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In-house production - Article Example

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It was the year 1990 when the word 'outsourcing' first gained fine attention in the business industries. At the brim of industrialization and globalization of industries, several changes in the society began. As an economic phenomenon, globalization is a shift from distinct national economies to a global economy…
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In-house production
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In-house production

Download file to see previous pages... Globalization is both a cause and a result of the modern information revolution. It is driven by dramatic improvements in telecommunications, incredible increases in computing power, and the development of information networks, such as the Internet. These technologies are helping to overcome the barriers of physical distance. With what results'
According to its proponents, globalization can be a whirlwind of trade and investment that builds economies and spurs development in even the world's poorest countries. For example, during the 1990's alone, foreign investors have poured one'trillion dollars into developing economies. This phenomenal increase in international investment has made the building of roads, airports, and factories possible in poorer nations. Globalization has indeed been a force that has raised living standards for some across the world. Peter Sutherland, chairman of the Overseas Development Council, says that "until recently, it took at least two generations for living standards to double, but in China, living standards now double every 10 years" (as quoted by Bendor-Samuel, 24). Globalization is perceived as bringing unprecedented opportunities to billions of people. The staggering expansion of world trade has induced a wave of productivity and efficiency and has created new'jobs.
Its critics,Its critics, however, counter that globalization can also bring down economies overnight. A few clicks of a computer mouse can devalue a national currency very quickly, washing away the life savings of millions of breadwinners. Ominous words from the mouth of an influential Wall Street analyst can instantly cause a herd of panicked investors to sell their stocks in Asia, creating a huge capital vacuum that could eventually drive millions into poverty. A board of directors can decide to close a plant in Mexico and open up one in Thailand instead-creating jobs in Asia while condemning hundreds of families in Latin America to destitution.
Certainly, as governments from different countries try to get into the bandwagon of globalization, outsourcing has been the main focus of many government officials when it comes to the shift of industrial culture that their own countries have to take. However, outsourcing has not been so much of an accepted agreement for everyone, especially for the local workers in the United States. What are the reasons behind this' What really is outsourcing and how does this economic strategy affect the whole working force of the business industries'
The Truth behind Outsourcing Strategies
Universally, globalization has placed great pressure on working people as governments force down wages and labor standards in an attempt to attract foreign investment with the promise of low costs. While some newly industrialized countries have profited from increased exports as a result of freer global trade, poorer nations have been largely excluded from the feast. Along with this, the economic enthusiasts saw the possibilities of using the low-cost options of taking the skills of other poorer countries in becoming a part of the work force of their growing economies. It all seemed so practical at first; however, some considerations placed some pressures on the matter.
True, the skills of the third world communities are ...Download file to see next pagesRead More
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