"It has been said that arguing against globalization is like arguing against the laws of gravity."
-Kofi AnnanGlobalization refers to the process of international integration arising from the interchange of world views, products, ideas & mutual sharing and other aspects of culture. It can also be understand as the social, economical and political changes that we willingly adapt to make a change. Today, in the era of globalization, there are virtually no borders between different states and countries. The prominent consequences of globalization are strong currency values(rates), constructions, trading, increasing employment opportunities, etc.
It has made possible to manufacture and sell goods & services all over the world. Think it over like this, you are wearing clothes from a British brand, shoes from an Italian brand, accessories are made by a French brand and your phone is from a brand which is a Taiwanese multinational manufacturer of smartphones and you are eating a pizza and burger which are sourced from an eating outlet that is of American origin sitting in India and all of this has become possible because of the globalization.
As Kofi Annan has once quoted, it is true and sensible enough to understand that globalization is inevitable, it might be having negative impact on certain sections of the society but the positive impact it possess are more overpowering on them in my opinion. Let's talk about pros and cons of globalization.
1. It has made the process of communication through the boundaries easier.
2. A better economy of the country. It helps and accelerates the development of capital market. It promotes the import and export to & from the country respectively hands in hands which results the economic growth.
3. Increasing economy lifts the living standards of people.
4. It helps in declining or depleting the slope of the graph of international poverty.
5. It helps the seller to reach a bigger and global marketplace, more customers means more money.
6. Customers get the benefit to choose the product of their choice from a variety. More competition leads to the availability of goods and services at a cheaper price and improved quality.
7. Increasing International trade has helped in creating more jobs. Employment of the youth is the major concern in a country's development and is considered as a constructive element for a nation's glory.
1. Loss of jobs of local people and craftsmen because of setting up of industries to do the same work.
2. Rich are becoming richer and poor are becoming poorer. This has been used to say in the context of developed countries like United States of America, United Kingdom, Germany, etc. and developing countries like the South Asian and African countries because it has been often observed that multinational companies are exploiting the workers in the developing countries.
3. The market is free which translates into uncontrolled circulation of money without any ethics involved.
4. Small businesses have to shut their shop because they cannot provide competition to the big multinational companies.