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Globalization

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Management
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University of California San Diego
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Globalization
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Globalization
The increased globalization has significantly changed the economic geography. This
means that different world regions have been impacted differently by this trend. For example,
countries with developed economies have witnessed a decline in manufacturing production
(OECD, 2007). This has coincided with a shift to more knowledge-intensive service activities.
Some of the issues that these countries have had to deal with are delocalization, job insecurity,
jobless growth, and the entry of low wage service jobs that have replaced high wage, skilled
manufacturing jobs. Thus, manufacturing has ceased to be the main employer with service jobs
being the pillars of most economies now (OECD, 2007). Global firms are no longer reliant on the
skills and business environment that developed economies can offer and have moved to lower-
wage countries where skilled labor is now abundant. Despite the fact that manufacturing jobs
have migrated to developing countries, research shows that the workforce in these countries has
barely benefitted. While globalization was expected to help the less educated who make up the
majority in the developing world, it is clear they achieved little in comparison to those with
higher education levels (Picker, 2007). This is the contrast of globalization in the developed
regions and in the developing regions.
With globalization, the world is bound to gain from the benefits of open trade.
Companies now have access to more markets, better specialization opportunities, and a chance to
make use of economies of scale (Dudley, 2017). Technology and innovation have also improved
and can be transmitted more easily. People have benefited through lower commodity prices, an
increase in income, and improved quality and variety of goods and services to choose from. The
main problem associated with globalization has been that even if it has led to economic growth,
the benefits of this growth have not been evenly distributed. Some people and communities have

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1 Globalization Student’s First Name, Middle Initial(s), Last Name Institutional Affiliation Course Number and Name Instructor’s Name and Title Assignment Due Date 2 Globalization The increased globalization has significantly changed the economic geography. This means that different world regions have been impacted differently by this trend. For example, countries with developed economies have witnessed a decline in manufacturing production (OECD, 2007). This has coincided with a shift to more knowledge-intensive service activities. Some of the issues that these countries have had to deal with are delocalization, job insecurity, jobless growth, and the entry of low wage service jobs that have replaced high wage, skilled manufacturing jobs. Thus, manufacturing has ceased to be the main employer with service jobs being the pillars of most economies now (OECD, 2007). Global firms are no longer reliant on the skills and business environment that developed economies can offer and have moved to lowerwage countries where skilled labor is now abundant. Despite the fact that manufacturing jobs have migrated to developing countries, research shows that the workforce in these countrie ...
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