Economic Globalization And Its Importance To Today’s Business

616 words - 3 pages

What is Economic Globalization?
The world is becoming smaller and smaller as days go by. This is not on the perspective of the earth’s real size, but rather it is becoming smaller due to the effect of globalization. In the simplicity terms globalization can be said to be that free movement of resources across borders. Globalization has more to do with cross border issues or rather internationalism. Technology is making this effect possible. Than never before, the world is expansively interconnected and reaching out to somebody in one end of a continent from the end of another continent is as easy as reaching out to a village mate in the real neighborhood. The world is being made a one small ...view middle of the document...

In addition to this, businesses are also able to acquire highly trained professionals from any part of the world because economic globalization has made it possible for people to cross borders freely. Consequently, through use of professionals and advanced technologies, businesses are able to improve quality of their produce. With improved goods and services, businesses are able to effectively compete both locally and internationally and this means increased revenues.
Most companies today are outsourcing their services. This is an effect that has been contributed effectively by globalization. Businesses are now able to freely shift their operations to countries that have favorable economic environment, especially where labor and raw materials are readily available. Due to the international economic interconnectedness, businesses are able to cut down production costs. This is because instead of producing goods and transporting them to international market, companies can open branches...

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