Globalization is the integration of economic, social, and cultural realms of the world. It is not a new phenomenon but, for years, it has taken the zenith in the wake of the 21st century. Now, the world has become a global village, and the business domain is not aloof from this amalgamation. Presently, businesses are being interconnected. Every second enterprise is thinking of taking or expanding its business globally.
Because by going global, revenue generation, more profit, more social, increased cooperation, and new exposure is waiting for them. And when it comes to business, the primary objectives are to satisfy the customers and to make a profit. Globalization has given an enormous edge to the business world. Presently, digital globalization is at its peak due to the global pandemic.
Now, everything is a single click away. Businesses no longer remained to one nation. Multinational companies belonging to one nation have opened their franchises in many different nations. Due to this expansion, any country in Asia can experience the product quality of the USA.
That is how the business realm is growing rapidly. Unfortunately, there are some issues that are showing the dark side of globalization. These issues like rising populism or environmental pollution are undermining the forces of globalization. These problems must be taken into consideration in order to get more fruitful results because the world has no other solution like de-globalization. The solution to the problem of globalization is more globalization.
Let’s explore the two sides of the same coin:
Globalization is good for Business
Globalization leads to a global village where everyone has the opportunity to expand his business from local to international level. So, for the business world, it holds enormous advantages to a great extent. Evidently, globalization has given the boom to businesses from traditional methods to online or more precisely digitization.
Here are some of the benefits of globalization in the business world.
Globalization ensures Employment
Globalization has extended its wings into the economic realm of the world. It is a great catalyst to remove unemployment by giving more job opportunities to people. Whenever any business enterprise expands its business, it needs and attracts new skilled laborers. For instance, thanks to globalization, now even for a pencil the raw material comes from different nations. It means that different nations are responsible for making a single product. Let’s take an example of a T-shirt. Cotton is extracted from the USA and sent to Bangladesh, China where manufacture takes place. Then again for packaging, it goes to either China or the USA.
Then it flows in the world. Now, you can imagine even the manufacturing of a single shirt covers and demands a number of workers. As a result, these workers get a job that ultimately reduces poverty by lessening the chances of unemployment.
It Increases Global Cooperation
Globalization fosters global harmony. It enhances cooperation because when you deal in business at a global level, you have to cooperate with different nations irrespective of your language, culture, religion, and ideological difference. As the economy is the key to settle many inherent conflicts, that is how in the business world no one is a permanent enemy and friend.
Enterprises, large, medium, or small, like to put their differences aside to work together, and in this regard many top language services providers are offering their services in the form of localization.
It Enhances Global Growth
Globalization in business enhances global growth. As the population of the world has increased dramatically and thanks to social media customers’ needs have not remained limited to four boundaries of their national territory. As the needs become global the sources become globalized too. Resultantly, owing to the needs and production, global growth has been increased at the highest rate.
In this regard, many enterprises are choosing a reliable localization management platform for translation and localization services online and offline to remove the gap between customers and enterprises. According to the world economic outlook, the global growth rate was 3.4 percent in 2020.
Increased Foreign Direct Investment
Cross-border and foreign direct investment (FDI) has been enhanced due to rapid globalization. Now, on the official level as well as on the private level, companies and countries invest from one nation to another to secure the benefits of the business. This investment has removed the socio-linguistic difference.
For instance, in this perspective, top language services providers platforms are offering localization and translation services in order to remove all the unknown barriers. Many companies take the legal and financial translation services of these platforms. Due to the localization industry, the business world in the wake of globalization has boomed more.
Globalization: The Other Story
Apart from business advantages, globalization has another dark side. It exploits the local laborers, especially of third-world countries. When a developed country comes into an underdeveloped country for the sake of business, they get less labor than their own country’s labor hour per rate. They use the skills of underdeveloped countries’ local labor that can lead to exploitation when mostly they can not even the things they produce.
Also, amalgamation has caused serious environmental pollution. Presently, the climate of the world is changing rapidly. Air and water pollution have become common in almost every pollution that results in smog, epidemic, and viral disease for the people. Consequently, forces of populism have swept across Europe and the western world owing to the dark side of being the world as a global village.
These populist forces are undermining the democratic culture and pave the way for demagogues. These issues are real and should be countered at any cost for the peace of the world.
Conclusively, it can be said that globalization has its own pros and cons but, its advantages are more and they have overshadowed the disadvantages. Globalization increases global growth, cooperation, harmony, and cross-border investment to a great extent. It is true that some issues like exploitation of labor in the environment can cause a problem in the expansion of business that can be countered precisely in order to get more beneficial results of globalization.
This is a guest post by Halen Terry who is a creative writer with a special interest in Culture, Tourism Languages and Localization. Along with being associated with the translation industry for the past 7 years, she is working as a creative writer for MarsHub, a known language service provider.