Define the term ‘globalisation’ and explain pros and cons of the effects of globalization. Give reasons for your answer and include any relevant examples from your own knowledge or experience. Write at least 250 words.

Globalization is a term that started spreading widely from the first decade of the twentieth century. It simply means that the world has become integrated socially, economically, politically and culturally through the technological, transportational and communicational boosts. The process of globalization has resulted in both positive and negative effects. First of all, the positive sides of globalization are many. It has contributed to the world’s economies in many beneficial ways, although the impact of the globalization on countries’ economic conditions need to be highlighted. The advances in technology and science have allowed business to easily cross the borders with low tariffs. Transportational and transactional operations have helped to acess everything easily. Moreover, the percentage of International and Transnational companies have grown dynamically, this leads to the increasement of GDP rate in various states. Secondly, the TNCs and MNCs from developed countries have established the competitions with local firms on situated countries. Consequently, local companies tend to become more productive and competitive and this gave a start to the rising quality of goods, services and world’s living standards. However, no one cannot deny the negative effects which globalization had started. One crucial aspect is the cultural point. The world’s cultures are mixing, people are adopting to the customs of strong developed countries. Young generation is affecting by the influence of social media, and they are less carrying on traditions and language of their Motherland. Also big corporations are investing on local companies which may pose the certain pressure on the situated government. To conclude, globalization, or the world without borders, has both advantages and disadvantages.