Pros and Cons of Globalization
Strategies to overcome the challenges
Globalization is a process of interaction and integration among the people, companies and governments of different nations. It is a process driven by international trade and investment and aided by information technology. This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world. In the following write-up, the author has thrown light on various aspects of globalization and the challenge this phenomenon has posed to the world.
“The integration of states through increasing contact, communication and trade, as well as increased global awareness of such integration is known as
Globalization” — World Politics Trends and Transformation by Charles William Kegley.
Globalization is a multifaceted phenomenon, encompassing a variety of often interrelated actions. The world has become global village – a popular cosmopolitan perspective describing the growth of awareness that all people share a common fate because the world is becoming an integrated and interdependent whole – in which trade is also inextricably linked to two other important aspects of globalization: the globalization of production and the globalization of labour. Understanding these components of globalization, as well as their relationship with trade, is important to understanding the complex world economy.
- Factors Leading To Globalization
- Internationalization of trade and emergence of multinational corporations and their interest in finding new markets
- Fast-growing population of the world and its increasing needs
iii. Development of fastest means of communication like satellites, ships, railways, airways, motorways, etc.
- Advancement in science and technology
- Investment of countries in research and development and exploring new horizons from nature
- Advantages of Globalization
- Social and cultural
- Decrease in poverty due to increase in employment opportunities created by multinational corporations through foreign direct investment
- Improvement in living standards of people
iii. Discouragement of the negative evils and decrease in many social issues
- Empowerment of women and their role has changed and it is shifting from domestic to market-oriented economy and national development
- Increase in international communication among states and nationalities which has resulted into cultural exchanges, diffusion of values, norms, infrastructure development and interfaith and intercultural harmony and tolerance
- Removal of many psychological barriers which were a major cause of social disintegration previously
vii. Accessibility of information and cure of about all social evils and issues became easier which resulted into social development
viii. Development of culture due to increase in communication among people of different cultural groups, and exchange of their cultural values across the globe.
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