Disadvantages Of Globalization

1. Introduction

Globalization has become a very important topic for economist and political scientists. Globalization affects many fields such as political, environmental, social, cultural and technological and most importantly the economy of the nation. Since the mid 90’s, it has remained one of the important topic of debate (Mapuva, 2010). “Globalization of the world economy is the integration of economies throughout the world through financial flows, the exchange of technology and information, trade and the movement of people” (IMF, 2006).

Globalization brings opportunities with the opening of the borders. There is flow of resources even in the form of capital, technology and labor. Globalization gives opportunity to people to work with people across the globe and acquire new skills and develop individual personality at individual level. At the national level, globalization plays a very important role for both the developing and the developed nations. The developing nations can imbibe new technology in the production of goods from the developed countries. The developed countries can make use of cheap labor and also available resources in the developing countries. The developed countries can establish multinational corporations in other countries which gives employment opportunities to the members of those countries.

This paper aims to study the meaning of globalization and much importance is given to it in the recent times. This paper also briefly discusses the types of globalization. It also throws a light upon the advantages and disadvantages of globalization. It further briefly discusses the effects of globalization on various aspects such as environmental, political, industrial etc. The paper moreover discusses the impact o...

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...there is an increase in the competition amongst nations. Globalization provides opportunities not only to nations but also to all the members of the global village to acquire new skills, research and develop new things and grow individual personality and contribute to the development of their respective nation as well as the world as a whole.

Globalization has helped both the developing and the developed nation for different purposes. To some countries, it has helped in increasing their GDP, to some it has provided employment opportunities while to some it has given them the opportunity of finding cheap labor. Globalization has helped the world to become a global village and accept the diversity in culture. It is also important to make the policies of the nation keeping in mind not only the domestic condition and policies but also international market and policies.