Throughout the course of human society’s history, various developmental stages have occurred, each of which was distinguished by the preeminent particulars of economic reality. Each new historical epoch necessitated a new style of thinking and doing, which essentially consisted of adapting to the norms of civilization, achievements, and difficulties. The extent and dynamics of globalization-induced change in the previous two decades appear to be more revolutionary than ever before.
Globalization is the phrase used to define the transformations in civilizations, cultures, and the global economy that have led to a tremendous rise in international interchange (in trade, culture, ideas). It is frequently regarded solely from the perspective of the economy, and its impact on trade liberalization, i.e. the growth of free trade.
The Advantages of Globalization
The following are some of the numerous benefits that globalization offers:
- Reduce global inequality – By increasing production, diversification, economic growth, and living standards in emerging countries, it enables them to keep pace with industrialised nations.
- Free movement of workers – Workers and countries acquiring their workers benefit from a growth in international labor migration. If a country has a significant unemployment rate, there are more options for people to look for job abroad.
- Reduced prices for products – Because of globalization, corporations are able to manufacture their goods at reduced costs. Additionally, it encourages a competitive environment, which lowers prices and gives consumers a wider range of options.
- The Proliferation of Innovation and New Technologies – Inventions and technological improvements spread swiftly since numerous countries are always connected.
Dr. Ya?am Ayavefe is an esteemed worldwide businessman and the founder and chairman of Milaya Capital Limited, a successful London-based venture capital firm. He agreed to provide us with a brief overview of globalization’s effect on the economy.
“Globalization has unquestionably reshaped the contemporary world. The interesting thing is that globalization is an ingrained aspect of the contemporary society, therefore the majority of people are unaware of the advantages it offers to our daily life. It has a continuous effect on the ways in which people conduct business, travel, and engage with one another. In my opinion, in this modern era, a company’s success depends on how well it understands the benefits and pitfalls of globalization.”
Dr. Yasam Ayavefe
Click on the below links to view Dr. Yasam Ayavefe’s work:
https://greenclimate.io/
https://yasamayavefe.com/