The term “Globalization” has been widely used in the last fifteen years. The theory behind globalization is that worldwide openness will promote the inherent wealth of all nations. Read on as we discuss the impact of globalization in the fashion industry. Positive Impacts of Globalization 1. Impact of Globalization Globalization can be broadly defined as social, political and economic changes that we all adapt do. While most Americans only began paying attention to globalization with the North American Free Trade Agreement (NAFTA) debates in 1993. Some saw it as “threatening traditional institutions such as the family and the school”, or threatening the way of life of whole communities. It is a controversial term and has been defined in several different ways. What Does Globalization Mean? More efficient markets. The strong currency rates, constructions, trading etc are all consequences of globalization. Among all effects of globalization, this one is beneficial. A better economy – it introduces rapid development of the capital market As the time passes, old concepts and practices become absurd and new terms and phenomenon come into existence. As the communication between the countries becomes open sharing of information became easier due to globalization. Others saw Globalization indicates that the world today is more interconnected than before. Efficient markets should be what every economy strives for. It means encouraging nations to specialize and produce plenty of goods available in their local market. Different countries produce different products and what is most surprising there is no country which is self-sufficient. November 16, 2015, Sonam, Leave a comment. 2. Impact Of Globalization On Culture. Though many Americans think of it as a dirty word, “globalization,” actually has been a catalyst for positive change as well. Here are four ways that globalization has had a positive impact on the world economy: 1. Put simply, globalization is the connection of different parts of the world. Another common concern was the impact of globalization on culture and identity. Globalization can have very drastic impacts on a country both positive and negative. The brands are examples of fast fashion, an effect of the globalization process. Adopting to Globalization increase free trading opportunities between countries. Globalization is an elimination of barriers to trade, communication, and cultural exchange. In economics, globalization can be defined as the process in which businesses, organizations, and countries begin operating on an international scale. Positive Impact. The world is changing at a fast pace. This allows business organizations in developed countries to invest in developing countries. Several academic studies have shown that trade liberalization often has a negative impact on wages and employment for specific groups of people – from industry workers in the US to farmers in India. 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