Globalization: a boom or a threat?
Globalization is an interaction between different economies, societies and cultures through a worldwide network of trade, communication and transportation. Globalization has both advantages and disadvantages on every economy that exists in this world. Globalization affects every country in a very serious manner. According to studies globalization has more advantages over its disadvantages. Globalization leads to exchange of technology between different countries, exchange of weapons for defense, it reduces the fear of war between developed nations, it leads to free trade between countries, it reduces cultural barrier and helps to increase global village effect. These examples are just a part of the story and there are many more advantageous of globalization over its disadvantages. Globalization is a controversial topic since last two decades; many people believe that globalization has many disadvantages like outsourcing of jobs to other nations, losing cultural identity and exploitation of workers rights. Following is the list of advantageous of globalization and its disadvantages. However, list of advantages of globalization is way longer than its disadvantageous that leaves us to decide that is globalization a boom or a threat?
Globalization leads to exchange of technology from developed countries to other developing nations. Taking an example of America’s technology transfer to India has changed the world. America transfers it's nuclear, information technology, medicine and machinery technology to India, which brought a boom in the Indian economy. India was known the as third world country but now it is known as upcoming super power after china. Globalization affected Indian economy is a very serious and a good manner. In return India offers US with its call center services. Also, U.S. is outsourcing its manufacturing and white...
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