Globalization is the process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures. Globalization, on the other hand, is praised by some for opening borders and linking cultures, while it is blamed by others for upsetting local economies and killing employment. Let’s look at some pros and cons of globalization to understand more about it.
Advantages OR Pros of globalization:
- Globalization broadens access to goods and services. In addition, changes in the value system.
- Globalization has increased job opportunities in capital scarce, and developing countries.
- With globalization, information and technology spread more easily.
- Globalization increases cross-cultural awareness that strengthens ties between nations.
- Globalization can lift people out of poverty.
- Building up the economies and social structure of struggling or developing countries.
- Globalization brings the world’s advanced economies closer.
- Currency manipulation is less of an issue as a result of globalization.
- Decrease in the chance of tax fraud.
- With globalization, global GDP increases.
- Global research collaboration may help to reach a goal.
Disadvantages OR Cons of globalization:
- Globalization empowers multinational corporations.
- Globalization can contribute to cultural homogeneity.
- Workers may lose their employment to nations that have lower labor costs.
- Globalization has not protected labor, the environment and human rights.
- With globalization, wealthier nations get richer, and poor nations get poorer.
- Increase in globally organized crime.
- Global health issues and spread of pandemics.
- Food and land speculation.
- Facilitation of lawful tax evasion by multinational corporations.
- Dependence on other countries regarding specific goods and services.
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