Advantages and Disadvantages of Globalization

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Of late, the mundane world has been un-equivocally bifurcated into developed (here-in-after referred as DCs) and its less developed parts particularly when it comes to economics, trade and technological advancements. Inhabitants of both parts have their own view-stands about these affairs according to their living circumstances and cultural background. However, since the advent of the idea of “GLOBALISATION” debate has been triggered about its positive and negative implications and both sides have been echoing their concerns since then. The idea of globalization has been coined by the western world and its main feature was to make the world as a “Global Village” in order to over-come the trade-hedges and bring prosperity in the whole world especially in the less developed countries (here-in-after referred as LDCs). Since human race has learnt inventing things and ideas and introduced them to the world, it has never happened that they would be consensually accepted in the whole world as there would always be an opposition to them. Likewise, this part of the paper intends to shed a light on both positive and negative sides of globalization and would elicit arguments of both sides with a balanced conclusion.

The Nobel Prize winning economist Joseph E. Stiglitz once said, “Development is about transforming the lives of people, not just transforming economies” (Stiglitz 2006). Dissemination of ideas/notions and knowledge, multiculturalism, global civil society, and the international environmental movement, these are the various things have been subsumed under the general term globalization lately . At the outset globalization was considered as a notion that would help to open up the world business market, liberalize the trade hedges ...

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...perity in the LDCs and etc. However, the prima facie picture suggests something else. The most prominent example which actually got benefited from the process of globalization is China. China has really relaxed its trade policies which attracted FDI that’s helped Chinese economy grow stronger and now has become one of the strongest economies of the world. China has helped the world to break the hegemony of the monopolistic approach because it produces everything for everyone considering the affordability of each class. India is another example of one of the flourishing economies of the world however, with a steady pace. India is on its way of becoming IT manufacturing kingdom of the world. All in all, as a notion globalization is relatively fair and it has been quite lucrative for DCs however, LDCs are the one who are facing its corollaries.

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