The world today has fewer borders than ever. We're not talking physical borders, of course, these are still aplenty. But faster modes of travel and communication have made us all a little closer to each other, and nationalities seem to be less and less relevant. Sadly, the incredible process of globalisation that's happened in the past few decades seems to be in remission now, with more countries introducing restrictions on immigration and tariffs on foreign goods, while international unions like the EU are in crisis. Despite this reverse trend, globalisation has many advantages for people all across the planet. Here we explore some of them.
1. Higher standards of living
Developing nations gain massive benefits from globalisation as new markets open up to them, allowing industry to thrive and employment rates to rise. Since the end of the Cold War, the World Bank has marked a steady decline in extreme poverty. Caribbean islands like Dominica have seen major improvements thanks to citizenship-by-investment programmes, private investment helping build diversified, resilient economic structures that couldn't exist without an internationalised perspective.
2. Access to new cultures
The mutual exchange of cultures around the world is a huge advantage of globalisation, amplified by new food, art, music and goods flowing between nations, creating more open-minded individuals and interesting environments. It's not just personal leisure that benefits, cultural diversity inspires creativity, breeds innovation, increases talent availability, and has even been shown to improve workplace productivity.
3. United fight against climate change
Climate change has become a priority on everyone's agenda, and no single country can solve it alone, it's a global problem that needs international cooperation. A global economy helps fund research into alternative energy and sustainable solutions, facilitates transparency, and educates people worldwide. Public policy can be augmented through global cooperation too, including plans for poorer countries that can't afford sustainable development on their own.
4. Spread of technology and innovation
The best minds in the world are located all around the globe, and globalisation lets top universities and research facilities collaborate regardless of distance. Most scientific journals are now internet-based, letting information travel in milliseconds and reach the whole field. The global economy also means investors can fund research faster and with a clearer picture of what's out there, increasing the incentive to innovate. As the IMF put it, globalisation has amplified the spread of technology across borders by giving countries easier access to foreign knowledge, and by heightening international competition in ways that push firms to innovate and adopt new technology faster.