Advantages, Disadvantages & Effects Of Globalization

(Areeba Siddiqui, )

Globalization has a range of advantages while it has disadvantages, the Advantages include GDP Increase; statistics show that GDP in developing countries has increased twice as much as before. Unemployment is reduced. Education has increased. Competition on Even Platform: The Companies all around the world are competing on a single global platform which allows better options to consumers. It increased free trade between nations; The Corporations have greater flexibility to operate across borders. Global mass media ties the world together. Increased flow of communications allows vital information to be shared between individuals and corporations around the world. It increases environmental protection in developed nations. Spread of democratic ideas to developed nations. Reduced cultural barriers increases in the global village effect.

The Disadvantages are considered to be Uneven Distribution of Wealth, Income Gap Between Developed and Developing Countries, where the wealth of developed countries continues to grow twice as much as the developing world. Next disadvantage is Different Wage Standards for Developing Countries, which is explained by the following fat that the technology worker may get more value for his work in a developed country than a worker in a developing country thus there are in the later many dynamic, industrious and enterprising people who are well educated and ready to work with rigor. The reveal of Globalization is also considered as a disadvantage which is explained by future factors such as war that can demand the reveal of globalization and the current process of globalization may just be impossible to reverse. There is also another aspect of the disadvantage of globalization in the media sphere. The threat that control of world media by a handful of corporations will limit cultural expression. And the final in my estimation is the chance of reactions for globalization being violent in an attempt to preserve cultural heritage.

With the above mentioned disadvantages and advantages Globalization culminates in effective facts. The following are considered the Effects of Globalization; enhancement in the information flow between geographically remote locations the global common market has a freedom of exchange of goods and capital there is a broad access to a range of goods for consumers and companies worldwide production markets emerge free circulation of people of different nations leads to social benefits global environmental problems like cross-boundary pollution, overfishing in oceans, climate changes are solved by discussions more trans border data flow using communication satellites, the Internet, wireless telephones, etc. international criminal courts and international justice movements are launched the standards applied globally like patents, copyright laws and world trade agreements increase corporate, national and sub-national borrowers have a better access to external finance worldwide financial markets emerge multiculturalism spreads as there is individual access to cultural diversity. This diversity decreases due to hybridization or assimilation international travel and tourism increases worldwide sporting events like the Olympic Games and the FIFA World Cup are held enhancement in worldwide fads and pop culture local consumer products are exported to other countries immigration between countries increases cross-cultural contacts grow and cultural diffusion takes place there is an increase in the desire to use foreign ideas and products, adopt new practices and technologies and be a part of world culture free trade zones are formed having less or no tariffs due to development of containerization for ocean shipping, the transportation costs are reduced subsidies for local businesses decrease capital controls reduce or vanquish there is supranational recognition of intellectual property restrictions, i.e., patents authorized by one country are recognized in another.

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