Globalization Essay

1346 WordsSep 23, 20146 Pages
What is Globalization? It is where the boundaries of trade are limitless. It connects and integrates countries on an international level be it socially, economically, culturally, politically or in terms of technology. The introduction of globalization has affected Singapore in many ways, stirring controversy on its advantages and drawbacks. Singapore is a nation that has no natural resources other than its own people, thus making Globalization necessary in order to remain competitive and most of all survive. Globalization has no doubt proved its importance and necessity in Singapore and towards Singaporeans. Globalization has diversified Singapore’s economy. It has provided a flow of trade between boarders and is not restricted. With this, goods and services are now made widely available and accessible for Singapore, at the same time, encourages economic efficiency, benefitting from the economies of scale. This allows Singaporeans to procure goods or services at a competitive rate which is often at a lower cost. Globalization has lured Multi-National Corporations into Singapore’s Market and brought about a wide variety of goods for the consumers at a much lower cost due to the pressure of global competition, escalating the standard of living in Singapore and welfare of the consumers. For example, before globalization, if any Singaporean wanted to purchase an item from a brand that is not found locally eg. H&M, Chanel or Prada, one has to fly all the way to the country to purchase the item. However, with globalization, these companies realise the opportunities and are able to bring the brands into Singapore’s market, making it readily available for consumers to purchase them and at the same time saving consumers on the costs of the air ticket and time. Online shopping is also made possible for consumers to purchase their items at their own convenience. Also, with

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