The Benefits Of Globalization

705 Words3 Pages
The advent of modern globalisation has led to unprecedented business and economical developments worldwide. Despite the prevalence of said phenomenon, definitions for the term ‘globalisation’ have been debated extensively. Nevertheless, this process (in a business context) could be defined as the increasing international integration of economies and societies (Berry, 2008; Ch, 2011; International Monetary Fund, 2008; Irani and Noruzi, 2011; OECD, 2013). Both Masson (2001) and Moshirian (2007) suggest that globalisation often propels investment, migration (i.e. the movement of workers), and more importantly, trade. In fact, global economical integration has significantly contributed to the development of global per capita gross domestic product (GDP); since the 20th century, global per capita GDP has roughly expanded five-fold (Böhmer et al., 2016; International Monetary Fund, 2000). The unparalleled growth of economies thus aid businesses to flourish— a robust economy is likely to increase disposable incomes and elevate people’s propensity to spend, consequently allowing firms to yield more profits. Hence, this essay will argue that globalisation has greatly benefited businesses (especially multinational enterprises (MNEs)) by expanding markets, increasing the number of potential consumers, and reducing operating costs. The essay will address arguments that detail the merits of globalisation; consider counterarguments that underscore the detriments of globalisation with

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