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As technology advances, the world is becoming smaller in terms of being able to communicate information more quickly to the virtual world. Today’s world is more interconnected by social media and online networking, which can connect any random person to anyone across the globe. Many businesses take on this opportunity to advertise and communicate with unreachable customers. Due to globalization and free trade it allows businesses to access all potential consumers.
What are some of the pros and cons of globalization and free trade? The pros of globalization are “...lower prices, greater availability of goods, better jobs, and access to technology” (Luthans & Doh, Pg. 8).
The cons of globalization are offshoring and outsourcing,
Less regulated environments, lower wages, and terrible working conditions. Globalization and free trade can lead to negative social standards. “...when production moves to countries to take advantage of lower labor costs or less regulated environments, it creates a “race to the bottom” in which companies and countries place downward pressure on wages and working conditions” (Lathan’s & Doha, Pg. 8).
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The companies do not care about the plight of the workers and there is no pressure for them to change these conditions.
How might the rise of social media result in closer connections (and fewer conflicts) among nations? Social media is exposing people to different cultural and political ideas. Social media is breaking down traditional barriers and people now have a more global mindset. “As individuals who share interests and preferences link up, they are afforded opportunities to connect in ways that were unimaginable just a decade ago” (Luthans & Doh, Pg. 4).
The people of different nations are becoming more culturally aware of people from other nations, which will make them more accepting of their ideas, which in turn will produce less conflicts. “Networks and the individuals who make them up are bringing populations of the world closer together and further accelerating the already rapid pace of globalization and integration” (Luthans & Doh, Pg. 4). People from around the world are finding similar interests and understanding different cultural and political groups, which bring them closer together and alters the way that we interact with each other.
Which regions of the world are most likely to benefit from globalization and integration in the years to come, and which may experience dislocations or setbacks? South America, the Middle East, Central Asia, and Africa would most likely benefit from globalization and integration in the years to come. With the growth of intercountry trade, South America has made progress toward free-market policies. Arab and Central Asian countries are known for their oil production and have invested billions of dollars around the world, including in the United States. Africa has seen considerable growth and many of Africa's industries are flourishing. Considering that Africa is a very diverse country with multiple tribes and languages, this could be used as an advantage. A region that would experience dislocations and setbacks specifically would be the United States due to offshoring and outsourcing. Many companies send jobs to foreign countries such as India and China for cheaper labor, lower manufacturing costs, and for advanced information technology expertise.
Globalization has interconnected the world and has brought many different nations and cultures together. Communication between these different nations has become easier and more instant. The world now is being thought of as a single market despite many cultural and political differences. Social media and online networking has been able to let others from around the world express ideas to the virtual world. Many businesses have taken the opportunity to utilize these common interests and promote their business operations to this virtual world, which can lead to global expansion for any business.
Globalization And Free Trade in The World. (2024, Feb 13). Retrieved from https://studymoose.com/globalization-and-free-trade-in-the-world-essay
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