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 Globalization, technology, and the business sector

Economists and business experts point out that globalization, despite the risk it entails, has already produced tangible benefits. Consumers of goods and services around the world now have the capacity to buy from a the “world's market.” Increased competition, comparative advantage, and access to wider range of products and services.

International trade, investment and cooperation had actually started more than 50 years ago with the formation of the League of Nations --- the predecessor of the United Nations. International agreements paved way for lower and enabled tons of goods to be traded around the world. Today, the gap between the rich and poor countries has grown smaller. Even Southeast Asian countries can now compete with its Western counterparts in terms of trade and commerce.

Globalization has also brought unprecedented innovations in technology. Technology has changed the way we work, study, and live our lives. The whole process of doing business had also been revolutionized by technology. Relationships between suppliers, retailers and customers have been transformed by the speed and convenience of technology and 21st century telecommunications. Because of technology, many people have been connected to the world. Expanding technology brings with it new markets, increased demand for products, and greater competition.

Globalization also gave birth to outsourcing which is incidentally one of the reasons why competition in the business sector is now on level ground. Outsourcing, as a business leveraging tool, involves the transfer of management and day-to-day execution of a certain business function to an external service provider. The business company and the outsourcing company enter into a contract that defines the transferred service. Outsourcing providers, design solutions based on the companies background needs. They focus on certain companies' strengths and improve their weaknesses. This enables companies to save time and resources. Outsourcing providers companies and find out if they possess the right technology and enough capabilities to excel in that particular field. These providers improve companies' chances to sell more products and formulate future solutions, and promote forth coming events and sales. Outsourcing these days proved to be effective and economical for the small and upscale businesses.

Indeed, globalization is a phenomenon or, more appropriately, a immense force for effecting great change through technology, communications, and economics. Time, distance, and geography are no longer seen as walls that divide but opportunities for Because of globalization, sustainable development of communities and poor countries have also been placed in the center of the world's attention. Aside from bringing enormous profits for the business sector, globalization had also become a means for entire nations to improve their economy, culture, and way of life.