The term globalization has been heard here and there and in any task adopted by any one irrespective of its outcomes. It has brought in newer technology and innovative ways of doing things and responding to situations. Every person experiences it in some part or the other at work places and, homes, while taking services or buying products (Young and et.al., 2009). The impact of globalization has brought in various changes in the international political economy which is working in co-ordination which each other thereby enhancing competition.
The topic of an essay is the influences and effects of globalization on development of economies all over the world. The various aids provided due to evolvement of globalization has helped in international development as well as hindered various developing countries in some or the other way (Purnell, 2018). The essay incorporates positive and negative effects of globalization on the international development of economies. With the growing impact of globalization globalisation, the world is becoming more and more interconnected opening various opportunities for all and thereby, providing developed technology and innovative means of working (Young and et.al., 2009).
Globalization is a common phenomenon which is related to political, economical and social aspects of life and modifiesy it as and when changes arises in the environment. It reduces the barriers of communication and enhances relationship amongst various aspects of political and social as well aswell as economic background of people (Ibrahim, 2013). Innovation n in gadgets and newer technology such as internet, digital gadgets, smart phones and advanced technique has undergone a huge change modifying the thinking abilities of persons. It has bridged gap in between nations and thereby, increasing international relationship. GlobalizationGlobalisation has brought in various changes to multinational businesses and international economies through new technology and technical advances and thereby, spreading awareness and aid in forming regulations for labour and human laws as well as safeguarding females (Purnell, 2018).
GlobalizationGlobalisation has brought in the integration of world economies and societies which has have enhanced international development of political and social economy in the last two decades. Various developing countries has have experienced rapid growth of their economies and a reduction and eradication of poverty to a huge level has been witnessed (Young and et.al., 2009). The globalization has brought in positive aspects of changes to the global economies be enhancing living standard of people. It has seemingly reduced environmental degradation in every form whereby companies and business firms are incorporating corporate social responsibility in their respective concern to safeguard nature (Young and et.al., 2009). It has reduceds the trade barriers and tariff while opening roads for trading between countries freely which has expanded business organizations and brought in opportunities for people in equal forms. It has been a positive driver of change and thereby, bringing countries and economies closer to each other rendering services and enhancing standard of living of people (Reader, 2017).
Globalization though has made life easier but has brought in tough competition in between small and medium business firms that impact the scale of operations and developing economies as a whole (Young and et.al., 2009). Due to globalization, the world has become a single market or a global village where selling and buying of any product is madehas become easy but has enhanced competition to a large extent.