Advantages and Disadvantages of Globalization
Globalization refers to the fundamental interaction of one economy with all the other economies of the world. This interaction can be in status of financial transactions, trade, politics, education, production etc. Globalization picked up steam with the innovation of newer and newer technologies in the world of transportation and communication. Thus, it can be seen that though globalization is derived back to past times by historians, it truly began at the end of the 19th and beginning of the 20th century. The term Globalization, in its brand-new form, has four major factors.
Helps help the average growth rate of the country’s economy through improving in allocative effectiveness and efficiency of the resources.
It increases labor productivity and reduces capital-output ratio.
It makes way to get rid of in-efficiency in the production system.
In its deficiency, makes the production system careless about cost-effectiveness.
Draw foreign capital as well as foreign updated technology, improving the quality of production.
1.)Leads the way to distribute the economic power at global level which leads to control of rich-powerful countries
2.)Loss of culture: We can easily notice how due to convergent of western culture in our daily life is weakening our own classical culture of traditional dresses, classical music and dance etc.
3.)People are losing curiosity in their own history: Our generation even don't know about stories of their own gods.
Globalization is basically opening up of the economy for world market by execute international competitiveness. It’s an physical phenomenon between two or more countries associating to financial flows, trading, technologies, logistics, cultures etc.
Few of the advantages:
1.) Brings the best of the technology.
2.) Helps the developing or underdeveloped country to become developed countries of different cultures.
3.) Economic growth
Few of the disadvantages:-
1.) Creates high quality of bigger nations over the smaller one’s.
2.) Free trade also red deer the growth of underdeveloped nations.
3.) Devastation the values and traditions of the nations.
Primitively Answered: What are the advantages and disadvantages of Globalization? Globalization refers to the fundamental interaction of an economy with all the other economies of the world. This kind of interaction can be from business enterprise transaction, trade, politics, education, production and so on. With the innovation of new and newer technologies in the field of transportation and communications, globalization has brought steam. As a result, it can be seen that, although globalization has been derived back to ancient times by historians, it did begin at the end of the 19th and beginning of the 20th century.