In our modern day and age globalization has become part of every country's structure and having a country isolated in a whole from the rest of the world is extremely rare and is slowly being eradicated by competitive pressure. Globalization is the international exchanges of technology, economy, culture, and politics which has increased over the past few years due to ease of communication and transportation with the introduction of new technology that allows populations world-wide to do so. Globalization is something most companies should be hoping for as it has many advantages in the world of business. There are many advantages for globalization which will be discussed in detail in the following few paragraphs.
Before talking about the present day globalization a quick look at the past is necessary to see how what role does globalization play nowadays. With the lack of high end communication devices and means of transportation the very definition of globalization ( stated above) is hard to accomplish.
Informational exchange was much harder before the introduction of the internet and other forms of communications. Economies would also be much harder to link if there weren't the new forms of electronic exchanges. For example an advantage of globalization which is interconnected work of different researchers and scientists all over the world would not have been possible without fast and comprehensive form of communication.
To begin with, globalization is creating a competitive advantage to companies which outsource labor work to cheaper countries hence lowering their costs. In this scenario both countries would be better of since the cheaper country would foreign cash inflows and the outsourcing country would have cheaper costs. A problem with this practice is creating loss of jobs in the outsourcing country, but that is like saying a supermarket is laying of specific workers to...