Some of the pros and cons of globalization are:
These days communication is quite easier from one place to another but still, we are divided into the broad brush of humanity. With enforced borders, people cannot travel freely from one place to another without some form of identification or consequences. Because of globalization, there has been changing in the way that we see the world, travel, and conduct business. Globalization is the idea of slowly shifting to a fully integrated world where all countries cooperate with each other. Globalization has its own benefits and consequences. Today we will discuss several pros and cons of globalization in detail.
Pros of Globalization
- Improvement in the Global Economy
One of the major advantages of the globalization is the access to international sale and business. The market of different companies has reached the topmost height and is in the version of rapid expanding every day. It furthermore has helped to breach the opportunity gaps between many countries.
- Increase in cultural awareness.
Globalization increases cross-cultural understanding and sharing among countries as people from all over the world now have the access to communicate freely with one another. It is also breaking down cultural barriers that have hurt the integration of countries for centuries and furthermore is helping people be aware of how people all around live.
- Can lift people out of poverty.
The globalization has lifted people out of poverty in both underdeveloped and developing countries. The globalization has increased employment opportunities in capital-scarce, labor-rich countries, i.e. developing countries.
Also, free movement of labor all over the world has helped them to be able to market themselves in areas that need people with their skills. This further helps in the economy of the country as well as the workers.
- Stop the issue of labor exploitation.
One of the major reasons why goods are produced cheaply in the world is because of labor exploitation. This can be seen with child labor, prisoner labor, and human trafficking. With globalization, it becomes possible to open business activities, thereby removes the need of a black market for cheap goods or services.
- Decisions For The World, Not The Country
Globalization promotes political and economic decisions that have a great effect on global benefit, instead of only focusing on local areas.
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Cons of Globalization
- Not Good For The Underdogs
With globalization, it is hard for early developing countries to be able to compete with the larger economies of the world and would likely crumble underneath the competition.
- Contribute to cultural homogeneity.
Globalization might lead to cultural homogeneity if there is a change in people’s tastes. Moreover, if a country is influenced by other countries culture and tradition, we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a monoculture.
- Makes the Rich, Richer
Globalization is a great thing for owners and managers, but it is harmful to workers and laborers. The competitive nature makes rich people very rich, and they tend to keep exploit workers, children, and prisoners to keep up with demand. This means the rich can access what they want or need to become richer, but the poor gets poorer because they don’t have the means to access success.
- Diseases travel faster
When there is less movement of people in and out of the country, there are fewer problems with communicable diseases. The open access increases the threat of a new disease being spread to all the parts of the world.
As, Globalization represents the global unification of international trade, investment, information technology, and cultures. These were the pros and cons of globalization.