Political Science in Canada

Globalization and its Positive Impacts
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Globalization and its Positive Impacts
Introduction
Globalization generates new chances and ideas and opens new markets that entrepreneurs may not access in their domestic markets. Globalization has made the world a small village where people and goods move freely across borders. Globalization creates opportunities in the less developed countries and allows their economies to tap into more and larger markets internationally. As a result, it leads to more capital, technology, human labor, and larger export marketplaces. The countries with fewer manufacturing plants can quickly access more goods and services from the international markets facilitated by globalization. People can move across to visit their friends and families abroad easily due to the easy modes of transport secured through the aspect of globalization. The experiences from the low-income countries show that the positive impacts of globalization include the growth and development of their countries and a decline in the poverty levels. Globalization's positive impacts make the world today a more habitable place with prospects that outweigh the possible negative consequences.
Economic Impacts
Globalization is determined to benefit economies around the world and make markets more efficient. The world's industrialization increases the competition, limits military disagreements, and facilitates the spread of wealth equally within the global village. According to Radulović & Kostić (2020), the relative comparative advantage theory determines that trade and foreign direct investment (FDI) needs to leverage the pool of labor in developing countries. As a result, it is bound to trigger a concentration in labor-intensive domestic events and comprise local employment extension. Most of the developing countries have hard times employing the many talented youths in their territories.. The levels of unemployment render their economies inferior as the jobless individuals stay below the poverty levels. The foreign direct investors in these countries create employment opportunities for the local talents and elevate their financial and economic status.
The developed countries also expand their markets to the international world following the opportunities provided by globalization. The manufacturing capacity of global companies has increased following the demand from the international markets. The exchange of currencies in these transactions strengthens the worldwide economy and increases capital flow across borders. Boris and Simic (2017) note that when the developing countries open their doors for the FDIs, they form a pattern of positive employment impacts with job openings within the supplier and retailers and tertiary employment effects.. The imports and inward FDI is a sign of crowding out of domestic production. The activities within and outside the borders of a country assure the global citizens of possible employment opportunities. Globalization also motivates people to start-up businesses as either retailers or wholesalers. Their decision is inspired by the availability of products from international markets. They can easily source the produ...