Globalization: Pros and Cons
Ayoub Laissouf
Globalization Globalization has driven all countries to the competitive world. It pulls them out from their detachments into a world of collaboration and unity where distance and isolation are minimized. Globalization means that the globe has integrated socially, economically, culturally, and politically through advanced communication, transportation, and technology. It has brought the world together through the exchange of products, knowledge, and culture. The biggest firms are no longer national companies but multination corporations which have branches in many countries. According to the economist David Henderson of the Melbourne Business School, globalization is, “The growing liberalization of international trade and investment, and the resulting increase in the integration of national economies.”1 Although globalization has many positive effects, it also has many negative ones. One of the most positive effects is the improvement of the product’s quality and service due to the increased competition. Thanks to globalization, domestic companies are compelled to manufacture a good product with a reasonable price to satisfy their customers and compete in the market, which only the fittest can survive. Customers benefit a lot from this fierce competition because they have the opportunity to choose from different available commodities and get quality goods at a cheaper cost. In addition, with globalization, several firms from developed countries have established branches and investments in the less developed ones, and that has generated employment opportunities and incomes to the people in those countries (“Advantage of Globalization”).2 Another good effect is the spread of education. You can now get the same quality of education in your country as it is provided in developed countries or you can travel to another country to look for the best educational facilities and integrate with
Globalization Globalization has driven all countries to the competitive world. It pulls them out from their detachments into a world of collaboration and unity where distance and isolation are minimized. Globalization means that the globe has integrated socially, economically, culturally, and politically through advanced communication, transportation, and technology. It has brought the world together through the exchange of products, knowledge, and culture. The biggest firms are no longer national companies but multination corporations which have branches in many countries. According to the economist David Henderson of the Melbourne Business School, globalization is, “The growing liberalization of international trade and investment, and the resulting increase in the integration of national economies.”1 Although globalization has many positive effects, it also has many negative ones. One of the most positive effects is the improvement of the product’s quality and service due to the increased competition. Thanks to globalization, domestic companies are compelled to manufacture a good product with a reasonable price to satisfy their customers and compete in the market, which only the fittest can survive. Customers benefit a lot from this fierce competition because they have the opportunity to choose from different available commodities and get quality goods at a cheaper cost. In addition, with globalization, several firms from developed countries have established branches and investments in the less developed ones, and that has generated employment opportunities and incomes to the people in those countries (“Advantage of Globalization”).2 Another good effect is the spread of education. You can now get the same quality of education in your country as it is provided in developed countries or you can travel to another country to look for the best educational facilities and integrate with
Cited: Lovekar,Vipul. “Advantage and Disadvantage of Globalization” January 30, 2013 Naik, Abhijit. “Advantage of Globalization” September 21, 2011 >. http://www.buzzle.com/articles/disadvantages-of-globalization.html>.