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 boarders. 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 some, there are others who believe that it can cause tremendous disaster for the world economy. The following are the advantages and disadvantages of globalisation:
Advantages of Globalisation:
• Developing countries benefit a lot from globalization, as there is a sound flow of money and thus, a decrease in the currency difference.
• To meet the increasing demands that follow globalization, there is an increase in the production sector. This gives loads of options to the manufacturers as well.
• The competition which occurs among traders keeps prices relatively low, and as a result, inflation is less likely to occur.
• With globalization, there is a global market for companies to trade their products and a wider range of options for people, to choose from among the products of different nations.
• Focus is diverted and segregated among all the nations. No country remains the single power head; instead there are compartmentalized power sectors. The decisions at higher levels are meant for the people at large.
• 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.
• As we feed to each other's financial needs, the ecological... [continues]
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