globalisation merits and demerits

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Economics

Index

Contents _                                                                                  page no.

Introduction                                                                              1

Advantages of globalisation                                                            2-3

Disadvantages of globalisation                                                    3-4

Effects of Globalization on Indian Industry                                     5

Conclusion                                                                             6

webliography                                                                             7

Introduction

Globalization or (globalisation) is the process by which the people of the world are unified into a single society and function together. Globalization is often used to refer to economic globalization: the integration of national economies into the international economy through , , , , and the spread of . This process is usually recognized as being driven by a combination of economic, technological, socio-cultural, political and biological factors. The term can also refer to the transnational dissemination of ideas, languages, or .

Globalization means increasing the interdependence, connectivity and integration on a global level with respect to the social, cultural, political, technological, economic and ecological levels.

 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, over fishing on oceans, climate changes are solved by discussions
  • more transborder 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 subnational 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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Advantages of globalisation

Advantages of Globalization are as follows:-

  • Goods and people are transported with more easiness and speed
  • the possibility of war between the developed countries decreases
  • free trade between countries increases
  • global mass media connects all the people in the world
  • as the cultural barriers reduce, the global village dream becomes more realistic
  • there is a propagation of democratic ideals
  • the interdependence of the nation-states increases
  • the flexibility of corporations to operate across borders increases
  • the communication between the individuals and corporations in the world increases
  • environmental protection in developed countries increases
  • Increased liquidity of ...

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