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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 trade, foreign direct investment, capital flows, migration, and the spread of technology. 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 popular culture. 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.


reactions for globalization being violent in an attempt to preserve cultural heritage * Greater risk of diseases being transported unintentionally between nations * Spread of a materialistic lifestyle and attitude that sees consumption as the path to prosperity * International bodies like the World Trade Organization infringe on national and individual sovereignty * Increase in the chances of civil war within developing countries and open war between developing countries as they vie for resources * Decreases in environmental integrity as polluting corporations take advantage of weak regulatory rules in developing countries. * Globalization is causing Europeans to lose their jobs as work is being outsourced to the Asian countries. The cost of labor in the Asian countries is low as compared to other countries. * The high rate of profit for the companies, in Asia, has resulted in a pressure on the employed Europeans, who are always under the threat of the business being outsourced. * Companies are as opening their counterparts in other countries. This results in transferring the quality of their product to other countries, thereby increasing the chances of depreciation in terms of quality. * There are experts who believe that globalization is the cause for the invasion of communicable diseases and social degeneration in countries.


Consequently, companies tend to become more productive, competitive thereby raising quality of goods, services and the world's living standard. As large corporations invest or take over many off shore businesses, a modern form of colonization will also evolve which may pose certain power pressure on the local governments of the less developed countries. Unemployment rates in the more developed regions like Europe may also escalate as corporations choose to outsource cheaper work force from Asian countries. Globalization brings many benefits and disadvantages to the poor in the world. However, the disadvantages tend to outweigh the benefits on the whole and hence, globalization is definitely not the solution to solve world poverty. Governments of developed nations should actually collaborate to formulate a new policy or strategy which would enable the progress of more developing nations, leaving fewer of such nations behind. However, we must also note that every strategy has its benefits and costs and hence, there are bound to be countries at the losing end. In conclusion I like to reiterate that globalization is inevitable and we must urge individuals, companies and governments to use a more balanced approach by taking appropriate steps to deal with matters relating to the financial or economical gains verses the social, political or ecological concerns of the world. Webliography The above information has been taken from:- ?? ?? ?? ??

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