Globalization is a new term that has found a significant place in the lives of the people. By globalization, we mean shedding down the walls of distrust and the barriers of suspicion in between countries, to make a bridge where ideas and beliefs can cross the borders. Though globalization today primarily covers the economical side, the impact is not limited to the economy only. It actually affects every aspect of life, like cultural, social, psychological and of course, political. While globalization is seen as a sign of a hopeful future by someone, there are others who believe that it can cause tremendous disaster for the world economy. Globalization offers many advantages to the people and businesses, which include greater employment opportunities for people, availability of greater variety of goods and services to the consumers, more competitive price to the competitors, ability of companies to achieve lower costs, access to bigger markets to business firms and also faster and wider spread of new technologies across the world. Communication among the countries is on the rise, which allows for better understanding and broader vision. As communication increases amongst two countries, there is interchange of cultures as well. We get to know more about the other's cultural preferences. Globalization has some disadvantages also. Unrestricted globalization can hamper the development of less developed countries. Smaller firms may lack the resources to compete internationally and therefore may be forced out of business. Countries become increasingly dependent on other countries for meeting their needs for goods and services. This can become a major disadvantage in situations like war. Adverse economic condition in one country can escalate to other countries and may even adopt global proportion. Globalization may also lead to faster spread of infectious disease, for people animals and plants. Such infection may be...
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