Pros and Cons of Globalization

Globalization is the recent push toward a connection between all the countries of the world eventually creating ‘one global economy’. It is the elimination of national borders for business interaction. Globalization introduces companies to other markets around the world other than their own. It does not only come from an economic standpoint It has also allowed for awareness of the different cultures and lifestyles of people around the globe. Technological innovation has been a major force driving globalization along with trade agreements between countries. Technology has allowed for companies situated in the US can meet with the board of directors from all ten countries they are present in through video conferencing or contact them through the use of email. Innovations in travel have allowed for efficient and dependable transportation of goods such as raw materials between countries.

“According to libertarians, globalization will help the whole world to deal with crises like unemployment and poverty. It will help us to raise the global economy only when the involved power blocks have mutual trust and respect for each other’s opinion. Globalization and democracy should go hand in hand. It should be pure business with no colonialist designs.”

One of the most positive effects of globalization, beginning after WWII, is its impact on trade. With an increase in free trade, the prosperity and wealth of nations as well as their interdependence on one another has increased. Also globalization has helped companies reduce cost by “standardizing marketing activities”, as well as explore various new markets as their own become small or saturated, and take advantage of their seasonal products. For example providing snowboarding equipment in Vermont from December through March while providing Scandanavia with it year round. Globalization has created and continues to create a huge flow of information between two or more countries countries, which do not have anything in