Aspects of Globalization

Freidman says that globalization is a comprehensive initiative that seeks to diversify the economy through the review of some restrictions harboring the free interactions between countries (Elliott, 2008). The international community has been encouraged to cooperate in the race towards economic achievement. The development of world- wide financial markets has led to better connection and access to external financial borrowing. This has broadened the path for investment development and related fields. For instance many multi-national banks have emerged and have tailored their financial products to suit different geographical regions in the world. Such institutions have made it easier for prospective investors to carry out their business activities through ensuring that finances are provided to them. Capital is a basic requirement for production and it goes a long way in making a business idea becoming practical. Through the provision of the same internationally (either through loans or grants) many investment ideas have come into being (GerardandStephen, 2003).

For a long time in the previous past, laborers had been tied to their national economies. Globalization has led to increased competitiveness of individuals in the international market. The opening up of the boundaries has led to the improvement of the credibility of persons to work in the international labor market. Working globally has a number of benefits to both the individual and the state as well. The individual not only gets a source of employment, but also attains a salary to which his livelihood is derived. This improves his quality of living and those that matter to him for instance the family members. The government benefits in a number of ways. It attains more revenue through taxation and there is a lower dependency ratio which attributed to the increased employment opportunities. Similarly, the government is able to channel most of its expenditure allocation plans to development initiatives other than up lifting the lives of its citizens through offering relief.

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