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What are the advantages and disadvantages of globalization?

The advantages of globalization include free trade, better communication between nations, and increased access to technology, media, education, healthcare, and consumer goods. The disadvantages of globalization include the potential exploitation of developing countries, cultural homogenization, and the possibility of adverse effects on local economies and the environment. 

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Dayna Watsica eNotes educator | Certified Educator

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Since people wrote mostly positive things, here are some negative things (playing devil's advocate).

1. Globalization can ruin the environment. Moving things from one area to another wastes oil, etc.

2. Globalization can ruin local economies. There is a movement that wants to buy local - especially organic foods.

3. Globalization can lead to hyper-specialization, which can be good, but also negative. There is something great about being a generalist. Also what if something goes wrong. To know things generally give an incredible perspective that specialists do not have.

4. Globalization can be driven by people with "know how" and power and they can systematically fleece the world.

 

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brettd eNotes educator | Certified Educator

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Other things to consider:

* Reduces international poverty

* Contributes to the spread of technology

* Adds to the profitability of companies and corporations

* Builds stronger trade ties and dependencies between nations

* Major motivation for moving overseas is to exploit more lax labor laws and low environmental standards

* Homogenizes the world culture, both positively and negatively

* Destroys entire industries in developed countries (e.g. US automakers, textile manufacturing)

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takayama729 | Student

Caveat - it's important to consider that perspective is crucial when discussing globalization. For example, an advantage in the developed world can be a disadvantage in the developing world and vice-versa.

Advantages:

1. Increased cultural competence - Increased cross-cultural communication has elevated the need for education and training in cultural competence to an imperative. Increased cultural competence has positive externalities such as better healthcare outcomes amongst diverse populations.

2. Greater access for developing nations - This is a tricky one and is a good example of my caveat. Globalization incents firms to enter markets in which they may have historically not participated. In theory, when a firm enters a market it brings with it jobs --> jobs provide wages --> wages are used to further stimulate the economy, and so on and so forth. However, firms often enter markets to take advantage of some sort of arbitrage (labor, raw materials). It's important to look at both sides of the issue.

Disadvantages:

1. Limited regulations in developing countries - As mentioned before, arbitrage is often the reason for entering a new market. This can include the ability to take advantage of lax environmental / social regulations in the newly entered country leading to a number of negative externalities for said country's citizens.

2. Lack of cultural competence can lead to significant losses for a firm - this is firm-specific, but in situations where a firm doesn't have a firm grasp on how to do business in a country, it can lead to significant losses (i.e. Wal-Mart Germany).

adiamond12 | Student

Globalization refers to the breaking down of barriers to trade, investment, cultural exchange and communication through improvements in transportation infrastructure and communications technology. 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. People in India, China, France and the United States are watching many of the same movies and television shows. This means people have more in common across national and language barriers. This could lead to greater cross-cultural understanding. A downside of this dynamic is that the uniqueness of local cultures can be erased as globalization leads to cultural homogenization.

2. Globalization leads to complex and extended supply chains for a range of consumer products. Computers are made with parts coming from around the world, assembled in one country, and then sold in many others. This leads to cheaper goods for consumers as companies are able to scour the globe for places with the lowest labor costs. However, it can lead to the loss of high paying manufacturing jobs in countries like the United States as companies shift production to countries with lower labor costs.

nitira | Student

Globalization COMES OUT as a reform for countries as it creates the market with a virtue of "Global village". With its advantages not just limiting themselves to increased opportunities for the small scale workers and increased consumer value , the concept of 'caveat venditor ' which meant the vendor is king has been replaced by 'CAVEAT EMPTOR' . The goods that were earlier exclusive and for that matter exotic in a layman language have become more accessible, the cross cultural exchange has been made possible with globalization . It has enhanced the consumer exposure further increasing the trade and economic value besides the consumer value.

However , it has supplied problems as well to the developing countries, as the trade is increasing with the foreign investments , it although supplies a lot of wealth but it also takes away or rather drains away the environmental resources. More land is being utilized for the industrial purposes, other than that for an under developed economy , with small businesses, this comes more as a competition, with the limited means the small shops cannot compete the ginormous production units.

With the few above mentioned pros and cons of the globalization, the process comes with reforms in a long run ( as the under developed countries can somehow match the developed countries only in the long run).

cmthrumond5747 | Student

Pros:

1. Globalization has allowed us to aid each others countries in natural disasters. ( Earthquakes, Hurricanes, Tsunami and any other natural disaster where able to send resources such as food, water, medical supplies, building material, people we couldn't do that before.)

2. Helps developing countries to have access to our markets and export their goods.

3. Has created a gateway for countries to share information between them ( when before they would of only done so to benefit there country alone).

4. Globalization has allowed for countries to be not so isolated. We can communicate with any no matter where they live.

Cons

5. Deadly disease are being spread to places in the world that weren't previously visited regular by tourist.

6. Human trafficking is now back at the forefront because of globalization. ( It has given them more access to more people and more routes to hide and move people under the radar.)

samir123 | Student

the advantages of globalization are makes the trading easing and fasting,make it possible to buy the famous trade mark from any country at any time,make the world like a small village which can traveling around the world more easily.

disadvantages of globalization,it killed the small and local manufactures,makes unemployment because it the ability to move the factors to the places which have the cheaper workers,the factors make danger side effects in the environment.

alicechumba89 | Student

Advantages of globalization

  • The first notable advantage may be the overall rise in the living conditions of the different populations of the world.
  • Thanks to globalization markets have opened, countries can now export more easily.
  • Consumers can therefore also compete.
  • The prices charged by companies are down because often they have relocated their factories.
  • Emerging countries are developing faster thanks in particular to the establishment of multinationals.

Disadvantages of globalization

  • Job loss in other countries
  • Unfavorable living conditions for the population
  • The decline in quality
  • The price / quality ratio is not the best for the customer.
  • The dependence on developed countries by developing countries.

hazel123 | Student

Disadvantages: Exploitation of the poor by the rich on a global scale. Advantages: it increases free trade between nations.

user8747933 | Student
  • Increased free trade between nations
  • Increased liquidity of capital allowing investors in developed nations to invest in developing nations
  • Corporations have greater flexibility to operate across borders
  • Global mass media ties the world together
  • Increased flow of communications allows vital information to be shared between individuals and corporations around the world
  • Greater ease and speed of transportation for goods and people
  • Reduction of cultural barriers increases the global village effect
  • Spread of democratic ideals to developed nations
  • Greater interdependence of nation-states
  • Reduction of likelihood of war between developed nations
  • Increases in environmental protection in developed nations 
  • Increased flow of skilled and non-skilled jobs from developed to developing nations as corporations seek out the cheapest labor
  • Increased likelihood of economic disruptions in one nation effecting all nations
  • Corporate influence of nation-states far exceeds that of civil society organizations and average individuals
  • Threat that control of world media by a handful of corporations will limit cultural expression
  • Greater chance of reactions for globalization being violent in an attempt to preserve cultural heritage
  • Greater risk of diseases being transported unintentionally between nations
  • Spread of a materialistic lifestyle and attitude that sees consumption as the path to prosperity
  • International bodies like the World Trade Organization infringe on national and individual sovereignty
  • Increase in the chances of civil war within developing countries and open war between developing countries as they vie for resources
  • Decreases in environmental integrity as polluting corporations take advantage of weak regulatory rules in developing countries
harmonymupazviripo | Student

Thanks! You have been life savers

 

gabriel-percy | Student

IT HELPS WITH CULTURE DIFFUSION.

ssandhu05 | Student

Benefits:

  • It helps countries with acquiring certain products. If a certain country does not have the resources available to make a product that is in demand, then they can get it from another country
  • Helps consumers because products are cheap
  • market expands, which aids the overall economy of a country since more money is being made (economy expands)
  • larger market means more jobs available
  • looking at history, it has helped with inventions
  • spread of new technologies

Disadvantages(the opposite of all the benefits):

  • there could be less jobs available instead of more
  • damage to environment since factories and more production is needed
  • can lead to issues with money (financial problems)
  • smaller countries are not able to afford certain things, causing them to not be educated in the ways of financial literacy
  • certain harmful illnesses can spread from person to person
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nishu2766 | Student

ADVANTAGES-

1.The development of Third World nations

According to Jagdish Bhagwati, a former adviser to the U.N. on globalization, although there are obvious problems with overly-rapid development, globalization is a very positive force that lifts countries out of poverty. According to him, it causes a virtuous economic cycle associated with faster economic growth. 

2.The democratizing effect of communications (esp. the internet)

Exchange of information via the internet is playing a major role in the democratization of many countries.

3.Equalization of income distribution among nations

According to Robert Reich, the globalization of the workforce has the potential to equalize income distribution. In the past, workers in industrialized countries occupied a privileged position. With the advent of the global job market, this is no longer the case. Production workers in industrial countries are loosing ground, as jobs and income are being transferred to production workers in developing countries

4.Increased opportunity in the Third World

Workers in developing countries now have more occupational choices then ever before. Educated workers in developing countries are able to compete on the global job market for high paying jobs. Production workers in developing countries are not only able to compete, they have a strong advantage over their counterparts in the industrialized world. This translates into increased opportunity. Workers have the choice of emigrating and taking jobs in industrial countries or staying at home to work in outsourced industries. In addition, the global economy provides a market for the products of cottage industry, providing more opportunities

DISADVANTAGES-

1It has increased inequality and environmental degradation.

2.In many poorer nations, globalization is the result of foreign businesses utilizing workers in a country to take advantage of the lower wage rates.

3.Brain Drain-Opportunities in rich countries drives talent away from poor countries, leading to brain drains.

4.Income Inequality

The globalization of the job market has had negative consequences in developed countries. “Mind workers” (engineers, attorneys, scientists, professors, executives, journalists, consultants) are able to compete successfully in the world market and command high wages. Conversely, production workers and service workers in industrialized nations are unable to compete with workers in third world countries and either lose their jobs through outsourcing or are forced to accept wage cuts

chrisyhsun | Student

Advantages:

  • increased communication between peoples can lead to increased developments, such as in technology
  • people are more likely to travel because they don't have to be afraid of being too far outside their comfort zone
  • short-term: may help broaden people's minds when they come in touch with a different culture

Disadvantages:

  • the loss of smaller cultures that don't become globalized.
  • stamping out of local unique-ness that formerly defined each area and made people want to visit in the first place
  • increased dominance of one particular set of beliefs that could cause more people to be close-minded in the long term
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arrellbelle | Student

In order to see what the advantages and disadvantages are to globalization. We must first define it. According to the definition given by Google, it is essentially a spread of interaction performed by the people, company, or government of several countries through international trade.

Disadvantages to Globalization:

  • Only those in a higher position will benefit; whereas, those who are working will not benefit.
  • Companies will be accused of maltreatment of their workers.
  • Companies will be accused of destroying the ecosystem.
  • Cultures will be overthrown and Americanization will prosper.

Advantages to Globalization:

  • Will possibly help decrease the rate of poverty and unemployment in several countries.
  • Access to a variety of products from several nations will be easier for people to acquire.
  • Different cultures means learning different customs, traditions, languages, etc.
wescarlyon337 | Student

This is what i have found at the momnet

Advantages:

  • It increases free trade between nations
  • Greater interdependence of nations-states occurs
  • Increases in environmental protection in developed nations
  • Better education is provided
  • Life expectancy is longer growing worldwide
  • It also increases standard living

Disadvantages:

  • people from other countries come to ours for a small amount of money which is good for them but for us it eliminates jobs since we cost more money than people from other countries
  • It also causes greater risk of diseases being transferred across countries
  • Greater chances of reactions for globalization being violent in attempt t preserve cultural heritage
unrealown | Student

Potential for economic collapse as we are now experiencing

potential for loss of jobs to less advantaged economies

greater potential for unchecked pollution

opportunities for global corruption

carbovader | Student

Advantage: Easier to communicate. You can travel more easily.

 

discussion1984 | Student

Let me be short about this:

Advantages: A greater of dissemination of everything: culture, material goods, ideas, technology, etc. A greater opportunity for travel.

Disadvantages: Exploitation of the poor by the rich on a global scale.

prom-king | Student

Definition: growth to a global or worldwide scale

Advantages:

  • It increases free trade between nations
  • Greater interdependence of nations-states occurs
  • Increases in environmental protection in developed nations
  • Better education is provided
  • Life expectancy is longer growing worldwide
  • It also increases standard living

Disadvantages:

  • People from the Global South can migrate to the Global North, and be paid a small amount of money to do menial job, which results in unfair conditions for migrants and loss of jobs for other citizens. 
  • It also causes greater risk of diseases being transferred across countries
  • Reactions to globalization could be violent in attempt to preserve cultural heritage

 

jjrichardson | Student

Find out how to implement or build enterprise social software that facilitates business, meets your enterprise social networking goals, and makes employees happy to use.Globalization means increasing the interdependence, connectivity and integration on a global level with respect to the social, cultural, political, technological, economic and ecological levels.

Advantages

  • Goods and people are transported with ease and speed
  • the possibility of war between the developed countries decreases
  • free trade between countries increases
  • global mass media connects all the people in the world
  • the communication between the individuals and corporations in the world increases
  • environmental protection in developed countries increases

Effects of Globalization

  • enhancement in the information flow between geographically remote locations
  • the global common market has a freedom of exchange of goods and capital
  • there is a broad access to a range of goods for consumers and companies
  • worldwide production markets emerge
  • free circulation of people of different nations leads to social benefits
  • global environmental problems like cross-boundary pollution, over fishing on oceans, climate changes are solved by discussions
  • more trans-border data flow using communication satellites, the Internet, wireless telephones, etc.
  • international criminal courts and international justice movements are launched
  • It is claimed that globalization increases the economic prosperity and opportunity in the developing world. The civil liberties are enhanced and there is a more efficient use of resources. All the countries involved in the free trade are at a profit.. In two decades from 1981 to 2001, the number of people surviving on $1 or less per day decreased from 1.5 billion to 1.1 billion. Simultaneously, the world population also increased. Thus, the percentage of such people decreased from 40% to 20% in such countries.
etotheeyepi | Student

For people who want to avoid globalization, become a Hadza. They live without rules or calendars.  Near as I can tell, they have no schools or government or trade.  It's the perfect society for anarchists who oppose globalization.

 

http://ngm.nationalgeographic.com/2009/12/hadza/finkel-text

jumawchrispinus | Student

DISADVANTAGES OF GLOBALISATION

  • Exploitation of Underdeveloped Countries:Multinational Corporations (MNCs), based in developed countries, purchase at lower rates the raw materials from backward countries, process them in their own countries and sell the manufactured goods with big profit in backward countries. 
  • Increase in Unemployment:The MNCs employ machines to reduce the number of employees: they are capital intensive rather labor. Further, the governments of developing countries have started withdrawing investment from industries in the public sector. All this has led to huge unemployment in those countries.
  • Widening of Rich-poor Gap:Globalization brings benefits to the rich who are small in number and keeps the vast majority of people in poverty and misery. It is a game of winners and losers. Those who are already rich succeed in taking advantage of privatization while the poor and weak are doomed to suffer.
  • Harmful Effects of Consumerism:Globalization produces consumerism. People being attracted by attractive goods and advertisements, want to buy these goods. They would not hesitate to earn money for this by unfair means. This has resulted in vast increase in corruption and other social evils.
  • Adverse Effects on Social Security and Social Welfare:Because of privatization, governments in many developing countries are withdrawing from the sector of social welfare, and private companies have entered educations, health and other such fields related to development.As a result of this, poor people are facing a lot of difficulties.
  • Harmful Effects on Small Industries and Small Business:In the free economy, the big fish has got license to eat the small fish. Small-scale and cottage industries cannot grow in competition with big ones.
  • Cultural Homogenization:Globalization would lead to cultural homogenization. Each nation/society has its own distinct culture, but under globalization the cultures of developing countries are eroded and they are required to accept the values and norms of developed countries.
  • Hostile to Humanism:Globalization would kill humanism. It aims at accelerating economic growth, and economic growth, according to its protagonists, can be quickly attained through privatization. Pursuit of growth hardly respects human values. 
  • Erosion of Democracy:Globalization has led to the weakening, erosion and even destruction of democracy. Globalization has considerably increased the wealth and power of multinational corporations and they have tended to interfere with and control the economic policy and politics of developing countries.
  • Gender-Insensitive:Globalization is gender-insensitive. Women have suffered a lot under globalization. In the privatized economy, the interests and concerns of women, particularly of poor women, have been seriously ignored.
  • Destructive of Environment:Globalization would destroy environment. In the name of economic development, environment is blindly destroyed.
etotheeyepi | Student

Britbrit4458 said

"Increase in the chances of civil war within developing countries ... as they vie for resources"

For an example of this, look to Fiji and the political turmoil related to the mahogany trees.

coachtodd23 | Student

Advantage:

-  easier access to goods and services

Disadvantage:

-  loss of cultural diversity

-  threat of new species being introduced to new ecosystems and habitats.  Examples:  fire ants, killer bees, Snakehead fish, etc.

-  wealth redistribution

 

suniltewatia | Student

ADVANTAGES

  1. Increased free trade between nations
  2. Increased liquidity of capital allowing investors in developed nations to invest in developing nations
  3. Corporations have greater flexibility to operate across borders
  4. Global mass media ties the world together
  5. Increased flow of communications allows vital information to be shared between individuals and corporations around the world
  6. Greater ease and speed of transportation for goods and people
  7. Reduction of cultural barriers increases the global village effect
  8. Spread of democratic ideals to developed nations
  9. Reduction of likelihood of war between developed nations                            
  10. Increases in environmental protection in developed nations

 

Disadvantages

 

  1. Increased flow of skilled and non-skilled jobs from developed to developing nations as corporations seek out the cheapest labor
  2. Increased likelihood of economic disruptions in one nation effecting all nations
  3. Corporate influence of nation-states far exceeds that of civil society organizations and average individuals
  4. Threat that control of world media by a handful of corporations will limit cultural expression
  5. Greater chance of reactions for globalization being violent in an attempt to preserve cultural heritage
  6. Greater risk of diseases being transported unintentionally between nations
  7. Spread of a materialistic lifestyle and attitude that sees consumption as the path to prosperity
  8. International bodies like the World Trade Organization infringe on national and individual sovereignty
  9. Increase in the chances of civil war within developing countries and open war between developing countries as they vie for resources
joashy | Student

 

  • Globalization is the process by which states become interdependent on each other on all spheres of life. It is a process where countries go global by adapting universal characteristics involving human race. It is therefore the process of uniting people of the world into one unit with universal characteristics. This characteristics include; systems of education, politics, democracy, economy among many others. Through globalization economies, civilizations and societies become integrated into a globalised arrangement of political ideas.
  • In a global world there is free flow or movement of improved technology. Technologies can be new discoveries, inventions and innovations. Technology built or discovered in one continent is shared for use or exploitation in other countries. Therefore with the advancement of technology developing countries have developed technological know-how and this has lead to improvements in the industries. Most industries in the developing countries are now able to work effectively, improving efficacy and makes works easier. This saves a lot of time wasted by ineffective machines leading to increased profits and earnings.
  • With globalization there has been establishment of multinational or transnational corporations. This shows there is an increased investment in all nations across the world.
  • This multinationals also are responsible for employing a large number of individuals from the investor states therefore reducing high levels of unemployment in this developing countries.
  • Globalization leads to high investment levels and therefore increased wealth. Wealth is generated through economic gains of globalization.
  • The gains have increased access healthcare and water. This consequently has a direct effect to life expectancy levels. Research conducted reveals that more than eighty-five per cent of the population is expected to live for almost sixty-eight years and above. This therefore demonstrates that globalization has a direct effect on access to healthcare and stressing the need to access healthcare services.

 

loraaa | Student

This topic is fantastic ... thank you to all those who participated in it.
I have benefited a lot from your views.

brittbritt4458 | Student
Some Advantages Some Disadvantages
  • Increased free trade between nations
  • Increased liquidity of capital allowing investors in developed nations to invest in developing nations
  • Corporations have greater flexibility to operate across borders
  • Global mass media ties the world together
  • Increased flow of communications allows vital information to be shared between individuals and corporations around the world
  • Greater ease and speed of transportation for goods and people
  • Reduction of cultural barriers increases the global village effect
  • Spread of democratic ideals to developed nations
  • Greater interdependence of nation-states
  • Reduction of likelihood of war between developed nations
  • Increases in environmental protection in developed nations
  • Increased flow of skilled and non-skilled jobs from developed to developing nations as corporations seek out the cheapest labor
  • Increased likelihood of economic disruptions in one nation effecting all nations
  • Corporate influence of nation-states far exceeds that of civil society organizations and average individuals
  • Threat that control of world media by a handful of corporations will limit cultural expression
  • Greater chance of reactions for globalization being violent in an attempt to preserve cultural heritage
  • Greater risk of diseases being transported unintentionally between nations
  • Spread of a materialistic lifestyle and attitude that sees consumption as the path to prosperity
  • International bodies like the World Trade Organization infringe on national and individual sovereignty
  • Increase in the chances of civil war within developing countries and open war between developing countries as they vie for resources
  • Decreases in environmental integrity as polluting corporations take advantage of weak regulatory rules in developing countries
justaquestion | Student

Advantage: easier to communicate and travel.

gowrirajendran | Student

Advantages of Global Marketing

  • Lower Marketing Costs: If you are to consider the lump-some cost, then, yes, it is high, but the same cost goes even higher if the company has to market a product differently in every country that it is selling.
  • Global Scope: Scope of this kind of marketing is so large that it becomes a unique experience.
  • Brand image Consistency: Global marketing allows you to have a consistent image in every region that you choose to market.
  • Quick and Efficient Use of Ideas: A global entity is able to use a marketing idea and mold it into a strategy to implement on a global scale.
  • Uniformity in Marketing Practices: A global entity can keep some degree of uniformity in marketing throughout the world.

Disadvantages of Global Marketing

  • Inconsistency in Consumer Needs: American consumer will be different from the South African. Global marketing should be able to address that.
  • Consumer Response Inconsistency: Consumer in one country may react differently than a consumer in another country.
  • Country Specific Brand and Product: A Japanese might like a product to have a traditional touch, whereas an American might like to add a retro modern look to it. In this case, a global strategy is difficult to devise.
  • The Laws of the Land Have to be Considered: Original company policies may be according to the laws of home countries. The overseas laws may be conflicting in these policies.
  • Infrastructural Differences: Infrastructure may be hampering the process in one country and accelerating in another. Global strategy cannot be consistent in such a scenario.
dg08 | Student

Globalization brings the following disadvantages:

1. Increases the gap between the poor and rich — income inequality.

2. Cultural convergence — more people are moving toward western fashion

3. Environmental harm — resources are used up,  scarcity,  externalities like pollution and waste products

4. Demand more of skilled workers and causing redundancy of skilled workers

livingwater | Student

Advantages:

More opportunities for cultural diversity

Shared resources

Potential growth for emerging economies

Shared military resources

Disadvantages:

Potential for economic collapse 

Potential for loss of jobs 

Greater potential for unchecked pollution

Opportunities for global corruption

cheezea | Student

I think it would be cool to achieve globalisation because everyone would be able to communicate with each other, although there are many different races and cultures, since there would be a unified language. On the other hand, the world would be chaotic with everyone competing for a well-paying job that will not require them to travel overseas and away from home.

rksudhir | Student

Advantages of Globalisation

  • Globalisation helps in bring the whole world together as one village. Every consumer has more access to the products of foreign countries. 
  • Efficient use of natural resources.
  • Employment generation and income generation

Disadvantages

  • Globalisation can have negative effects on local industry.
  • Increases cutthroat competition.
  • Globalisation expands monopolies by countries equipped with know-how and power.
wattersr | Student

Globalization is a bad thing because it requires the population to drop by 95% before we can be completely connected worldwide

 

avasbruce | Student

There are benefits and disadvantages to globalization. Firstly, globalization is good for certain countries more, such as those in the First World or Global North. Rich countries like the USA, UK, Germany etc. can sell more products and goods to new markets in the Global South or poorer countries. Think of McDonald's and Starbucks and other big American brands. We can find McDonald's everywhere (almost).

Due to globalization, many local brands and businesses in poorer developing countries go bankrupt and can't survive the economic might of these rich countries. Local cultures and traditions change. People no longer wear national costumes because they all want to look like Hollywood stars and wear jeans, for example. People want to become "American" and consume everything American.

Also because of globalization, more and more people are learning and speaking English to the detriment of local languages. There are more international schools and the focus now is on the acquisition of this global language rather than their own L1 or mother tongue.

 

krishna-agrawala | Student

Advantages of Globalization:

  • Resources of different countries are used for producing goods and services they are able to do most efficiently.
  • Consumers to get much wider variety of products to choose from.
  • Consumers get the product they want at more competitive prices.
  • Companies are able to procure input goods and services required at most competitive prices.
  • Companies get get access to much wider markets
  • It promotes understanding and goodwill among different countries.
  • Businesses and investors get much wider opportunities for investment.
  • Adverse impact of fluctuations in agricultural productions in one area can be reduced by pooling of production of different areas.

Disadvantages of Globalization:

  • Developed countries can stifle development of undeveloped and under-developed countries.
  • Economic depression in one country can trigger adverse reaction across the globe.
  • It can increase spread of communicable diseases.
  • Companies face much greater competition. This can put smaller companies, at a disadvantage as they do not have resources to compete at global scale.

For more info about the pros and cons of globalization, check out this video:

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