They can import materials from other countries for production to continue and to meet the demands of their customers. It has also opened more opportunities for traders or countries with high interest to do business.įor example, companies that are into the production of certain goods can source their raw materials required for production elsewhere, mainly when not available locally. But the beauty of the whole process is that globalization has not only made the process a bit easier. There are also different reasons why many companies get involved in foreign trade in the first place. However, the term globalized trade also implies engaging in import and export businesses with other countries. Globalized trade has taken a different form, moving away from the rigid and challenging process it involved in the past. Getting products to other countries took a long process because of the ties that existed between different regions.īut now a lot has changed. It was also a time-consuming and expensive process. In the past, importing or exporting goods to other countries was a difficult task. There is no denying that globalization has made foreign trade simpler than it used to be.
Now that you know what globalization is let’s get into its impact. Through it, different cultures meet and people get to know and understand the various ways of life and accept them. Globalization is not only about trade there is also the cultural aspect to it. via the internet a US-based company can hire an accountant in India to do its taxes. And it’s not only products globalization also makes it possible to get services from around the word e.g.
Also, companies can operate where production costs are the cheapest due to globalization. Globalization today allows for goods to be made and sold all over the world.Ĭompanies to establish and compete for customers in many countries for example fast food chains are opening outlets every day around the world. The rise of globalization is largely attributed to major changes in the telecommunications and transportation industries.
ĭue to globalization someone in China can easily communicate and sell their products to an individual in the US. Through the Internet, media, planes, international business, and embassies we are now more connected to each other than ever before. “Globalization a process where people, companies, and governments from different nations interact and integrate through international trade and investments has effects on the environment, culture, political systems, economic development and on the human physical well-being in societies around the world”.
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