- Review other students' posts before deciding what and where to structure reply posts. Students must post a minimum of 2 replies thatmust be uniqueto other students.Replies should build upon the original discussion thread (and other replies posted prior) with further details on lesson concepts, additional research, business examples, etc.
- Replies require short essays and must contain a minimum of 100 words each. Replies must be constructive which means they do not simply state agreement or disagreement re-highlighting points already made in prior posts. Replies must offer additional information or input to the discussion and lesson concepts.
1st - Robin Harris
Globalization has been largely facilitated by economic, financial, political, technological, and social aspects. Less restrictive trade and investment policies are the key economic factors. A significant driving force behind globalization is the expansion of the financial industry. Market, government, cost, and competition are the four fundamental forces behind globalization. These external forces have an impact on the key elements of the potential for globalization across industries, which are mostly out of the control of individual businesses. These external forces have an impact on the key elements of the potential for globalization across industries, which are mostly out of the control of individual businesses. Market factors include things like shared customer needs and transferable marketing, which allows businesses to meet demand in new markets with their current products thanks to the advent of global markets for standardized goods.
Government influence is a significant factor as well, with laws encouraging the removal of trade restrictions and the transition to a market economy. In the field of cost advantage drivers, organizations are able to obtain new economies of scale by selling in greater numbers as well as explore the advantage of low-cost production through outsourcing and imports thanks to access to new markets and human talent. In terms of competitive drivers, rising international commerce and foreign direct investment (FDI) have increased interdependence between nations and organizations while also exposing businesses to fresh rivals.
The world is getting smaller, even though saying this has become cliché. No matter how far away they are on the planet, you can use a phone to contact them right now. You can text, use Whatsapp, or utilize Skype. You can board a plane and arrive halfway around the world in a matter of hours. As the world gets smaller, globalization plays a role in bringing people together for cooperative or antagonistic objectives. Whether you like it or not, globalization has shown to be a powerful engine for progress and change, and it is altering the world in ways that have broad, perhaps unexpected effects. Future generations can work to promote globalization's interconnectedness and advancement on a global scale.
References
Globalization Partners. 2020. Benefits and Challenges of Globalization.https://www.globalization-partners.com/blog/benefits-and-challenges-of-globalization/#gref
MBA Knowledge Base. 2021. What are the Driving Forces behind Globalization.
https://www.mbaknol.com/international-business/what-are-the-driving-forces-behind-globalization/
2nd - Tony Cowan
Hello everyone. I would first like to greet everyone and say how happy I am to have a class like this. I wish everyone luck in completing everything and look forward to engaging with many of you through our dialog in these discussions. To begin, this is our first discussion when thinking about globalization. I would truly like to express my opinion that while there are pros and cons to the argument, I believe the Pros of globalization far outweigh the Cons.
Moreover, when thinking about the drivers and factors of globalization as it pertains to this question, I believe the biggest driver is economics. Communication also is a driving factor as well as technology exchanges. It does not matter the size of the country such as a large industrialized country like the United States or a small country like the Philippines as it really all boils down to money. This is what pushes countries to seek cheaper products, mainly due to cheaper labor in developing countries which in theory, keeps prices low for everyone. However, in reality, that is not always the case as I will mention in the section about the pros and cons of globalization.
When thinking about the actual pros and cons of globalization. The Pros are obvious in our day-to-day interactions with others. Greater global communications. Not only through social media, but in real-time face-to-face conversations and the speed of data being transferred. I remember the days when it took a month for my mother to receive a letter from me from overseas when I was stationed abroad. Now, one can face time instantly and at a very low cost. Another Pro is the removal of barriers to exports. Allowing for greater IB to be achieved. Some of the Cons especially when it comes to The United States, are less economic output due to lost jobs in manufacturing as well as management of companies that used to manufacture things. Labor costs here in The United States are very high as the cost of living is high compared to undeveloped countries. I know there have been many formulas created to guess how many jobs have been lost due to globalization, however, many of those same jobs have been replaced with a different way of doing things. I still feel as if The United States was really in a bind, that our manufacturers could still revamp things and get going with any other country, however, it is hard to compete when workers must have a certain amount of income just to survive. Another Con to globalization is more reliance on foreign products where quality standards are not enforced as they are here in America. Recent complaints about supply chain shortages have caused inflation to run amok with companies trying to use this as an excuse to increase prices which in fact is artificial.
Finally, as far as where I stand, I believe globalization is for the betterment of all. Yes if one would ask if there are negatives to globalization, however, nothing is perfect. I prefer being able to travel freely and experiencing many things that are different than where I grew up as eventually everyone realizes life is very short indeed and we only get one chance to enjoy what we can. Personally, I don’t want every vacation I take to be to Orlando, (smile) nothing against Orlando.
References.
Daniels, Radebaugh, Sullivan, Click. “International Business: Environment and Operations. 17thEdition.
Collins, M. (May 6, 2015). Forbes: Reinventing America. “Pros and Cons of Globalization”. Retrieved from the web August 2022.https://www.forbes.com/sites/mikecollins/2015/05/06/the-pros-and-cons-of-globalization/?sh=4d1961deccce