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Globalization (part 1)

As an accountant and as part of the largest accountancy organization around the globe – ACCA – I wondered what Globalization means for the rest of the world and how we see its merits and disadvantages.

In my opinion, the answer to this question depends upon the country in which you reside. For those countries that are considered as third world nations (or developing nations), globalization can be a double-edged sword. It can be good for their economy, but they also need to be aware of those nations who might use the opportunity to their advantage at the expense of those weaker nations.

However, likewise…for those stronger nations, it can also be considered as a double-edged sword as well. Cheaper overseas labor can lead to increased outsourcing and create a higher domestic unemployment rate (what goes around comes around!)

I talked with different corporate people working in almost every part of world to answer this question and share their opinions.

Josephine Yasay, President and CEO of KeMajo Grroup of companies, based in Hong Kong shares a different view. “In my opinion, in general it’s more an advantage! Almost everything is possible! Most countries benefits from Globalization. Not only will the world benefit but it promotes the survival of the fittest too, as everyone will attempt to excel in order to make things work and be better”, she told us. “Globalization has made the world smaller and it’s easier to get anywhere and it’s easier to buy things from all over the world and expand businesses. Although there are also negative aspects. More and more engines and machines pollute our environment and poorer countries will be exploited for cheap labour”, she added.

Mr. Rick Struzynski, a technical manager at FST Technical services, said that instead of looking at globalization and its advantages and disadvantages, how about accepting the reality that globalization simply “is”. He said, “The question is how to implement it in a socially/morally acceptable way”.

He further added, “In the long-term, globalization is a win for everyone involved. Certainly there may be some short-term pains in developing nations that outsource low-skilled positions, but blame politicians for this as it’s their responsibility to prepare their constituents for the future (but telling the truth rarely wins elections, so whose fault does that really become?). But let's not forget the source of all of the cheap debt Americans have become addicted to”.

To be continued…

9-6-2010 Ali Ahmad