globalization has been around since ancient times, and it is fully integrated into different aspects of modern life. As a consumer, your clothing, foods and electronic gadgets are often produced by multinational companies located around the world. And as an investor, a financial advisor could help you diversify your portfolio with emerging market funds and other foreign investments. Let’s take a look at some of the advantages and disadvantages of globalization.
    What Is Globalization?
    Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures. Supporters say that this is making countries more interdependent on free trade. But critics maintain that it is also concentrating wealth in the corporate elite, disrupting industries and making local economies more vulnerable.

    Pros of globalization as it affects our local economy and the global economy at large. 1.Globalization Broadens Access to Goods and Services
    It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.
    2. Globalization Can Lift People Out of Poverty
    The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.
    3. Globalization Increases Cultural Awareness
    Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.
    4. Information and Technology Spread More Easily With Globalization
    Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

    Cons of Globalization as it affects our local economy and the global economy at large.
    1. Workers Can Lose Jobs to Countries With Low-Cost Labor
    This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.
    Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.
    2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
    In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.
    Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.
    3. Globalization Can Contribute to Cultural Homogeneity
    Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.
    4. Globalization Empowers Multinational Corporations
    Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements (this was an argument invoked against the TPP).
    Bottom Line
    Supporters and opponents of globalization generally agree that the phenomenon has created winners and losers. Supporters argue that the benefits outweigh the drawbacks, while critics want to either improve the conditions of global trade or, in some cases, roll back globalization.

  116. Avatar Kalu Rita Ngozi says:

    Name: Kalu Rita Ngozi
    Department: Economics
    Reg no: 2018/242454

    ADVANTAGES OF A GLOBALIZED WORLD
    The advantages of a more improved, more developed world are too many and so beneficial to all and sundry. Ranging from the acquisition of new culture and technology, to the improvement of economic and social facilitative activities in economies of countries around the world.
    These advantages include:
    – Acquisition of new culture
    – Technological advancement
    – Provision of a larger market
    – Opportunity for increased growth
    – Rapid economic development
    – A more developed and improved social and political system
    – Opportunity to learn from the greats
    – Increased might and power of nations

    DISADVANTAGES OF A GLOBALIZED WORLD
    A globalized world while bringing with it, its benefits also comes with its cons. The good things of life , also have its not good sides. These disadvantages include:
    – Exploitation
    – Lower costs
    – etc.

  117. Avatar Obi Chiedozie Joseph says:

    Name: Obi Chiedozie Joseph
    Department: Economics
    Reg number: 2018/241868

    ADVANTAGES OF GLOBALIZATION
    Generally speaking, the introduction of globalization has benefitted developed countries way better and far more than developing countries. The developed countries are presented with a free source of tapping raw materials while exploiting the owners of these raw materials.
    Also, they have been giving the opportunity to gain profit or money for their goods or services they do not need, thus turning the markets of developing countries to dumping ground for their excess goods.
    Other advantages of globalization includes:
    1. Access to New Cultures.
    2. The Spread of Technology and Innovation.
    3. Lower Costs for Products.
    4. Higher Standards of Living Across the Globe.
    5. Access to New Markets.
    6. Access to New Talent.
    7. International Recruiting.
    8. Managing Employee Immigration

    DISADVANTAGES OF GLOBALIZATION
    As it is widely known that for every good side of a phenomenon, there is an equally bad or not so good possible occurring phenomenon that would happen for a good happening. While globalization helps to bring nations of the world together under a common market structures, other things will be suffered in order to make it happens. Hence, the few negative sides of globalization includes:
    Unequal economic growth. …
    Lack of local businesses. …
    Increases potential global recessions. …
    Exploits cheaper labor markets. …
    Causes job displacement.
    Downplays the industrialization of developing countries
    Different going market wage rates
    Collapses financial and monetary systems
    Instability.

  118. Avatar Nwokolo+Emmanuel+Chibuike says:

    Globalization is defined as the increase in the flow of goods, services, capital, people, and ideas across international boundaries, according to the online course Global Business, taught by Harvard Business School Professor Forest Reinhardt.
    “We live in an age of globalization,” Reinhardt says in Global Business. “That is, national economies are ever more tightly connected with one another than ever before.”
    Global Business: Thrive in today’s interconnected, global economy. Learn More.
    ADVANTAGES OF GLOBALIZATION
    1. Economic Growth
    It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:
    Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
    Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
    Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
    The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.
    2. Increased Global Cooperation
    For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.
    “Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”
    3. Increased Cross-Border Investment
    According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.
    The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.
    DISADVANTAGES OF GLOBALIZATION
    1. Increased Competition
    When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.
    With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.
    “Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”
    2. Disproportionate Growth
    Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.
    Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.
    Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.
    “Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”
    3. Environmental Concerns
    Increased globalization has been linked to various environmental challenges, many of which are serious, including:
    Deforestation and loss of biodiversity caused by economic specialization and infrastructure development.
    Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods.
    The introduction of potentially invasive species into new environments.

  119. Avatar Eze Ugochukwu Ethel says:

    Name: Eze Ugochukwu Ethel
    Reg.no: 2018/245419
    Dept: Social Science Education( Economics Education)
    In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

    globalization refers to an open flow of information, technology, and goods among countries and consumers. This openness occurs through various relationships, from business, geopolitics, and technology to travel, culture, and media. Companies that don’t embrace globalization risk losing a competitive advantage, which allows other businesses to take over new opportunities in the global marketplace.
    PROS OF GLOBALIZATION AS IT AFFECT LOCAL AND GLOBAL ECONOMY
    1. Access to New Cultures
    Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment as you listen to your favorite UK-based artist or stream a Bollywood movie.
    2. The Spread of Technology and Innovation
    Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly. Because knowledge also transfers so fast, this means that scientific advances made in Asia can be at work in the United States in a matter of days.
    3. Lower Costs for Products
    Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.
    4. Higher Standards of Living Across the Globe
    Developing nations experience an improved standard of living—thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.
    5. Access to New Markets
    Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas. International Professional Employer Organizations (PEOs) make it easier than ever to employ workers in other countries quickly and compliantly. This means that, for many companies, there is no longer the need to establish a foreign entity to expand overseas.
    6. Access to New Talent
    In addition to new markets, globalization allows companies to find new, specialized talent that is not available in their current market. For example, globalization gives companies the opportunity to explore tech talent in booming markets such as Berlin or Stockholm, rather than Silicon Valley. Again, International PEO allows companies to compliantly employ workers overseas, without having to establish a legal entity, making global hiring easier than ever.

    THE CONS OF GLOBALIZATION AS IT AFFECT LOCAL AND GLOBAL ECONOMY
    Some of the hurdles companies face when going global include:
    1. International Recruiting
    It’s not surprising that 30% of U.S. and UK tech leaders cited international recruiting as their most common challenge. Recruiting across borders creates unknowns for HR teams. First, companies create a plan for how they will interview and thoroughly vet candidates to make sure they are qualified when thousands of miles separate them from headquarters. Next, companies need to know the market’s demands for salaries and benefits to make competitive offers. To ensure successful hires, HR teams must factor in challenges like time zones, cultural differences, and language barriers to find a good fit for the company.
    2. Disproportionate Growth
    Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

    Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia. “Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

    3. Incurring Tariffs and Export Fees
    Another challenge both U.S and UK tech leaders said they face in the report is incurring tariffs and export fees—29% agreed this is a challenge for their global businesses. For companies looking to sell products abroad, getting those items overseas can be expensive, depending on the market.
    4. Payroll and Compliance Challenges
    Another common global expansion obstacle is managing overseas payroll and maintaining compliance with changing employment and tax laws. This management task gets even more difficult if you’re trying to manage operations in multiple markets.
    5. Loss of Cultural Identity
    While globalization has made foreign countries easier to access, it has also begun to meld unique societies together. The success of certain cultures throughout the world caused other countries to emulate them. But when cultures begin to lose their distinctive features, we lose our global diversity.
    6. Foreign Worker Exploitation
    Lower costs do benefit many consumers, but it also creates tough competition that leads some companies to search for cheap labor sources. Some western companies ship their production overseas to countries like China and Malaysia, where lax regulations make it easier to exploit workers.

  120. Ugwuoke cornelius chinemeogo
    Reg. No: 2018/241852

    Globalization is defined as the increase in the flow of goods, services, capital, people, and ideas across international boundaries, according to the online course Global Business, taught by Harvard Business School Professor Forest Reinhardt.“We live in an age of globalization,” Reinhardt says in Global Business. “That is, national economies are ever more tightly connected with one another than ever before.”
    Global Business: Thrive in today’s interconnected, global economy. Learn More.
    ADVANTAGES OF GLOBALIZATION
    1. Economic Growth
    It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:
    Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
    Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
    Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
    2. Increased Global Cooperation
    For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.“Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”

    3. Increased Cross-Border Investment
    According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.
    The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.
    DISADVANTAGES OF GLOBALIZATION
    1. Increased Competition
    When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.
    With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.
    “Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”

    2. Disproportionate Growth
    Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

    Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.
    “Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

    3. Environmental Concerns
    Increased globalization has been linked to various environmental challenges, many of which are serious, including:

    Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
    Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
    The introduction of potentially invasive species into new environments
    While such issues are governed by existing or proposed laws and regulations, businesses have made environmental concerns and sustainability a priority by, for example, embracing the tenets of the triple bottom line and the idea of corporate social responsibility.Here are four ways that globalization has had a positive impact on the world economy:
    1. More efficient markets
    Efficient markets should be what every economy strives for. Essentially, the sign of an efficient market is where there is an equilibrium between what buyers are willing to pay for a good or service and what sellers are willing to sell for a good or service.
    If you can improve the way you produce a good or service by doing things such as outsourcing certain processes or buying from an overseas supplier that offers discounts, you can then afford to lower your selling price which results in increased demand and affordability.
    Even if businesses don’t lower prices, they can make additional profits and then reallocate that excess profit into doing things like increasing wages, taking on more investments or even creating more expansion projects.
    2. Increased competition
    Anytime that you have multiple producers competing for a hold of the economy, that’s a good sign for consumers, as the quality of goods and services often goes up as a result.
    When businesses started to venture across international borders, what they often did was introduce a new standard into the global marketplace. Consumers then had more options to choose from.
    With more competitors to fight over market share, each company has to constantly look to improve their goods or services or create more value for their customers.This means better products and sometimes lower prices, which is always a good thing for buyers.
    3. Stabilized security
    When your economy depends largely on another country’s economy, it is hard to imagine either one of the countries attacking the other. In a weird sort of way, globalization helped heighten world security.Although this may seem kind of twisted since there is so much violence that still goes on in the world, the fact remains that globalization has halted many conflicts that could have turned ugly if their country’s financial health didn’t depend on the other.
    4. More wealth equality throughout the world
    Although many Americans contend that their standard of living has gone down because of globalization, the flip side to this is that hundreds of thousands of people around the world now have jobs, have started their own businesses and can provide comfort for their families.Living in the U.S., we take things like clean water, shelter and plentiful food for granted. Our standard of living is so high compared to many nations that when we can no longer buy frivolous luxuries, we claim that we are poor.

  121. Globalization is defined as the increase in the flow of goods, services, capital, people, and ideas across international boundaries, according to the online course Global Business, taught by Harvard Business School Professor Forest Reinhardt.“We live in an age of globalization,” Reinhardt says in Global Business. “That is, national economies are ever more tightly connected with one another than ever before.”
    Global Business: Thrive in today’s interconnected, global economy. Learn More.
    ADVANTAGES OF GLOBALIZATION
    1. Economic Growth
    It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:
    Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
    Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
    Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
    2. Increased Global Cooperation
    For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.“Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”

    3. Increased Cross-Border Investment
    According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.
    The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.

    DISADVANTAGES OF GLOBALIZATION
    1. Increased Competition
    When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.
    With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.
    “Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”

    2. Disproportionate Growth
    Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

    Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.
    “Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

    3. Environmental Concerns
    Increased globalization has been linked to various environmental challenges, many of which are serious, including:

    Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
    Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
    The introduction of potentially invasive species into new environments
    While such issues are governed by existing or proposed laws and regulations, businesses have made environmental concerns and sustainability a priority by, for example, embracing the tenets of the triple bottom line and the idea of corporate social responsibility.

    Here are four ways that globalization has had a positive impact on the world economy:
    1. More efficient markets
    Efficient markets should be what every economy strives for. Essentially, the sign of an efficient market is where there is an equilibrium between what buyers are willing to pay for a good or service and what sellers are willing to sell for a good or service.
    If you can improve the way you produce a good or service by doing things such as outsourcing certain processes or buying from an overseas supplier that offers discounts, you can then afford to lower your selling price which results in increased demand and affordability.
    Even if businesses don’t lower prices, they can make additional profits and then reallocate that excess profit into doing things like increasing wages, taking on more investments or even creating more expansion projects.

    2. Increased competition
    Anytime that you have multiple producers competing for a hold of the economy, that’s a good sign for consumers, as the quality of goods and services often goes up as a result.
    When businesses started to venture across international borders, what they often did was introduce a new standard into the global marketplace. Consumers then had more options to choose from.
    With more competitors to fight over market share, each company has to constantly look to improve their goods or services or create more value for their customers.This means better products and sometimes lower prices, which is always a good thing for buyers.

    3. Stabilized security
    When your economy depends largely on another country’s economy, it is hard to imagine either one of the countries attacking the other. In a weird sort of way, globalization helped heighten world security.Although this may seem kind of twisted since there is so much violence that still goes on in the world, the fact remains that globalization has halted many conflicts that could have turned ugly if their country’s financial health didn’t depend on the other.

    4. More wealth equality throughout the world
    Although many Americans contend that their standard of living has gone down because of globalization, the flip side to this is that hundreds of thousands of people around the world now have jobs, have started their own businesses and can provide comfort for their families.Living in the U.S., we take things like clean water, shelter and plentiful food for granted. Our standard of living is so high compared to many nations that when we can no longer buy frivolous luxuries, we claim that we are poor.

  122. Avatar ILEME OBINNA PATRICK says:

    REG NO: 2018/242297
    COURSE: ECO 362(DEVELOPMENT ECONOMICS II)
    DEPARTMENT OF ECONOMICS

    The Pros of globalization are as follows:
    It increases economic growth. By increasing the international exchange of goods, technological advances, and information, globalization increases eco