One of the most profound changes in the mindset of nations and international policies has been globalization, and there are many undoubted globalization benefits that countries are deriving maximum profit from today. With the rapid rise of the information age and the free availability of data over many channels, this was an inevitable turn that the world was going to take sooner or later.
There are still a few countries that are completely closed to the outside world, and refuse to acknowledge the role of globalization in their own development, since they feel that globalization benefits and disadvantages are interlinked. This ignorance will be banished sooner rather than later, and it is only a matter of time before the entire world starts functioning as one single entity. There are many political and religious differences that we must discard along the way first, but this is what human evolution and the growth of civilizations is all about.
What is Globalization
Before we delve into economic globalization benefits, let us first understand the concept of globalization with clarity. This is a fairly broad term that can be defined as the social, cultural and economic integration of several different countries, thus enabling the exchange of resources, information, know how, technology and other capital factors. There are no limitations and restrictions on the transfer of these materials, and this enables everyone to grow with a degree of mutual co-operation. The fact that countries from all around the world can enjoy free trade with some other countries is just one of the many positive effects of globalization.
They say that globalization benefits everyone, but in reality this is the idealistic situation. We would someday like to see a world where each country can freely deal with any other country, irrespective of their political stands and other issues, and then exchange valuable resources and information for the mutual growth of both the countries. In simpler terms, the acceptance of the ideologies and other aspects of another country can be called globalization as well. Economists and philosophers alike know that globalization benefits developing countries as well as developed countries, but some governments are still reluctant to accept this truth, because they feel that the bad effects of globalization and the disadvantages of globalization far outweigh the obvious advantages of globalization.
Globalization and its Benefits
To ascertain the various benefits from globalization we need to consider the entire scope of the term. This is not a temporary occurrence that will pass us by in a few decades. Instead, this is a permanent shift in the domain of knowledge which enabled any individual from any country to access large databases of resources and information. With that in mind, here are some of the benefits of globalization that are widely known, yet hesitantly accepted.
Rise in Competition
This is the single biggest benefit of globalization all around the world. With enhanced competition from foreign brands and companies, the indigenous industries of a nation are compelled to improve their standards and quality and customer satisfaction services. This benefits the customers and the economy on a whole, and raises the standard of living of everybody. However, many people also claim that this is one of the more serious negative effects of globalization.
Rise in Technology and Know How
Another great globalization benefit is the rise in knowledge levels of countries. As newer cultures and technologies are opened to a particular country, their knowledge base also grows and expands simultaneously. As a result, they are better able to handle their primary and secondary industries, and this ultimately affects their tertiary sector in a positive manner as well.
Rise in Opportunities
With a larger number of industries and resources available, the opportunities for people increase by a large amount. There are many more jobs available to people, and more and more people are also exposed to the lucrative benefits of moving abroad. This increases immigration rates as well, thus giving people the chance to grow economically and socially. Culture and globalization has also gone hand in hand for a long time, and this is something that needs to be acknowledged.
Rise in Tolerance
For far too long, countries of the world have lived amidst tension and fear of one another. One of the biggest globalization benefits is the eradication of this fear and tension, and the sowing of seeds of cordiality between trading nations. This also inadvertently leads to a rise in education levels and the spread of culture from one part of the world to another. People who speak of the pros and cons of globalization must never forget this aspect.
Rise in Investment Levels
There are many advantages and disadvantages of globalization, but one of the biggest globalization benefits is the rise in the level of foreign investment in a country. Foreign Direct Investment (FDI) helps industries and native cities grow at a rapid pace, and this is something that every nation should be open to since it is a highly beneficial venture for them. There is so much that they can gain in the process as well.
If you are still asking the question "Is globalization good or bad", then you need to broaden your horizons and learn more about the various globalization costs and benefits that countries enjoy. This is a phenomenon that is here to stay, and there is absolutely no denying that fact. There are plenty of globalization benefits to be enjoyed and this is something that every country in the world should steadfastly embrace.