How does globalization affect business?

Globalization provides businesses with a competitive advantage by allowing them to source raw materials where they are inexpensive. Globalization also gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies.

What are the benefits of globalization?

All people living in today's world have experienced some of the benefits of globalization: the expansion of foreign trade has meant that vaccines and antibiotics produced in a handful of countries have been widely used all over the world to eradicate diseases and treat deadly infections.

How did globalization change the world economy?

In just a few generations, globalization completely changed the world economy. In the period in which international trade expanded, the average world income increased substantially and the share of the population living in extreme poverty went down continuously. GDP per capita is a common metric used for measuring national average incomes.