Globalizaton

Globalization
What Is Globalization?
Globalization means increasing the interdependence, connectivity and integration on a global level with respect to the social, cultural, political, technological, economic and ecological levels.
Globalization is “a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology”. This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world.

Example:Assume that a mango farmer in India and he grows very good quality mangoes over there. Obviously, the fruit is highly appreciated in India, but also he knows that he shall get a better value in the US. So, the network of communication and execution that allows him to sell his fruit in US is basically the phenomenon of globalization.

Globalization is deeply controversial, however. Proponents of globalization argue that it allows poor countries and their citizens to develop economically and raise their standards of living, while opponents of globalization claim that the creation of an international free market has benefited multinational corporations in the Western world at the expense of local enterprises, local cultures, and common people. Resistance to globalization has therefore taken shape both at a popular and at a governmental level as people and governments try to manage the flow of capital, labor, goods, and ideas that constitute the current wave of globalization.

Arguments for globalization include the following:
It is reducing poverty worldwide.
It is allowing access to technology in developing countries.
It promotes world peace.
It has benefited women and children's rights.
It raises life expectancy.
Advantages & Disadvantages of Globalization
The Advantages
a. GDP Increase:If statistics are of any indication, the GDP of the developing countries has increased twice as much as before.
b. Per Capita Income Increase: The wealth has had a trickling effect on the poor. The average income has increased to thrice as much.
c. Unemployment is Reduced: This fact is quite evident when you look at countries like India and China.
d. Education has Increased: Globalization has been a catalyst to the jobs that require higher skill set. This demand allowed people to gain higher education.
e. Competition on Even Platform: The companies all around the world are competing on a single global platform. This allows better options to consumers.

The Disadvantages
a. Uneven Distribution of Wealth: Wealth is still concentrated in the hands of a few individuals, and the common man in a developing country is yet to see any major benefits of globalization.
b. Income Gap Between Developed and Developing Countries: The wealth of developed countries continues to grow twice as much as the developing world.
c. Different Wage Standards for Developing Countries: A technology worker may get more value for his work in a developed country than a worker in a developing country.
d. Reversal of Globalization: In future, factors such as war may demand the reversal of the globalization (as evident in inter world war years), and current process of globalization may just be impossible to reverse.