Globalization: An Analysis of Economic and Social Perspectives

This report provides a comprehensive overview of globalization, examining its significant cost benefits and challenges from both developed and developing world perspectives. It discusses key aspects such as free trade, increased economies of scale, free movement of labor, and increased investment, while also addressing drawbacks like labor drain, less cultural diversity, and tax competition. The report further analyzes the effects of globalization on various countries' economies, highlighting its vital role in developing countries and its impact on economic procedures, health systems, political influences, technological improvements, and social and natural environmental issues. It emphasizes the opportunities globalization creates for developing nations, including access to developed markets and improved standards of living, as well as the role of international investment. Additionally, the report outlines the characteristics of globalization, including world markets, sharing of ideas, freedom standards, and raising standards of living, providing a detailed analysis of the phenomenon's multifaceted impacts and implications.

Running head: GLOBALIZATION
GLOBALIZATION
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Answer: 1
These are the significant cost benefits of globalization from the developed and developing world
perspective:
 Free Trade: Free trade defines that countries specialize in manufacturing goods, and
there will be some gains from the businesses such as lower prices for customers, Greater
competition and many more.
 Increased economies of scale: Globalization helps to produce various goods in different
areas of the worldwide. This more significant specialization enables minimum average
costs and minimum prices for customers.
 Free movement of labour: Maximize the labour movement gives benefit to workers and
receiver countries both. This procedure of labour movement also helps to reduce
geographical variation.
 Increased investment: Globalization has also enabled to maximise the investment
levels. In developing countries, expenditures by international companies are played a
vital role.
 Labour drain: Globalization enables employees to shift more freely. Some of the
countries discover it more complicated to hold against their best-skilled staffs, who are
concerned with higher wages (Rodrik and Dani 2018).
 Less cultural diversity: Globalization has led to maximize financial and cultural
hegemony. There are less cultural diversity and additional options for some citizens.
 Tax competition and tax avoidance: An International organization like Amazon can
provide an association with the countries like Luxembourg and Bermuda with minimum
rates of corporation tax and then focus their profits with these subsidiaries. The country
like Ireland has encouraged internal investment by providing the minimum corporation
tax (Leviner and Sagit 2013).
Globalization helps businesses to adjust in various strategies based on the latest ideological
trends which balance rights and concerns about the individual and the whole community.
Globalization affects the different country’s economy like trade, foreign direct investment, and
more. For developing countries, globalization plays a vital role. Globalization has so many
advantages like economic procedure, health systems, political influences, technological
improvements, social and natural environment issues (Asongu and Simplice 2014). Globalization
made new facilities for developing countries like better opportunities to access the developed
nation’s markets growth and developed their productivity and standard of living. The developed
nations were capable of investing in developing countries and offering job opportunities for poor
people. For example, rapid growth in China and India has caused world poverty to reduce.
Answer 2.

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 World Markets: One of the characteristics of globalization since the end of the cold war
is is control to the world markets. Global customers claim excellent variety and excellent
quality of products.
 Sharing of ideas: Globalization offers an exciting concept of sharing planning. This idea
creates globalization a better accelerator for spread out them (Chase-Dunn, Christopher
and Bruce Lerro 2016)
 Freedom standards: This defines the freedom of expression and human liberty. It is
challenging to spread these freedoms standards worldwide because some of the nations
oppose them, but everybody knows freedom cannot be stopped so quickly (Tomyuk et al.
2019).
 Raising standards: Globalization not only developed the product’s quality and standard
but also create the standard of lifestyle (Eriksen and Thomas Hylland 2014). Vast
numbers of people have developed their lifestyle for global trends. It can also provide a
chain reaction of those people who will be inspired to take their chance into their hands
and modify everything around them.
Globalization has become an essential factor for the last quarter-century. Since the end of the
cold war, the principle of ideological division affecting by International Relations, which include
both the Soviet Union, USA, and Russia. At the end of Cold War period globalization rapidly
growing and developed political, economic, technological, and cultural interactions ((Eriksen
and Thomas Hylland 2014). When the Second World War ended in 1945, the United Nations
was discovered, and the specific attempt developed collective security(Bond, Christopher and
Darren 2014).Presently end of Cold War affect the developments of the nation which also effects
all over the world.

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References:
Asongu, Simplice. "Financial development dynamic thresholds of financial globalization:
evidence from Africa." Journal of Economic Studies 41, no. 2 (2014): 166-195.
Bond, Christopher, and Darren J. O'Byrne. "Challenges and conceptions of globalization: An
investigation into models of global change and their relationship with business practice." Cross
Cultural Management 21, no. 1 (2014): 23-38.
Chase-Dunn, Christopher, and Bruce Lerro. Social change: Globalization from the Stone Age to
the present. Routledge, 2016.
Eriksen, Thomas Hylland. Globalization: The key concepts. A&C Black, 2014.
Leviner, Sagit. "The intricacies of tax and globalization." Colum. J. Tax L. 5 (2013): 207.
Rodrik, Dani. "Populism and the Economics of Globalization." Journal of International Business
Policy 1, no. 1-2 (2018): 12-33.
Tomyuk, O., A. Shutaleva, M. Dyachkova, N. Smolina, and A. Novgorodtseva. "Legal Culture
and Human Rights System in the Era of Globalization." In " Humanities and Social Sciences:
Novations, Problems, Prospects"(HSSNPP 2019). Atlantis Press, 2019.