The Pros and Cons of Globalization

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.

There are certain characteristics that describe globalization. In a globalised economy there is an open market society. This happens because the forces of supply and demand are the determinants of prices hence there is free movement of goods and services. Restrictions are waived in this kind of an economy. In other words it is a liberalized form of economy. In the present economy, the world trade center is responsible for monitoring trade activities in the world.

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...

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...sive. The conventional capitalism was coercive, manipulative, hegemonic, and disparaging, working in juxtaposition with colonialism. In contemporary capitalism, there is more consensus and acceptance of globalization.

In conclusion, have both unconstructive and optimistic consequences however its advantages outdo the disadvantages. With globalization, individual lives turn out to be just by their local communities, but by economic, political, and cultural processes or forces that operate worldwide.

References

Brittan, L. (1998). Globalization vs Sovereignty? The European Response. Cambridge: Cambridge University Press.

Crafts, N (2000). Globalization and Growth in the Twentieth Century, IMF working Paper Washington DC: IMF

Hak-Min, K. (1999). Globalization of International Financial Markets: Causes and Consequences. Hants: Ashgate Publishing Limited.