Question

What are the advantages and disadvantages of globalization?

The advantages and disadvantages of globalization can change depending on whether or not they are being evaluated from a social or economic perspective. From an economic standpoint, globalization has provided ample opportunity for a number of American businesses to grow exponentially. Globalization has also had a large impact on how businesses are structured by altering supply chains which has arguably led to greater efficiency as well as lowering the cost of manufacturing and the cost of goods. Globalization has also changed the fortune of workers across the world. The creation and/or reshoring of jobs globally has resulted in lifting a number of individuals out of poverty globally.  In the alternate, the recent pandemic has taught us that globalization is not without its flaws. Due to the shift in global supply chains, you can see how one country can have an outsized role in the production of crucial products such as medical supplies.

Provide a 300 word response to the above topic.

Answer 1

Globalization is a process of worldwide adjustment of political, economic, social, scientific and cultural life, which successfully attempts to integrate people from different parts of the world at the physical and psychological level. The concept of globalization emerged rapidly in the last decade of the twentieth century, which is now a topic of discussion even in the early twenty-first century.

The mobility of labor, raw materials, manufactured goods, technology etc. has increased with the availability of cheap and fast means of transport. With the new system of communication of the stock exchanges, the transfer of trade and finance has also led to greater transparency and speedy functioning of the entire miniature aperture terminal through "scripless" and "floorless", under which any city in the world sits Customers can deal with stock exchanges in any city of the world.

Advantage of Globalization:

Business system has added a new life to globalization which has many benefits. Only after globalization, various companies of the world made their place in other countries. The establishment of new industries led to an increase in employment.

Globalization has seen improvements in GDP, fiscal deficit, inflation, exports, literacy and birth mortality in many countries. Globalization has connected the students and the field of education to foreign universities through the Internet, which has led to a huge revolution in the field of education.

The field of health has also been greatly affected due to globalization, due to this, normal medicines are available through electrical machines that regulate health. Globalization has affected production in a big way by bringing a variety of seed varieties to the agricultural sector.

This is also good for poor farmers because of improved seeds and agricultural techniques. It has also revolutionized the employment sector on a large scale through increasing trade such as small scale industries, hand factories, carpets, jewelery and glass business etc.Roads and highways, railways, ports, airports can be developed by promoting foreign direct investment and by attracting all kinds of gems between domestic and foreign companies in terms of investment.

Disadvantage Of Globalization :-

Most nations and classes have certainly benefited from globalization, but this consumerist culture has had a very bad effect on developing countries like India etc. Due to globalization, western civilization was dominated in these countries.

Due to the importance of urban development, the migration of people from villages to cities became even more rapid. Villages are the basic basis of the developing economy. Due to globalization, the condition of the village went from bad to worse. Living an ordinary person's life has become very difficult.

Low and underdeveloped countries suffered greatly. The workers had to work at lower wages than before. If they demanded more employment in this situation, they would have been afraid to wash their hands from that job. Because they used to get hired laborers at a lower cost.

Under this economy based on the process of globalization, the governments of developing and backward countries are constantly being pressurized by developed and powerful countries to remove all kinds of restrictions on international trade and give their domestic products to both primary and secondary End all types of protection going. By doing this, the manufactured products of developed countries suffering from the problem of overproduction will get new markets, while the directors, who are suffering losses at low rate of return, will be able to increase their profits by producing less than the cheap labor available in third world countries. . Under this concept, poor and underdeveloped countries had to accept the abolition of all types of non-tax restrictions on international trade and bring it down to the global level by cutting the customs duty rates.