Assignment #1

 Enumerate at least five benefits of Globalization

 Identify at least five characteristics of Globalization
 Create a concept map of the examples of Globalization and explain each

You may submit it through MS Word/Pdf file or online submission. 

WHAT ARE THE BENEFITS OF

GLOBALIZATION?
Globalization impacts businesses in many different ways. But those who decide to take on
international expansion find several benefits, including:

 Access to New Cultures

Globalization makes it easier than ever to access foreign culture, including food, movies,
music, and art. This free flow of people, goods, art, and information is the reason you can have
Thai food delivered to your apartment as you listen to your favorite UK-based artist or stream a
Bollywood movie.

 The Spread of Technology and Innovation

Many countries around the world remain constantly connected, so knowledge and
technological advances travel quickly. Because knowledge also transfers so fast, this means that
scientific advances made in Asia can be at work in the United States in a matter of days.

 3. Lower Costs for Products

Globalization allows companies to find lower-cost ways to produce their products. It also
increases global competition, which drives prices down and creates a larger variety of choices for
consumers. Lowered costs help people in both developing and already-developed countries live
better on less money.

 4. Higher Standards of Living across the Globe

Developing nations experience an improved standard of living—thanks to
globalization. According to the World Bank, extreme poverty decreased by 35% since 1990.
Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in
half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly
1.1 billion people have moved out of extreme poverty since that time.

 5. Access to New Markets

Businesses gain a great deal from globalization, including new customers and diverse
revenue streams. Companies interested in these benefits look for flexible and innovative ways to
grow their business overseas. International Professional Employer Organizations (PEOs) make it
easier than ever to employ workers in other countries quickly and compliantly. This means that,
for many companies, there is no longer the need to establish a foreign entity to expand overseas.

CHARACTERISTICS OF GLOBALIZATION
 Globalization is Basically a ‘Mindset’:

Usually, Globalization is seen as another economic theory to enhance business & trade. It
must be understood that Globalization is basically a mindset that is ready to encapsulate the
whole universe into its scheme of things; a mindset that is broader & open to receive all ideas;
that takes the whole globe as an area of operation.

 Globalization is an Opportunity:

It is often feared that the implementation of Globalization will open up our domestic
economy for foreign competition, thereby endangering economic progress & survival of local
firms. While it does open our markets for entry of multinationals, it also opens all other markets
in the whole world for our products & services too. Why can’t it be seen as an opportunity to
scale up our operations globally?

 Globalization means “Interdependence”:

We have all grown reading history wherein either a country is independent or a slave of
another country. With the advent of Globalization, it has been understood that no country can be
said to be totally independent, not needing anything from any other country. Hence, a culture of
interdependence has been established between nations.

 Globalization means “Caring & Sharing”:

The world today is more united and concerned about common problems being faced by the
people- be it global warming, terrorism, or malnutrition etc. natural disasters faced or atrocities
encountered at any part of the world attract immediate attention all over.
  Globalization puts Technology in Service of Mankind:

The world would not have shrunk into a small global village without the support of
technological innovations like Computers, Internet, Telecommunication, E-Commerce etc. Thus,
technology has proved to be the major source of the concept of Globalization, and for bringing
people nearer.

CONCEPT MAP OF GLOBALIZATION

Note: Please cite your source
https://velocityglobal.com/blog/globalization-benefits-and-challenges/
https://www.linkedin.com/pulse/ten-basic-characteristics-globalization-prof-jagdish-khatri/