Assignment #2 – Library Assignment
How Globalization Affects Currencies, Monetary Policies by Joshua Konov. Cite: Konov, J. (2010, June 23). How Globalization Affects Currencies, Monetary Policies. Philosophy of Market Economics. Retrieved from: https://joshuakonov.wordpress.com/2010/06/23/how-globalization-affects-currencies-monetary-policies/
Reason Chosen: I chose this article because currency and monetary policies are important factors that govern whether globalization is ultimately effective. Currencies are one of the major components in achieving a world that is more globalized.
The Most Common Mistakes Companies Make With Global Marketing by Nataly Kelly. Cite: Kelly, N. (2015, September 7). The Most Common Mistakes Companies Make With Global Marketing. Harvard Business Review. Retrieved from: https://hbr.org/2015/09/the-most-common-mistakes-companies-make-with-global-marketing
Reason Chosen: I chose this article because many companies underestimate the importance of global marketing when they are considering outsourcing their brand or production facilities. From the outset, international branding is crucial and this is precisely why this article is more relevant than most people think!
The Pros and Cons of Globalization by Mike Collins. Cite: Collins, M. (2015, May 6). The Pros And Cons Of Globalization. Forbes. Retrieved From: http://www.forbes.com/sites/mikecollins/2015/05/06/the-pros-and-cons-of-globalization/#1769f9b52170
Reason Chosen: The reason that I chose this article is that it deals with the critical issues that surround globalization. Whether or not one supports globalization, it is the reality that our world faces and it is imperative to understand both the positive and negative impacts of the new trend of globalization.
This article primarily deals with the dualistic nature of globalization. When I say this, I am referring to how globalization has helped so many, yet hindered so many. The article’s main point is that globalization has absolutely allowed those workers in developing countries the opportunity to increase their overall wages and opportunity to export goods to wealthy markets. However, the article quickly points out that the problem with globalization is not what it did for the developing world, it is what it did for our economy at home. This is a very important point because globalization greatly hurt those blue and white collar workers that greatly relied on their jobs in the manufacturing sector in the first world. By outsourcing those employment opportunities to less developed markets that were willing to work for lower wages, we saw a drastic effect on domestic production.
This article has an enormous global significance because the reality is that globalization is the future of our international business landscape. By analyzing the Pro’s and Con’s of globalization, the author is making an in depth analysis on what positives and negatives that we should look out for to come from globalization. Some of the Pro’s that the author highlights are the access for lesser developed markets to reach wealthier consumers. This is absolutely a benefit to these countries because it also attracts viable foreign direct investment to their economies and creates a plethora of jobs that can raise the standard of living and education. These are all positive things that come from globalization because it bridges the gaps from historic borders to create a medium of commerce that greatly benefits the recipients of the investment.
Even though globalization is a tremendous source of capital to developing markets, there are some severe implications to consider that pertain to blue collar workers, currencies, and international trade. Historically, the global landscape was thriving on the fact that markets were separate. Nations were designed with separate currencies to distinguish their individual markets. That being said, these currencies are a huge hindrance to globalization because they cause a major disparity in the goods that are now crossing borders. Globalization promotes the notion of possibly having one currency. This is ideal in the sense that it will allow markets to be more connected; however, it will also cause a great deal of disruption if and when it transpires.
Globalization plays an essential part in global marketing strategies because it is the essence of their campaigns. Companies often miss the importance of incorporating the benefits of globalization to target new international customers. In fact, more capital should be invested in these global marketing campaigns because now in the digital age of globalization, we have access to new potential consumers in markets that were previously closed. A classic example of this can be seen in China. China, which recently was admitted to the WTO, is now being exposed to a world full of commerce with a pool of consumers that are ready to bridge the gap. Companies need to consider markets such as China into their global branding strategy, which of course entirely revolves around globalization.
