Meaning, Advantages and Disadvantages Article shared by:
The merits of globalization are discussed below. Globalization will make all persons sincere and active in their work. Being part of the game of competition, they will try to produce more and sell more.
The basic principle of globalization is that each one will try to prove that he is better than others. As a result, economy will develop fast and the economic development of the country will be expedited. Free economy will attract more of investment. Rich and developed countries will invest their capital and establish industries in poor and backward countries.
More of jobs will be created in developing countries. Individuals with skill and good education will be able to find employment in different industries and factories; some of them may open their own business.
Increase in the Efficiency of Domestic companies: The domestic companies, as a result of competition with MNCs, will be able to increase their efficiency and successfully compete at the international level.
The Government becomes more efficient: The bureaucracy is generally slow, cunning and corrupt. Red-tapism is the other name of bureaucracy because of these bad qualities. The decision-making is unduly delayed. But, due to liberalisation and globalization, the government is almost forced to change its style of work, and become more active and competitive.
New Inventions and Discoveries: As a result of-globalization, there takes place marked change in the nature and character of man. He dreams and he tries to make it a reality. He thinks of new ideas and searches for new paths.
All this helps him make new inventions and discoveries. In turn, this contributes to qualitative increase in his knowledge. Globalization weakens the monopoly business; as a result, the consumer has several choices in the market.
The producers are required to produce better things to attract consumers. As globalization breaks national barriers, it becomes easier for the culture of one country to reach other countries.
As a result of exchange of values and ideas among nations, a new culture is likely no grown. The cultural division among them has begun to weaken.
As a result of globalization, democracy will be strong and solid. Democracy mainly means political freedom, and political freedom has little meaning if there is no economic freedom.
As globalization gives economic freedom to people, it helps them take active part in the democratic process. Globalization is the right step towards the establishment of one world.
It breaks national barriers and binds all nations by the bond of friendship, cooperation and integration.
In course of time, it is hoped, there will be one people, one government, and one world.Globalisation is the process of international integration through acceptance and exchange of each other’s goods, services, culture among others.
Thus, virtually, it is a process of vanishing of the borders between various countries. The advantages and disadvantages of globalization have been discussed in a vigorous debate.
There are those who defend the benefits related to the freedom that this fact brings and those who believe that it is detrimental to the cultural integrity.
Merits and Demerits of Globalisation. Topics: Developing country, Developed country, Globalization Pages: 7 ( words) Published: October 12, Introduction Globalization or (globalisation) is the process by which the people of the world are unified into a single society and function together.
There are multiple advantages and disadvantages to globalization, depending on one's perspective and one's priorities. 1. Globalization leads to the spread of mass culture.
Let us make in-depth study of the meaning, advantages and disadvantages of globalisation. Meaning: By the term globalisation we mean opening up of the economy for world market by attaining international competitiveness. The Top 3 Globalization Disadvantages.
1. Decrease Environmental Integrity Globalization has the potential to decrease the environmental integrity as polluting corporations from well developed countries can take advantage of developing nations weak regulatory rules.