Globalization Is The Development Of Increasingly - 1130 Words

According to Merriam Webster (2015) Globalization is the development of increasingly integrated global economy marked especially by free trade, free flow of capital, and tapping of cheaper foreign labor markets. In general, Globalization has affected many nations in various ways; socially, politically, economically, and environmentally. Over a period of time globalization can now turn the world into an integrated economy instead of the isolated economy. The more trading that takes place, the more wealth is created, and economic growth will create more jobs, make companies more competitive, and lower consumer cost. Globalization can be good for the developing countries that now have access to the open markets that can†¦show more content†¦The traditional classification of these services recognizes four basic forms of exchange. Service exportation, commercial presence, transnational movement of providers and transnational movement of consumers all of which is a huge impact on international trade†. In general, healthcare has progressed over time but it is still a work in progress for the United States and other nations. In today’s world, education provides a better chance of employment, which in turn leads to a better and happier lifestyle. One of the common trends to higher education is the internationalization of education to help students work and be successful in today’s global economy. For example, most colleges require students to take an international course to be better connected with this diverse world. Globalization is beneficial for firms and people because it has given countries the opportunities to work more closely together and has led to the advancement of science and technology. With advanced technology most businesses can reach new economic markets. For example, if a small business normally sells consumer goods and service in a local market they can now reach regional, nationally, and international markets due to the advancement of science and technology. Retail websites are the most common ground to selling goods and services in several different economic markets. For example, no one is limited to purchasing goods or services from just one