Globalization addresses a process in which organizations develops international influence.
Globalization refers to a platform of interaction and integration in social, financial and political affairs worldwide. The term globalization is derived from the word globalize which refers to a global rise in economic network.
Globalization can refer to all activities that people are incorporated which make the world a small village. It can also be referred to as a transformation in widening and accelerating global interconnection which is organized from local to international level
Lets take a look at some of the advantages and disadvantages of Globalization
- Globalization leads to an increase in the employment rate since more companies will expand their services in various countries.
- It has led to the acquisition of better education. People can now study in different parts of the world
- It has led to an increase in trading activities. Investors can now invest in developing countries hence forming a network in the business
- It has also led to rapid delivery and retrieval of information. Therefore, the information can flow easily between different the parts of the world
- It has also led to better quality and services. People can choose what is best for them at any given moment.
- It has led to the reduction of most of the cultural barriers due to tolerance of other people’s way of life.
- It has led to the low cost of living due to cheap goods and services
- Globalization has also encouraged world peace because of increased levels of interactions globally.
- It has allowed for unifying moral values due to increased interactions
- Globalization has enabled language exchange and people have been able to learn foreign languages
- Globalization has led to the spread of diseases. This is due to a rapid increase in traveling from one part of the world to another. Hence, diseases are spread easily to new areas.
- Indigenous industries face eradication. Large industries have replaced their commodities
- It has led to a decrease in the rate of employment in developing countries.
- It has led to industrialization which contributes to pollution
- It leads to economic instability worldwide. The financial crisis in some parts of the world affects the others.
- Globalization also leads to political instability as in the case of world wars.
- Increased immigration creates tension due to differences in ethnicity, culture, and religion
- It may lead to currency deflations, this is as a result of competition in export due to selling cheaper goods abroad.
- It has led to cultural contamination as a result of bringing in foreign ideologies
- There is extinction in indigenous languages due to globalization.
It is evident that globalization has its merits and demerits. However, the merits are far more than the demerits. We should therefore, encourage globalization for our future benefits.
However, with increased globalization there will be a general improvement in the cost of living around the globe.