Paste yIn this developing world, everyday there is invention and people are obliged to it. Some take it in a positive way of changing the whole world where different nations are uprooted with it whereas some take it as a negative change which creates civil war and bring negativity in the society. Globalization has affected both the countries as well as the whole world. According to Curry (2000), globalization can be defined as the worldwide phenomenon of technological, economic, political, and cultural exchanges among nations, organizations, and private individuals. It provides opportunities to various fields such as market size, boost of technology in the world, access to different products and services and limits the barrier to the flow of capital and trade between the countries. It creates the scenario for the expansion of business and trade relation to internationalize the market in the global market. Lee (2005) has describes globalization as our taste, needs, demands are converging, a trend termed as “global consumers”. It allows people to communicate with each other whether they are far from the country or near with the help of technology, people can invest in various companies internationally and helps to travel around the world which is a sign of bringing world in a closer way. In contrast, there are some poorer people and countries in this globalize world who cannot take the privilege of globalization.
Similarly, globalization has brought tremendous challenges like market competition, loss of domestic job opportunities, fluctuation in the economy of the country, modification of markets, non-tariffs barriers to trade, spread of pandemic diseases, and new security rule and laws. Especially, those people who are living in least developed countries might not have the potentiality to overcome the situation i.e. being running around the globe which is brought by globalization itself (Spiegel, 2007; Human Development Report, 2002). Least developed countries are generalized by the factors of their income level, low level infrastructure, backwardness in the field of technology, dependency on the other countries for the supplies and goods as well as instability in the political situation. There are about 47 countries in the list of LDCs across the world where 33 countries are African, 13 from Asia and 1 from Latin America (DESA, 2018).
Globalization exaggerate business to market their products in the other nations. Likewise, it also helps to utilize the human resource, the country’s capital, and their raw materials in the efficient way which in future creates a bridge for the fast and smoother development of the nation. Junarsin (2009), clarifies the globalization as flow of capitals which includes human capital, financial capital, resource capital and power capital which are interrelated with the people’s life. In the earlier time, globalization was mainly focusing on the economic sector where trade, foreign market industry and the internalized flow of capital however nowadays, in present time, its has expands its limit to social, economic, cultural, political, technological factors. In addition, Storey (1996) adds the fact that globalization is what we wear, the music which we hear, the films and programs which we watch and the websites which we visit. So, it can be seen that now there are variety of choices for people and this is helping each other to share and communicate with each other in an appropriate way that it is making world a smaller place. Moreover, people are travelling to different places for the enhancement of their life looking for jobs, education, to travel, and to do new experiments to understand the phenomenon of living which is helping to build the cultural diversity where people from different religion, castes, ethnics are brought together. On the contrary, some of the development of technology and communication channels like social media is creating a huge impact on the people’s life nowadays. These were the positive and negative sides of globalization where on one way it is helping to develop the nations where on the other hand it is influencing foreign culture and tradition by depriving own culture, values, and norms. Now, some of the advantages and disadvantages of globalization are elaborated below.
Globalization has both merits and demerits which is creating a big impact in the world. The world is in new phase all because of globalization. Agada (2015) describes globalization as a tool of stimulating the economic condition of the nation as well as minimizing the level of poverty comparatively. With the help of globalization, internationalization of different trade relation and changes in the economy by uplifting financial sector of the business is possible (Steger, 2003, p-41). This has brought change in the wealth of the global market. Similarly, many companies can expand their business and open the branch market in needed part of the world which will gradually helps people for the employment opportunity as well as promote their business. With this, organization can sell their products and services in many parts of countries and can imports various trade relation with them. Globalization also helps to generate peace and prosperity between the nations together with aid and support for making harmless and standardize environment for living. Furthermore, those countries who are in developing stage as well as those countries who are in developed stage can work together and bring change in the global world by influencing each other and solving each one’s problem. Employers can visit from one company to another from host to own company which ensures co-operation and mutual understanding with each other which is a plus point for the development of the nation. Globalization helps to boost the infrastructure like communication channel, technical sector, and so on. To sum up all, it improves the economic condition of the nation, creates job opportunities, and strengthen and encourages the companies to create competitive environment. Waters (2001) claimed that influence of globalization has impact on culture also. People from different background and culture are living and working in a same place because of cultural diversity. This helps people to understand, share ideas and bring people closer. Without globalization, all these things will not have changed or can be known by anyone about anywhere in the world. So, these are some advantages of globalization.
Labonte (2003) provides some facts that due to globalization, the health of the people is affected, creates obstacle in the environmental and development factor, drives the country and its people to poverty and social discrimination along with inequality. Different kinds of viral and communicable diseases are being spread all over the country with the deterioration of environment. Nevertheless, it is enhancing variety of factor like loss of job, inequality in job and income level between two genders, high priority to male rather than female in every organization and companies. In fact, that, the country who are richer, they are getting richer and richer and those of who are poorer are still in same condition and nothing has changed until this time. Moreover, without the proper utilization of resources available and management of human resources; the developing countries are lacking behind in the development sector in comparison to developed countries. There has been a trend that for the outflow of technology and available resources developing countries are depending upon developed countries whereas developed countries also depend upon developing countries for the need of raw materials like oil, food for the benefit of the industry development (Thriwall, 2003). At the same time, it has also increased the low labor cost in different parts of the country like in China and Nepal where small children are working in different factories where it is giving more emphasis to child labor who are playing a role of employment at very low cost compared to other countries. So, it is giving more prior to differentiation in providing income to the employer. Meanwhile, it has also been accumulating various environmental hazards like cutting down of trees and environmental pollution. Similarly, the factories and industries are extracting the natural raw materials which leads to increment of global pollution. Vehicles are being dependent on fuels from where various poisonous gas is coming out affecting the health of human and animals. The main effect of globalization is change in climate and global warming leading to threat all living beings to sustain in eco-friendly surroundings and creates epidemic diseases. Therefore, these were the disadvantages of globalization. Now, some of the impacts of globalization on different fields like economic, culture, education, political are described below.
Economic and Trade:
Globalization has helped many developing countries in the field of economic and trade sector by boosting the economic growth and diminishing the level of poverty. In the ancient period, business deals from one country to another country was not possible and was causing a huge trade barrier for the nation. Those countries were not able to expand their business as the developed countries were doing. In contrast, the World Bank and International Management was aiding various developing countries by providing loan to them for the reformation of the market and to have a getaway for the vital changes in the economic sector. Afterwards, there was open market for the nations who want to invest in the foreign country along with less tariffs and free economies. In addition to this, those developed countries were able to invest in the international market creating job for the helpless and poor people of the developing countries (Hamdi, 2013). From the above fact, it can be stated that the developed and developing countries are making substantial relation in the international trade and economic and are now dependent on each other for building up the higher financial growth of the business. Due to globalization, nowadays, it has been easier for people and goods to get from one place to another which has also reduced the unintentional war between the countries leading to high growth in the development sector. With the modernization of technology and advancement in the IT form, there has been extensive economic growth in the developing countries. Globalization has helped developing counties by increasing the job opportunities, reduced poverty, there is an increment of foreign direct investment as well as in the national income with the faster growth of technology. With the flow of free capital in the trade sector, high generation of foreign exchange, increase in business between the countries and movement of labor from one country to another with well communication channel and flow of information had insignificantly increased the capital of world improving economic of the global markets. (Ch Akram, 2011). There are many advantages of globalization in the field of economy and trade sector for the least developed countries whereas it also has some disadvantages for the poor and undeveloped countries.
Globalization has increased the inequality between the poor and rich people in the country where people living in high standard are getting all the facilities and infrastructure however those who are poor are not able to get all those facilities. Thus, it leads to richer getting richer and richer and poorer are becoming poorer and poorer. In the same way, globalization is helping various nation to be globalized in the economic sector where many of the countries are still lacking behind. For example; in last 20 year of time China and India has boost their economic sector in such a way that they have gone ahead compare to those of richer nations. In a similar way, most of the African nations are still in the level of highest poverty rate where many of their natural resources are abused and their economy are controlled (Oyekanmi, 2009). Although, many developed countries are running their factories and industries in the developing countries where they are getting labor for low wages which causes pollution degrading the environment as well as country. Furthermore, these kinds of activities done by developed nations to developing nations certainly affect the economy of the country and helps to raise unemployment rate.
Education and Health:
Globalization is helping to improve the education and health system in the developing countries. It can be said that there is a vast change in the education system now and before with the selection of worker who are qualified and skilled get higher position in the multinational companies. Because of this sort of demand, people are willing to get higher education. Health and education are the main factor for the development of the nations which creates a force that bind it together along with
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