Globalization has had its impact not just on individual economies around the world, but also on lives, businesses, and corporations. This is part of the reason why the consensus among economies is that globalization is beneficial to individual economies in the world, and as such, it should be welcomed by individuals, businesses, corporations, and government as a whole. Yes, globalization might look like a costly venture, but the long-term benefits, and sometimes the short-term benefits are essential to economic growth. It achieves this by creating a more efficient market, enhancing competition amongst individual economies, and facilitating an increase in wealth among economies in the world. If you ask most economists about the impact of globalization on the world economy, they will echo the same thing that it offers a massive benefit to economies in the world. Improved competition as a result of globalization helps to bring about technological innovation, most especially when there is an increase in foreign direct investment - all of these help to enhance economic output via efficient processes and method of production. One of the by-products of globalization is an increase in competition, and competition doesn’t just bring out the best in people, it also brings out the best in nations as well. Since trade among different economies occurs at a more favorable rate, FDI tends to increase and benefit from it.

Globalization leads to more foreign direct investment. This means better products at a competitive price. When there are multiple producers competing for a stake in the economy, it is always a positive sign for consumers, as such competition will bring about the production and delivery of quality goods and services.

Take, for instance, in the US, close to 36 percent of all shoes, and clothing is made in China, with only about 4 percent made within the shores of the country. The impacts of globalization on the world economy is quite evident when it comes to buying and selling. Put simply, globalization is seen as the phenomenon which aims to increase business operations on a global scale, and it is facilitated by technological, political, and environmental advancements which create a favorable platform worldwide. It is no hidden fact that globalization has had an impact on almost all parts of modern life, most notably in regards to the global economy. With that said, globalization has become rapid recently, and it has become global advancement all thanks to technological growth that has facilitated the increase of globalization around the world.

Globalization isn’t something that started yesterday infact, it has been existing ever since humans started moving from one place to another in the world.

Health impacts of globalization