Unit 1 Journal

Purdue University **We aren't endorsed by this school
MT 220
Oct 21, 2023
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Internet and Globalization I believe few things have impacted humans and culture over the course of history more than the internet has, mainly the world economy. The internet has affected everything from social interactions, globalization, economics and every facet of daily life throughout the world. Globalization refers to the shift towards a more integrated and interdependent world economy (Hill, 2021) and without the internet this shift would not be where it is today without the internet. This shift allows for outsourcing of jobs to keep labor costs down allowing companies to remain competitive and allows for seamless electronic transactions globally. The ability to outsources jobs is a double edge sword that effects most business and economies in today's markets. Being able to operate a customer call center in India where the hourly rate is significantly less than their American counterparts (2016) allows the companies to keep costs low while maximizing profits. The flip side to this trade is the effect on local economies where the businesses are located, outsourcing jobs takes away from local sources of revenue and limits economic growth. With the world being so closely connected by means of the internet, it also allows for quick and reliable connections to facilitate online transactions globally (2016). This enables a local store to have access to a limitless customer base and connects world economies together providing a more stable economy. The internet offers limitless opportunities for individuals or companies. It offers unprecedented global connectivity and integration. With opportunities comes drawbacks and limitations, however the potential outweighs the negative aspects. From the dot com boom in the late 1990's to the housing market crash in 2008 and the subsequent economic growth, the internet facilitated all of these and allowed for rise in new money markets of cryptocurrencies.
Reference(s): Hill, C.W. L. (2021). Global Business Today (12th Edition). McGraw-Hill Higher Education (U.S.). https://purdueuniversityglobal.vitalsource.com/books/9781264209620 University of Minnesota Libraries Publishing. (2016). Understanding media and culture: An introduction to mass communication .
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