Comprehensive Report: Globalization Characteristics and Functions

This report provides a comprehensive overview of globalization, defining it as a process that facilitates trade and cultural exchange through technology and international connections. It details the key characteristics of globalization, including free trade, cultural exchange, investment movements, and standardized technology. The report also explores the functions of globalization, emphasizing its role in building interconnections between nations through economic, political, and cultural exchanges. It highlights how globalization increases economic growth by creating jobs, attracting foreign investment, and improving living standards. The report concludes that globalization is essential for exchanging ideas, cultures, and traditions, ultimately fostering economic development and international cooperation. Desklib offers a wealth of similar resources for students.

Individual Report

Executive summary
Globalization mainly defined as the processes which helps in trading by using
different technology as by connecting with different countries while operating with the
territories. This report mainly defined the characteristics and the nations in the
globalization. The main characteristic includes the free trading, exchanges of cultures,
high level of investment movements, flowing the products and services between
nations, using new and standardises technology and lowering the costings by optimizing
the resources being used.

TABLE OF CONTENT
INTRODUCTION ..............................................................................................................4
MAIN BODY.......................................................................................................................4
CONCLUSION ..................................................................................................................7
REFERENCES..............................................................................................................................9

INTRODUCTION
Global business environment mainly aims in defining about the factors which
impacts the business and its operations. Global trends primarily influences all the
business and its activities for increasing the productivity while operating in the digital
workplace. This environment mainly impacts the business at positive and negative level.
Globalization is mainly defined as the flow of products, financials and the technology
among the national borders. This report provide details about explaining the
characteristic globalization and its functions.
MAIN BODY
CHARACTERISTIC OF GLOBALISATION
As per the view point of Sigler and et.al., (2021) globalisation mainly defines as
the extension of trading, conducting business and cultures in the economy while
operating across different nations. It is mainly the distribution in which the businesses
are mainly scattered in the different territory. As the main characteristics of globalization
mainly includes, free trading between different countries which helps with enabling to
attain growth. In this with lowering the average costs being incurred and prices for the
products being purchased by the consumers helps in trading freely helps in growing
firms and leading better by building relations by cooperating with government. Whereas
according to the Asongu and et.al, (2020) he mainly argued that globalization results in
increasing employment, as with ever-increasing the production of the products in
different industries mainly helps in generating different jobs with positively employing
individuals with setting new operations. This mainly results in increasing production and
boost employees morale with setting different working operations in wide countries.
Globalisation mainly enables countries for accessing the resources which are
less expensive in nature and results in lowering the cost. As per the view point of
Heimberger, (2020) working with adopting the globalization it mainly results in lowering
the cost of productions and increases the standard of living. This mainly relates as due
to freely establishing the companies while operating in the global market, due to cheap
availability of land, raw materials and the resources helps in lowering the production
costings. Also, with providing various jobs to the individuals with ever-increasing the

new industries operations in the growing economy mainly helps in improving the living
standard with employing the individuals to work.
Lowering production costs:
According to the Tan, Harland and Daniel, (2021) globalization mainly helps in
improving the surrounding in which the business operates. With the global business
environment it mainly assisted the entrepreneurs for setting up the business premises
and transacting among the domestic and global level as for instance due to
globalization it mainly results in growing economy by setting up the new industries helps
in ever-increasing the demand of the products and services mainly helps in increasing
the retail and other job level to recruit for working and tapping the new job opportunities.
On the contrary as per the view of Pleninger and Sturm, ( 2020) it mainly lowers the
production costing, as Nike mainly outsource and produces its footwear in Asia and
supplies around the world with lowering their cost of production. Further more, dell
outsources its products and the other devices which helps in making the personal
computers by selling it to the suppliers in the global environment. Also, due to
globalization it embedded in exchanging the cultures by improving the and interlinking
the practices as for allowing to exchange the ideas, beliefs and values while operating
and exchanging the views with others countries.
Exchanging culture:
As per the view point of Ujunwa, Ujunwa and Okoyeuzu, (2021) This mainly
results in exchanging the cultures while serving the others countries. Further more, as
for instance different American cuisines and the menu eateries have been established
and exchanged among different parts of the world. The major cuisine's menu is being
available in the US with serving the UK and the American dishes. On the other hand it is
being argued by Oramah and Dzene, (2019) due to the globalizing economy it mainly
helps in embedding and provide the best learning and growth opportunities in the
economy as a whole, as it mainly increases the amount of goods and services to be
provided with the development of new industries in the economy with the time. While
being globalize it mainly helps in accessing and growing to adapt the new cultures with
adopting the spread of technology and innovation with lowering the cost of productions
for attaining high standards of living. For example: it helps in attaining and growing in

the economy by entering into new markets and accessing the new talented individuals
while serving in the new markets and hiring the new highly talented and competent
personnel with increasing employments. As for examples: the UN and the WTO body
mainly being integrated and working as by conducting the dealing between the nations
by grounding on the legal terms.
Further more globalization in the cultural aspect exchanges the ideas, thoughts,
traditions, practices and the communication with the others cultural aspects while
serving and operating with different territories among the world this fosters and helps in
exchanging the communication by adopting different technologies. As the common
culture is being exchanges by using the internet, travelling and using media by the
different cultures.
FUNCTIONS OF GLOBALISATION
Globalization is mainly defined as the processes which helps in growing the
cultures, trading of the good and services with the high flow of investments among
people and the information while serving and conducting the business with the different
territories. As per the view point of Pegoraro, Propris, and Chidlow, (2020) this
processes mainly integrates the markets and high level of investment with limiting the
barriers flow following the products and services between nations. as With the use an
exchanges between counties helps in tapping the new technologies and wide amount of
capital with increased interactions between the global countries.
Globalization builds interconnections:
According to Horner and et.al., (2018) due to globalisation it mainly interconnects
different territories with exchanging the economic, political, cultural, social and the
environment aspects between the nations. More over, The main functions mainly starts
with building interconnections at the economic level as for instance the companies and
corporation establishing in the global markets with Selling their products and the
services or purchasing the companies located in the global countries results in attaining
growth and expanding the businesses as by ever-increasing the exports and imports
within two counties and at global level. As MC Donald is the prominent for the
globalisation with establishing the global stores and has became the identity throughout
the world. As with expanding internationally with establishing the fast food chains. On

the others hand in the contradictory Shittu and et.al., (2020) in the political globalization
it mainly interconnect with the other countries with building the connections as with the
political rules, elected councils, social activism movements and the interest among the
government.
Increases economic growth:
The main benefits of the globalization in the world as per the view point of
Oramah and Dzene, (2019) it mainly helps in growing the economy by solving all the
problem being faced as by ever-increasing the jobs with generating the high
employment level around the world by generating the new jobs and hiring the
competent and the skilled individuals. Also developing the economy as by adopting the
new innovations and using the technology as for attracting the foreign investment by
setting up the operations into the global countries helps in encouraging the living
standards of the citizens. Further more, as per the views of What is Globalization? All
Definitions of Globalization, (2022) it results in sharing cultures among the individuals
with encouraging positive trends in the human rights and environment, as this mainly
increase the production capacity by lowering the costings for ever-increasing the
production level by serving large number of consumers.
Further more globalizing in the economy mainly results in enabling the countries
for accessing the natural resources by lowering the expenses. This is manly being
processes by lowering the labour costing , production costing with optimally utilising the
available resources in the best possible manner as to attain effectiveness while
operating and serving large number of consumers in the different nations by exchanging
the culture with demands.
CONCLUSION
From the above report it can be concluded that, globalization is mainly the
process which aids in processing with exchanging the ideas, cultures, traditions and the
communications while serving and conducting the business with different nation's and
territories by expanding the business and serving the products and service in the global
nations. Also, The main importance of globalized economy as it mainly helps in
exchanging and better interacting with the nations and results in accessing the natural
resources with developing the economy to attain growth. As in this report demonstrating

and defining different characteristic of the globalization manly helps in defining the
importance and its benefits with working and serving with adopting the globalize nature
in the economy as a whole. Further more, it mainly functions as of exchanging the views
by interconnecting with different nations among the world with minimizing the costing in
trading and production processes.

REFERENCES
Books and Journals
Sigler, T and et.al., 2021. The socio-spatial determinants of COVID-19 diffusion: the
impact of globalisation, settlement characteristics and population. Globalization
and health. 17(1). pp.1-14.
Asongu, S. A. and et.al, 2020. Globalisation and female economic participation in sub-
Saharan Africa. Gender Issues.37(1). pp.61-89.
Heimberger, P., 2020. Does economic globalisation affect income inequality? A meta‐
analysis. The World Economy 43(11) pp.2960-2982.
Tan, R .S. E., Harland, T. and Daniel, B., 2021. The Benefits and Challenges of
Globalisation for the Development of Higher Education Teaching and Research:
A Case Study of an Emerging University in East Africa. Journal of Asian and
African Studies. 56(4). pp.905-918.
Pleninger, R. and Sturm, J.E., 2020. The effects of economic globalisation and ethnic
fractionalisation on redistribution. World Development. 130. p.104945.
Ujunwa, A. I., Ujunwa, A. and Okoyeuzu, C.R., 2021. Rethinking african globalisation
agenda: Lessons from COVID-19. Research in Globalization. 3. p.100055.
Oramah, B. and Dzene, R., 2019. Globalisation and the recent trade wars: Linkages
and lessons. Global Policy. 10(3). pp.401-404.
Shittu, W .O and et.al., 2020. The impacts of foreign direct investment and globalisation
on economic growth in West Africa: examining the role of political
governance. Journal of Economic Studies. 47(7). pp.1733-1755.
Horner, R., Schindler, S., Haberly, D. and Aoyama, Y., 2018. Globalisation, uneven
development and the North–South ‘big switch’. Cambridge Journal of Regions,
Economy and Society. 11(1),. pp.17-33.s
Pegoraro, D., De Propris, L. and Chidlow, A., 2020. De-globalisation, value chains and
reshoring. Industry. 4. pp.152-175.
Online

What is Globalization? All Definitions of Globalization.2022.[Online]. Available
through:<https://youmatter.world/en/definition/definitions-globalization-definition-
benefits-effects-examples/>