Globalization is exercising business at the international level. It is one of the most important and transformative practices of this age in the economic world. The interconnection of countries and firms has transformed modern business practices.
There are many benefits to globalization. First, it promotes productivity and efficient business practices which likely results in economic growth for a firm. It can bring goods to new people. If a country has limited or no access to a resource or commodity, globalization can bring necessary products to new consumers. Lastly, it also facilitates communication between partnering countries. This practice helps increase the understanding of different cultures across the world.
There are also arguments against globalization. It is possible that globalization could promote competition between countries and ultimately lead products to be outsourced rather than produced domestically. It can also further stratify societies when companies outsource cheap labor rather than paying their domestic minimum wages.
The signposts of globalization in Ireland are very telling of this country’s business here at home and abroad. Physically, the Docklands and the major international companies that are headquartered here give insight to Ireland’s global presence. Similarly the incredible array of people from across the globe that live and work here provide a sense of Ireland’s place on the international stage.
Ireland’s tech and tourism industries are influenced by its level of globalization. The international presence of this nation definitely attracts tourists and companies from around the world to visit and interact with Ireland and its people. Experiencing this firsthand has been incredibly rewarding and I feel so lucky to be here during this revolutionary time!