International Business:

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Advantage And Disadvantage Of Globalization

      Globalization has boosted up the economies and the lives of millions across the continents since it impacts the economy, the psychology of people and their culture as it breaks down the barriers of distrust and helps people understanding the people of other nations. Globalization has increased the scope of employment to many developing nations and filled up the coffers of profit for the developed nations. But, not everything is as sugar coated as it seems at the outset. Like many phenomenon, even globalization has got its own share of advantages (pros) and disadvantages (cons). More..

Globalization as you may hear very often these days is simply the process of the world coming close, pushing down the barriers of borders across various fields like the economics, culture and the politics although most of the times this term refers to trade across nations.

The whole world is one market. It also means that you and I consume the same product. There is no time difference. It is an exchange of products among various markets. Today an increasing number of goods are consumed by different markets which actually might be produced by one single company in a particular nation. Globalization does welcome monopoly. The technology used might be different but an access to that technology is not within the reach of some.

Globalization has immensely led to migration. Better job opportunities have forced the people to look out for options. However, migration has not become free. Skilled professionals have more advantage than unskilled ones.

Globalization had led to the popularity of English language. One common language that may be understood by all has led to lot of tension and unrest. Globalization has its impact on every sector be it education, sports, health, transport, finances and entertainment. The bond of different cultures is good to notice but does not indicate that our own culture is left behind.

We still prefer burgers and fries to pizzas and Chinese. Americans still prefer to watch rugby or baseball rather than soccer or cricket. Politically different nations backing each other might help to curb terrorism but not much progress is been seen with welfare affairs. The developing countries still have poverty as their major issue let to be not tackled by globalization.

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