"N2Growth"; The Impact of Globalization on Business; Mike Myatt; May 2006, The Kansas State Collegian: 3 Negative Impacts of Globalization n the United States, Westford University College: Positive and Negative Impacts of Globalization. So, the global competitors also compel financial services to globalize its presence. Due to use of advanced technology the use of labour reduce significantly. This results in the unemployment of the citizens of the developed countries. 2. All work is written to order. Cost is major concern for the companies to increase profitability. In today’s post, I’ll look at the impact of globalization on business. It’s very difficult to explain all the positive effect of globalization on culture, human mindset, trade, employment, capital market and on the other fields. Even after that it doesn’t mean globalization only has positive effects; it does have negative effects on business. All these points clearly indicate the negative and positive effects of globalization. The same is happing in the field of financial services. This video explains the impact of globalisation on people, communities, countries and corporations around the world. The effect of globalization on the financial services, in this study, is analysed through Yip’s framework “Drivers of Globalization” (Yip, 2003). Environment Disaster – Climate change has become a “hot” topic. Positive effects of globalization 1. The impact is mostly felt in developed countries since they can outsource cheaper white collar and manufacturing jobs. If one tries to find the technical standards in today’s financial services industries, one finds that almost all the countries are using same technical standards. has to introduce some restriction and define transfer modes to keep check on flow of money. Economics Outsourcing services, decrease in wages, workers’ rights and interdependent economy are some of the negative effects of globalization on companies. Before globalizing economy a country should understand it clearly that how it is going to take benefits out of globalization and it should be ready with a contingency plan. Negative Effects Of Globalization On Business. Liberalization The leading economists of the country differ in their opinion about the socioeconomic and ecological consequences of the policy of liberalisation.Liberalization has led to several positive and negative effects on Indian economy and society. The big financial companies develops innovative services and technology use that in all the countries where are the present. It also has the potential to create a “global domino effect,” which could cause a recession throughout the world. Use of information technology and plastic money has played a significant role in the globalization financial services industry. Govt. Most economists argue that the positive effects of globalization are more than the negative effects (Future-econ, 2009). Reviewed by: Hashaw Elkins, MSPM, PMP, CSM, CSPO, PMI-PBA, LSSBB. Most of the financial services are based on information technology, so the costs of these services are similar in all the countries where these are delivered. Globalization has its affect on every industry; the difference is in the extent of the affect and in the aspects of its effect, positive or negative. With a larger number of industries and resources available, the opportunities for people grow exponentially too. Benefits / Gains from Globalisation. Financial services have strong relation with other industries, so when those industries go global financial services industry also has to global to provide the services. Country specific costs – Cost of financial services are near about similar around the world. Traditional labour intensive technologies were based on low power and machines, so the pollution was not an issue from those industries. Because of their increasing influence the domestic companies also searched for innovative and better technology for reducing cost (Carbaugh, 2008). Do you have a 2:1 degree or higher? Due to globalization, most global economy jobs are insecure and temporary. The positive effects include a number of factors which are education, trade, technology, competition, investments and capital flows, employment, culture and organization structure. The impact of globalization their products with a regulated system to increase profitability trade or otherwise certified as free exploitative... Per what they actually deserve unemployment – globalization helped many countries use same accounting and tax evasion is disadvantage... 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