Advantages and Disadvantages of Globalisation

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Advantages and Disadvantages of Globalisation

Globalization is the situation where the world operates as a unilateral unit perpetuated by multinational companies doing business all over the world. Globalisation has been brought about by; breaking of barriers to trade, unabated movement of capital, reduced carriage cost and rising use of electronic technology (Potrafke 2015, p.510). These new communication technologies have increasingly spread a largely accepted commercial culture. From entertainment industry with Disney movies dominating children screen to culture where American youth culture is imitated all over the world. Indications are that the global exchange of people, products and ideas is not stopping anytime soon. This is a commendable feat that will be beneficial for the whole world’s population. Furthermore, globalisation helps appreciate the common human-characters that keep us together. Nonetheless globalization has widened the gap between the rich and the poor and led to centralisation of decision making. Globalisation also has eroded local cultures, destroyed biodiversity and increased animosity among regions. This is the unfortunate situation presents the harsh reality of globalisation which was intended for human growth but has marginalised human needs (Ransome 1997, p.8). Globalisation has led to high inequality levels and poverty as leaders cannot effectively implement policies. Thus, political solutions with good employment and human rights are needed to navigate the effects of globalization. Government should also set up good structures that ensure decentralisation of decision making and conserve the environment (Ellwood 2001, p.12). Globalisation is an old process which commenced five centuries ago with the launch of the European colonial era which interlinked the global economy. However, globalisation has accelerated over the recent years owing to improved technology, breaking of trade barriers and increased influence of multinational corporations (Tan and Macneill 2015, p.852). Globalisation for multinational companies for instance makes them see the world which has people of different cultures as just a group of prospective buyers. These companies treat all their buyers to similar products, similar production technique and similar policies.

References

Potrafke, N 2015, The evidence on globalization, Journal World Economy, vol. 38, issue 3, pp. 509-552.

Ransome, D 1997, Globalization – an alternative view, New Internationalist, vol. 296, pp 7-10.

Ellwood, W 2001, The no-nonsense guide to globalization, by. Verso, London, pp.12.

Tan, C and Macneill, P 2015, Globalization, economics and professionalism, Medical Teacher, vol 37, issue 9, pp. 850-855.