Globalization is a term used to describe how trade and technology have made the world a more connected and interdependent place. It began with Columbus’s voyage to the New World in 1492, but people had been exchanging ideas, products, and customs before then. In the Age of Exploration, European explorers sought new sea routes to the Americas, and technology played an important role in maritime trade routes. The Age of Revolution saw the spread of ideas about liberty, equality, and fraternity, and advances in computer and communications technology launched a new global era. The benefits and disadvantages of globalization are debated, with the downside seen in the increased risk for the transmission of diseases. Globalization has also led to great good, such as the ability to come to the aid of poorer nations in crisis, and the sense that there is a global village Globalization .
What are the effects
Globalization has both winners and losers, with people living in communities dependent on jobs outsourced elsewhere often suffering the most. In the developed world, workers must compete with lower-cost markets for jobs, while in the developing world, economies are undergoing rapid change. In 2013, a textile factory building collapsed, killing more than 1,100 workers, and critics blame globalization for encouraging an environment that exploits workers in countries that do not offer sufficient protections. Studies suggest that globalization may also contribute to income disparity and inequality between the more educated and less educated members of a society, with unskilled workers being affected by declining wages Effects of Economic Globalization.
How to improve globalization
The United States has a unique opportunity to take advantage of the changing nature of globalization by participating in the global economy and joining e-commerce marketplaces. Firms that export have higher productivity growth, and their workers experience higher wages. Additionally, the US runs a large surplus in digital services trade with the European Union, and a joint McKinsey Global Institute/1776 survey of startups found that 86% engaged in some form of foreign business activity from inception. These tech-savvy, globally minded entrepreneurs think nothing of seeking out venture capital from Europe, hiring talent from South Asia, and selling into markets around the world right out of the gate We Can’t Undo Globalization, but We Can Improve It.
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