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The Process of Globalization in the International Business - Term Paper Example

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The author states that though globalization has led to both advantages and disadvantages to different groups of people the overall benefits outweigh the shortcomings. There is a need for the process to be streamlined to lead to an improved system that is devoid of the challenges.   …
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The Process of Globalization in the International Business
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Download file to see previous pages There is a need for increased globalization since there are many benefits associated with it that ought to be fully utilized for the common good of all nations in the world. Thus, the problem is that there is no much globalization for countries to effectively utilize these advantages that accrue to it. As countries, continue to interact and integrate their economies, the dividing walls of hostility that separate trade between countries are broken. This results in free trade where goods and services are exchanged freely across the borders of countries involved with minimal restrictions from the relevant authorities and agencies. Free trade necessitates countries to specialize in the production of only the goods and services, which they have a comparative advantage over the other nation probably because of better resource endowment or other factors that make them be best suited. Specialization leads to the production of goods of high quality since most of the resources are channeled towards the production of a specific good and repeated production of the same product is likely to lead to improved quality. Specialization is also associated with incurring of less cost of production which is translated to the final price presented to consumers hence it makes products to be cheaper.
Globalization results to the movement of laborers from one nation to another without incurring heavy costs that are normally associated with migration and without spending a lot of time (United Nations & Ocampo, 2002 p. 73). Free movement of workers is beneficial to workers since it provides employment opportunities that are not available in the home country hence making them be economically stable. The workers, in turn, contribute to the economic growths of their home countries when they repatriate back their savings in the form of investments and other income-generating ventures.    ...Download file to see next pagesRead More
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