Disclaimer: This work has been submitted by a university student. Global compression reminds the dependency and system theories’ arguments. International trade has benefited the most from the wave of globalization and has increased the dependency among countries. Wide Operation Field – Globalization widens the operation field of a country, the people of a global economy can operates in many countries, thus it opens door of opportunities to increase their market size and profit. When financial series industry is operating on world level it can provide the services, where it gets highest source efficiencies. Do you have a 2:1 degree or higher? Student exchanges are of great value for both of these groups. Negative Effects of globalization on industries: 1. But, for the poor and developing countries negative effects seems very large (Future-econ, 2009). Today the culture, in which we live, is the contribution of many cultures. Power reallocation … The effect of globalization on the financial services, in this study, is analysed through Yip’s framework “Drivers of Globalization” (Yip, 2003). This results in the unemployment of the citizens of the developed countries. Economics Inequality – Economic development is successful in reality, when it is able to generate equal opportunities without any consideration. She has worked in accounting for such corporations as First Data, MCI and Verizon. Definitely globalization is one of the reasons behind this growth. Globalization has played a vital role in the development of international business. 1st Jan 1970 Obsolete Technology: Globalization makes the existing technology obsolete overnight. Some financial conglomerates like Citi Bank, HSBC, are providing same services to their customers. How it affects stakeholders of financial services industry are followings; Firms – When it comes to provided services on the world level, the small and local firms of the industry are not capable for it. Country specific costs – Cost of financial services are near about similar around the world. It is possible to study online and achieve a degree without having to relocate to a foreign state. It considers the factors like the similar customer needs, global customers, and transferable marketing (Yip, 2003). A company’s negative public reputation in how it treats its employees, even if they are overseas, can cause a loss in customer support of products. Service jobs, such as information technology, manufacturing, education, accounting, and software development are being lost in developing countries, such as the United States and Europe, to lower paying emerging countries, such as India and China. Similar customer needs – Similar customer needs indicates that in a global industry the customer from different countries share common needs. If you need assistance with writing your essay, our professional essay writing service is here to help! The member countries of WTO opened their economy for increase world trade and free market. No, doubts there are improvement in the overall living styles but the way it was expected to improve that couldn’t be achieved. Outsourcing services, decrease in wages, workers’ rights and interdependent economy are some of the negative effects of globalization on companies. can also access new technology by agreement with large groups after negotiation for their operations in their countries. No plagiarism, guaranteed! Also Study: Impact of Globalization on International Business Strategy. Even now companies are providing the services on a world standard. Many home companies were not able to compete with these multinational companies, so they have to close their business. It’s very difficult to explain all the positive effect of globalization on culture, human mindset, trade, employment, capital market and on the other fields. Some of the positive effects are following; Free Capital Market – With the introduction of globalization countries opened their capital market. There is no doubt that some countries in the world still don’t have intensive banking system. By globalization not only the companies were able to get economies of scale but also the consumers. This could potentially harm the image of a company that outsources services from a foreign company that exploits children or the rights of their workers. Technological Improvement – Countries those adopt globalization, opens doors for advanced technology. Before reaching on a conclusion, each globalization driver should be analysed properly. Expanding production or operations can often result in new job positions being created, which is definitely beneficial to the economy. But, strong and developed economies continue to exploit underdeveloped and developing countries on the name of business sharing. We're here to answer any questions you have about our services. Some countries set-up special economy zones for giving extra boost to export (Rugman, 2002). Financial services industry is more open than ever before. Financial services industry provides services related to money, for money, with money. Today one can go around the world for best learning and training facilities. Global customers – By the effect of globalization, customers buy services and products around the world, from where they can best the best services. High product development costs – Financial services unlike product manufacturing doesn’t required much expenditure on production. This will have one of the biggest impacts on globalisation of business. Thus, we can say that employees are paid as per their market worth and not as per what they actually deserve. This is also true in reverse. Economic, political and social unification was expected from globalization. Governments – Govt. Looking for a flexible role? According to U.S. Customs and Border Protection, escalated U.S. tariffs on Chinese imports raised $20.8 billion through mid-July 2019. When companies stop seeing their personnel as a business investment they create long-term problems for short-term savings. 2. Where in some countries it is intensively used, in some countries financial services are still the in the infant stage. There are growing numbers of consumers who actively seek products that are Fair Trade or otherwise certified as free from exploitative or unethical practices. Negative effects of globalization Globalization has both positive and negative effects. Increase in employment opportunities. Some of the negative impacts include: Globalisation operates mostly in the interests of the richest countries, which continue to dominate world trade at the expense of developing countries. As the number of financial institutions is increasing and they are coming with new and innovative services, financial institutions have to provide qualitative services on reasonable prices (Smith, 2002). Competition also forces industries to go global In search of new markets for their products. Transferable marketing – When due to globalization marketing mix elements are used in many countries without considering their local aspects, it is named as transferable marketing (Campell et.al., 2004). All work is written to order. It has both positive and negative effects in social, political and economic terms and also on the environment, which is a complex issue with many contributing factors. As American companies become interdependent on foreign markets and workers' recessions in those marketplaces can negatively affect the American economy. Many people accepted globalization as a vague concept and don’t try to define it precisely. Technological improvement is also possible by to running R&D programme in collaboration with big companies and by providing training to its people (Tanzi, 2004). When it goes on multinational level it forces company of that industry to go global, which works as a stimulus for globalization (Campell et.al., 2004). Societies welcome people from other cultures and backgrounds to form a new culture. The availability of cheap consumer goods helped those nations to lower down inflation, which was disturbing their economic growth. High will be the competition higher the companies or industries will go for global business. Similar need of customers may include credit cards, debit cards, deposit accounts, banking transactions, online banking, loan, advances, etc. Conversely, operating globally also opens the company up to new sources of cheaper labor, which results in existing employees losing jobs due to outsourcing. When large companies start their operations in developing or under developed countries, they use advanced technology for operations. Removal of Protection 1. Many jobs performed in emerging countries for less cause a decrease in the wages offered in developing countries. Copyright © 2003 - 2020 - UKEssays is a trading name of All Answers Ltd, a company registered in England and Wales. As the countries reduced trade barriers the industries form those countries start going global. Globalization has its affect on every industry; the difference is in the extent of the affect and in the aspects of its effect, positive or negative. Wendy Smith began writing professionally in 2010. 8 Ways to Fight Globalization's Negative Impact on Your Job Search In an increasingly globalized world, how can you put yourself in the front running for the top positions? By this way globalization is a catch all, malleable concept which can be interpreted the way user wants (Scholte, J., 2000). 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. Technical standards – With the spread of information technology, countries started using the same technical standards. It not only helped to access financial service round the clock but also around the world (Dolan and Lindsey 1991). In financial services industry the use of technology is very high, when this industry provide services at world level it can get maximum profit from its R & D investment. A company considering outsourcing a service needs to look at all related expenses and possible risks associated with having it done overseas. But these services do need continuous development of high end services, which cost a lot. Domestic companies were not able to produce goods on that cost, which put a question mark on the sustainability of these companies. One of the most common complaints against globalized businesses is that it leads to unfair payment of wages and salaries. Competition – To globalize their economy countries opened their market for foreign companies, these companies were large and were using high technologies. However, the suppliers of financial services industry are not as affected as the suppliers of the other manufacturing industries. Competition has put pressure on investment bank, banks and non-banking financial companies to create and provide sophisticated financial services to their customers. Their needs may vary in term of frequency and quality, but have same kind of requirements. Curb on Inflation – When companies moved from one country to other in search of market, they launched their product on competitive rates. In these zones companies where given tax shops and subsidized facilities with the condition to export the maximum production form these units. Negative Effects of Globalization Today, the world seems to be smaller than before as interactions among different countries have increased. As wages decrease for positions that paid more the workers will feel less appreciated and put forth less effort in their job. Consequences of globalization on the major stakeholders. Now, every single consumer can reach into their pocket, pull out their smartphone, and access the products or services you are … Globalization has brought benefits in developed countries as well as negative effects. Humans tend to pick new and correct things from other cultures and drop the flaws in their culture. Through the free exchange of ideas, information, and innovation, today’s technology becomes obsolete … al. Here are a few positive and negative effects of globalization; The top 10 best countries to do business in Africa 2020. 3. Economic, political and social unification was expected from globalization. The reasons behind are the development of the software and the innovation of the new financial product and services (Campell et.al., 2004). This video explains the impact of globalisation on people, communities, countries and corporations around the world. Globalization has the unique ability to both create and destroy jobs. But, it is not always beneficial, it can be harmful also. Flexible Labour market – Globalization helped people to learn multiple skills, while doing different jobs. Yip’s framework on globalization driver is very useful for analysing the level of globalization in an industry (Yip, 2003). The effects of globalization can be felt in practically every aspect of our lives today. Company Registration No: 4964706. There are reasons on the world level to drive this industry towards globalization (Smith, 2002): Scale of economies – There are certain constraints for every industry to expend market. Because in the construction industry, there is some standard code of conduct which are being adopted by Bangladeshi construction firms. Due to globalization, most global economy jobs are insecure and temporary. Some of the consequences of liberalisation have been briefly described here: 1. Yip (2003) defines global customers in two ways. Th… Customers – The user of financial services are benefiting from the competition in the financial services industry. Because of their increasing influence the domestic companies also searched for innovative and better technology for reducing cost (Carbaugh, 2008). That is also a reason for globalizing the financial services. Most of the countries have their own rules and regulation for monitoring the flow of money, out the country and investment in the country from abroad (Dunning, 2001). The member countries who signed on the trade agreements were forced to reduce trade barriers in stages. Actions which would seem to … Registered Data Controller No: Z1821391. Positive effects of globalization 1. Now, many countries use same accounting and tax standards by which it become easy for companies to operate. Most of the countries are enjoying modern and advanced technologies for financial transactions. Globalization gives birth to the cut-throat competition which results in the early closure of many Institutions. For example, greater frequency of building different types of new business models was brought about by advanced technology and … Within the country an organization wouldn’t get much scope for increasing it operation but in a globalized economy it can go mile for increasing it operations (Tanzi, 2004). Reviewed by: Hashaw Elkins, MSPM, PMP, CSM, CSPO, PMI-PBA, LSSBB. Business process outsourcing is good examples by which services are delivered form the location where the productivity is maximum. Due to use of advanced technology the use of labour reduce significantly. In this way, the developed and advanced countries get a large share of market for their products (Boudreaux, 2008). Spread of Education – Education is the best positive effect of globalization. Better Uses of Resources – Resources are scare but still the countries were not able to utilize them efficiently, in the lack of technology. Sourcing efficiencies – Production factor efficiencies are not equal in every country. By globalization financial services industries have the potential to reduce cost. Negative Impact of Globalization: With the advent of globalization, a lot of jobs are being outsourced to the developing countries. Global Competitors – Global competitors have more power to compete with local companies as they can get profit from other countries where the competition is not as high as in that country. What is more, this article highlights both negative and positive globalization effects which take place in developed countries as well as those which are just developing. Globalization has also increased the gap between haves and haves not. If one tries to find the technical standards in today’s financial services industries, one finds that almost all the countries are using same technical standards. People of different countries from the different regions of the world have access on similar financial service. Shipping products overseas, delays in information or financial reporting can reduce any financial savings and sour relationships with customers. The other cultural forms like movies, music and art are also affected by globalization. It also helped to attract foreign investors to invest in their capital market which provided funds for developing infrastructure (Rugman, 2002). Outsourcing services, decrease in wages, workers’ rights and interdependent economy are some of the negative effects of globalization on companies. It is believed that globalization has increase economic opportunity and prosperity in the world. Other negative impacts of globalization in developing countries include the alteration of the environment and reduction in environmental sustainability, increase in human trafficking, exploitation of cheap labour by foreign industrialists. There are many companies to serve the market for financial services for different needs, but no single company has the dominance in the financial services industry (Globaledge, 2010a). It depends on the countries, how much and for what, they are dependent on one-another. This can be seen with many customer service … Yip calls these factors, drivers of globalization and divides them into four categories. A global company or an industry need to satisfy some important characteristics for it. Smith studied international relations at Colorado University in Boulder and received a Bachelor of Science in business administration from Colorado Christian University. The reasons for this are limited resources and the infrastructure; because of this these firm are not able to attract more customers, which restrict firms’ growth prospective (Hoekman et.al., 2004). Causes E nvir onmental D amage. "N2Growth"; The Impact of Globalization on Business; Mike Myatt; May 2006, The Kansas State Collegian: 3 Negative Impacts of Globalization n the United States, Westford University College: Positive and Negative Impacts of Globalization. Globalization makes it virtually impossible for regulators in one country to foresee the worldwide implications of their actions. Floating exchange rate was a great booster for financial services industry (Globaledge, 2010b). 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 … It is also happening as a gift of globalization. Globalization has brought benefits in developed countries as well as negative effects. Dumping also enhanced completion in these markets (Lane, 2006). It will soon be possible for an engineer in one continent to work on issues online with people in another continent. Information technology is playing a crucial role in delivery these services. Talks of economic globalization reached a fever pitch during the 2016 U.S. presidential election, and everyone seems to have an opinion on it. Financial services can’t be possible without a proper transaction system around the world, as different countries have different currencies. Many companies offer their services globally to expand their market, or they use services from overseas to decrease their costs. VAT Registration No: 842417633. Use of information technology and plastic money has played a significant role in the globalization financial services industry. Inequality has also increased in terms of skilled jobs. Host government policies – The entry of foreign companies was restricted earlier but when countries understood the value of foreign investment of infrastructure development, many countries opened their economies for foreign investment. From simple essay plans, through to full dissertations, you can guarantee we have a service perfectly matched to your needs. Outsourcing work that was an internal function may help minimize company expenses. Globalization has both positive and negative effects. This helped companies to operate easily in many countries, as they could change the currency as per their choice to get it out of the country. This was possible because of globalization of financial services and financial industry. If one sees financial services industry in this context, one finds that in this industry most of the marketing activities are designed for world level, while accepting the necessary aspects like language of that country, available media etc. The noticeable difference here is the time of services introduction, in developed and their home countries services are introduced as there are developed but it takes times for other countries. International trade needs currency transactions, which is not possible without global financial services. Languages, cooking styles, customs, and dressing styles all have spread from globalization. Scholte is Professorial Research Fellow in the Centre for the Study of Globalization and Regionalization. The same is happing in the field of financial services. Use of capital intensive technology also helped to reduce production cost, but most of the benefits were retained as increased profit by the manufacturers. Registered office: Venture House, Cross Street, Arnold, Nottingham, Nottinghamshire, NG5 7PJ. This study discuss the following point; (I) Globalization – Introduction, (Ii) Positive Effects of Globalization, (Iii) Negative Effects of Globalization, (Iv) Financial Services Industry – Introduction, (V) Globalization Drivers, and (Vi) Consequences of Globalization on the Major Stakeholders. Listed below are some points that highlight the positive and negative impacts globalization in education has led to. For others, the term has a negative meaning, and critics see it as marginalizing less-dominant cultures, particularly those in the developing world. Over the long history of the idea, it’s been called a necessary, even inevitable, process that will cure all the world’s ills, if only we embrace it. Boosts Export – Globalization helped in two ways to boost export; first by free capital flow, and open market for increasing operation. Power reallocation is happing in the form of technological and industrial competition (Borade, 2009). It is not that every civilization has all good practices. Investing in foreign companies creates a global interdependency that can stabilize the economy on a temporary basis. Because of globalization countries have opened their door for multinational companies; market for business is free and wide now. In general, globalization has been shown to increase the standard of living in developing countries, but some analysts warn that globalization can have a negative effect on local or emerging economies and individual workers. Globalization has also forced world economies to free financial market. Environment Disaster – Climate change has become a “hot” topic. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. Negative Effects of Globalization to Environmental Damage: Negative effects of globalization have led to an increase in production to meet global demands, resulting in the exploitation of natural resources, having a negative impact on the environment. Due to this, prices have come down, employment has increased, and life standard has become better. Reference this. Competitive markets reduce monopoly profits and incentivise businesses to seek cost-reducing innovations . When the companies from the other countries found it very cost effective they licensed that technology and now providing these services to their customer. Competition increased with the entry of new companies in the market. Globalization has influenced the growth of employment opportunities since many companies have set up businesses all over the world. Govt. Globalization has led to increased production for businesses in order to meet global demand. Figure 1 shows all these drivers of globalization. Financial services are very important for every kind of business. Moreover, the products of factories are also polluting the environment. All these points clearly indicate the negative and positive effects of globalization. Globalization has positive effect on some stakeholders and negative effect on some others. Globalization affect on financial services industry is not equal in all the countries and regions. 2008). However, the quality of the work can suffer and potentially create more expenses because of the language barriers. Skilled labor is paid differently in different countries by the same company. Where globalization has some positive effect, it does have negative effect. The impact is mostly felt in developed countries since they can outsource cheaper white collar and manufacturing jobs. Any information contained within this essay is intended for educational purposes only. 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. 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. This proves the negative effects of globalization on the business environment. Labor laws that protect workers from exploitation and mistreatment are almost non-existent in some emerging countries. There are several examples where people learnt the subject from other countries and earned name in their own country (Kulkarni, 2009). In the same way, globalization has affected different things in different ways. Companies started use capital intensive technology on the place of labour intensive technology, which saved on cost and helped them to use the man force in other productive activities (Carbaugh, 2008). I believe we’re in an environment where we have a short window (3 – 5 years) before the landscape changes again. The factors which drive competition level are the following (Campell et al., 2004): Interdependence – Every industry has some links in other countries in one way or other. Traditional labour intensive technologies were based on low power and machines, so the pollution was not an issue from those industries. If one is interested in the subject that is not available in the country, one can go to the country for learning that indigenous subject and spread the knowledge in one’s home country. You can view samples of our professional work here. Now, movies are launched worldwide, which leave an impression on people and culture (Kulkarni, 2009). Some dictionaries define globalization as ‘the act of globalizing’ or ‘to render global’ (Waters, 2001). For some, it is a positive process leading to shared social values worldwide. customers in all the countries requires all these services, wherever the banking and non-banking facilities are available. When a country opens its economy for multi-nation companies, it considers negative and positive both aspects. The dependency of any country for other country can have both type of effect negative and positive. Financial services have strong relation with other industries, so when those industries go global financial services industry also has to global to provide the services. Global warming is also a part of global economies. It shows the depth of globalization in financial services industry. Economies of Scale – Large companies may not be able to utilize full capacity of their manufacturing units due to closed economy and small market. Study for free with our range of university lectures! Globalization is a widely used term in different contexts. The language barriers, 2002 ) are few companies who have the potential reduce. Per what negative impact of globalisation on business actually deserve t mean globalization only has positive effect of on. Study for free with our range of university lectures can be felt developed!, 2009 ) dependency of any country for other country can have both type of effect negative positive. 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