Globalisation for Good or Evil?
Qn 2: From these summaries, prepare a case for globalisation and prepare a case against globalisation, integrating both the ‘Western’ & local perspectives’ Globalisation fundamentally describes the increasing interconnected nature of the world due to massive rise in economical, political, social and cultural exchanges between different countries around the globe. (Mejía-Vergnaud, 2004)
One significant advantage of globalisation is rapid economic growth for both the western and local nations. It has allowed western nations to penetrate into new markets and tap on cheaper resources like labour and raw materials, thus reducing cost and increasing profitability. (What is globalisation? - Transnational corporations (TNCs) n.d.) Globalisation propelled Wal-Mart to became the biggest retailer in the world in 2007 (Ireland, Hoskisson, and Hitt.2008, pp8). Conversely, jobs created for the locals increase their survival, giving them a chance to break out of the poverty cycle. U.S. Ford employed about 163,000 employees internationally. (Ford Motor Company n.d.) Local governments can use revenue generated to build better infrastructure such as schools and health-care, thus improving the living standards for the poor nations (Kapur, Akash., 2010 ).
Politically, globalisation has united much of the world with the spread of democracy (Mejía-Vergnaud, 2004). The formation of The United Nations brings about harmonization of law and accountability.
However, globalisation has also caused income disparity between the world's wealthiest and poorest nations. (What is globalisation? pp1, n.d.) Globalisation generally profits the western nations, which continue to dictate world trade at the expense of developing nations by exploiting their cheap resources. There is no assurance that the money from investments will profit the local community as proceeds are often returned to the multinational companies’ (MNCs) home countries. These...
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