Critically Assess the Impact of Globalization on the Economies and Welfare of People Living Around the World Today.
Globalization also known as internationalization, liberalization, universalization, and modernization. It simply means that transform every countries to be connected as a whole. Many aspects such as technology, labour, raw materials, capital, skills, information, transportation, distribution, ideas and marketing all are integrated into global scale. Moreover, it is the process of the growth in international exchange and interdependence. It particularly involve that economies are integrate into the international economy through trade, foreign direct investments, movement of workers and people, and flow of advance technology. Although globalization sounds good, but it also include both positive and negative impacts. The positive impacts of globalization is the transfer of technology, free trade, free flow of capital, cheaper foreign labour markets, it may provide many foreign employment opportunities, provide international education and enhance industrial growth. Through globalisation, welfare of people living around the world today are more knowledgeable, can get various kind of information faster, employment rate increase (can get job in foreign country), get higher paid, have various choice of products, borderless communication, get the latest advance technology, can increase standard of living (able to enjoy the latest technology, products, facilities) and so on. Globalization is one of the major factors that help boosting up the economy and industry growth. All the way through globalization, there are many new products, knowledge, information, ideas, and advance technologies are exchanged and shared among countries. For example, globalisation will help our country to attract more foreign direct investments through the local company can produced various kinds of products. Then our products can be sales to the whole world. When there are demands, our economy will relatively grow. It will help improve tourism industry too. With the inflow of foreign