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Impact of Globalization on Work and Employment

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Added on  2019-09-22

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This paper analyzes the impact of globalization on work and employment in regard to Hong Kong and India. It discusses the positive and negative impacts of globalization on work and employment, and how it affects social inequalities such as wealth inequality.
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Running head- Impact of Globalization on Work and Employment Impact of Globalization onWork and Employment
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1Impact of Globalization on Work and EmploymentIntroductionThis paper has been designed to study the impact of globalization on work and employment in regard to Hong Kong and India. Globalization is defined as the borderless world in which an individual can easily move from one corner to another corner of the world in the search of employment. Due to globalization, an organization can operate from anywhere in the world. Globalization has improved or enhanced the scope of businesses and hence there are a lot of opportunities available for the businesses in the market (Beck, 2018). Thus, it can be said that globalization has significantly helped the business world to grow and develop over a period of time. Due to globalization, employment opportunities have also been improved significantly. So, globalization has not only helped the business to grow and develop but also has helped the people to get employed. Globalization has also created challenges or issues for the business. Dueto globalization, the level of competition has increased significantly. It has mainly hurt the small and medium local business because large organizations have dominated the market. Therefore, it is important to analyze the impact of globalization on work and employment. In order to complete this paper, Hong Kong and India have been selected. McDonaldization as an approach to globalization has been selected to analyze the impact on work and employment. Globalization Meaning and ScopeGlobalization has become one of the most frequently used terms, particularly in economics and politics. It can be defined as the process of integrating the whole economy of the world and makethe world borderless (Steger, 2017). The main goal of globalization is to ensure socio-economic integration as well as the growth and development of the whole humankind of the world through
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2Impact of Globalization on Work and Employmenta free flow of knowledge, information, goods, and services including human across all the physical borders or boundaries. It is active as well as the conscious process of expanding trade and businesses all over the globe. It helps in expanding economic linkages and cross-border facilities. It is done in order to ensure an active and effective integration of economic activities aswell as the interest of the individuals who are residing all over the globe. The main objective of globalization is to make the world inter-dependent, inter-related, as well as developed. It is a concept which helps in securing real political, cultural, as well as the social economic transformation of the world into a real global community (Pieterse, 2019). It is also considered that globalization has become a necessary means in order to secure the sustainable development of all the people all over the globe. The desire of moving from national to the global sphere of political as well as economic activities is represented by globalization. Thus, globalization is both a structure of economic linkages as well as cross border facilities and an active process of organizational expansion all over the globe. Globalization has created several opportunities for business all over the globe. Now, an organization can operate in any country in the world. So, the organization can have a relatively larger customer base. Rapid technological advancement has also been possible due to globalization. Technological advancement has supported businesses to grow and develop rapidly.Globalization has also created more demand for products and services. Rate of employment has been increased due to globalization (Vivarelli, 2018). It has not only increased the rate of globalization but also has ensured the standard working environment. Labor laws of various countries including Hong Kong and India have been improved. Wage rate has also been improved. Thus, it can be said that globalization has produced a significant positive impact on the work and employment although there are some challenges of globalization which should be
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3Impact of Globalization on Work and Employmentdealt with effective strategies in order to enhance the positive impact of globalization on work and employment. Approaches to globalization There are several approaches to globalization such as internationalist, globalist, transformationalist and McDonaldization which define how globalization has taken place. The process of globalization is defined by these approaches and hence it is easy to understand the process and concept of globalization using these approaches. Here, McDonaldization approach has been used to describe and understand the concept of globalization. The McDonaldization approach of globalization particularly states how society adopts the characteristics of other societies (Ritzer, 2018). It particularly states the adoption of the characteristics of fast food restaurant by a society. The process of McDonaldization approach defines the principles of the fast food industry which are dominating almost every sector of the society in the world. For example, there was no trend for fast food in India initially. There was no restaurant for fast food in India. But with the passage of time, fast food restaurants started targeting India to enter considering the potential of the Indian market (Dustin, 2016). Hence, fast food restaurants from different countries including China stepped into the Indian market. It created employment opportunities in India. Thus, it can be said that McDonaldization is an effective approach with the help of which the process of globalization can be understood easily.Globalization has a significant impact on work and employment. There is both positive as well asthe negative impact of globalization on work and employment. Therefore, it is important to analyze and understand the impact of globalization on work and employment.
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4Impact of Globalization on Work and EmploymentImpact of globalization on work and employmentGlobalization affects work and employment significantly. Due to globalization, several works and employment opportunities have created. Millions of people have been employed. The employment rate has been increased due to globalization at the global level. Globalization has also improved wages, the standard of living, cost of living, etc. It has brought standard working policy which has strengthened the power of workers (Nica et al., 2016). But there is some negative impact of globalization on work and employment. First of all, the positive impact of globalization will be discussed here.Globalization has boosted trade volume on the global level. Trade is one of the significant parts of economic growth. If the trade volume of a country is higher, the rate of economic growth of that country will also be higher. Increase in the trade volume also increases employment opportunity within the country. More and more people from that country will be employed. As the rate of employment will increase, the per capita income of the people will also increase. It will enhance their standard of living.Globalization has also significantly contributed to poverty eradication. Poverty is one of the major causes of backwardness and underdevelopment. Globalization has improved trade and has a significant impact on poverty. Poverty is directly related to trading practices. If the trade volume of any country is low, there will be high poverty in that country. On the other hand, if thetrade volume of the country is high, there will be low poverty in that country. Globalization has also boosted foreign direct investment which is very important for the growth and development of the country. Foreign direct investment creates employment opportunities within the country (Tejani and Milberg, 2016). Several organizations have entered into the
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5Impact of Globalization on Work and Employmentmarket of India due to globalization. India has become one of the most attractive markets in the world. Therefore, most of the organizations want to enter into the market of India. Globalization has also supported the organizations to enter into the market of India. It has not only helped the foreign organizations but also India. Thus, India has attracted a handsome amount of money in the form of foreign direct investment within the country. It has helped the country to build and improve infrastructure facilities. Similarly, Hong Kong has also attracted foreign direct investment from different countries. Hong Kong has particularly attracted foreign direct investment in the tourism sector. However, other sectors such as manufacturing and service sectors have also attracted foreign direct investment. Globalization has accelerated the growth rate of these two countries significantly. Unemployment and wages inequalities have also been reduced by globalization on a large scale. Unemployment is a major concern of every country and hence every country develops initiatives to reduce the rate of unemployment (Reader, 2017). As it has been discussed that globalization has created tremendous employment opportunities thus the Global unemployment rate has been dropped significantly. Apart from this, the issue of wages inequalities has also been considered and initiatives have been taken to reduce the inequalities in wages. Globalization has brought a standard wage rate for the labors in order to improve their living standard. Underdeveloped countries, as well as developing countries, provide low wages to the labor which is not sufficient for living. Globalization introduced the standard wage rate for the labors so that they can improve their living standard. Globalization has not only improved the wage rate of the labor in developing as well as underdeveloped countries but it has also improved the working policies, rules and regulations. It is very important to provide a healthy and hygienic working environment. Globalization has
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