Question

Is globalization beneficial to everyone? Provide specific examples.

Answer 1

Globalization is assumed to be beneficial to everyone. It promotes economic growth and there is the advancement of technology. In a short period of time- it seems good in one context but in the long run and to see the effects on the global level- it is very disadvantageous.

In terms of globalization, every participant might win. They have their own understanding of winning and everyone is gaining something or other but this gain is very unevenly distributed. It is creating a huge gap between nations and individuals. For instance, If there is a comparison between Germany and China. these both countries outperform in their GDP but china's GDP was much higher than Germany.

It is becoming beneficial to the elite higher wealthier people. For the lower strata population, it is creating fewer jobs thus leading to unemployment and ultimately leading to huge income gaps. For instance, In India -with the introduction of heavy machinery in many industries - many employers have lost jobs due to cost cutting. The owner of indrustry is still earning more profit and the unemployed person is still struggling.