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Impact of globalisation |
| Answer» Impact of Globalization - Globalization can be broadly defined as social, political and economic changes that we all adapt do. Travel, communication, and trade between countries are becoming easy and create the development of closer economic, cultural, and political relations among all the countries of the world. Globalization impacts countries differently depending on the stage where their economies are.\tGlobalization creates greater opportunities for firms in less industrialized countries to tap into more and larger markets around the world. Thus, businesses located in developing countries have more access to capital flows, technology, human capital, cheaper imports, and larger export markets.\tGlobalization allows businesses in less industrialized countries to become part of international production networks and supply chains that are the main conduits of trade.\tGlobalization gives access to the world market to transitional countries. They need to adapt their production capability, their prices, and their product quality to be competitive with the nations of the developed countries.\tGlobalization changed and continues to change China. This country is becoming a major economic player in the global world. | |