For our first discussion, let’s talk about globalization and decision-making. You all have some idea of how globalization has affected your life, so let’s expand on that and talk about:
How has globalization affected different world regions?
What are some of the benefits and costs of globalization for different sectors of society (companies, workers, communities)?
Does globalization touch on the Saudi Vision 2030? If so, in what ways?
Globalization and decision making
The phenomenon of globalization began in a primitive form when humans first settled into different areas of the world. However, it has shown rather steady and rapid progress in recent times and has become an international dynamic which, due to technological advancements, has increased in speed and scale, so that countries in all five continents have been affected and engaged. Globalization is a process that, based on international strategies, aims to expand business operations on a worldwide level, and was precipitated by the facilitation of global communications due to technological advancements, and socioeconomic, political and environmental developments. One of the potential benefits of globalization is to provide opportunities for reducing macroeconomic volatility on output and consumption via diversification of risk. However, domestic industries in some countries may be endangered due to comparative or absolute advantage of other countries in specific industries. Another possible danger, and harmful effect, is the overuse and abuse of natural resources to meet new higher demands in the production of goods.