Globalization Is Ultimately in the Best Interests of All Workers - Literature review Example

Heading: Globalization is ultimately in the Best Interests of All Workers Your name: Course name: Professors’ name: Date Introduction Globalization refers to the process of enhanced cooperation and integration of various national economies. It also entails national economies getting more integrated and interrelated. Besides, globalization shows that people across the globe are more interrelated to each other as compared to the past. The phenomenon also indicates that the production of goods in certain parts of the globe is progressively available in other countries. It also explains that money and information flow faster than in the past. Additionally, globalization shows explains the frequency of global travel, as well as the increased global communication. Some of the benefits accruing from globalization include high free trade, enhanced capital flows, high labor movement, multinational firms’ development, more integration of world trade cycle, and improved communication and advanced transport, which successfully lessen obstacles between nations. Even though globalization has both benefits and costs, there are more advantages that globalization has on all workers. Therefore, this report explores some of the arguments supporting the fact that globalization is ultimately in the best interests of all employees. Arguments to support “Globalization is ultimately in the best interests of all workers” To begin with, globalization is beneficial to all workers because it ensures enhanced standards of living. Presently, there is apparent development of transnational businesses due to the globalization of economies. This is evident in the way that people gradually increase the goods’ demand, and that companies expand their production to other states. According to the International Monetary Fund managing director, Michel Camdessus, there were increased revenues and standards of living in 1996, possibly because of increased employment in the world. For instance, because of business interests from other nations and global companies, China has successfully promoted the earnings of the middle-class people. The country has increased payments and employment through favoring the creation of production areas for international companies. Additionally, as nations engage in trade and attraction of foreign investments, they get more income that the government can use in improving transportation and housing among other sectors. Moreover, the level of socio-political globalization tends to boost the value of human rights and democracy. The free-market economy has led to the success of civil society and the consistent diminishing of bureaucratic authoritarianism in South East and East Asian states (World Bank, 2008). Secondly, it is true that globalization is beneficial to all workers, as it enhances social awareness among them. In addition to the initial definition, globalization refers to a process by which people, their activities, and ideas in various parts of the globe get integrated or integrated. The cultural extent of globalization develops mutual understanding and human interaction. In the present global-wired service world, people can now see the way people work and live. In addition, globalization also boosts human rights and democracy by improving private citizens and workers’ power to determine commercial behavior. The extensive distribution of information through internet, private groups, and individuals can express their criticism against corruption, graft, and poor quality goods, as well as other human rights infringements. For instance, unnamed employees and private citizens reported an apple supplier, Foxconn for unfavorable working conditions, and since then, the company has ensured safe and favorable working conditions for its employees (World Bank, 2008). Thirdly, Kremer, & Maskin (2006) maintain that globalization works in the best interests of all employees, since it facilitates professional aspiration, which implies enhanced education. Since globalization is a process, it has influenced various aspects of life including education. Currently, education is experiencing continued changes due to globalization. In the 20th century, several developing nations faced advancement in their available educational facilities, because of connection with western institutions. Some nations believe that globalization process is valuable chance for the people in developing states to improve their skills and education standards. The impact of globalization on education causes fast technological advancements, and communications are predicting changes in learning institutions all over the world as values, knowledge , and ideas changing the roles of teachers and students, as well as producing a change in society from industrialization to an information-oriented society. Besides, higher education internalization can be connected to different external and internal reforms in the global system. Externally, there have been alterations in labor market that has consequently in requires for more knowledge and skilled employees, and employees with greater understanding of cultures, languages, and business techniques all over the globe. Education is getting more valuable to individuals with an improved opportunity of employment that consequently, causes a better lifestyle, status, and power. In addition, by globalization of education that is knowledge transfer from the Western states into developing states, is aimed at improving the capabilities and skills of the people attaining it. Fourthly, Cherunilam (2008) says that globalization enhances free trade, which entails a manner in which states to exchange resources and goods. This implies that the states can specialize in the production of goods they have a relative advantage. When states specialize, there are several benefits from trade including reduced prices for customers, as well as high choice of goods. Fair trade also facilitates greater export markets for local producers. Fair trade also improves economies of scale through the ability to specialize in some goods. Additionally, globalization ensures fair trade that, in turn, brings about greater competition (Kremer, & Maskin, 2006). Furthermore, World Bank (2008) argues that globalization benefits all workers, since it enhances free labor movement. More labor migration offers advantages to both recipient states and workers. If a state faces high rates of unemployment, there are more chances to find in other countries. Labor migration is instrumental in the reduction of geographical disparity. This is quite efficient in the Eastern Europe, as workers keep migrating to the western part of the region. Additionally, it helps states with labor shortages fill vital posts. For instance, the UK employed nurses from the Far East in order to fill some job shortages. Nevertheless, the issue is controversial, as some countries feel that free labor movement can lead to too much pressure on social services and housing in certain countries. Some nations like US have reacted to the process by keenly trying to stop migrants from other states (Weinstein, 2005). What is more, Cherunilam (2008) asserts that since the growth of global business, there have been several issues about marketing, communication, and cultural differences. The number of tariffs, quotas, and trade barriers has been steadily reducing; hence, enabling normal businesspersons to carry out business overseas, simpler than in the last half a century. The advancement in communication, via the initiation and consistent development, accessibility, and high-speed internet, has enabled world exchange to occur instantly and easily. Moreover, big corporations, as well as the small ones have taken an initiative to extend their operations from the local to global markets in order to acquire new consumers, chances, and boost their income (Tanzi, 2004). According to Elliott (2003), globalization is also beneficial to all workers, as it adjusts the nature of the domestic and global conflicts, and specifically multiplies the tensions with ethnic, religious, and linguistic characters. It is worth noting that oppositions that exist between Arabic and west world, based on various cultures, and engender different responses caused refusal of cultural imperialism to the appeal from the western representation. What is more, globalization works in the best interests of all employees, because currently, people across the globe have grown closer to each as compared to the past years. In terms of economic effects of globalization, local services and goods have a higher possibility of exporting and promoting as compared to the past years. This specific phenomenon influences the economic business, and causes a great influence on society; hence, leaving advancement of the developing states as a major cause of globalization, as well as bringing both disadvantages and opportunities to the present day (World Bank, 2008). Globalization is beneficial to all workers, since it causes greater competition in the world market. Initially, local monopolies received protection due to lack of competition for the market of their goods and services. With the entry of foreign firms, there is a stiff competition of products and service on the domestic companies. The enhanced competition brought about by foreign investors is instrumental in the improvement of the quality and standards of their goods and services required by consumers. This also means reduced prices for goods and services, increased pay, as well as favorable working conditions for workers (Cherunilam, 2008). In addition, it is true that globalization is advantageous to all employees because it increases investment levels in the country involved. This is because countries that embrace globalization tend to appeal to both long and short-term investment. Greater investments by foreign companies are vital in that it improves the economies of the developing nations. This way, workers directly benefit from these investments in terms of job opportunities, promotion, and favorable pay. Globalization is ultimately in the interests of all employees because of they tend to benefit from the globalised standards. Globalization calls for the adoption of the World Trade Organization (WTO), which are global standards that allow the workers to enjoy medical and health benefits, higher wages, as well as vacations. As a result, these benefits will facilitate worker motivation, which in turn, leads to improved performance for the company and themselves, as well as high living standards (Elliott, 2003). Conclusion Without doubt, globalization is and will remain as an influential factor to civilizations and the globe at large. Nevertheless, since labor across the world is more open and presents more chances as compared to the past, it is worth stating that globalization has enabled workers to ask for more changes that they need. These changes include equality, management recognition, enhanced living standards, and better treatment as human beings, instead of mere assets. It may be viewed that MNC is the main beneficiaries of globalization. This is because of the benefits of outsourcing their businesses and off shoring them. globalization has also given workers in the world a chance to obtain and achieve better standards of living and the labor morbidity enabled the, to easily access big markets where their skills are more appreciated and highly paid. Despite all the challenges that it brings, globalization has been influential in making the scale of power to be more balanced where both shareholders and workers are looking for their very best interests. People now know the world because of globalization, as it is a small village, which makes the process of getting options in a highly competitive market extremely difficult. This is because shareholders intend to reduce their cost while labor has enhanced their awareness, educational background, and seeking for improved life standards. The challenge remains difficult for both parties, but currently, employees with which to bargain. This is something that they never accessed before, and that explains why globalization is ultimately in the best interests of all workers. References Cherunilam, F. (2008). International Economics. New Delhi: Tata McGraw-Hill. Pp. 89-100. Elliott, K. (2003). Can labor standards improve under globalization. Washington, DC: Institute for International Economics. Pp. 1-20. Kremer, M. & Maskin, E. (2006). Globalization and Inequality. Department of Economics, Harvard University. Pp. 1-32. Tanzi, V. (2004). Globalization and the need for fiscal reform in developing countries. Buenos Aires Washington, D.C: Institute for the Integration of Latin America and the Caribbean IDB-INTAL Inter-American Development Bank, Integration and Regional Programs Dept. Pp. 3-5. Weinstein, M.M. (2005). Globalization: what's new. New York, NY: Columbia University Press. Pp. 60-70. World Bank (2008). World development indicators. Washington, D.C: World Bank Publications. Pp. 323-340. Read More