Question

What is globalization? What are its pros and cons? Explain the controversy surround it. In your opinion, do benefits of globalization outweigh the costs? Use examples to support your position

Answer 1

Answer -.   GLOBALIZATION

It is used to describe the increasing interdependence that world economies have on each other in almost all aspects as in cultures and population that is the outcome of cross border trade not only in goods and services but also for technology, investment,human capital and information

PROS AND CONS :

PROS-

1. Helps to CONSTRUCT the economies and also SOCIAL structure with economical trade
2. Help to become WORLD POWER reducing centeralised power sectors
3. Exchange of culture and ideas for OVERALL INNOVATIVE DEVELOPMENT
4. The less efficient nations can be SUPPORTED by developed nations
5. Made GATEWAY OF OPPORTUNITIES for the talents to rise up and shine no matter from any corner of world
6. New INCOME SOURCES have emerged with the opening of world to each other
7. EXCHANGE BENEFITS are now feasible for nations as can trade in goods which are cheap at home nation and get goods for which resources might not be available in home country

CONS-

1. INCREASE COMPETITIVENESS ,with more specialisation and efficiency at hand many a times the domestic market gets crushed , leaving low income groups in worse off condition
2. Many atimes it's a hot topic that with trade only RICHER ARE GETTING RICHER AND POOR ARE GETTING MORE POOR, as developed nations somehow exploit the less developed nations
3. The people who travel and move to places for work and living are often prey of RACISM, DISCRETION ON COLOR CASTE CREED is witnessed leaving them mentally ill
4. Multinational companies in name of employment tend to LOOT THE REVENUES from the native nation
5. Often foriegn nations are not easily reachable for less developed nations as ,no matter the world is says to treat everyone equally but still inferiority is a topic of concern as of existence of POVERTY in many nations where exists talented work force
6. Has also made little MESS AT WORK place as people from different backgrounds work together creating problems on working style, behavioural pattern
7. More prone what world today is not of UNITY IN DIVERSITY but GROUPISM IS TOPIC OF AIR , as normally there are personal barriors also that bring difference ,breaking peace of once life

SUBJECT OF CONTROVERSY AND WEIGHTAGE OF BENEFITS :

Its not any other mere economical project that just concerns with dealing a lot of factors are involved of economies like Environmental, political ,social as well

As GLOBALIZATION has been a big name and nations adopting it has to bring in and accept a lot of changes as a result many times MNC's are often accused to be mere profit making outlets and as having no proper dumping system tend to harm environment , socially also ,highly mechanical , bearing with captial intensive techniques tend to crush domestic market of native nation which is socially unjustified. Often accused of corrupting higher office to make their work done  

All these tend to frame the globalised world to be an extremely insensitive and mind oriented dimension.

POSITIVE OUTWEIGHING NEGATIVE :

1. The sources that globalization has opened cannot be given by any other medium as to have a bigger market for one nations good
2. To bring that global identity for one's talents and resouces
3. Money making is yet another aspect but the pool of opportunities that it provides to every field to explore is beyond, making this knowledge level also grow in people
4. However the social, political, environmental and all other negatives of the globalisation can be kept under check with MONETORY AND FISCAL policies , as the level of engagement of foreign flows in one nation can be restricted or limited by the home nation.

EXAMPLES :

1. In order to protect the domestic industry the nation's are allowed to put tarriff barriers, import duties etc
2. As well as for Environmental aspect , proper dumping guidelines can be made which has to be followed by industries for environmental betterment
3. Level of foreign inflow can also be restricted by FDI policies

CONCLUSION :

As every coin has two sides similarly globalization also has but viewing the benefits it provide it can be said that it is totally negativly effecting the economies. How much and untill where the involvement is needed can be decided so cons can also be managed accordingly

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