Five Facts you never know about Globalization

 The term globalization refers to the process where business organizations develop international operational activities in a large scales. Globalization is the exchange of resources and capabilities, i.e. technology, manpower, products and services among and between the country and consumers. Nowadays People are knowingly or unknowingly have become the part of globalization. we are the global consumers of multinational companies. Due to the advancement in science and technology, the world has been narrowed. so if the companies fail to embrace globalization, it will not gain the competitive advantage in the business world. There are hundreds of companies fighting to sustain their business in this in this competitive world of global marketplace. Globalization has given tremendous opportunity to the multinational companies to increase its revenue whereas consumers are benefited  with variety of choices regarding price and quality. 

                                                                                        Jejaw(2021)

The five facts of globalizations are:

1)  The spread of technology and innovations:

Globalization create the environment to the businesses to share the knowledge and technological advances to the host countries so that production and distribution services will be smooth. For example technology and machinery developed in America can be used in Nepal to support the business.

2. Lower cost for products: 

As business companies are always concerned  with minimising production cost and maximising the profit, Globalization allows the companies to find out various alternatives and products substitute along with raw materials. It accelerates the global competition and reduces the chances of monopoly of companies in the market. Similarly consumers can expect variety of choices with competitive prices. 

3. Opportunities for local talents and resources:

As business organizations moves to different countries, the local talents and expertise who have the knowledge and skills about the business can get the chance in the workplace. Similarly, the natural resources and raw materials essential for business may be properly valued and country can generate revenue. 

4. Uplift living standards

As multinationals moves around the globe creating job opportunities for many people, it helps them to uplift their living standard. They pay a large amount of tax to the government as well as participate in the developmental activities as a part of their corporate social responsibilities. 

5. Maintain cultural harmony: 

Globalization create the environment for the people from different countries to access the foreign culture including food, fashion, art, music and rituals. People get the chance to exchange cross cultural taste, beliefs and experience them respectively.