Essay on Globalization is the Shrinking of Our World

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Globalization can best be defined as the shrinking of our world. As technology advances the gaps between Countries is closed, and our society as a whole becomes more integrated. Globalization is something that has been occurring for thousands of years, with one early example of Globalization being the use of the Silk Road, which connected China and Europe during the Middle Ages. Globalization can offer businesses many was to increase business, while at the same time threatening them (, 2014). Globalization offers industries many ways to increase their profits. Since businesses and corporations have access to a wider range of potential clients, they have a chance to increase profits. Global competition also …show more content…

If businesses don’t export jobs overseas, they need to find new ways to remain competitive in the global markets. This can come in the form of pay cuts for employees, which also harms the economy since there is less disposable income ( Again Mourdoukoutas (2011) offers his support by stating globalization can lead communities to escape the unemployment trap by devaluating currency and raising trade barriers. China currently employs the currency devaluating tactic to maintain their edge in American markets. This makes American products more expensive to obtain in China, as opposed to their inferior, cheaper products. This causes American based businesses to seek new creative ways to lower production costs to remain competitive in Chinese markets. Globalization is something that has been occurring since early in the history of entrepreneurs, and something that will not be going away anytime soon. Businesses can enjoy many benefits from globalization that include an increased audience to market their products to, and quicker sharing of innovative ideas. The advantages of globalization are just as much a disadvantage. The increase in competition between domestic and foreign business has lead to a decrease in employment and an increase in outsourcing. Businesses need

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