Hello all I’m Sameer Shaikh and the topic I chose to share my views upon is “ IS GLOBALIZATION

AN OPPORTUNITY OR A THREAT”.

Starting with the introduction : The term "globalization" has acquired considerable emotive force.
Some view it as a process that is beneficial—a key to future world economic development—and also
inevitable and irreversible. Others regard it with hostility, even fear, believing that it increases
inequality within and between nations, threatens employment and living standards and thwarts social
progress. This brief offers an overview of some aspects of globalization and aims to identify ways in
which countries can tap the gains of this process, while remaining realistic about its potential and its
risks.

Globalization offers extensive opportunities for truly worldwide development but it is not progressing
evenly. Some countries are becoming integrated into the global economy more quickly than others.
Countries that have been able to integrate are seeing faster growth and reduced poverty. Outward-
oriented policies brought dynamism and greater prosperity to much of East Asia, transforming it from
one of the poorest areas of the world 40 years ago. And as living standards rose, it became possible to
make progress on democracy and economic issues such as the environment and work standards.

But now what is the meaning of Globalization?

Economic "globalization" is a historical process, the result of human innovation and technological
progress. It refers to the increasing integration of economies around the world, particularly through
trade and financial flows. The term sometimes also refers to the movement of people (labor) and
knowledge (technology) across international borders. There are also broader cultural, political and
environmental dimensions of globalization that are not covered here.

At its most basic, there is nothing mysterious about globalization. The term has come into common
usage since the 1980s, reflecting technological advances that have made it easier and quicker to
complete international transactions—both trade and financial flows. It refers to an extension beyond
national borders of the same market forces that have operated for centuries at all levels of human
economic activity—village markets, urban industries, or financial centers.

Markets promote efficiency through competition and the division of labor—the specialization that
allows people and economies to focus on what they do best. Global markets offer greater opportunity
for people to tap into more and larger markets around the world. It means that they can have access to
more capital flows, technology, cheaper imports, and larger export markets. But markets do not
necessarily ensure that the benefits of increased efficiency are shared by all. Countries must be
prepared to embrace the policies needed, and in the case of the poorest countries may need the support
of the international community as they do so.

Now moving towards the benefits or the opportunities that Globalization provides :

1. Access to New Cultures

Globalization makes it easier than ever to access foreign culture, including food, movies, music, and
art. This free flow of people, goods, art, and information is the reason you can have Thai food
delivered to your apartment as you listen to your favorite UK-based artist or stream a Bollywood
movie.
2. The Spread of Technology and Innovation
Many countries around the world remain constantly connected, so knowledge and technological
advances travel quickly. Because knowledge also transfers so fast, this means that scientific advances
made in Asia can be at work in the United States in a matter of days.
4. Higher Standards of Living Across the Globe
Developing nations experience an improved standard of living—thanks to globalization. According to
the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first
Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved
five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of
extreme poverty since that time.
5. Access to New Markets
Businesses gain a great deal from globalization, including new customers and diverse revenue
streams. Companies interested in these benefits look for flexible and innovative ways to grow their
business overseas. International Professional Employer Organizations (PEOs) make it easier than ever
to employ workers in other countries quickly and compliantly. This means that, for many companies,
there is no longer the need to establish a foreign entity to expand overseas.
6. Access to New Talent
In addition to new markets, globalization allows companies to find new, specialized talent that is not
available in their current market. For example, globalization gives companies the opportunity to
explore tech talent in booming markets such as Berlin or Stockholm, rather than Silicon Valley.
Again, International PEO allows companies to compliantly employ workers overseas, without having
to establish a legal entity, making global hiring easier than ever.

But as the benefits Globalization also comes with some of the threats as :

2. Managing Employee Immigration

Immigration challenges cause a lot of headaches internally, which is why 28% of U.S. and UK tech
leaders agreed it was one of their top challenges. Immigration laws change often, and in some
countries, it is extremely difficult to secure visas for employees that are foreign nationals. The U.S.,
for example, is getting stricter with granting H-1B visas, and Brexit makes the future of immigration
to the UK uncertain.
4. Payroll and Compliance Challenges
Another common global expansion obstacle is managing overseas payroll and maintaining
compliance with changing employment and tax laws. This management task gets even more difficult
if you’re trying to manage operations in multiple markets.
5. Loss of Cultural Identity
While globalization has made foreign countries easier to access, it has also begun to meld unique
societies together. The success of certain cultures throughout the world caused other countries to
emulate them. But when cultures begin to lose their distinctive features, we lose our global diversity.
6. Foreign Worker Exploitation
Lower costs do benefit many consumers, but it also creates tough competition that leads some
companies to search for cheap labor sources. Some western companies ship their production overseas
to countries like China and Malaysia, where lax regulations make it easier to exploit workers.

Finally moving towards the conclusion I would like to conclude it as globalization has progressed,
living conditions (particularly when measured by broader indicators of well being) have improved
significantly in virtually all countries. However, the strongest gains have been made by the advanced
countries and only some of the developing countries.

That the income gap between high-income and low-income countries has grown wider is a matter for
concern. And the number of the world’s citizens in abject poverty is deeply disturbing. But it is wrong
to jump to the conclusion that globalization has caused the divergence, or that nothing can be done to
improve the situation. To the contrary: low-income countries have not been able to integrate with the
global economy as quickly as others, partly because of their chosen policies and partly because of
factors outside their control. No country, least of all the poorest, can afford to remain isolated from
the world economy. Every country should seek to reduce poverty. The international community
should endeavor—by strengthening the international financial system, through trade, and through aid
—to help the poorest countries integrate into the world economy, grow more rapidly, and reduce
poverty. That is the way to ensure all people in all countries have access to the benefits of
globalization.

Thank you!!