Globalization is the commonly used term in today’s era. It simply means that the world has become integrated economically, socially, politically and culturally through the advances in technologies, transportations and communications. This phenomenon has positive and negative effects, which must be addressed accordingly.
To embark with, globalization has contributed to the world’s economy in many beneficial ways. The enhancements in science and technology made it possible to overcome territorial boundaries for all businesses. Consequently, businesses thrive in different nationalities and raise more profit. Moreover, they can provide better quality of goods, services and contribute to better standard living. In addition, Several companies from more developed countries have branches in developing countries. Such that they get advantage of low cost labour and low maintenance and investment fund for their business.
However, One cannot deny the detrimental effects, which were derived from globalization. The major drawback is spreading deadly diseases due to ease to transportations and supply. This adds the huge risk and danger to the whole population of the world. For example, a recent deadly Corona virus has spread all over the world in a quite short period of time, though it started from China. Besides this, Large corporation invests or takes over many local offshore businesses, a modern form of colonization will also involve many pose certain power pressure on local government. Furthermore, unemployment rates in developed countries like Europe may also escalate due to availability of cheap cost labour from Asian countries.
To put this in a nutshell, I opine that even though globalization has fairly positive benefits for the world’s economy, its gloomy side cannot be neglected. Though balanced approach from by taking appropriate steps to deal with matters may help nations to overcome the negative side.
Globalization is the
commonly
used
term in
today
’s era. It
simply
means that the
world
has become integrated
economically
,
socially
,
politically
and
culturally
through the advances in technologies, transportations and communications. This phenomenon has
positive
and
negative
effects, which
must
be addressed
accordingly
.
To embark with, globalization has contributed to the
world’s
economy in
many
beneficial ways. The enhancements in science and technology made it possible to overcome territorial boundaries for all businesses.
Consequently
, businesses thrive in
different
nationalities and raise more profit.
Moreover
, they can provide better quality of
goods
, services and contribute to better standard living.
In addition
, Several
companies
from more
developed countries
have branches in
developing countries
. Such that they
get
advantage of low cost
labour
and low maintenance and investment fund for their business.
However
, One cannot deny the detrimental effects, which
were derived
from globalization. The major drawback is spreading deadly diseases due to
ease
to transportations and supply. This
adds
the huge
risk
and
danger
to the whole population of the
world
.
For example
, a recent deadly
Corona virus
has spread all over the
world
in a quite short period of time, though it
started
from China.
Besides
this, Large corporation invests or takes over
many
local offshore businesses, a modern form of colonization will
also
involve
many
pose certain power pressure on local
government
.
Furthermore
, unemployment rates in
developed countries
like Europe may
also
escalate due to availability of
cheap
cost
labour
from Asian countries.
To put this in a nutshell, I opine that
even though
globalization has
fairly
positive
benefits for the
world’s
economy, its gloomy side cannot
be neglected
.
Though
balanced approach from by taking appropriate steps to deal with matters may
help
nations to overcome the
negative
side.