Assess the arguments he makes in defence of globalisation. How far are these arguments supported by what you see happening in your business, country and region?
Globalization has changed the dynamics of the world and has had some far reaching consequences in the twenty first century as argued by the lecturer. According to him, openness boom have helped reduce poverty throughout the world especially in countries like India and Africa. But there is still a lot that needs to be done and the focus should be to humanize openness of markets.
Globalization and the integration of global economies has paved for newer opportunities. It has reduced the prices of a myriad, exploited human kind potential to the maxim and is still doing it, and helped curb political differences to an extent as argued by him. An integration of human power all over the world has led to the production of better, cheaper products. A single Nokia phone set is composed of things made from at least 60 countries across the globe. Thus, globalization is changing the world for better. The openness boom has helped witness the steepest ever economic growth by the Asian markets. He argues that the boom of Asia should not be seen as a threat to that of Europe rather another agent. He is of the firm view that prosperity in Asia would eventually mean prosperity for Europe in the long run. He advocates for more free trade agreements with the Asian countries and voices out his reservations regarding the policies pursued by those states of Europe who don’t believe in global integration. It is powerful transformative force which if put to use efficiently and smartly can have far reaching repercussions. While addressing the fact that India has more people than in Africa living on $1 a day he asserts that through its economic development and global integration it will soon recover and snap out of poverty. Similarly European economies have also revived and have had a net job creation rate of eighteen million jobs in the last 10 years. It is surprising how globalization has challenged the notion that there are only a few numbers of jobs around the global economy. A hundred million jobs in the developing world have not cost even a single job on aggregate in Europe. The growing competition with the Asian countries has helped European companies look into more areas of specialization both in the goods and the services sector. Integration and differentiation are a norm and practices which are in action all the time. (Transformation Process)
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