Question

Globalization is a hot topic in the world right now. Explain what it is. What are the pros and cons and which side do you support and why?

Answer 1

Answer:
Globalization is the spread of items, innovation, information, and employments over national borders and societies. In financial terms, it portrays an interdependency of countries around the globe cultivated through free exchange.
Globalization is a hot topic in the world right now because of below mentioned reasons:

• With recent pandemic of COVID-19 many countries have stopped essential goods export in the favor of serving their own citizen which has collapsed the global supply chain and who were dependent on foreign countries for their basic needs were worst effected by it.
• Because of COVID-19 issue, countries have realized importance of being self-reliant and taking necessary steps to grow domestic industry in their own country.
• One of the reason of so fast spreading of COVID-19 was globalization as the world is so much connected.

Pros and Cons of Globalization are mentioned below:
Pros:

• Globalization has lowered prices and provide variety of goods to the consumers.
• It helps in curbing the monopoly of local supplier and provide healthy competition to provide better products.
• It has also improved access to technology worldwide.
• It also improves productivity by transfer of technology across the Globe.

Cons:

• Globalization leads to reduce public revenue.
• Globalization destroys the environment and has very damaging effect on nature.
• Globalization also creates race to the bottom.
• Globalization leaves us vulnerable to infectious disease, take the current situation of COVID-19.

I am in favor of Globalization due to transfer of technology, increasing productivity of the economy and no economy is 100% self-reliant for its development it needs help of other nations. But the items which are necessity for survival should be self-reliant and should not be 100% reliant on import if possible.

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