Essay on International Business MAN 4442

Submitted By shakiradw3773
Words: 506
Pages: 3

Globalization has changed economic, social, and cultural aspects of the world and is very evident now in our society, with so many new technological advances it will continue to gain popularity among our peers. The new age of technology such as advanced software, hardware, cameras, IPads, fiber optic cables, and collaboration devices has changed the way business is conducted worldwide. Globalization can be defined as the development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets.
There have been numerous serious debates on whether globalization is positive or detrimental to the U.S. economy. Even though the big idea behind globalization is that worldwide openness will promote the inherent wealth of all nations, there still are people who are not convinced that Globalization is advantageous. Those individuals who oppose globalization fear that falling trade barriers to international trade destroy manufacturing jobs in developed countries such as the United States. Over the years, data suggested that there had been a fall in labor income, which was due to the decrease in unskilled labor. On the contrary, skilled labor income increased. Supporters of the Globalization movement understand the bigger picture of how working together with other countries can be helpful for everyone. At the end of the day it is all about business, importing and exporting goods and services for a cheaper price provides an excellent source of profit, which is every organization’s goal in some way or another. As with most tremendous economic changes, there will usually be some odd percentage of people who be affected in a negative way, take manufacturing plants and call center representatives for instance. If a large company decides to get its service provided by another country as result to save sufficient amount money, those selected groups would be tremendously hurt as thousands of jobs will be lost. However, on