How Globalisation Affect Our Economic System Essay

How Globalisation Affect Our Economic System - Essay Example Hence globalization cannot be abandoned for sure, but a multidimensional approach might help in dealing with the economic problems associated with globalization. Due to the enhancement of the technology and globalization, the countries are able to increase the production basket in their economy. In addition to these, the benefits that have been reaped from it are improved consumption choices, employment opportunities, and enhanced lifestyle patterns. (Thorsby, 2001, pp 155-156) However, a more analytical view may be provided regarding the effect of globalization on the economy. To support this analysis the paper has focused on extensive secondary research and two primary sources. The basic advantages that globalization brings in are the improvement in the labor forces, the efficient structuring of organizations and the exchanges that take place between workers from various cultures. Since labor forces are the human resources and sometimes the intellectual capital of the organization we need to assess its impact on the organization as a whole. Globalisation has caused workers to associate with other workers across vast geographical distances. In addition to these the constantly changing needs of consumers across the globe is a big issue. Organizations have to utilize their human resources in a meaningful way to get the optimum productivity and efficiency. Only this will enhance the competitive advantage of an organization in the dynamic global market. In relation to this, the socio-demography plays a very important role. People who belong from different communities do have certain mannerisms. Language and culture also play a very vital role in it. All the thre e elements (labor force, organization and social demography) are correlated to one other. The absence of any one of them can prove to be fatal for each.