Question

1. So far, we have attempted to describe globalization and some pros and cons of this phenomenon. In your daily life, how does globalization impact you?

Answer 1

Introduction

Globalization has rapidly spread across all major countries hence enabling sellers and customers both to be benefitted. All countries are now today connected and are thus experiencing greater technological innovation and rapid growth which previously weren't present.

Companies have become global in their approach and procure their raw materials from areas that give it cost advantage at the maximum quality possible and produces them at facilities with lower overall costs of productions then selling them to areas across the globe and enabling themselves to become corporate giants.

The biggest example of this is Apple which produces its products in China due to its lower costs of production and sells it across the globe, while Research and Development happens back at home in the United States.

Though, increased globalization has meant better availability of goods and services and overall development of the society at large, the major cons have been that the entire world faces similar problems during Recession as in the case with US slowdown in 2009 when the entire world economy was hit.

Case Specifics:-

In our daily lives, globalization has rapidly change how we lead our daily lives. Today, procuring goods from different goods has been easier than ever. It happen on a click of a button with rapid technological and internet growth. Further, new skills have developed which have changed the nature of all education which takes place. If I were to purchase a good it is most likely that it was manufactured in Asia and still sold in the United States which previously was a very rare happening.

Further, global expansion led to higher development and therefore, the overall technological changes meant higher consumer satisfaction. Across the year, we find better customer satisfaction as compared to 1990's when the concepts of globalization first kicked in.

Products have become cheaper to buy and there has been significant options which are available across the year. Companies pay larger attention to consumer problems which has influenced everyone including me.

Further, income mobility has meant people find it increasingly easier to move form a lower middle class background to a middle class background due to increased employment and opportunities abroad.

That said, globalization has also stagnated the US economy now. Jobs are going to other countries especially in the manufacturing sector owing to lower costs of manpower in those countries. Unemployment has emerged as a result of rapid globalization and has resulted in problems which were never thought off.

Further, stronger Asian countries such as China and India which are selling products for half the amount of money which an American company asks for has resulted in bigger problems for the nation than they ever existed.

Conclusion

The effects of globalization have been very big on every individual it has translated into better buying options and customer satisfaction on one hand, however developed countries have stagnated and an individual countries recession has turned out to be a global disaster effecting everyone.

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