Question

Write a brief response to the video, and share whether you agree or disagree with the perspectives related to the pros and cons of globalization. Briefly elaborate. Are there other elements to this issue that are relevant, for you, even going beyond the economic framework? How have you personally benefited, or been harmed, by the impact of globalization? Briefly explain.

Answer 1

Globalization was the result of new economic reforms which was introduced in 1991.The three major outcomes of the new economic reform in 1991 was Liberalization,Privatization and Globalization (LPG).Globalization refers to the economic integration of various economies and the exchange of goods,ideas ,information among the countries.Restrictions on international trade was removed .Prior to globalization the economies were not allowed to integrate.

Integration of economies allowed the exchange of goods and services among the countries and thus flourished the international trade .The exports and imports of goods improved the balance of payment. This is one of the major advantage of the globalization. There are various dimensions for globalization namely economic globalization,political globalization,cultural globalization and ideological globalization.The major advantages of the globalization includes the increased productivity and efficiency of the countries .As a result of globalization the Balance Of Payment position of the countries improved and it resulted in more foreign capital inflow.It resulted in the increased competition and increase in the foreign trade.There was introduction of various new technologies as the result of globalization.There was increased opportunity.Globalization also helped in improvising agriculture as the farmers were able to use new methods of production

Apart from the advantages globalization also had some negative impacts.As a result of globalization small firms suffered .Due to the intense competition small firms were taken over by the large firms.It also increased the disparity among the nation's and there was cultural impact too.