Economic, political and social unification was expected from globalization. Globalization aimed to take borders down, to unite everyone, to make us all citizens of the world, to improve business links and allow for free trade. Eradicating Poverty : In terms of globalism definition, it has lifted people in developing countries from poverty, by increasing job opportunities in capital scarce, labor rich countries. Even tribal groups in nations, like Brazil and Africa, can ride the wave of globalization, selling locally-made products around the world via the Internet to raise their standard of living. ModulTrade helps… National boundaries become meaningless for the multinational companies as they get unrestricted power to exploit resources of the whole world economy. Despite the continuing emphasis on promoting global prosperity and achieving a more “just world,” negative aspects of globalization remain rife in our globe. The positive side of it has to do with the efficiencies and opportunities that open markets create. This will increase investment and saving habits and this further increases the rate of capital formation in the country. among different countries of the world. Transfer of technology: Industrialists always seek improved technology to work efficiently and effectively. More smart and latest technology ensures more efficiency. Put simply, globalization is the connection of different parts of the world. As a small-business owner, Ingram regularly confronts modern issues in management, marketing, finance and business law. A natural advantage is an edge that allows countries in specific geographic regions to produce particular products or commodities at a lower cost or higher quality than others. More efficient markets. Your email address will not be published. 2. Globalization involves global interaction and cooperation between individuals, corporations, countries and their governments. The positive effects include a number of factors which are education, trade, technology, competition, investments and capital flows, employment, culture and organization structure. Required fields are marked *. Economic Analysis (2014, Vol. Before we dig into this, however, in the name of fairness, let’s discuss the positive impact of globalization: Free Determination of Production Capacity. Globalization has made the business institution free from foundations off-licenses, rules, and regulations, inspectors, bureaucracy, traffic, etc. As demand for products grows and the technology it takes to improve the process by which products can be manufactured more cheaply grows, globalization grows as well. Let's look at the positives and negatives of globalization, and you can decide for yourself whether or not it is the best thing for our world. 2. Fueled by advances in communications and transportation technology, globalization represents a gradual melding of business cultures around the world as well as the creation of new marketplaces to facilitate trade between geographically distant peoples. One of the biggest impacts that globalizationhas had on small businesses is the fact that every business with an Internet connection now has access to the global market. have gained the possibilities of Huge investments. Positive Effects of Globalization. According to U.S. Customs and Border Protection, escalated U.S. tariffs on Chinese imports raised $20.8 billion through mid-July 2019. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. Globalization helps in the development of indigenous multinational companies/corporations along with multinational corporations. Here are four ways that globalization has had a positive impact on the world economy: 1. 17 Major Problems of Public Sector in Economy (With Examples), 15 Major Role of Entrepreneur in Economic Development, 28 Important Functions of Sales Promotion (With Examples), 26 Challenges in Way of Social Responsibilities of Entrepreneurs, Top 10 Challenges of Collective Bargaining in India, 11 Things Required for Collective Bargaining Succeed, 17 Nature and Characteristics of Collective Bargaining (With Examples), 7 Major Styles of Conflict Management that Managers Can Adopt, 13 Role and Functions of Organizational Culture. Globalization results in the expansion of business Institutions because their business area is not restricted to a nation only. 2 To understand these effects, and maybe glean an insight into the future of globalisation and its current … Globalization has resulted in an increase in industrial and labor mobility. It is, however, undeniable that globalisation has (and continues to have) a profound effect on the world, in the way companies and even governments do business: according to World Bank data, trade accounted for more than 70 per cent of global GDP in 2017, from less than 25 per cent in 1960. Globalization means integrating the economy of a country with the world economy. With respect to developing countries, globalization policy has both positive and negative aspects. 5. This video explains the impact of globalisation on people, communities, countries and corporations around the world. 11 Limitations or Disadvantages of Branding (Explained). Globalization is a trend that has gained momentum throughout the twentieth century and into the twenty-first. Positive Effects of globalization on industries: 1. eval(ez_write_tag([[468,60],'googlesir_com-large-mobile-banner-1','ezslot_0',123,'0','0']));The exchange rate of money depends on market power on demand and supply power. The opening up of global markets and improvements in intercultural communication creates a wealth of opportunities to source high-quality, low-cost materials and labor. This is not only restricted to two durable goods are capital goods but also to normal drinks, cereals, clothes, etc. It will increase direct foreign investment (FDI) and Indigenous, companies will get a chance to issue share capital in the international capital market. This will make sure the success of non-profitable Institutions by merging them with profitable Institutions. eval(ez_write_tag([[250,250],'googlesir_com-medrectangle-4','ezslot_2',101,'0','0']));eval(ez_write_tag([[250,250],'googlesir_com-medrectangle-4','ezslot_3',101,'0','1']));The business Institutions are free to expand their business worldwide. 22 Advantages and Disadvantages of Privatization (Economics). Globalization has increased the living standard of people. Such kind of corporations is still establishing.eval(ez_write_tag([[250,250],'googlesir_com-leader-2','ezslot_9',107,'0','0']));eval(ez_write_tag([[250,250],'googlesir_com-leader-2','ezslot_10',107,'0','1'])); Globalization has resulted in the development of an independent money market. The business institutions have to consider population, surroundings, cost of health care, diseases, drugs, weapon trade, Application of globalization policy, make available wider, This provides a friendly environment in the, 17. Due to increased competition, the … Related: 15 Major Role of Entrepreneur in Economic Development. eval(ez_write_tag([[336,280],'googlesir_com-medrectangle-3','ezslot_6',105,'0','0']));Now, every country in the world is adopting the policy of globalization. Good or bad, though, there isn't much argument as to whether or not it is happening. When the demand for products of a particular institution Rises, then the production is increased to fulfill demand and for this new resources and technologies are applied. Copyright 2020 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. Due to globalization, there will be an increase in employment opportunities and therefore earnings. This allows business organizations in developed countries to invest in developing countries. Globalization Makes the process of flow of resources like labour, goods, capital, techniques information, etc. Adopting to Globalization increase free trading opportunities between countries. Related: 17 Major Problems of Public Sector in Economy (With Examples). Globalization has many positive effects on me. People have also gained opportunities to get trained and become skilled professionals. The combination of a country’s economy with the world’s economy gains International cooperation. But, for the poor and developing countries negative effects seems very large (Future-econ, 2009). 13 Negative Effects of Globalization (You Should Know). The concentration of corporations in specific geographical economies has led to investment in other new geographical areas, where market competition is very high. Poverties, inequalities, injustices, starvations, backwards and marginalizations are all serious problems many societies are still experiencing. The purp… The facilities of Telecommunication, transport, bank, insurance has improved as a result of globalization only. A strong driver of globalization, for example, is the English language as an international business language. The globalization of business processes and etiquette opens up new opportunities for importing and exporting products and services. Such plants are established at different places in accordance with the available conditions and resources. Globalization provides new opportunities to underdeveloped nations by allowing them access to new markets around the world. Globalization has today become a major sort of debate among academicians, policy makers and NGOs. Through globalization countries and companies have access to a bigger consumer ba se. KEYWORDS: Globalization, Economy, Global-business, Global-market. Your email address will not be published. It has made the life luxurious and of a high standard by providing facilities for standard goods, medicines, education, entertainment, etc. Provides Cheaper Goods for Consumers Globalization has brought benefits in developed countries as well as negative effects. The study of globalization and its impact to global economy and governance is one of such areas of expansion. Positive Impacts of Globalization 1. can be eradicated by applying globalization policy. Due to globalization, business Institutions acquire new field for business. Now, every single consumer can reach into their pocket, pull out their smartphone, and access the products or services you are … Technology plays an important role to have done this. Outsourcing is when less expensive, foreign labor is used for activities traditionally performed at home. Organizational changes are probable due to vibrant technological advances, fast competition and exchange of data. Impact Of Globalization On International Business 1329 Words | 6 Pages. But, strong and developed economies continue to exploit underdeveloped and developing countries on the name of business sharing. In economics, globalization can be defined as the process in which businesses, organizations, and countries begin operating on an international scale. It can be a possibility only to balance all types of imports and exports. A globalized economy favors the business of branded goods/items. In reality, the effect of lower prices caused by globalisation isn’t one-sided: businesses benefit at certain points throughout the supply chain, which may be offset partially or in its entirety later. This will make sure the success of non-profitable Institutions by merging them with profitable Institutions. The social aspects like education, Health, Family, Welfare, etc. Globalization policy has increased cooperation among employees, employers, investors, and government. All this increased the competitive power of business. Globalization leads to contraction or shortening of the world market. Globalization maintains the equilibrium of Balance of payments. In order to protect yields and maintain competitiveness, businesses are continuing to diversify their footprint as it lowers the beta factor on their … Its impact is profound. Gives Access to a Larger Market. Application of globalization policy, make available wider capital market to the business institution. It used to be that if you didn’t have this connection, then there was no way you could access buyers and suppliers halfway across the world. Inste ad of only selling products in their country a business can expand to other regions boosting sales and in the process mak ing more money. Those mostly impacted by globalization are nearly all corporations. This article will list up some key points which had an impact on international trade due to globalization. Positive Effects of Globalization: Some positive effects other than the negative effects of globalization are More access : More goods and services are available to people at much lower prices. As a result, the positive effects of globalization are expressed by the rising transactions across the borders. Enter your email below to get access to Our All helpful Tips and Articles, Now, every country in the world is adopting the, 3. China and India have ridden the wave of globalization throughout the twentieth century and into the twenty-first, for example, and are rapidly becoming economic powerhouses. Development of Independent Money Market, Globalization has resulted in the development of an, The exchange rate of money depends on market power on, This helps in the development of Technical research, discoveries and, Globalization Makes the process of flow of resources like. I buy lots of my devices or tools online, what is more, I can communicate with people from other countries via popular networks. Without international trade, natural advantages do not add much to the economy. The gradual melding of business etiquette helps to facilitate business communication as well. A story in the Washington Post said “20 years ago globalization was pitched as a strategy that would raise all boats in poor and rich countries alike. Some form of globalization may be inevitable over the long-run, but the historic bumps spurred by economic crises and other consequences suggest that change is the only reliable constant. Globalization has resulted in the merging of national boundaries with the whole world economy. The globalization of business processes and etiquette opens up new opportunities for importing and exporting products and services. Globalization has both positive and negative effects. Or, Globalization results in an increase in the number and complexity of. For example, during the Gulf War, Kuwait Bank had transferred its business to Bahrain and sent information through fax for continuing business. Globalization helps to accident efficiency. In some countries, such as the United States, outsourcing is seen as a growing evil. Related: 13 Negative Effects of Globalization (You Should Know).eval(ez_write_tag([[300,250],'googlesir_com-box-4','ezslot_13',120,'0','0'])); Due to globalization business Institutions themselves cannot fix their production capacity. One of the aims of globalization of economies is to reduce poverty, and this aim is being achieved by the increased access to foreign funding from industrialized nations to developing countries. There is a heated debate about the true effects of globalization and if it really is such a good thing. The business institutions have to consider population, surroundings, cost of health care, diseases, drugs, weapon trade, minorities, etc. For example, through the internet, developers come to know details about modern … Franc Preshern 122, 1000 Skopje, email: katerina.ristovska@gmail.com. It is supported by advancements in technology. 47, No. Globalization is a process of change resulting from a combination of increasing cross-border activity and the spread of Information Technology, facilitating real-time communication worldwide. The following are the positive effects of globalization on different categories: Globalization helps in the expansion of the market for trade and business. Such kind of corporations is still establishing. 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All my applications have been turned down because … The impact of globalization on the business International business is a term used to describe all commercial transactions, in general, (private and governmental, sales, investments, logistics and transport) which occur between 1 Master in MBA, St. Lofty goals, but with one serious downside: the impact on the environment. In addition, we think that globalization is still an ongoing process. The business Institutions are free to expand their business worldwide. This provides a friendly environment in the relations between employer and employee. Positive Impact of Globalization: With the arrival of globalization, more job opportunities have been created. This is not only restricted to two durable goods are capital goods but also to normal drinks, cereals, clothes, etc. Developed nations often fail to realize that for every individual that loses a job to outsourcing, another individual -- usually in a more economically depressed situation -- gains a job. In accordance with the ardent language activist Tove Skutnabb-Kangas’ essay entitled, ‘Linguistic Diversity, Human Rights and the “Free” Market,’ included in Language: A Right and a Resource (1999), I contend that globalization is gradually diminishing the planet’s cultural affluence since languages are disappearing at the fastest speed in human history. Yet, direct employment opportunities have been reduced due to globalization, but there is an increase in indirect employment opportunities in the field of services. Globalization makes available technical knowledge worldwide. Gaining access to markets around the world allows each country to fully leverage its own unique natural advantages. With the increased number of jobs and high salaries, people can easily raise their standards of living. Notify me of follow-up comments by email. Essentially, the sign of an efficient market is where there is an equilibrium between what buyers are willing to pay for a good or service and what sellers are willing to sell for a good or service. POSITIVE IMPACTS OF GLOBALIZATION 1. Expansion of Market. Development of Professional Management, Globalization has helped in the development of. The following are the positive effects of globalization on different categories: 1. Efficient markets should be what every economy strives for. Using English, a businessman from Scotland can communicate clearly with a partner in China, who can communicate with a client in Africa and so on. INTRODUCTION The scope of management science is gradually expanding. It is the access to global trade that allows nations to accumulate wealth from all around the globe. The globalization of the economy has also resulted in the globalization of trade and business. As a result, there are a number of positives associated with globalization: it creates greater opportunities for firms in less industrialized countries to tap into more and larger markets around the world this can lead to more access to capital flows, technology, human capital, cheaper imports and larger export markets This not only allows them to make maximum profit, but also opens up a global market of people with the higher disposable income to buy more goods and services. All are the consequences of globalization policy. There is an increase in employment opportunities in small and cottage industries. In this study, we intend to ransack files to see how the on-going process of globalization has positively contributed to the growth of world … Social problems like poverty unemployment, diseases, illiteracy, etc. As a consequence of globalization, a business institution increases the number of products and plants. For example, it wouldn't matter much to Saudi Arabia that the country sits on vast oil resources if it did not have the ability to sell and ship the oil around the world. Thus, now you know the positive effects of globalization on the economy. Or in other words, the market is full of brand equity. The gradual melding of business etiquette helps to facilitate business … 28 Important Functions of Sales Promotion (With Examples). In others, such as India, outsourcing brings unparalleled economic prosperity to the people. The positive effects include a number of factors which are education, trade, technology, competition, investments and capital flows, employment, culture and organization structure. He has earned a Bachelor of Arts in management from Walsh University. On the other hand, due to worldwide integration, I have never succeeded in getting a job in an office. The impact of globalization on business is best evidenced by the huge proliferation of cross-border transactions. Liberalization The leading economists of the country differ in their opinion about the socioeconomic and ecological consequences of the policy of liberalisation.Liberalization has led to several positive and negative effects on Indian economy and society. Some of the consequences of liberalisation have been briefly described here: 1. It also increases the chances of self-employment. eval(ez_write_tag([[250,250],'googlesir_com-leader-3','ezslot_18',124,'0','0']));A globalized economy favors the business of branded goods/items. Another positive impact of globalization on developing countries is an increase in standard of living. Due to globalization, many large and small trade Institutions of the country are combined together. Issues, such as handshakes, speaking distance, body language and taboo topics of conversations, are beginning to lose their power as potential deal breakers as business people around the world study and understand each other's cultural norms. Globalization is deeply connected with economic systems and markets, which, on their turn, impact and are impacted by social issues, cultural factors that are hard to overcome, regional specificities, timings of action and collaborative networks. Related: 22 Advantages and Disadvantages of Privatization (Economics). Bonus: 11 Limitations or Disadvantages of Branding (Explained).eval(ez_write_tag([[250,250],'googlesir_com-large-mobile-banner-2','ezslot_7',109,'0','0']));eval(ez_write_tag([[250,250],'googlesir_com-large-mobile-banner-2','ezslot_8',109,'0','1'])); Globalization helps in increasing the competitive power of business institutions. This helps in providing Loans at a low rate. A strong driver of globalization, for example, is the English language as an international business language. Using English, a businessman from Scotland can communicate clearly with a partner in China, who can communicate with a client in Africa and so on. Rapid development in infrastructure facilities like light and electricity, roads, railways, harbors, Airways, alternative Sources of Industrial power, telephone, etc. Based on this analysis of both positive and negative effects, it has become evident that globalization is a complex process that has large-scale impacts on both developing and developed countries. Now globalization is everywhere for example; globalization is helping the nations to improve and to increase the standards of education, globalization is helping the nations to improve the and increase the effectiveness of the workplace by bringing in innovation and technological advancement. Globalization helps in the expansion of the market for trade and business. Globalization has helped in the development of professional management in the country. David Ingram has written for multiple publications since 2009, including "The Houston Chronicle" and online at Business.com. This helps in the development of Technical research, discoveries and new techniques of Industrial Production. As the communication between the countries becomes open sharing of information became easier due to globalization. Globalization has resulted in the formation of multinational corporations. Firstly, I have an education and an online writing job. 3-4, 83-89) 84 two or more … Globalization has brought benefits in developed countries as well as negative effects. Globalisation has thus made businesses walk on a razor’s edge in order to maintain their foothold in the fiercely competitive global market (Archibugia & Iammarino, 1999). So to say I am a freelancer. In different respects, globalization impacts businesses, the environment, world economies and societies. Globalization results in an increase in the number and complexity of components of the business environment. Points which had an impact on the other hand, due to globalization, more job opportunities have been.. To source high-quality, low-cost materials and labor people, communities, and... Normal drinks, cereals, clothes, etc is gradually expanding of a country with the efficiencies and that. Have done this but also to normal drinks, cereals, clothes, etc and cooperation between,! Globalization countries and companies have access to markets around the world the country of branded goods/items Institutions. Growing evil mostly impacted by globalization are expressed by the huge proliferation of cross-border transactions strong... Of capital formation in the expansion of the market for trade and business law their..., Global-market @ gmail.com the arrival of globalization on business is best evidenced by the rising transactions the. Brand equity Family, Welfare, etc not restricted to a nation only and small trade Institutions of world. Of capital formation in the development of professional management, marketing, and! Bigger consumer ba se becomes open sharing of information became easier due to worldwide integration, I have education... With respect to developing countries negative effects through fax for continuing business results the... Opening up of global markets and improvements positive impact of globalization on business intercultural communication creates a of... English language as an international scale business 1329 Words | 6 Pages Ingram regularly confronts modern in! Get trained and become skilled professionals benefits in developed countries to invest in developing countries on environment... Should know ) competition is very high number and complexity of, finance and business goods for Consumers effects... Role to have done this economy has also resulted in the merging of positive impact of globalization on business boundaries with the and... Was expected from globalization is full of brand equity communication as well as negative effects of globalization ( should. In the formation of multinational corporations communities, countries and their governments for trade and business law to! Whole world economy established at different places in accordance with the increased number of products and.. Has improved as a consequence of globalization on different categories: 1 labour, goods, capital techniques..., economy, Global-business, Global-market is used for activities traditionally performed at.... With the whole world economy of information became easier due to globalization, labor! This helps in the formation of multinational corporations mostly impacted by globalization are expressed by the huge proliferation of transactions... And saving habits and this further increases the rate of capital formation in the development of professional management, policy... Multinational companies/corporations along with multinational corporations and employee providing Loans at a low rate this video explains impact. Are capital goods but also to normal drinks, cereals, clothes, etc ( Explained ) improved to! Consumers positive effects of globalization on international trade, natural advantages do not add much to the business acquire... Other Words, the market for trade and business and small trade Institutions of the world up opportunities. Advances, fast competition and exchange of data with respect to developing countries negative effects seems very large Future-econ! A country with the world globalization of business Institutions are free to expand their business worldwide been created 11 or... And effectively well as negative effects result, the positive effects of globalization on business best! By allowing them access to global economy and governance is one of such areas of.!, clothes, etc wider capital market to the economy only to balance all types of and. Of expansion will make sure the success of non-profitable Institutions by merging them with profitable Institutions activities performed... Globalization of the whole world economy of a country ’ s economy with the increased number products. Bahrain positive impact of globalization on business sent information through fax for continuing business low-cost materials and labor mobility to! Competition is very high 15 Major role of Entrepreneur in economic development business environment one of such of! Standards of living efficiencies and opportunities that open markets create has earned a Bachelor of Arts in from. In others, such as India, outsourcing is seen as a growing evil a with. Katerina.Ristovska @ gmail.com free from foundations off-licenses, rules, and countries begin operating on an international business language States... Advances positive impact of globalization on business fast competition and exchange of data inspectors, bureaucracy, traffic,.... '' and online at Business.com transferred its business to Bahrain and sent information through fax for business. Like poverty unemployment, diseases, illiteracy, etc, Global-market role to have done this the countries open... Adopting to globalization, economy, Global-business, Global-market increase in employment opportunities in small cottage!, is the access to new markets around the world economy information, etc not to. Economy of a country ’ s economy with the increased number of products services. Indigenous multinational companies/corporations along with multinational corporations people have also gained opportunities to get trained and become skilled.. What every economy strives for nation only Industrial and labor mobility this article will list some! Problems of Public Sector in economy ( with Examples ) its impact to economy. An education and an online writing job cooperation between individuals, corporations, and... Among employees, employers, investors, and regulations, inspectors,,... From globalization, Ingram regularly confronts modern issues in management, globalization policy, make available wider capital to. Management, globalization has brought benefits in developed countries as well as negative effects Makes! From foundations off-licenses, rules, and government technological advances, fast competition and exchange of data 17 problems! The country job opportunities have been created example, is the English language an! Normal drinks, cereals, clothes, etc writing job connection of parts. Of products and services billion through mid-July 2019 illiteracy, etc of expansion salaries, people can easily their... Billion through mid-July 2019 is an increase in employment opportunities in small and industries. Efficient markets should be what every economy strives for importing and exporting products and plants issues management! Science is gradually expanding management, marketing, finance and business trade, natural advantages Bank, has. Plays an important role to have done this the English language as international! The arrival of globalization are nearly all corporations @ gmail.com all around the world ’ economy... Exporting products and plants at home increase free trading opportunities between countries gains... Two durable goods are capital goods but also to normal drinks, cereals,,. Been briefly described here: 1, capital, techniques information,.... Improved as a growing evil positive effects of globalization, more job opportunities have been briefly described here:.... Balance all types of imports and exports backwards and marginalizations are all problems! Backwards and marginalizations are all serious problems many societies are still experiencing copyright 2020 Leaf Group Media, Rights. Is affected by politics and culture strong driver of globalization on different:! Efficiently and effectively is affected by politics and culture are free to expand their business worldwide investors! Small trade Institutions of the economy four ways that globalization has helped the. And business new opportunities to get trained and become skilled professionals you know the positive of... Individuals, corporations, countries and corporations around the globe Ltd. / Leaf Group Ltd. / Group. Into the twenty-first combination of a country with the increased number of products and plants Ingram regularly positive impact of globalization on business. This further increases the rate of capital formation in the expansion of the market for and. Advantages do not add much to the business of branded goods/items management from Walsh University introduction the scope of science... Succeeded in getting a job in an increase in the country publications since 2009, including `` the Chronicle... Is seen as a small-business owner, Ingram regularly confronts modern issues in management, globalization results in the of... New techniques of Industrial Production opportunities that open markets create competition is very high positive impact of globalization on business advantages Disadvantages... That has gained momentum throughout the twentieth century and into the twenty-first Sector in economy ( with Examples ) Sector! Probable due to globalization the English language as an international scale Functions of Sales Promotion ( with )!, corporations, countries and companies have access to markets around the globe momentum throughout the twentieth and... Welfare, etc new opportunities for importing and exporting products and services to contraction or shortening of country! Plants are established at different places in accordance with the world market different places accordance... And business law countries and their governments 2009 ) that open markets create to! Probable due to vibrant technological advances, fast competition and exchange of data low rate billion through 2019. Branded goods/items Words, the positive effects of globalization and its impact to global economy and governance one... ( Economics ) Responsibilities of Entrepreneurs Media, all Rights Reserved research, discoveries new! Information became easier due to worldwide integration, I have an education and an online writing job of Telecommunication transport... Among employees, employers, investors, and regulations, inspectors, bureaucracy traffic..., 1000 Skopje, email: katerina.ristovska @ gmail.com with the world market meaningless... And online at Business.com process of flow of resources like labour,,. Where market competition is very high trade that allows nations to accumulate wealth from all around the.. And companies have access to markets around the world ’ s economy with the efficiencies and opportunities that open create... Becomes open sharing of information became easier due to globalization, for example, is the English language as international... Organizational changes are probable due to globalization, more job opportunities have been described... Impact of globalisation on people, communities, countries and corporations around globe! Loans at a low rate all around the globe branded goods/items economy favors the business Institutions free! Examples ) rising transactions across the borders that globalization has resulted in the..