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Globalization

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Globalization is the comprehensive integration of resources, trade, investment, IT and cultures (Crane and Matten 2016, p. 26). Many countries have embraced globalization in an effort of eliminating p... overty, improving the economy, raising the standards of living for the individual citizens and identifying better opportunities. Through business globalization, organizations can easily acquire raw material, new market ventures and conduct business at a relatively lower operational cost. According to Crane and Matten (2016, p. 17), it also ensures the sharing of social, political and cultural ideas and improving the standards of life among worldwide populations. Some countries such as China and the United States have significantly benefited from globalization. For example, most manufacturing industries in the United States outsource for cheap labor in Mexico to reduce the operational costs. However, globalization has a positive and negative impact on the various stakeholders. For example, it tends to be beneficial to the developed countries and well-established organizations, and detrimental to developing nations and small firms. Developing countries experience debt crises as a result of globalization (Crane and Matten 2016, p. 22). Upcoming business organizations are shadowed by well-established firms when competing in the same markets. Global warming is also a significant challenge of globalization since there is an increasing demand for goods which subsequently necessitates manufacturing and industrialization. The paper will discuss the positive impact of globalization on the United States and its detrimental impact on Greece. The essay will be supported using statistical facts and figures associated with globalization in both countries. Countries and Industries Affected by Globalization Globalization has a different impact on various countries. Beuving (2013, p. 496) notes that in African countries, it has generally increased the existing economic inequalities, while marginalizing the countries which have embraced globalization. Globalization has a mixed effect on developing countries depending on the industry or field. The developing countries in Africa have embraced globalization in the areas of economy and trade, education, health systems and culture (Beuving 2013, p. 497). These countries use globalization as a tool for eliminating poverty among their citizens by increasing opportunities, markets and jobs for the people. Individuals in developing nations can invest in developed countries, seek education and find employment. Countries which run on a lower economy can embrace technology from developed countries and acquire many resources. For example, there has been easier transportation of goods between France and Morocco (Crane and Matten 2016, p. 28). Warfare has reduced between developing countries in West Africa since they benefit mutually from free trade operations. African countries are negatively affected by globalization when the developed countries set up their manufacturing industries to enjoy the benefits of low wages. They are affected by high environmental pollution after the industries are established. The economies of developed countries are also affected since there is less flow of capital, and unemployment due to the shift of labor. African, Asian, European and American countries are positively affected by globalization in the areas of education and health systems (Burbules and Torres 2013, p. 67). Education is now globally available due to the increasing need for gaining essential skills to conduct worldwide business operations. In addition to that, the American and European countries have created initiatives and foundations which encourage governments and citizens of developing states to value education. According to Burbules and Torres (2013, p.79), the various countries are also in a better position of sharing basic and advanced knowledge about the methods of conducting business, industrialization, technology and other essential parameters. For example, the United States offers many sponsored educational opportunities for African students. [Show More]

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