Globalization is a major sustainability issue as it impacts on significant aspects of individuals’ activities and economies of every nation in different ways; globalization influences international markets through the process of integration and interactions among companies, people, businesses and governments thus leading to social, economic and environmental sustainability.
The process of globalization manipulates the scope of environmental pollution and exploitation. The environmental face of globalization is strongly associated with; flooding, carbon emissions’, exposure to excess ultraviolet rays, rain forest and ozone layer destructions which in turn cause global warming and interfere with oxygen intake (Najam et al.,2016). These environmental issues threaten innovative solutions that threaten sustainable development, thus impacting on the globalization process. Globalization effects caused by environmental problems often affect a direct country inflow of foreign investments, thus limiting economic and ecological sustainability (Dunning, 2014).
Flooding, as an environmental element of globalization, affects the proper functioning of human activities as it leads to displacement of both people and resources. Flooding is often caused by inadequate drainage systems in some locations. Globalization has also resulted in the industrialization of economies which has, in turn, promoted the development of industries, thus leading to carbon emissions that impact a significant threat to the life of living things and the ozone layer. Globalization ideology has resulted in the destruction of rain forests which has, in turn, led to ultraviolet ray exposure, which has a significant influence on the ozone layer. A destruction of ozone layer limits the oxygen supply to plants, animals, and humans. Ozone layer destruction has also led to global warming, which causes drought thus resulting in a starving economy.
Globalization has significantly affected the social life of individuals and economies. Globalization, social impacts is influenced by technological advancements which have promoted the connection and integration of world economies. Globalization has led to the reduction of transportation cost while at the same time diffusing communication technologies in the information thus enabling people to interact easily (Crane & Matten,2016). Human interactions have led to the rise of Foreign Direct Investments, technological transfer and capital flow in most countries of the world which has, in turn, influenced employment and income distribution (Curwin & Mahutga, 2014).
Foreign Direct Investment has promoted the development of infrastructures and increasing trade in developed and developing countries, thus leading to a rise in the Gross Domestic Product (GDP) rates in these countries. On the other hand, increasing Foreign Direct Investment and trade have promoted income inequalities in some economies through capital goods import and skilled-biased technological change. Globalization has led to the creation of employment opportunities in different parts of the world, thus leading to reduced dependency on foreign aid in developing and under developing countries. Increasing trade as a result of globalization has fostered the growth of many economies and reduced poverty rates in these countries. Through globalization, people have been able to gain access to social amenities such as education and proper health care. However, globalization has also led to the emergence of some products such as domestically modified foods that expose humans to chronic diseases. Globalization impacts of social change seem to be very expensive for vulnerable communities and developing countries as it is the perceived cause of increased cost of living (Hurst et al., 2016).
Globalization has significantly impacted on the viability and productivity of agriculture as it has led to the development of better agricultural production techniques, thus leading to reduced drought and dependency on rain-fed agriculture. This has boosted business opportunities and resulted in the consistent availability of food.
Globalization has enhanced the production and processing of agricultural goods through the introduction of farm machinery which have reduced the labor cost and increased income rates for individuals and organizations (Brengstorm & Randle, 2016). Nevertheless, globalization effects on agriculture have impacted more positively on the developed economies than in underdeveloped and developing economies. This is because globalization technological advanced products have proven to be expensive regarding purchase and maintenance.
Globalization has influenced business assets regarding commercial demands, infrastructure improvements, the rise in economies and closed market systems opening up (Fujita & Thise, 2013). Globalization has promoted the expansion of global organizations that has provided employment, created demand for the modern real estate, infrastructure and rising demand for major assets such as industries, retails and hospitality amenities.
Infrastructures improvement has led to business expansion as it has enhanced communication and efficient transportation of trade goods across the globe (Writz et al., 2015). Closed system markets opening up have led to the privatization of industries, capital control, relaxation and liberalization of foreign investment policies. Globalization has promoted global trade cycle that has led to economic growth in several states across the world. Global trade cycles have resulted in the connection of countries recessions has affected global trade in other partner countries, thus leading to declining of some trading partners (Mangan et al.,2016).
The two principal issues of globalization are the lack of sufficient resources and poor governance. Globalization is a western ideology established by the developed countries, so as promote their economy income earnings. More often. The improved economy always pays a lot of resources regarding finances and skills investment to ensure a stable economy. On the other hand, most underdeveloped and developing countries suffer from poverty and thus have little or no sufficient resources to boost their economies, these countries have a lower GDP and are unable to pay for the cost of goods, thus making globalization a difficult phenomenon for them (Sen et al, 2014).
Another ethical problem connected to globalization sustainability is weak governance, which is majorly caused by corruption, dictatorship and lack of skills. However, corruption seems to be the primary cause of globalization sustainability. Greedy leaders, often use development funds to their advantage rather than for economic viability. This promotes low economic earnings, inhibits foreign investments and reduce employment rates in the country, thereby limiting inventions and citizen trust in the government. Most states that suffer from poor governance have either stagnant or slow-growing economies.
Utilitarianism theory; based on an individual morality towards an action.Often, wealthy western societies usually allocate their wealth to developing and under developing nations with an ambition of benefiting these states through a more just means. However, these nations may fail to benefit from the goodwill wealth given to them due to greed and corruption of systems and administrations that always use the property for their personal benefits without caring about the needs of the people and the societal constraints (McGee, 2014).
The virtue of ethics; The virtue of ethics inhibits globalization sustainability as it emphasizes on an acceptable character of an individual rather than the individual actions. Most of the time, countries with poor governance luck representation and recognition on global development as investors lack trust on them. These countries are thereby unable to engage in trade and other development activities with other nations, thus leading to their slow development and economic stagnation.
Corporate Social Responsibility(CSR) ethics; The poor and developing countries have considerable been affected by CSR standards due to limited resources and poor governance that affect their-their country GDP, thus creating a wider gap between them and the developing states. Larger GDP gap makes it hard for these nations to benefit from developed countries as most of them prefer investing in countries who have a closer GDP to theirs. The CSR ethic is significantly influenced by the beneficiary pay principle. The beneficiary pay principle argues that economies with lower GDP, suffer from poverty and poor governance and are thus unable to acquire sufficient resources and skills to spearhead the globalization process in their economies. On the other hand, countries with higher GDP has significantly benefitted from globalization (Sharov,2014).
Consequentialism ethics are based on the acceptable moral conduct influence on an action outcome. This implies that globalization sustainability may be difficult for states with insufficient resources as compared to developed countries (Schlegelmilch, 2016).
Kantian ethic is based on the argument that moral law is of the essence to everyone despite their interests. Kantian ethics relate to the lack of resources and poor governance as hindrances to sustainable globalization for poor states as it limits them from fully enjoying the benefits of globalization.
Globalization poses a business risk of the financial crisis to organizations and companies. Lack of proper financial structure during globalization, liberalization, and integration often leads to capital inflows which usually weaken the strength of economic systems in a country (Gardiner, 2016). Weak financial systems encourage the depreciation of major markets, which in turn leads capital outflow for domestic and foreign investors. International market failures such as capital flow fluctuations have prompted the development of financial crises in some countries with healthy economies.
Globalization has significantly influenced industrial revolution in many countries across the world. Globalization has enhanced the development of infrastructure, technology, and industries which have impacted positively on the life of individuals through employment creation and poverty reduction. Globalization impact on trade and infrastructure development has enabled business personnel’s to conduct free trade, both local and internationally.
Globalization has enhanced market integration leading to the development of new products into the market. For instance, through globalization, technology advancement has been made possible. The emergence of technology has resulted in the discovery of the internet which is used by entrepreneurs and clients to reach their customers within a span of time. Globalization has also promoted the introduction of digital products in the market, especially in the transport industry. Through globalization, electric vehicles have been introduced to enhance easier and better transportation of goods (Lee & Vashon,2016).
Being a leader in a modern globalized economy presents business people with an opportunity to quickly connect to the rest of the world, thus making marketing of goods and products more easily. A leader in the modern business economy can conduct his/her business both locally and internationally from the comfort of their home. Another advantage of being a leader in the modern global economy is the ability to conduct safe and secure trade due to the existence of trade policies that protects individual trade rights. A business leader in a globalized world is entitled to market privatization rights which enhance and promote the financial flow of their fiscal earnings.
Globalization has primarily been caused by several factors such as; improved transport, containerization, technology, trade, global media, financial systems and capital mobility. An improvement in the transport systems has enhanced safe and quick transportation of goods. Containerization has facilitated a more efficient and less expensive trade by reducing the cost of inter-modal transportation. Technology advancements have facilitated easier communication and connection to the entire world. Globalization has also been caused by multinational companies’ growths which have led to the emergences of international trading blocs thus resulting in a reduction of traffic barriers.
Globalization has promoted the conversation of energy from nonrenewable to renewable energy. For instance, globalization has led to the discoveries of the use of the sun and the wind as sources of power. Through globalization, the agricultural industry has expressed significant benefits such as the introduction of machinery, fertilizer and hybrid crops which have promoted agricultural sustainability (McDonald et al., 2016). However, the introduction of the renewable sources of energy has been affected by technological barriers such as lack of enough resources as the purchase of renewable products is expensive, thus making it difficult for the majority of the population to technologically advance into using renewable energy sources. For example, the cost of an electronic vehicle is too high and can thus only be bought by high-status people.
Lack of sufficient resources in a globalized economy can be solved through the election and nomination of transparent leaders who will not misuse the available resources for their selfish gains. The problem of inadequate resources can also be solved through investing in the education of the citizens of the state so as to equip them with relevant skills.
Another issue that affects globalization is the behavioral problem of selfish and greedy leaders who uses the public resources for their benefit or to the benefit of their families. More often this type of leaders are always corrupt and as they always don’t care about societal norms nor the feeling of the people. Greed behaviors have made it difficult to transport goods from wealthy to developing nations due to the donor and shareholder fear for the safety of the products.
Sustainability globalization criteria, therefore, involve economic viability preservation through trade market enlargement in promoting social human integration through an equitable resource distribution approach and preservation and promotion of cultural diversity with the aim of ensuring a natural environment protection.
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Crane, A. and Matten, D., 2016. Business Ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press.
Curwin, K.D. and Mahutga, M.C., 2014. Foreign direct investment and economic growth: Evidence from post-socialist transition countries. Social Forces, 92(3), pp.1159-1187.
Dunning, J.H., 2014. The Globalization of Business (Routledge Revivals): The Challenge of the 1990s. Routledge.
Fujita, M. and Thisse, J.F., 2013. Economics of agglomeration: cities, industrial location, and globalization. Cambridge University Press.
Gardiner, G.J., 2016. Political risk in emerging Markets During an Era of Globalization.
Hurst, C.E., Gibbon, H.M.F. and Nurse, A.M., 2016. Social Inequality: Forms, causes, and consequences. Routledge.
Lee, K.H., and Vachon, S., 2016. Carbon Management in the Supply Network: Measurement and Reporting. In Business Value and Sustainability (pp. 135-170). Palgrave Macmillan UK.
MacDonald, G.K., Brauman, K.A., Sun, S., Carlson, K.M., Cassidy, E.S., Gerber, J.S., and West, P.C., 2015. Rethinking agricultural trade relationships in an era of globalization. BioScience, p.biu225.
Mangan, J., Lalwani, C. and Lalwani, C.L., 2016. Global logistics and supply chain management. John Wiley & Sons.
McGee, R.W., 2014. Applying Utilitarian Ethics and Rights Theory to the Regulation of Insider Trading in Transition Economies.
Najam, A., Runnalls, D., and Halle, M., 2016. Environment and Globalization: Five Propositions (2010). The Globalization and Environment Reader, p.94.
Schlegelmilch, B.B., 2016. Global Marketing Ethics and CSR. In Global Marketing Strategy (pp. 195-220). Springer International Publishing.
Sen, A., Senturk, M., and Ozkan, G., 2014. The Impact Of Foreign Direct Investment Inflows On The Performance Of Economic Growth: Evidence From Selected Developing Countries. Economic Computation & Economic Cybernetics Studies & Research, 48(2).
Sharon, O., 2013. Process Of Financial Globalization And Its Impact On Balance Of Payments. Zhurnal Europe's' koi economy, 12(4), pp.417-432.
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