Globalization is described as a move towards an economy that is more integrated and interdependent. The once separate markets that existed all over the world are not starting to be put into one central place. The preferences and tastes of consumers that are spread around the world are being entangled into one single form.
This move is advantageous to many markets segments all over the world. This is because there is the introduction of various trade agreements such as the Free Trade Agreement that has ensured the lowering of tariffs for selling across various borders. This is not only beneficiary for buyers but the sellers as well. The reduction in tariffs means that the prices of the goods that are being sold are a bit lower than they would have been without the existence of these agreements. Other organizations such as the world trade organization are also beneficiary because they have help in maintaining sanity in the trade world. This is because of the responsibility that has been bestowed upon it of ensuring that countries adhere to the various rules that have been put in place. Globalization is also responsible for the lowering in the prices of international flights thus making it easier for people to travel top various countries and in the long run have reduced the cultural distances that existed in the world.
However, there are certain disadvantages that come with these types of integration. One of them is that they in their own ways have become barriers to free trade. These laws have made it difficult for some kind of products and services to go through certain borders thus slowing down the businesses for the sellers and preventing the buyers from easily accessing the goods they are interested in.