Essay on Globalization
Globalization refers to a process of getting a more interconnected world due to the interchange of ideas, goods, and services due to the advanced development of science and technology, basically by the means of communication and transportation. Globalization is concerned with three aspects which are; economic, political, and cultural aspects respectively. In other terms, globalization helps many businesses expand outside their locality internationally. Such business then gains an international image.
The modern time is the age of globalization. Hence it is very important for everyone to know about it and understanding the international economy. There is an interchange of ideas and a free flow of goods and services around the globe. Such an idea of globalization is very popular and carries its own set of advantages and disadvantages. Globalization helps us to extend the ideas, goods, and services across national borders and helps [people to buy goods and services at low cost. It also helps to develop diplomatic relationships between countries and make the bond stronger.
Since there are exchanges of ideas, goods, and services, the developing countries can develop science and technology as they can obtain the information, skills, and knowledge from the developed countries. It also promotes foreign investment and free trade. Gaining access to the international community will also lead to the improvement of the living standard of people. They can invest in foreign products/companies, gain knowledge from them, and can gain employment in foreign lands which uplifts the living standard of people.
We can also communicate with people all around the world and enrich our lives with a broader perspective. Taking health into consideration, globalization has impacted directly controlling infectious diseases and the ability to control and eradicate them. This is because of the development of technologies worldwide. There is an open flow of goods and hence we have more flow of technologies and applications across nations. It also brings about new opportunities for new products. Similarly, globalization also has a negative impact.
Globalization will mainly focus on trades from developed countries. That way developing and least developing countries are least benefited as they cannot export their products. The developed countries are also influential and many developing countries get easily influenced by them. This makes it so that the local products, traditions, culture, and ethics of a place are influenced and degraded.
Due to globalization, there will be more exports from developed countries and more imports for developing countries. This might cause an adverse impact on the national economy due to multinational companies taking profits from developing and least developed countries. There is also an open and free flow of goods and services across the globe which makes crimes like drug trafficking, girl trafficking, trafficking of arms, and ammunition a threat.
Globalization also impacts the environment. It will depend on the careful use of natural resources and products as there are mass production and trade that goes on. Globalization has its own set of benefits and disadvantages but for the developing countries, its advantages fall a bit short as there is less promotion of goods/products of local/developing countries.
But it is necessary both local and foreign companies face competition to be successful and globalization helps build that sense. Even though localization is more important for developing/underdeveloped counties, this is the age of globalization, and the government of the countries should also focus on adopting the kills and technologies form developed countries and should be embraced by them so that they won’t be left behind in the competitive world.
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