Globalization is a phenomenon that has become very popular these days. It is essentially a phenomenon that breaks down barriers between countries and helps in merging of the entire globe. This will not only lead to political exchange but it will also initiate cultural, psychological and financial exchange. This in turn will help create a world where there are no differences between people and less violence among nations. However, the effects of globalization may not be all that pleasant. There are both pros and cons of globalization that are presented below.
Pros of Globalization
Globalization has led to the availability of products from all over the word in various countries. We no longer have to go to Italy to try the finest quality pasta and to India to get basmati rice. This means that globalization has made living and utilizing products from various parts of the world incredibly easy. Globalization also brings in the needed foreign exchange into the developing countries from the developed countries. This helps in development of the nations that are still in the process of attaining autonomy technologically and financially.
One of the pros of globalization is that a world power is on the rise instead of the small compartments of power. We know that a fist is much more powerful than a single finger. This applies to this scenario as well. If people are all together, dealing with disasters and managing recessions will become a breeze.
In addition to mentioned pros of globalization, it is also creating a lot of job opportunities for people all over the world. It is also providing companies with the needed man power.
Culturally people become more tolerant towards other people. Globalization is the first step towards accepting the myriads of cultures that are present all over the globe and learning to live in harmony with them. Along with these pros of globalization, there is a greater exchange in knowledge and this is enriching the depth and the range of knowledge of the people all around the globe.
Cons of Globalization
One of the major cons of globalization is that it threatens the jobs of many developed countries. Their nations are under a constant losing of their jobs as a lot of the work is now being outsourced to developing countries. A lot of effort is being put into setting up branches or companies in other countries. As a result there is a loss of resources from the country itself.
One of the cons of globalization is also that it can lead to the spread of infectious diseases. Apart from that there are high chances of globalization leading to social degeneration as well. The biggest threat is posed by the corporate world because a majority of the power lies in their hands. This may not always be a good thing and may not be the safest situation to be in. Eventually, some people think about the cons of globalization in a way that this process can turn into a form of colonization.