Merits and Demerits of Globalisation

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Introduction
Globalization or (globalisation) is the process by which the people of the world are unified into a single society and function together. Globalization is often used to refer to economic globalization: the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and the spread of technology. This process is usually recognized as being driven by a combination of economic, technological, socio-cultural, political and biological factors. The term can also refer to the transnational dissemination of ideas, languages, or popular culture. Globalization means increasing the interdependence, connectivity and integration on a global level with respect to the social, cultural, political, technological, economic and ecological levels. Effects of globalization:-

 enhancement in the information flow between geographically remote locations  the global common market has a freedom of exchange of goods and capital  there is a broad access to a range of goods for consumers and companies  worldwide production markets emerge

 free circulation of people of different nations leads to social benefits  global environmental problems like cross-boundary pollution, over fishing on oceans, climate changes are solved by discussions  more transborder data flow using communication satellites, the Internet, wireless telephones etc.  international criminal courts and international justice movements are launched  the standards applied globally like patents, copyright laws and world trade agreements increase  corporate, national and subnational borrowers have a better access to external finance  worldwide financial markets emerge

 multiculturalism spreads as there is individual access to cultural diversity. This diversity decreases due to hybridization or assimilation  international travel and tourism increases
 worldwide sporting events like the Olympic Games and the FIFA World Cup are held  enhancement in worldwide fads and pop culture
 local consumer products are exported to other countries
 immigration between countries increases
 cross-cultural contacts grow and cultural diffusion takes place  there is an increase in the desire to use foreign ideas and products, adopt new practices and technologies and be a part of world culture  free trade zones are formed having less or no tariffs

 due to development of containerization for ocean shipping, the transportation costs are reduced  subsidies for local businesses decrease
 capital controls reduce or vanquish
 there is supranational recognition of intellectual property restrictions i.e. patents authorized by one country are recognized in another Advantages of globalisation
Advantages of Globalization are as follows:-
 Goods and people are transported with more easiness and speed  the possibility of war between the developed countries decreases  free trade between countries increases
 global mass media connects all the people in the world
 as the cultural barriers reduce, the global village dream becomes more realistic  there is a propagation of democratic ideals
 the interdependence of the nation-states increases
 the flexibility of corporations to operate across borders increases  the communication between the individuals and corporations in the world increases  environmental protection in developed countries increases  Increased liquidity of capital allowing investors in developed nations to invest in developing nations  Corporations have greater flexibility to operate across borders  Increased flow of communications allows vital information to be shared between individuals and corporations around the world  Spread of democratic ideals to developed nations

 Greater interdependence of nation-states
 Reduction of likelihood of war between developed nations  Workers in less developed countries should see an increase in wages and living benefits. If they do,...
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