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Globalization from a Socio-economic Point of View

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Globalization is the process of rapid integration and interconnection between counties. From Bangladesh, because of globalization, we can see when and what is happening in Russia and Ukraine and what impact has been done on Bangladesh Stock Market because of Russia and Ukraine conflict. In a simple way, we can say that globalization as a concept fundamentally deals with flows.

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Flows of goods, commodities, capital and people move from one part to another part of the world. The flows will be mentioned throughout the discussions. Society and people are 2 undivided matters, over the years globalization creates a major impact on society and in people’s life.

Globalization has a great impact to make communication sectors more advanced. Now people can communicate around the world with others via many social networking sites. They get world information in a minute with the Internet. For example, due to COVID-19, many offices run online even education institutions take online classes to cope with the time. Information sectors also improved because of Globalization. Globalization makes counties involved with each other and for that, not only social networking sites but also media have developed a lot. Now on TV people can watch other countries’ news, sports, etc.

People can have options at low prices: Globalization opens the trade market so people in their own country can get multiple options in products, such as one particular product they can get made by China, USA in Bangladesh and can buy according to their preferences at different prices, and because of competitions many time products are available at a low price so the lower income people can also afford a good product and can live their life which observed high standard of living in general.

Industries and foreign investment help people to get work to reduce unemployment which helps people to live with their basic necessities and for its country to progress.

Many opportunities were also established. People can move to other countries for jobs or higher studies Bangladeshi students also went to Canada, the USA, Australia, etc to study, even many people from India, Japan, and other countries. According to an article of February 2020 at least 2.5 lacks, foreigners are working in Bangladesh legally. This example shows the flow of people moving from one part to other parts of the world because of globalization as mentioned in the definition. Since it connects people from different countries, so people can get aware of rights, gender equality, and opportunities from developed countries.

Globalization economically connected various countries

Multinational Companies try to invest foreign investment in various parts of the world which create foreign trade between counties. Foreign trade means the exchange of goods or services across the border of countries, and when foreign trade starts in a country, markets get connected between various countries which interconnected the economy of countries. Basically, multinational companies are the agent of globalization.

The number of foreign investments will increase in a country, the more foreign trade will also increase and that will increase the integration of production and market across the countries. For example: For a car starting is made in Bangladesh, tires in South Africa, and the body is produced in America. In such a way integration of market and production will be happening.

In globalization, all matters are very interrelated. It is hard to separate them and each part has an impact on the other.

Foreign Investment has opened up the market. Every country exports important from other countries and earns foreign remittance. One country gets other countries’ products in its territory. For example, we can see that in Bangladesh everywhere we can get Chinese products at cheap prices. In this example, the flow of moving goods from one part of the world to other has been seen as per the definition. It is happening due to foreign trade which is an impact of globalization.

Another side of globalization is Competition. When competitors get an increase in the country, every competitor tries to improve their production, and quality which makes the best use of a country’s products. And then demand of the products gets high in other countries which creates an opportunity to earn foreign currency.  In 2020, Bangladesh was the world’s biggest exporter of Non-Knit Men’s Shirts, Jute Yarn, Jute, and Other Textile Fibers and Textile Scraps to Germany, the USA, Spain, and Poland.

This is an example of the flow of capital and commodities.

Moreover, when Multinational Companies invest in a country that also helps the internal economy sector of a country. Because industry gets built through foreign investment which creates opportunities for local companies to do business and learn new things from multinational companies, they can grow their prosperity as well.

Technology and improvement of transportation. In the past, globalization was also present at the time but now there is a huge difference from back then, and now globalization has improved with time. In past, people used camel, horse, elephant, or another animal to transport goods but now people used ships, railways, planes, and trucks which can carry more products.

Time: Transportation has sped up and people can in a few hours transfer goods or services from one part of the world to another which makes the business easy and very profitable. So people can do more business at a short time at a cheap price.

And all these sides make countries economically profitable and which is happening because of the vast of globalization.

Business through information and Communication technology: In the era of globalization people can easily do business over the phone or via video conference. Not only that now in hours people can move to the other part of the world and can do business.  For example: A news was published that a magazine published for readers in Landon is designed and printed in Delhi. This is also an example of globalization. Two countries doing business together while using technology such as mail, or text and sending it to and having Net baking as well.

As we can see not only one platform, from design, and print to airline and baking all the sectors are getting involved in trade business and having profit in every sector because of globalization.

Every subject matter has both sides of advantages and disadvantages. With many advantages, globalization has a few disadvantages as well from a socio-economic point of view.

Removing trade barriers. If government remove trade barriers then many multinational companies invest and deliver the product at a cheap price because they do not have to pay, the trade was free so consumers go to buy from the multinational companies that hamper small business because they didn’t get free trade, they have to bear the cost to produce the product but people prefer to buy the cheap product rather than buying a qualified country produced product at a reasonable price example we can see chines product as an alternative is available for every product at a cheap price then many local small businesses couldn’t run for a long time and people lose the job.

In local companies, the workers get paid leave, a good salary, and a bonus for working at a reasonable time but multinational companies’ only motive is to earn profit for that they make the workers work extra hours and do not even pay enough many times.

Many times because of options and low prices consumers sometimes over expenses, they buy products at sales even if they do not need them.

Multinational companies may times creates a demand of a product. If creates a demand of seeds when they provide it causes problems to farmers to buy the seeds in extra prices because they could not make a profit moreover, many had to take loans. For example: Recently Prothom Alo newspaper published news that for farmers to produce 1 maund online cost 1255 takas but had to sell at 800 takas as it shows that it causes them great loss they could not even get the money which they invest so how will they pay loans if they have any and how will they survive. 

Many times people get influenced so much about foreign cultures that they forget their own cultures, they give more importance towards others culture a d forget about their own essence.

Cultural exchange has another impact such as when people try to accept a few foreign culture or system in their life, a group of people cannot support it which create hatred, and violation in society. For example: Taliban in Afghanistan forces women to wear hijab mandatory, they cannot wear any western clothes or anything they like. Hijab is mandatory to wear.

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In conclusion, It would be wrong to assume that globalization has purely on particular dimensions, globalization it connected with social, economics, political, and cultural in every dimension. It can be said that every matter has different aspects, and we should try to use it in the best way possible. Globalization and foreign trade as an impact are very important for us to open the market and even from a social point of view. Government should regulate the trade barriers properly so that local businesses can be established and both sides can be run properly because for any country’s development and economic safety local businesses are essential.

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