Globalization Pros and Cons

Understanding globalization pros and cons

In simple terms, globalization is the process of changing from an isolated world to an integrated world. It involves long term change towards larger international cooperation in regards to politics, economics, cultural values and exchange of knowledge. According to many experts, globalization is driven by modern inventions including internet and telegraph. However, it has been taking place for many centuries and across different parts of the globe.

While globalization is known to cover different topics right from cultural values and information, politics and to global trade, modern discussion often focuses on its pros and cons on culture and economics.

Globalization pros and cons- key benefits

One of the major benefits of globalization is on free trade. Over the past years, economic growth across different parts of the globe has grown tremendously due to globalization. Job creation has also been on the high side enabling companies to be more competitive. For consumers, prices for various products have been highly affordable. Additionally, through infusion of technology and capital, poor countries have had an opportunity to grow economically.

Globalization has enhanced global economy especially in the event of power blocks by ensuring mutual trust and respect for each other’s ideas. Democracy and globalization also go hand in hand ensuring pure business with no colonialist designs.

Presently, there is global market for organizations and consumers to access a wide range of products from different countries.

Presently, there is a global power being gradually created as opposed to having compartmentalized power sections. Politics are growing and decisions that only benefit people across the globe are being made.

Influx of information has also been witnessed between different countries and this has continued to ensure good international relations

Similarly, cultural intermingling has been on the rise over the past centuries and each country is learning about different cultures.

Corporations and governments are also trying to address ecological issues for one another because of financial interests.

Socially, globalization has ensured more openness and tolerance towards each other. People across the globe can now live in foreign lands without being considered aliens.

Globalization also ensures speedy dissemination of information or mass communication and speedy travel through the internet.

Downsides of globalization

Many multinational corporations have been accused of creating unfair working conditions (poor living and working conditions and slave labor wages) and social injustice. Over the past centuries, concerns have been raised on environmental mismanagement especially of natural resources which has continued to cause ecological damage.

Multinational companies that were restricted to commercial operations in the past are increasingly affecting political decisions. Many think that there is a major threat of leading multinational corporations because they are gaining more and more power as a result of globalization.

According to opponents, globalization has made it easy for rich organizations to operate with less accountability. Many also claim that individual cultures of different states are increasingly becoming overpowered by globalization and more specifically, Americanization.

There are also concerns that globalization is not working for majority of the globe. In the recent past, inequity has worsened within countries and across the globe. According to UN Development Program reports, 86 percent of global resources are consumed by 20 percent of the world’s population.

According to many experts, globalization plays a significant role in the incursion of communicable diseases. This includes deadly diseases such as HIV& AIDs being widely spread by travelers even to the most remote parts of the globe.

Exploitation of labor has also been on the rise due to globalization. Child workers and prisoners are subjected to inhumane working conditions. Safety measures are often ignored to produce cheap goods. What’s more, there has been an increase in human trafficking.

Safety nets or social welfare schemes are additionally under a lot of pressure in developed countries based on the fact that there are deficits and other economic globalization ramifications.

Having discussed globalization pros and cons, it is imperative to note that the phenomenon is undoubtedly an economical tidal wave and is sweeping across the globe. It has been there for centuries and it cannot be stopped. As a result, there will be winners and losers due to globalization.

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SOURCES

http://www.forbes.com/sites/mikecollins/2015/05/06/the-pros-and-cons-of-globalization/

http://www.manufacturing.net/articles/2010/06/the-pros-and-cons-of-globalization

https://blog.udemy.com/pros-and-cons-of-globalization/