Benefits of Globalization

Globalization is the process where international exchange of goods, services, capital, technology and knowledge becomes increasingly interconnected. It is a natural phenomenon, in cultures, economic, political, and ethical that allows for synergy through specialization. Modern markets are more interdependent, as both travel and communication have developed to the point of comparative urgency. Globalization should be encouraged as it has contributed positively to both the buyer and seller. It has improved economic status of countries across the continent.

  The creation and existence of the United Nations, is a classic example of political globalization (MacGillivray, 2006). Along similar lines, the “shrinking of the world” has allowed individuals across the globe to explore new cultures either via travelling or through local exposure to international art, music, religion, theatre, television, movies and countless other cultural outlets (MacGillivray, 2006).Globalization allows the exchange of goods and services across the globe. As a result, areas with limited resources, such as limited farmland or no access to medicine can access goods that can substantially improve their population’s standard of living (Kanavos, Vandoros, Garcia-Gonzalez, 2009). DellAriccia (2008), asserts specialization is a precipitate of globalization thus boosting on product production. Example is different products being manufactured in different regions of the world. While one area may excel in crafting phones and computers, another area may excel in producing semiconductors of the same (DellAriccia, 2008).

Globalization has contributed largely in the growth of economy, unison of nations and cultural diversity. It has been the pillar of improving the living standards of nations and individuals. Globalization should be encouraged as it transforms the continent each day, making it a better place to live in.

References

DellAriccia, G. (2008). Reaping the benefits of financial globalization. Washington, DC: International Monetary Fund.

MacGillivray, A. (2006). A brief history of globalization: the untold story of our incredible shrinking planet. New York: Carroll & Graf.

Kanavos, P., Vandoros, S., & Garcia-Gonzalez, P. (2009). Benefits of global partnerships to facilitate access to medicines in developing countries: a multi-country analysis of patients and patient outcomes in GIPAP. Globalization and Health, 5(1), 19. doi:10.1186/1744-8603-5-19