Client’s 27 May The world is changing every second, over the past few years drastic changes have been all across the globe. Globalization refers to converting the whole world into a single society without any subdivisions. Globalization is not only about economic globalization but it is also about many other things, it should not be looked at only from the economic perspective. The integration of various economies is usually referred to as globalization but in reality it is a lot more than that. This paper will throw light upon the fact that globalization is an unstoppable force and we have to keep pace with the same. The British are the classic example of Globalizing; they imposed their ideas over various countries and were very close to ruling the whole world.
The WTO is an organization that promotes Globalization and the organization has been very successful in doing so till date. WTO has established many subsidies to enable global participation; in addition to this the organization has shown a very liberal attitude towards global trade so as to promote globalization. The transportation cost of the goods is very reasonable and this has also been set by the WTO, from this we get a very good idea that Globalization is being promoted at a very large scale in order to maximize profits and to create a strong global economy.
Globalization provides equal opportunities for every country to make the most of the same, the rules and regulations are the same for every country, it is an organization that operates without any bias. Effects of Globalization Globalization enables various producers to satisfy the demand of various consumers all over the world, it facilitates healthy competition between companies and consumers benefit from this healthy competition.
Globalization is a force to reckon with, it is impossible not to accept the fact that globalization is taking place all over the world and it is high time to get accustomed to the same in order to keep pace with it. The economic aspects of Globalization are very promising; countries like India, China, The US and the others have benefitted a lot from Globalization and may more countries will benefit from it in the near future.
When Globalization is looked at from the perspective of information, it is found to be really good and very beneficial for countries which are remote when it comes to communication, Globalization brings a lot of awareness in the world, the technological changes and the various other changes which are taking place is all because of Globalization. Globalization helps in improving the culture of the people, when various people all across the globe trade with each other, they come in contact with each other and they learn positive aspects of one another’s culture, the same helps them in making their culture better.
Travel and tourism have been significantly boosted by Globalization, earlier the travel and tourism industries did not as much income as they are making these days and Globalization provides countless earning opportunities to people all over the world. Every Coin is two sided Globalization has many positive aspects but it has some very serious negative aspects too, which when looked at make a person believe that Globalization is very harmful for the world. “Millions of Americans have lost jobs due to imports or production shifts abroad.
Most find new jobs--that pay less. ” (The Pros and Cons of Globalization). The US has gained a lot from Globalization but in the recent past they have also lost a lot because of the same, outsourcing of jobs has hit the country very hard, the employers employ employers situated oversees in order to cut down their cost, this has hit the economy of the country really hard. “Globalization can also have a tremendously bad effect on LDNs. When the Asian financial crisis hit, rumors of bad business almost undid the prosperity of recent years.
Investors suddenly pulled out billions of dollars in invested capital from banks that were actually in no real trouble at all. Due to globalization, Asian Tiger economies suffered from unfounded foreign investor speculation. ” (Pros and Cons of Globalization). This shows the negative aspects of Globalization and these aspects provoke an individual to believe that Globalization should be stopped and it is not an unstoppable force. Conclusion The paper discussed the pros and cons of Globalization and it is very fair to say that every coin is two sided and the case of Globalization is no different, in spite of its cons, the pros easily manage to hog the limelight and hence it should be accepted that Globalization is good for the world and should not be stopped in any way. References Pros and Cons of Globalization.
In ASIJ. Retrieved from: The Pros and Cons of Globalization. In Business Week. Retrieved from: