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Causes and effects of globalization - Essay Example

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There are several reasons due to which globalization has occurred, which include: increase in significance of multinationals,…
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Causes and effects of globalization

Download file to see previous pages... the importance of multinationals operating in their nation and as companies recognized the importance of expanding their business globally (Ritzer, 2007, p.70). Decrease in trade barriers such as quota systems and import, export duties even became an underlining reason that promoted globalization. When trade barriers were removed, consumers realized that they can obtain goods and services at much lesser prices as compared to the goods and products available and produced locally. Globalization was even created as organizations and nations understood the importance of technological advancements that were taking place in other regions and due to their desire to obtain these technological advancements.
Globalization has been impacting humankind both in negative and positive way. This process has increased job opportunities for the workforce throughout the world, now people can find employment anywhere around the world. Another positive effect was that the developing nations have started working for developed nations which aided in solving the problem of unemployment rate in these nations. Due to globalization, interaction between cultures increased and cultural boundaries became blurred, and due to this people of one nation started accepting and adopting the cultures of other ...Download file to see next pagesRead More
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