Is Globalization Good or Bad?

Is globalization good or bad? To answer this question I should explain or define the term globalization first. For me globalization means the worldwide distribution of products and services and the fusion and partnership of international companies. Due to globalization people around the world are more connected to each other. Goods and services that are produced in one part of the world are nearly available in all parts of the world. International travelling is more common and easier than years before. Without globalization all these things would not exist. Definitely the rich countries would not be that wealthy nowadays and also the poor countries really benefit from globalization. The world is like this today because of globalization. There exists an anti-globalization movement in the world. Needless to say, globalization also has dangers and an ugly side, but it brings lots of opportunities and benefits.

Globalization helps multinational corporations to advertise and sell their products all over the world thereby benefitting them and their consumers; this is how transactional corporations benefit from globalization. The LEDC governments benefit from globalization by allowing these multinational companies to come to their countries and thereby employing the local population and raising the income of the country. The workers in many countries too benefit from globalization because most multinational companies for example Nike, Zara etc, manufacture their products in third world countries for example Bangladesh, India, Vietnam etc. this benefits the workers who would otherwise be unemployed, plus they learn new skills. Globalization helps multinational banks to invest in foreign company and deal in foreign exchange and that's how economists benefit from it.

While globalization has its advantages, it also has its disadvantages. It basically globalization survival of the fittest therefore if your products cannot compete in the global market you will not survive. Politicians from uncompetitive countries can be against globalization because the countries products cannot compete in the global market even though the multinational products are manufactured In their country, also that some companies have more power than the government of that country. Cultural leaders can be against globalization because many countries lose their originality and culture because of globalization for example western clothing is more popular in Middle Eastern countries than the national dresses. The workers from the LEDC's can be against globalization too because they get only a very small percentage of the profits of the products that are made by them. Workers from the MEDC's are most of the time against globalization for the multinational companies outsource the labor due to the minimum wages laws of the MEDC's. Environmentalists are definitely against globalization because while workers are doing work in factories pollution is being created, so the companies make the money, pollution is created in another country, so the people in that country suffer.

To end this debate I would like to conclude that globalization is here to stay whether we like it or not. The step in the right direction would be to use globalization to the advantage of human kind by making use of advantages of globalization and try to reduce the disadvantages.