After assessing its pros and cons, do you think globalization overall good for our societies? Specifically, its long-term positive effects and the portion that contains negative influences. Although there is a free market all over the world, this does not mean that developed countries do not find the means to take advantage of this situation to wage trade wars and to use the battlefields of developing countries or underdeveloped countries. Foreign companies setting up their institutes open up job opportunities for the host country. Education quality has also become a need of the hour and thus literacy rate have also increased. Baylis and Smith 1998 define globalisation as the 'intensification of worldwide social relations which link distant localities in such a way that local happenings are shaped by events occurring many miles away and vice versa. This, in turn, increases employment opportunities in places where people redeem themselves. This benefit, when combined with gains to workers employed in export-generating sectors, is supposed to more than offset losses to workers employed in import-competing sectors.
With the invention of new and newer technologies in the field of transportation and communications, globalization has brought steam. The advantages of globalization are numerous. It also provides poor countries, through infusions of foreign capital and technology, with the chance to develop economically by spreading prosperity creates the conditions in which democracy and respect for human rights may flourish. The free movement of labor among nations. International trade, capital flows, , technological transfer and cultural exchanges are some of the typical manifestations of this process.
Globalization can be described as a process by which the people of the world are unified into a single society and function together. As more factories were built ,more jobs were created reducing the people living in poverty from 270 million during the year of 1978 to 100 million in 1985. Thus the globalisation of the economy simply indicates interaction of the country relating to production, trading and financial transactions with the developed industrialized countries of the world. Culturally, with the developments in information and communication technology, globalization has brought about what is referred to as homogenization making the world a smaller place. Firsthand knowledge of people and things is of great importance in international business. Important information can be shared at a very fast rate between individuals and companies. In International Encyclopedia of Hospitality Management.
In the era of the Internet and fast communications people can interact more easily with each other. Global mass media has allowed vital information to be shared between corporations and individuals around the world. Politics are merging and decisions that are being made are actually beneficial for people all over the world. Last, but not the least, globalization has also had a positive influence on the political climate, the environment, and the industrial, information, and communication sector, which in turn helps promote international tourism. For example it is hard to ignore the challenges that arise in our economy when countries like China have developed industrial power and India is becoming a major service center. The globalization of markets is merging of historically distinct and separate national markets into one huge global marketplace. This is made possible through the various means of communication and the interchange of ideas.
It prompts visions of large multinationals dominating the world in pursuit of ever-higher profits. Conclusion Globalization Advantages , Disadvantage, Essay, Importance Thus overall we need to create a balance between what is being gained through globalization and also keep the dark side in the dark. Employment is an advantage of globalization because companies often look toward developing countries to gain a work force. In the long term, this means fewer well-paid jobs, lower productivity, declining wages, declining living standards and low economic growth. Also, globalization has made it possible for non-English speaking countries to learn speaking English. It strives to bridge the existing gap between nations by trying to foster healthy trade and investment relationships amongst them. The costs are largely to those whose jobs are lost and who cannot or will not find other employment.
This disadvantage is strictly linked to the previous one. The growing economic strength of some countries is generating problems as well as opportunities for business firms, workers, and consumers everywhere. Meaning: By the term globalisation we mean opening up of the economy for world market by attaining international competitiveness. Globalization has an impact that is widely spread and perceived in a variety of different ways — Globalization Advantages and Disadvantages Specifically, its long-term positive effects and the portion that contains negative influences. There are many countries in the world which would never agree to compromise when it comes to culture or religion. So perhaps the most important economies of scale are in product development.
How globalization did takes place? Loss of culture is a problem as well since people often adopt the culture of wherever they travel to and reside in. Globalization is a controversial issue mainly because different groups interpret it in different ways. The transmission of information over the internet is making people who live in underdeveloped countries aware of what is possible. Vote and tell us which aspects or dimensions do you consider the most beneficial or dangerous for us. Advantages of Globalisation : The following are some of the important advantages of globalisation for a developing country like India: i Globalisation helps to boost the long run average growth rate of the economy of the country through: a Improvement in the allocative efficiency of resources; b Increase in labour productivity; and c Reduction in capital-output ratio. It is a lot harder to keep people in the dark about events in the rest of the world.
This would result trickle down effect to reduce the proportion of population living below the poverty line viii Globalisation enhances the efficiency of the banking insurance and financial sectors with the opening up to those areas to foreign capital, foreign banks and insurance companies. The Arab Spring could not have been achieved without the power of the Internet. Globalization has also contributed to greater speed and ease of transporting goods and people. The Top 3 Globalization Disadvantages 1. It is a process in which there is a mutual interaction of countries interested in each other for cultural, trade related or any other such exchanges. The term is also often utilized to show changes in technological, socio-cultural, and political environments Hill 2009.