Globalization...

Globalization is the process by which world is transformed into a single global village in the sense that different parts of the world are connected to each other and are dependent on each other because of political, social and economic factors. In other words globalization is the social, political and economic transformation of the world that has made the world a single global village. I think that globalization has been caused by social, political and economic factors because different countries or parts of the world are connected to each other or are dependent on each other for mutual benefits as now in this world no country can survive without relying on other countries in one way or another. I think that globalization has three basic features that are social, political and economic features.

Nowadays the world has become a global village as we can see that International trade is being carried out between different countries of the world which import and export goods to each other and invest in each other’s economies for economic gains. This is an economic feature of globalization. Another feature of globalization is the existence of media that has connected the world by transferring information from one part of the world to another part of the world. This feature of globalization is a social feature. Another feature of globalization is the war against terror which is being fought by an alliance of countries that are engaged in military cooperation with each other. This feature of globalization is a political feature.

Now I will like to discuss some advantages and disadvantages of globalization. I think an advantage of globalization is the improvement in the standard of living of the people of the countries that are engaged in globalization as when there is an inflow of investment into a country’s economy in the sense that when a multinational company invests in a country by starting it’s operations, employment is generated which improves the standard of living of the people that get employed as they now earn income .Another advantage of globalization is that it increases the consumer’s choice of buying goods and services as consumer can buy local goods in addition to imported goods. Another advantage of globalization is that it has played a role in improving the quality of the goods and services in the world as globalization encourages specialization as when trade is carried out, countries engaging in it focus on producing those goods which are best suited to there resources as they import other goods from their trading partners. This leads to an improvement in the quality of the goods and services in the global world. A disadvantage of globalization is that it can destroy the domestic industries of the country as an inflow of high quality foreign goods can lead to a decrease in the demand for locally produced goods especially in the developing countries. Another disadvantage of globalization is that it can lead to language and culture loss in developing countries, the people of which are interested in adapting the language and culture of developed countries as we can see westernization taking place in Pakistan.