The Impact of Globalization
Globalization can be defined as the integration of the world economies. The developments in the field of technology, communication, and transportation have led to the globalization. It has also helped in increasing the interaction with the people all over the world. We can also travel across the world without any restrictions because of this globalization. The process of globalization started in the 19th century, after the advent of the industrialization. The business sectors have benefited a lot from this globalization. Today with the help of technology, we can easily gain international recognition for our works.
Though the globalization has improved our economy and our standards, it also creates both positive and negative impacts on our society. This is nowadays a major topic of debate across the world. Let us have an insight on the impacts it actually creates on us.
Positive Impact of Globalization:
- With the arrival of globalization, more job opportunities have been created. People have also gained opportunities to get trained and become skilled professionals.
- With the increased number of jobs and high salaries, people can easily raise their standards of living.
- It creates awareness in people about the events happening in and around the world.
- Various small-scale and large-scale businesses have flourished with the help of globalization. The innovations in the technology, transportation, and communication have helped them to enter into the international markets. The internet has helped them to seek potential clients from all over the world.
- Marketing and advertising have become a lot easier with the technology. Through social media platforms, the marketers can promote their products easily across the world. This would not have been possible without globalization.
- Sharing of the ideas, cultures, experiences, and ideas became more convenient because of globalization.
- Globalization has led to the interdependence of the developing and developed nations. The natural resources and manpower from the developing nations are utilized by the developed nations. The wealth produced using these resources are then, utilized for the economic growth of the developing nations.
- Global competition has led to the production of improved quality of goods. Both the domestic and international markets compete with each other to manufacture the best quality products.
Negative Impact of Globalization:
- With the advent of globalization, a lot of jobs are being outsourced to the developing countries. This results in the unemployment of the citizens of the developed countries.
- The developing countries are always taken advantage of by the developed countries. For instance, in countries where the environmental rules are not strict, the developed countries can sell goods to them which are actually not good for the environment.
- The under-privileged countries do not get the benefit of technology compared to the other countries.
- Over-dependence on the technology can weaken the human relationships.
- People in the developing countries tend to ignore their own culture and try to adopt the western cultures more.
- The increasing number of the fast food chains is actually a major threat to the agriculture sector. These foods can also deteriorate the health condition of the people.
- Though the globalization is all about bringing the countries together, the underdeveloped countries usually get suppressed and are not allowed to take part in the economic decisions.
- Reducing the price of the goods to compete with the international markets can impede the growth of the country’s economy.
- Globalization has caused many environmental problems in the world like air pollution, global warming, and noise pollution.
Though globalization can help in the transformation of a developing country to a developed country, it can also prove to be disastrous in many other ways. Many studies show that globalization can be both beneficial and harmful to the developing countries. The increased amount of competition has also resulted in the loss of value of the humanity in the world.
People, today, are more connected to technology than family. But technological innovations have also helped the economic progress to a great extent. All the developments that have happened around the world are mainly due to industrialization and globalization.
The various cultural barriers have also been lifted as a result of this globalization. The foreign trade would also have not been possible without the technological and industrial developments. Without globalization, no country would have witnessed the remarkable progress in their economies as well as their societies. The integration of the countries has, in fact, opened up to us a wide array of opportunities. Globalization is, hence, a risk worth enough to be taken.