Globalization has taken a new dimension altogether in the past few years. Though, a popular stratum of individual accept the globalized world, however some people tend to deny with its benefits. This essay would explicate the positive and negative aspects at length in paragraphs to come.
The most important benefit derived from globalization is that it has led to integration of different parts of the world. The World was never connected this way. This provided the countries with opportunities to develop and boost their economy. Free transfer of goods and services across the boundaries has majorly transformed the way an economy works. No country would be self-sufficient in all aspects, thereby making such a phenomenon essential for that country's economy as well as the local economy. It has also led to increased competition in the market by enabling easy access to the markets outside their boundary which resulted in improved quality of products as the consumers now have a variety to choose from.
However, there are downsides too, it has adversely affected the small farmers and artisans. They find it difficult to compete with foreign made machine goods due to lack of funds, resources and technical expertise. Moreover, big Multinational Corporations tend to mark their territory in different countries which does not allow the local business men to excel. Competitive pricing for similar products does not really give variety to the consumers as people tend to produce only those goods which are in demand and there is no scope for innovation.
Having examined the pros and cons, I pen down saying that the World has developed on a massive scale as a result of integration, however, certain segment of the society do suffer from the limitations. The authorities concerned must take measures to ensure that every person enjoys the benefits if globalization.
Globalization has taken a new dimension altogether in the past few years. Though, a popular stratum of individual accept the globalized
world
,
however
some
people
tend to deny with its benefits. This essay would explicate the
positive
and
negative
aspects at length in paragraphs to
come
.
The most
important
benefit derived from globalization is that it has led to integration of
different
parts of the
world
. The
World
was never connected this way. This provided the countries with opportunities to develop and boost their
economy
. Free transfer of
goods
and services across the boundaries has
majorly
transformed the way an
economy
works. No country would be self-sufficient in all aspects, thereby making such a phenomenon essential for that country's
economy
as well
as the local
economy
. It has
also
led to increased competition in the market by enabling easy access to the markets outside their boundary which resulted in
improved
quality of products as the consumers
now
have a variety to choose from.
However
, there are downsides too, it has
adversely
affected
the
small
farmers and artisans. They find it difficult to compete with foreign made machine
goods
due to lack of funds, resources and technical expertise.
Moreover
,
big
Multinational Corporations tend to mark their territory in
different
countries which does not
allow
the local business
men
to excel. Competitive pricing for similar products does not
really
give variety to the consumers as
people
tend to produce
only
those
goods
which are in demand and there is no scope for innovation.
Having examined the pros and cons, I pen down saying that the
World
has developed on a massive scale
as a result
of integration,
however
, certain segment of the society do suffer from the limitations. The authorities concerned
must
take measures to ensure that every person enjoys the benefits if globalization.