Essay Example: Globalization and Its Benefits

Connectedness is taking a new direction in the global landscape. Over the years, countries and people have developed links through interaction leading to the term global village. The term seeks to simplify the effects of interconnectedness in the world through globalization efforts. Globalization refers to the unification and harmonization of ideas, economies, political beliefs, policies and markets through the driving force of improved communication, information and technology (Gurgul and Lach 99). The process of globalization takes effect on different aspects including political, economic and social aspects. Arguably, the impact of globalization leads to increased growth and development in all aspects creating a more cohesive human population. With the recent technological advancements, the flow of people and ideas between foreign territories has become easier, leading to expansion of opportunities for both individuals, countries, and businesses. However, many critiques have questioned the benefits that globalization delivers to people from a local, regional and a national perspective. The essay below strives to elucidate and clear the conflicting views by providing information linking globalization with beneficial results. Evidently, the advantages of the global unification process strongly outweigh the disadvantages.

Growth and development hinges on the maximal utilization of resources to achieve economic, social and political advances. Over the years, several countries have been able to upgrade their status and rating on growth by fostering and utilizing international relationships. Countries that cling to their ideas experience sluggish growth, especially economically. For instance, currencies such as the US dollar, the Euro and the Japanese Yen are some of the most frequently used modes of monetary exchange. Asian countries such as Japan that were once emancipated in slow due to the complacency of culture are now competing on a global scale after embracing the adoption of other cultures such as the Western cultures and technological advancements. Thus, different institutions have developed analytical models that help grade the level of growth and development in counties. The results inform the notion that globalization is beneficial but not detrimental.

The effects of globalization can easily be weighted using indexes such as the KOF index of globalization, which offers a comprehensive analysis of the three aspects of growth including economic, political and social aspects (Gurgul and Lach 100). Notably, economic and social influences share a weighted percentage of 37% while political dimension takes the remaining 26%. The index goes on to give subtopics that fall under the three main growth indicators. Some of the indicators of economic globalization include the level of foreign direct investment (FDI), trade openness and trade activities, portfolio investment, hidden import barriers, taxes on international trade and tariff rates (Ezcurra and Rodriguez-Pose 95). Social globalization includes indicators such as cultural interaction, the flow of information between people internationally, the level of internet access and use, cultural exchange (Gurgul and Lach 102). Finally, the measure for political globalization utilizes parameters such as policies for trade, the involvement of countries in international organizations, the establishment of high commissions and embassies, and some treaties signed between states (Gurgul and Lach 0102). By using these indicators, the KOG index of globalization offers detailed and systematic criteria for assessing the effects of global integration, thus informing the argument under study.

Among the main benefits of globalization is economic growth. Research shows that globalization has a positive impact on growing trade by eliminating some if the trade barriers and other factors that discourage foreign investment (Gurgul and Lach 105). Open trade forums lead to the development of global markets from which people can tap opportunities while encouraging local and foreign investors to thrive. Third world countries are proving to be promising areas for investment and setting up of new businesses. As a result, opportunities are on the increase due to the expansion of multinational organizations. One of the main sources of labor in foreign franchises is the host country's population. FDI is responsible for raising the economy and standards of a host country increasing the level of global economic competition (Guigale). Most of the workers in the host countries are forced to get training to reach the necessary levels of skills. As a result, underdeveloped countries acquire skilled and professional human capital thus, hence enhancing further growth and development. For a long time, US has been leading as the preferred destination for FDI. In 2012, the economic landscape changed as China took over the acclaimed title (Wolf and Johnson). Consequently, countries such as Mexico, Canada, and Brazil are slowly rising into the ranking boards by instituting lucrative reforms in trading barriers, investment opportunities, and infrastructure.

On a social aspect, globalization has led to more meaningful interaction between people by enhancing personal contact for instance through tourism. Countries boast of diverse and unique cultural and geographical qualities that attract foreign interest. Tourism has grown considerably as more and more people travel into foreign countries for leisure and exploration. The World Tourism Organisation opines that tourism is the world leading industry that is worth over 919 billion US dollars (BBC). Therefore, people involved in international travel lead to spread of ideas and practices enhancing growth and development of host countries. Also, tourists are an important source of revenue to a country leading to the creation of business opportunities for instance in the catering industry.

Social interaction among nation has increased the value for human rights as oppressive cultures and believes are watered down. Gender equality is one of the main dogmas that is driving the expansion of opportunities and social interaction. Women are increasingly pushing for the adoption of equal rights with men following the increase in vices such as human trafficking, child abuse and forced labor rise (Potrafke and Ursprung 399). Consequently, international organizations have established measures that ensure equal spread of opportunities including enhanced education programs and allocation of funds to populations facing discrimination. Hence, globalization strives to achieve international adoption of such policies and measures thus ensuring people get equal treatment. Through the growth of the internet, critical information concerning human rights has gained popularity. For instance, the hip-hop culture, which began in the 1970s in New York slowly found its way into Eastern countries as evidenced by the introduction of hip-hop in Japanese in the 1980s (Callan, Street and Underdown 241). Therefore, globalization is a means of spreading important practices and the exchange of ideas that help people appreciate each other.

In conclusion, the benefits of globalization overly outweigh any perceived disadvantage or harm. The benefits that have been alluded to in the paper have proven to be a major driving force for the development of countries. The ease of exchange of ideas that comes with globalization offers great opportunities to realizing goals and raising standards of countries. Indeed, the continued pursuit of excellence in international relations can only be achieved when people embrace and utilize the burgeoning means of reducing communication, information and technological barriers.

Works Cited

BBC. "The growth of tourism." 2014. BBC. 25 November 2017. <http://www.bbc.co.uk/schools/gcsebitesize/geography/tourism/tourism_trends_rev1.shtml>.

Callan, Hilary, Brian Street and Simon Underdown. Introductory readings in anthropology. New York: Berghahn Books, 2013.

Ezcurra, Roberto and Andres Rodriguez-Pose. "Does economic globalization affect regional inequality? A cross-country analysis." World Development 52 (2013): 92-103.

Guigale, Marcelo. "What can foreign investment do in your country?" Huffington Post 1 June 2014. <https://www.huffingtonpost.com/marcelo-giugale/what-can-foreign-investme_b_5069624.html>.

Gurgul, Henryk, and Lukasz Lach. "Global and economic growth: evidence from two decades of transition in CEE." Economic Modelling 36 (2013): 99-107.

Potrafke, Niklas and Heinrich W Ursprung. "Globalization and gender equality in the course of development." European Journal of Political Economy 28 (2012): 399-413.

Wolf, Robert and Barry Johnson. "Select the USA: the importance of FDI to the US economy." Huffington Post 23 January 2014. <https://www.huffingtonpost.com/robert-wolf/select-the-usa-the-import_b_4234349.html>.