Today our topic is the positive and negative effects of globalization on industries. Undoubtedly, globalization has a great impact on industries. Because of the free flow of people, technology, culture, capital, and code of conduct, one nation is automatically affected by others.
The industry is largely affected by globalization today. Globalization has brought a blessing to the people.
But it has also a negative impact on the industry. The positive and negative effects of globalization on industries are noted below:
Table of Contents
Positive Effects of globalization on industries
1. Transfer of technology
Industrialists always seek improved technology to work efficiently and effectively. Technology plays an important role in have done this. More smart and latest technology ensures more efficiency.
Globalization helps to accident efficiency. For example, through the internet, developers come to know details about modern machinery and equipment. So, immediately they collect them and upgrade the industry.
For different purposes when people travel from one county to another, they gather experiences about culture, choice, fashion, and aesthetics.
As a result, people’s choice changes and they want to have a more fashionable office, residence, or any other product. Through the transfer of information, people come to know about unknown designs and facilities. Globalization has made this possible.
Globalization has increased the demand for land development, construction of multi-storied/high-rise residential and commercial buildings, etc.
For example, American or European, African people come to Bangladesh for business, political, social, or traveling purposes. Bangladeshi managers have to consider their choices and standards. In this way, they are considering the demand for different people.
4. Development-related industry
As the number of developers is increasing, related industries also increase. Such as ship breaking mills, re-rolling mills, electrical and plumbing industry, etc.
5. Agricultural development
Globalization is affecting the industries directly. On the other hand, the necessary agricultural materials needed are also begin developed.
6. Standard of living
The standard of living is increasing with urbanization. Through electronic media, people are watching and gathering knowledge about a better living environment.
Therefore, people are becoming interested to live in a modern residence and enjoy new products. Globalization helps to do this.
7. Knowledge creation
The government has now become liberal to give permission to develop multi-storied buildings. It is because, the government has learned from other countries construction activities by exchanging engineers, and technicians.
Equipment and machinery that high-rise buildings are convenient for overpopulated and commercial areas.
8. Increase Investment
Globalization puts the construction industry in motion. As a result more capital is utilized in the construction sector.
9. Conducive environment
Government regulations relating to the construction industry is being favorable, and unfair practices in all sections are being checked.
Because in the construction industry, there is some standard code of conduct that is being adopted by Bangladeshi construction firms. It is also happening as a gift of globalization.
Negative Effects of globalization on industries
1. Obsolete Technology
Globalization makes the existing technology obsolete overnight. Through the free exchange of ideas, information, and innovation, today’s technology becomes obsolete tomorrow. As a result, a huge amount of losses occur.
2. Unplanned Urbanization
Developers are becoming aggressive in construction. To compete with others, developers are occupying rural areas for commercial purposes. As a result, unplanned urbanization occurs. This is a negative impact of globalization which encourages developers to go tor more construction. Through not an unplanned way.
3. Artificial crisis
Globalization increases the demand for new technology and other materials. For this demand, some suppliers create an artificial crisis of raw materials, which has a negative impact on economic conditions.
Therefore, we see globalization has both positive and negative impacts on the construction industry directly or indirectly. Positive impacts should be congratulated but the negative impacts are to be checked by taking appropriate steps.
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