The term globalization has been used to describe different countries join for economic political and educational equality. The countries joining together thinks about themselves as part of the world rather than as a separate country. The following are some of the advantages and disadvantages of Globalization.
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Positive Impacts of Globalization
1. Adopting to Globalization increase free trading opportunities between countries. This allows business organizations in developed countries to invest in developing countries.
2. As the communication between the countries becomes open sharing of information became easier due to globalization. This has also contributed to the increase in speed of transportation of products.
3. Countries joining together through globalization will remove the cultural barriers and make the world a global village. Globalization makes the countries adapt the factors that are beneficial in the long run.
4. There is also possibility of less war between developed countries due to globalization.
The negative Impact of Globalization are as follows.
1.If the rules and regulations regarding protection of the environment is less in under developed countries, other developed countries can manufacture products that may harm the environment.
2. As majority of big industries prefer cheap labour people in skilled and non skilled category will go for job in developed countries.
Even though there are some negative impact due to globalization, the positive effects are dominating. It is also possible to reduce the various risks involved
1.The development of Third World nations
According to Jagdish Bhagwati, a former adviser to the U.N. on globalization, although there are obvious problems with overly-rapid development, globalization is a very positive force that lifts countries out of poverty. According to him, it causes a virtuous economic cycle associated with faster economic growth.
2.The democratizing effect of communications (esp. the internet)
Exchange of information via the internet is playing a major role in the democratization of many countries.
3.Equalization of income distribution among nations
According to Robert Reich, the globalization of the workforce has the potential to equalize income distribution. In the past, workers in industrialized countries occupied a privileged position. With the advent of the global job market, this is no longer the case. Production workers in industrial countries are loosing ground, as jobs and income are being transferred to production workers in developing countries
4.Increased opportunity in the Third World
Workers in developing countries now have more occupational choices then ever before. Educated workers in developing countries are able to compete on the global job market for high paying jobs. Production workers in developing countries are not only able to compete, they have a strong advantage over their counterparts in the industrialized world. This translates into increased opportunity. Workers have the choice of emigrating and taking jobs in industrial countries or staying at home to work in outsourced industries. In addition, the global economy provides a market for the products of cottage industry, providing more opportunities
1It has increased inequality and environmental degradation.
2.In many poorer nations, globalization is the result of foreign businesses utilizing workers in a country to take advantage of the lower wage rates.
3.Brain Drain-Opportunities in rich countries drives talent away from poor countries, leading to brain drains.
The globalization of the job market has had negative consequences in developed countries. “Mind workers” (engineers, attorneys, scientists, professors, executives, journalists, consultants) are able to compete successfully in the world market and command high wages. Conversely, production workers and service workers in industrialized nations are unable to compete with workers in third world countries and either lose their jobs through outsourcing or are forced to accept wage cuts