Globalization is the integration of linkage between localities, economies, culture and nation globally. It occurs as a result of increase in people, capital, ideas and labour across national borders. With the advancement in transport and communication technology, the concept of globalization became more popular. In this way, we can say that mass media has played a very significant role in the exchange of cultural traits and ideas among different nations.
As, we are aware of the fact that every new thing causes both advantages as well as disadvantages in our lives. Just like this, globalization also has pros and cons which are discuss as under:
Advantages of Globalization:-
Some of the advantages of globalization are as follow:
- Promotes globally economy growth and free trade which results in creation of job opportunities, makes companies more competitive and thus lower prices are given to consumers.
- With the more exchange of culture and ideas, World in now turning into one single society and making peoples closer to each other. Thus, access to new cultures is made possible easily now.
- Because of globalization, labour is moving from one nation to another, strengthening economy of developing countries.
- Multinational companies are installing their companies in developing countries and as a result, many job opportunities were created which causes poverty to be eliminate.
Disadvantages of Globalization:-
“Globalization is incredibly efficient but also so far incredibly unjust.”
Beside advantages, there are also some disadvantages of globalization. Some of them are as follow:
- Globalization causes unequal economic growth as rich become more rich while poor become more poor.
- Causes difficulty for local company to enter into consumers market.
- Exploitation of lobour occur and as a result, low wages and long work hours are face by labours.
- National or Regional culture is vanishing due to dominancy of global culture.
Example of Globalization:-
Globalization s observe from “The Silk Road” which was made to encourage trade between China and the countries around the Mediterranean Sea. This road not only flourish the trade between these countries but also at the same time, the exchange of culture, ideas and knowledge is also made possible. So, from this we can observe that advancement in technology causes a growth in concept of globalization.