Globalization: Opportunity in the International Community
Globalization has become one of the biggest issues in the economic world today. Many people believe globalization is an opportunity for the international community, while many people think it is threat to international community. Globalization in this decade has gained extreme importance. There has been a sudden interest in this issue and it has become a topic to debate about. However positive factors outweigh negative in globalization. It has many positive aspects, for instance , the economy, development of countries and culture.
Globalization has come into common usage since the 1980's. Nowadays it is one of the most commonly used terms. But what does globalization mean? The term refers to the process through which the economies and cultures of the world would become increasingly interconnected
In other words, many countries and nations are starting to become similar to each other from various aspects. Globalization also entails the free movement of capital, goods, services and labor
around the world.
Globalization has a very important impact on the economy. The basis of globalization is free-market capitalism .Globalization integrates free-markets and technology enabling people to reach each other around the world faster and cheaper. It would allow goods and services to be produced throughout the world, making them available to a much more diverse group of people. Thus global competition begins to increase. This eventually leads to a decrease in prices and an increase in the standard of living. By spreading free-market around the world, it will open the economy to free-trade .