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Summer Drive MB0053-1. What is globalisation and what are its benefits?

Answer :

Globalisation

Globalisation is a process where businesses are dealt in markets around the world, apart from the local and national markets. According to business terminologies, globalisation is defined as ‘the worldwide trend of businesses expanding beyond their domestic boundaries’. It is advantageous for the economy of countries because it promotes prosperity in the countries that embrace

globalisation.

Benefits of globalisation

The merits and demerits of globalisation are highly debatable. While globalisation creates employment opportunities in the host countries, it also exploits labour at a very low cost compared to the home country. Let us consider the benefits and ill-effects of globalisation.

Some of the benefits of globalisation are as follows:

· Promotes foreign trade and liberalisation of economies.

· Increases the living standards of people in several developing countries through capital investments in developing countries by developed countries.

· Benefits customers as companies outsource to low wage countries. Outsourcing helps the companies to be competitive by keeping the cost low, with increased productivity.

· Promotes better education and jobs.

· Leads to free flow of information and wide acceptance of foreign products, ideas, ethics, best practices, and culture.

· Provides better quality of products, customer services, and standardised delivery models across countries.

· Gives better access to finance for corporate and sovereign borrowers.

· Increases business travel, which in turn leads to a flourishing travel and hospitality industry across the world.

· Increases sales as the availability of cutting edge technologies and production techniques decrease the cost of production.

· Provides several platforms for international dispute resolutions in business, which facilitates international trade.

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