What are the advantages and disadvantages of Globalization?

  Globalization refers to the interaction of an economy with all the other economies of the world. This kind of interaction can be from financial transaction, trade, politics, education, production and so on. With the invention of new and newer technologies in the field of transportation and communications, globalization has brought steam. As a result, it can be seen that, although globalization has been traced back to ancient times by historians, it did begin at the end of the 19th and beginning of the 20th century.

  Globalization terminology has four main parameters in its latest form: The free flow of goods and services between countries is due to the reduction of trade barriers. Create an environment for capital flows and inter-state investment. The free flow of technology from one country to another. The free movement of labor among nations. True globalization can only be achieved if all four components are present. However, globalization has some advantages and disadvantages. Some of the advantages and disadvantages are:

  Advantage:

  Increased employment opportunities: as globalisation grows, more and more companies are building businesses in other countries. This, in turn, increases employment opportunities in places where people redeem themselves. People can get better jobs without having to move to other countries to find better jobs. Today, many multinationals, such as Microsoft, Google and Toyota, have offices in India, and many Indians work for these companies. Without globalisation, Indians would not have the opportunity to work for these companies in India.

  Education: With the increase of globalization, it is easier for people to cross national borders to get better education in different parts of the world. This has led to cultural integration. People from underdeveloped and developing countries often move to developed countries to receive better education. An increasing number of Indian students go to higher education in countries such as Britain or the United States. It also opens up a culture of Indian culture to some extent.

  The rise in free trade: the increase in free trade opens the door for rich-world investors to invest money in developing countries. Large companies in developed countries have the freedom to operate in developing countries. In 2000s, Japanese and European companies such as CQS and Siemens began producing high-speed trains in China. This helps Chinese companies gain knowledge about the production process, and now Chinese companies such as Southern China locomotive and rolling stock are making their own high-speed trains.

  Rapid information Flow: information flows directly from one part of the world to another, leading to the world being bundled together. Important information can be shared at a very fast rate between individuals and companies. It also helps to improve the facilitation of transport personnel and goods.

  Improved quality of goods and services: Thanks to globalization, people can get the best quality goods and services all over the world. The company must strive to provide consumers with better products and services, consumers are also free to choose what he thinks is best for their needs of products.This makes it possible for a man in the United States to wear clothes made in India and Mexico, while watching a football match made in China by the British. Lower prices for goods and services: As a result of the rapid development of globalization and intensified market competition, producers have to maintain the market at competitive prices. This has become the gospel of the consumer because he can get better quality products at a cheaper price. An example is the car ambassador in India. It was the only car in India, and Fiat before the Indian economy liberalized. These cars are inefficient and expensive. Once the Indian economy is open, other car companies start selling cars in India at a cheaper price.This is a major benefit for Indian consumers.

  Reduction of cultural barriers: as people move from one country to another, barriers between cultures tend to diminish. This has led to tolerance and openness to other cultures. This has also facilitated communication between different cultures, thus facilitating communications among nations. This has also led to the reduction of war, as we live today in one of the most peaceful periods in human history.

  Disadvantages:

  Environmental degradation: Developed countries can take advantage of weak regulatory regulations on environmental protection in underdeveloped countries. • Unfair working conditions: Many multinationals are accused of social injustice for exploiting labour in underdeveloped countries to reduce costs. The labor force provides unhealthy working conditions leading to health hazards. Many large companies have also been accused of using child labour in factories in less developed countries. Nike's widespread use of child labour in Indonesian factories is a good example of poor working conditions and low wages.

  Declining employment growth: while the idea of promoting technological progress and productivity improvement has become the cornerstone of globalization, in the past few years such progress has led to the reduction of employment growth in some developing economies. This can also be attributed to the fact that when workers in a country begin to demand better wages, companies move production facilities from one place to another to find cheaper labour.

  The widening gap between the rich and the poor: 86% of the world's resources are said to be consumed by the world's richest 20% people. This means that 80% of the poverty will only consume 14% of the world's resources.This is a direct result of globalization, with some activists thinking that globalization will only serve the rich and that the poor must confront its disadvantages.

  Small-scale industries face extinction: Small-scale industries in a particular locality are endangered because they do not have the resources and the power of multinationals. As a result, these small industries cannot compete with big companies or operate them. One example is the bamboo furniture industry in India. Manufacturers went out of their homes, working hard, making furniture out of bamboo.These workers cannot compete with large companies that sell cheap plastic furniture, so their industries are facing extinction.

  The rapid spread of deadly diseases: fatal diseases, such as AIDS or other communicable diseases, can be spread by travellers quickly or by the direct consequences of globalization.

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