The effects of globalisation on mordern life

Steven Lawson MSc

15/11/2020

Globalisation is the greater international movement, of goods and services, financial capital, information, and people. Empirical evidence states the effects of globalisation on modern life, is it helps poorer economies to modernise which increases their productivity and raises people’s living standards. An article from the national geographic claim's globalisation is affected by politics. Therefore, it can be argued that the effects of globalisation on modern life are politics and culture. Modern life is defined as the present or recent past as opposed to the past or distant future. Modern life involves the latest consumer goods, which can be grouped into modern technology products. For example, the internet of things which offer increased connectivity and innovations like artificial intelligence are modern technology products. These products are modern conveniences which can increase consumer’s standard of living across the globe. Globalisation in developing nations means those nations experience an increased standard of living because the globalisation process brings with it increased opportunity for human development and gender equality (UN SDG, 2020). One of the benefits of globalisation is it provides opportunities for businesses with access to new markets where they can be acquired and retained. Globalisation allows businesses to access new talent; it allows them to find new specialist talent that is not available in their domestic markets. To ensure successful hire HR teams must factor in challenges such as time zones, cultural differences, and language barriers to find a good fit for the company. Because these globalisation factors have an altering effect on people’s everyday modern life it will provide them with improved lower cost goods and services. For example, globalisation has seen a spread of technology and innovation across many LDC, OIC and developed countries around the world which offers consumers and families more connectedness in a constantly increasingly connected world. Empirical evidence from institutions such as the United Nations and the OECD has been used to explain some of the pros and cons of globalisation on international businesses and has been used to explain how the challenges influence modern life. Globalisation has lowered the cost of products for consumers around the world because it allows businesses to find lower cost ways to produce their products. The globalisation process offers opportunities for greater human development and gender equality. Globalisation offers businesses access to new markets and technologies where they can gain a great deal including new customers and revenue streams. The globalisation process of businesses allows them to access new specialised talent that is not available to them in their current domestic markets. This allocation of specialised resources means businesses are learning to become more efficient and are more cultural diverse in their product offerings. How has international businesses products affected modern life? Because globalisation has seen a higher standard of living across the globe businesses are producing products to reflect this image. For companies looking to sell their products in international markets, getting those products overseas can be expensive depending on the market. This is because they incur tariffs and export fees. Because globalisation increases competition amongst international businesses it can lower the prices of goods and services. As businesses expand their operations around the world, they are effectively expanding their output and reach. This allows them to gain economies of scale which is proportionate savings in costs achieved by an increased level of output. Businesses buy in bulk, which reduces their input costs. An economy of scale also means transportation costs can be lower as well, for example, a shipment company has brought a larger ship to travel between China and the UK. The new ship has increased capacity and can carry more goods which means the shipment company is able to reduce the cost of the shipment of each container by 5%. This factor means lower transportation costs for international businesses and entails lower priced products for consumers in the shops and is therefore a beneficial effect of globalisation on modern life. Equality and sustainability A case study and systematic review of articles and journals explains the effects of globalisation on equality are introductions diverse cultures, norms, and beliefs. Globalisation can address discriminatory laws and social norms because of gender inequalities and discrimination in various parts of the world. Evidence from the United Nations claims woman continue to be underrepresented at all levels of political leadership. Sixty percent of woman work in the informal economy which puts them at risk of falling into poverty. Observational studies suggest the effects of globalisation on equality are extreme poverty in LDC countries, which creates low paid wages in emerging countries and gives rise to highly paid wealth creating opportunities in developed economies. LDC’s are lower developed countries that confront structural impediments to sustainable development. Lower developed economies are highly vulnerable to economic and environmental shocks, and they also have low levels of human assets (UN SDG, 2020). On sustainability the globalisation effect promotes economic growth. Sustainable economic growth is a rate of growth which can be maintained without creating other significant economic problems, especially for future generations. For the globalisation process to be sustainable its effects must be maintained. Some economies cannot be maintained as well as others because of a lack of resources. This could be because of a lack of investment, high employment, old technologies, and insufficient policy making. Studies indicate globalisation is sustainable in some but not all regions of the world. Some parts of the world are prone to natural disasters such as wildfires, earthquakes, tsunamis, and freak storms causing floods. In some parts of the world for example, severe weather conditions can threaten and even ravage entire economies to a severity that a substantial rebuilding process of the economy would be required. This means that the globalisation process can be difficult to maintain if there are pandemics and natural disasters. For globalisation to be sustainable it needs to promote capital accumulation and technological change. It needs to have a sustained availability of natural resources which must be managed sustainably.

You can also change the title listed above and add new articles as well. Edit your Articles from the Pages tab by clicking the edit button. This is a generic article you can use for adding article content / subjects on your website.
You can edit all of this text and replace it with anything you have to say in your news/topic article. You can also change the title listed above and add new articles as well.
Edit your Articles from the Pages tab by clicking the edit button. This is a generic article you can use for adding article content / subjects on your website.

You can edit all of this text and replace it with anything you have to say in your news/topic article. You can also change the title listed above and add new articles as well. Edit your Articles from the Pages tab by clicking the edit button. This is a generic article you can use for adding article content / subjects on your website. You can edit all of this text and replace it with anything you have to say in your news/topic article. You can also change the title listed above and add new articles as well. Edit your Articles from the Pages tab by clicking the edit button. This is a generic article you can use for adding article content / subjects on your website.

You can edit all of this text and replace it with anything you have to say in your news/topic article. You can also change the title listed above and add new articles as well. Edit your Articles from the Pages tab by clicking the edit button.