Identify the economic benefits of Globalization
Globalization has caused raises in the competition all over the World. While a lot of nations fear the competition, however there are a lot of economic benefits of this competition, or we can say, globalization.
a) The globalization is a widening of markets that can bring in the specialism as well as sharing out of labor. This specialization and the labor sharing-out causes rise in production levels, all over the globe.
b) There are economies of scale i.e. the lower costs and prices for the business so that it can easily compete in the challenging atmosphere (Spybey, 1996).
c) Higher economic growth is there as the low cost of technology and know-how can help the business to gain an economic edge over the competitors.
d) One more economic benefit is the gain from dealings that both the involved nations attain from exchange of products or service.
e) It brings in higher and improved real wage levels, which in turn also raises the standard of living of both the nations.
The economic gains of the nations can be maximized by comparative advantage of offering lower prices to the customers and a higher choice of the goods. There is bigger market to trade with free movement of labor. The recipient country also benefits as its unemployment rate is reduced and people can opt for jobs out of their native countries. Similarly the working nation gets cheap labor and better skilled employees/labor.
What are the impacts of globalization?
-What is the impact of globalization on human rights? (Discuss poverty, sweatshops, child labor etc.)Provide examples of companies that have violated human rights.
The critics of the globalization have laid high stress on the impacts of globalization in terms of labor exploitation, low wages, child labor and different rules for different nations. The developed nations try to exploit the developing nations by offering lesser wages as in comparison to their native country’s employees. In spite of the stress on state duty, international human rights mechanisms maintain to make out human rights that are dishonored predominately by non-state performers, such as, liberty from slavery and strained labor. The obligation compulsory in such cases, though, stays mainly on the state to make sure the right in opposition to the slave holders and owners of forced manual labor. Human rights tools also converse to the commitments of non-state performers. The human right laws enforce the respect for all the employers and employees and rules for state and non-state performers (countercurrents.org, 2007).