pros and cons of globalisation

Pros and Cons of Globalisation
There are many advantages and disadvantages of globalisation. Some of these good and bad points of this worldwide phenomenon are discussed below:
Advantages of Globalisation
Globalisation has the potential to make this world a better place to live in and solve some deep-seated problems like unemployment and poverty.
The pros of globalisation are many and some are as follows:
1. Globalisation promotes global economic growth, creates jobs, makes companies more competitive, and lowers prices for consumers. It also provides poor countries, through the benefit of foreign capital and technology, with the chance to develop economically and by spreading wealth.
2. Globalisation can help raise the global economy only when those involved have mutual trust and respect for each other’s opinion. Globalisation and equality should go hand-in-hand. It should be pure business.
3. Now there is a worldwide market companies and customers have the means to better access to products from different countries.
4. There is a world power that is being created gradually, instead of pigeon-holed power sectors. Politics are merging and the decisions that are being made are actually beneficial for people all over the world.
5. Cultural intermingling increases and every nation tries to know more about the other nations cultural preferences. In this process, we are actually coming across things that we like and in the course of time we can adopt it.
6. Since we share financial interests, corporations and governments are trying to sort out ecological problems for each other. There is an increase in the production sector which in turn brings lots of options of investments for different companies. This in turn increases rate of production. Manufacturers find this profitable and helps in the availability of more jobs.
7. Socially we have become more open and tolerant towards each other, and people who live in other parts of the world are not considered “aliens”.
8. Speedy travel, mass communications and quick distribution of information through the Internet has benefited globalisation, especially to those nations who do not have anything in common between them.

Disadvantages of Globalisation
There are cons of globalisation which are as follows:
1. “The general complaint about globalisation is that it has made the rich richer while making the non-rich poorer. It is wonderful for managers and investors, but hell on workers and nature.”
2. Multinational corporations are accused of social injustice, unfair working conditions (slave labour wages and poor living and working conditions). Child workers are used to work in inhumane conditions. Safety standards are ignored to produce cheap goods and there is also an increase in human trafficking.
Many people from developed nations are losing jobs and that is posing a problem for them since the companies are outsourcing work to developing countries since the cost of labour is low and profits the company considerably. This in turn brings immense pressure on the employed people of developed countries who are always under the threat of their jobs being outsourced therefore increasing unemployment and poverty.
3. Multinational corporations which were previously restricted to commercial activities are increasingly influencing political decisions. There is a threat of corporations ruling the world because they are gaining more power and money due to globalisation.
4. Globalisation is leading to a loss of cultural identity as Western ideas are always imposed upon the Eastern thoughts.
5. Globalisation can also be look at as helping the spread of infectious diseases to the remotest corners of the globe, due to more people travelling further.

Conclusion
It is hard to see globalisation work in a beneficial way for everyone. If it were to work, many of the rich and powerful countries would have to help many of the poorer nations, and not just with “jobs (cheap labour)”, but use initiatives such as debt reduction or cancellation.
Globalisation has brought diminishing national borders and the merging of individual national markets. It has stimulated free movement of capital and paved the way for companies to set up several bases around the world.
The rise of the Internet and recent advances in telecommunications has boosted this further and for consumers, this is largely a good thing. Vigorous trade has made for more choice in the High Street, greater spending, rising living standards and a growth in international travel.
Although some good has been done through globalisation through increased international trade, which has made us wealthier and allowed us to lead more diverse lifestyles, more damage has also been caused.
A global effort to improve and upkeep the cultural, living and economic standards of every country would be required. Also, powerful nations would have to follow the rules and guidelines set instead of bullying poorer countries to allow them not to follow it. Globalisation is beneficial for the globe, but the world has to think globally instead of nationally.