Essay on Globalization: Impacts on Individuals and the UK

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Contemporary Business issues in a Globalized
Environment
Contents
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Introduction.................................................................................................................................................3
Analysing how globalisation has influenced you as an individual and a country of your choice or one in
which you have a personal interest in your work.........................................................................................4
Conclusion.................................................................................................................................................11
References.................................................................................................................................................12
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Introduction
From the business point of view the concept of globalization is a widely accepted one as it has
enhanced the interconnectedness, information flow, business opportunities etc. In the modern
business market the business expansion and sustainability is closely related to the globalizations.
The world wide organizations or the globalized organizations possess more credibility than that
of the national and local organizations. This situation has made globalization as the ultimate
objective of almost all organizations.
The globalization tendencies have become beyond being an option. Not only the business sectors
but also all other sectors like the societies, politics are in the web of the globalization. It can be
considered that the globalization plays a major role in connecting the cultures and communities
of the world and lead them towards the development. The globalization has become the
inevitable part of the business operations as it enables worldwide interdependence, worldwide
development, world trade etc.
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Analysing how globalisation has influenced you as an individual and a
country of your choice or one in which you have a personal interest in
your work
The globalization is a process by which the business organisation put an international touch to its
business operations. The globalization enhances the international influence over the
organizations which makes the international market open to the business organizations. Even
though the globalization is the emerging trend in the modern market environment there are many
controversial issues happening on behalf of it. Many economists argue that the globalization is a
complex process and has varying impacts over the economies of the developed and the
developing nations. The globalization does not only impact the economic factors but also
influence the other factors of the marketing environment like the social cultural, ideological,
political factors etc (Ritzer and Dean, 2019).
How Globalization has influenced you as an individual.
From the global perspective the globalization has impacted the individual both in positive and in
negative ways. Some of those impacts over an individual have been discussed here.
 Changes in the income:
The income level of the individuals has been raised considerably when considering the
employment context. Traditionally the compensation is limited to certain level which has been
breached by the globalization. The differences of the wages for the skilled labour and the
unskilled have been increased drastically which is a positive as well as the negative impact. This
change has increased the demand for the skilled and qualified labour which emerged the
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importance of qualification, employability skills courses. When the skilled labours in the
developed country earned more, the unskilled labour in a developing country earns less. This
difference also impacts the economic balance of the country (Croucher, 2018).
 Changes in the relative price:
The globalization has made the global market open to the consumers. An individual can buy any
product from the global market with the help of the technology persisting in the market. This has
enabled the individuals to buy the products at the standard prices. In other point of view since the
globalization has implemented standardization, it has also enhanced the price of the products to a
standardized level based on the world market. This has resulted in the increase of the price which
impact the individual’s house hold production decision, life style etc. When the global
organizations keep standard price for the products, the local organizations also increases the
relative prices which impact the living of the common people.
 Exposure to more products and services:
Since the globalizations have made the market wider the individuals are exposed to unlimited
number of product and service. This changes their buying behaviour and the demand of the
customers increases. The individuals can try any new products or brands beyond any
geographical limits which highlights a positive influence of the globalization over the individuals
(Yúdice, 2018).
 Changes in the cultural and social aspects:
From the individual point of the view the open global market impacts the cultural and social
aspects of the individual. The globalization has interconnected and increased communication
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between the nations worldwide. This has enabled the sharing of the cultural and social values and
also the sharing of the life style. The chances of individual to get attracted to the other lifestyles
and behaviours are easy. Since globalization provisions the individuals to buy the products in
relation to the lifestyle they prefer the changes takes place frequently.
 Diverse work place:
When considering the individual at work place the globalization also possess a strong influence
both positively and negatively. The globalization makes the work place diverse which means in a
work place the individual will have to communicate and interact with the peers from different
countries. In a positive point of view the individual can learn more from those peers through
information sharing. But it also impacts the work place negatively through generating work place
challenges like ego, conflict, discrimination etc (Smith, 2018).
How globalization has influenced the country UK
Embracing the globalization would result in the convergence of the national income, increase in
the living standard of the people, lifestyle etc. On the other hand some critics argue that it can
impact the national market, communities and economies adversely. The globalization has
influenced each country in the world in different manner. The developing and the developed
nations have impacted differently by the globalization. The impact of globalization on the
country UK has been reviewed here. UK is a developed nation which many reputed business
organizations operating throughout the world (Papastergiadis, 2018). UK is a potential market
and economically stable nation and has faced the impacts of globalizations in positive and
negative ways. Some of the impacts of globalization over the socio-cultural, political and cultural
factors of UK have been discussed here.
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 Socio-cultural impacts of globalization
The social impacts of globalization refer to the impact of globalization to the lifestyle, income,
employment, working dimension, social safety etc. The globalization has enhanced the
employment opportunity of the population in UK. Since there are many educated, qualified and
talented candidates in UK, the globalization has provided them a wider opportunity to work with
various international organizations operating in UK. This has also enhanced the lifestyle due to
the increase in the income, standardization etc. The increase in the income has enhanced the
quality of living of the people of UK. Other social factors like the gender equality, good
employment opportunity for the women etc are the positive impact of the globalization over the
society (Lawrence and Almas, 2018).
The diversity is the other concept which the globalization inputs to the work place of the
organizations of UK. When the work place becomes diverse with employees from different parts
of the world the management becomes more challenging due to the differences in the culture,
attitudes, behaviours, beliefs etc. The critical part is that if the global diversity in the work place
is not managed effectively it can finally impact the performance of the organization.
The negative part is the changes in the lifestyle have impacted the traditional values of the people
in UK. UK is generally popular for its traditional values which have been negatively impacted by
the globalization. The reduction of the social security is another negative part of the globalization
which can be viewed in the market UK. The social crimes like theft, insecurity for women and
other crimes has enhanced. The globalization has enforced many changes in the legal and
regulatory frame work which is related to the work place. Since the globalization emphasis on
the standardization it has given birth to many laws and regulations like the OSHA.
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The cultural transmission is one of the major impacts of the globalization to the UK market. The
globalization allows many international organizations to operate in the UK and also employees
from different part of the world to work in UK. This will bring their culture also to the UK which
can be copied and imitated by the population of UK. The popularity of the Islamic religion in the
UK market is an example for the cultural transmission. Another example is the popularity gained
by the Asian cuisine among the UK people and increase in the demand for it is also highlights
the cultural transmission. This transmission can be considered as positive up to certain limits,
beyond the limit it is a threat for the traditional culture of UK (Klinger, Volante and Bilgili,
2018).
 Political impacts of globalization
The globalization has an in depth impact over the political system of the country UK. Since the
globalization plays an important role in the revenue generation of the nation and in the foreign
direct investment, the political parties protect the interests of the global organizations operating
in UK. In UK the penetration of the global entities has been enhanced in the implementation of
the domestic policies through the emergence of globalization. The global entities with their
nongovernmental power, privileges etc has intruded in the policy formulation which has
impacted the operations of the local entities adversely. The globalization uplifts the power and
authority of the decision making from the local to the global entities which impacts the interests
of the domestic business group.
The globalization of the local events is the other impact of the globalization. The globalization
has become more powerful due to the emergency of the technologies like the social media and
internet. This wide spreads the political situations of the UK worldwide which generates positive
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impacts and negative. Positive impacts include the positive publicity since the political situation
of UK is stable and the negative impact is the national security threats which can enhance
terrorism. The globalization increases the expectations of the public from the political parties or
from the government as they could see the political situation, movement, governments of other
nations. In UK there is a sudden increase in the rate of the strikes from the public since the
emergence of the globalization (Cerny, 2018).
Another most important impact of the globalization in the political perspective is the rise in the
corruption activities and bribing. The global organizations provide bribes to the politicians to
sanction their business proposals and to emerge in UK since it is a potential market. This has
ruined the ethical and moral conduct of the governmental activities. The other most important
impact of the globalization over the political factor is the conversion of the borders into the
boundaries. For enhancing and promoting globalization, unhindered movement of the business
people into UK from different parts of the world, the government has to make the immigration
rules and regulations more liberal. This has enhanced the risks to the national security.
 Financial impacts of globalization
The globalizations have impacted the UK economy through increasing the world trade. Since the
UK economy holds a comparative advantage in the products and services like the video gaming,
financial services etc; the globalizations has enhanced the exports which resulted in the financial
and economic growth of UK. The imports have also increased as there is a considerable change
in the demands and needs of the customers since the emergence of the globalization.
The globalization has also enhanced the rate of employment which increased the income of the
population which has made the economy more stable. In increase in the indispensable income of
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the population of UK has enhanced their saving which increased the assess of the banks,
insurance policies etc of UK. This in turn has contributed to the national investment and the
economic growth of the UK society (Procházka, 2018).
The most critical and the challenging impact of the globalization on the economy of UK is the
increase in the competition. Since UK is a potential market many reputed international
organization intrudes into the UK market which has enhanced the competition for the local
organizations. Even though the UK government protects the interests of the local organization
this competition is severe and critical to manage.
The global recession is the threat which the UK economy face when considering the global
economic cycle. Since the UK entirely depends on the export business the global financial crisis
can impact the financial situation of the market adversely (Ashenfelter, Engle, Fadden and
Hebbel, 2018.).
Another negative impact is that globalization has enables the organizations like Apple to shift its
production unit to the market where there is lower taxes. This provision proposed by
globalization would impact the tax treasury of UK. The reduction in the tax revenue will
certainly impact the development activities of the UK. Despite these negative impacts of
globalization over the political situation of the organization, it has enabled UK to obtain global
ties with the potential markets which enhances the growth of the nation in financial and non
financial terms.
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Conclusion
Globalization being the emerging trend in the modern business environment has greatest impacts
over the world. Even though the globalization has generated a revolution in the modern business,
the economists argue that it has varying impacts over different countries. They claims that the
developed nations yield benefits out of globalization where as the developing and the under
developed nation faces its negative impacts.
When considering the impacts of globalization, it can impact the individual and the individual
counties in a different manner. This essay speaks about the impacts of the globalization over the
individual. It has been identified that the globalization has changed the lifestyle, income, buying
potential, etc of the individual. These changes have both positive and negative impacts over the
individual. The impact of the globalization over the socio-cultural, political and the financial
factors has also been discussed with respect to the country UK. The identification reveals that the
UK is facing both negative and positive impacts of globalization.
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References
Ashenfelter, O., Engle, R.F., McFadden, D.L. and Schmidt‐Hebbel, K., 2018. Globalization:
Contents and Discontents. Contemporary Economic Policy, 36(1), pp.29-43
Cerny, P., 2018. International Political Economy. In Democratization through the looking-glass.
Manchester University Press
Croucher, S., 2018. Globalization and belonging: The politics of identity in a changing world.
Rowman & Littlefield
Klinger, D., Volante, L. and Bilgili, O., 2018. Cross-Cultural Approaches to Mitigating the
Immigrant Student Performance Disadvantage. In Immigrant Student Achievement and
Education Policy (pp. 197-206). Springer, Cham.
Lawrence, G. and Almas, R., 2018. Globalisation, localisation and sustainable livelihoods.
Routledge.
Papastergiadis, N., 2018. The turbulence of migration: Globalization, deterritorialization and
hybridity. John Wiley & Sons.
Procházka, D., 2018. The Impact of Globalization on International Finance and Accounting.
Springer
Ritzer, G. and Dean, P., 2019. Globalization: the essentials. Wiley-Blackwell
Smith, K.E.I., 2018. What Is Globalization?. In Sociology of Globalization (pp. 3-10). Routledge.
Yúdice, G., 2018. The globalization of culture and the new civil society, In Cultures of Politics
Politics of Cultures: Re-Visioning Latin American Social Movements (pp. 353-379). Taylor and
Francis.
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