Globalization and Technology Essay Example | Topics and Well Written Essays - 1500 words

Globalization and engineering - Essay ExampleEconomic globoseization or integration has elicited mixed reactions due to the varied impacts that it has on the world economy. Despite the known advantages of globalization, this course of action has also been opposed due to the negative consequences that it has on the world economy.Those who have supported economic or financial integration of countries have pointed out the benefits of this trend to support their claims. The first advantage of globalization on the economy is that this trend results in the creation of global markets. Bordo, Taylorand Williamson, says that through the merging of the different world markets, a wider global market has been created (Bordo, Taylor and Williamson 31). Globalization has led to the outfit and liberalization of the market. This has occurred through the removal of the trade barriers that historically existed. These trade barriers prevented businesses from operating outside their domestic markets. conglomerate corporations have pinked the expanded global market through various internalization strategies such as foreign direct investments and through exporting. This has allowed the businesses to increase their in diminish and profits. Globalization has resulted in a much freer trade amongst the world countries, which has allowed domestic industries to access the international market. The access to the international market has also allowed these local companies to come up with new products and technologies that are needed and acceptable in the global market.Held however disputes this by indicating that the entre of new companies and businesses to new markets has negatively impacted on the domestic companies (Held 20). When new businesses and multinationals cross the border to exploit the global market, they bring very stiff competition to the local businesses. The competition at times reduces the direct of sales of the local and domestic products. This is said to discourag e the coming up and growth of the domestic