The term Globalization...

The term globalization refers to the world becoming a global village, where countries interact with each other. This integration can be political, cultural, economical or social. The countries work together and this increases interdependence between them. Some of the major advances that have made communication easier are the ease of accessibility to the internet and the increase in telecommunications. Methods like video conferencing have enabled people who live miles apart, to keep in touch with each other. This is the reason why there are many advantages of globalization, but like every other phenomenon globalization has disadvantages too.

Globalization increases the chances of trade; hence there is a great variety of products available for the people. This gives a boost to the production sector and thus creates employment for a large number of people. The globalization of mass media makes flow of information between the countries much easier and faster. There is also an increase in the liquidity of capital which allows developed nation to invest in developing nations. An ease in transportation also helps in the fast flow of goods and services. From a political and cultural point of view, it promotes democratic ideals and reduces cultural barriers. The level of interdependence between countries is high, so the chances of nations going to war are also eradicated.

Apart from the advantages, there are also some negative impacts of globalization which can be very harmful. For example the developed countries can exploit the cheap labour from developing countries. Conflicts and disputes can take place between nations, over the distribution of resources, which in turn disrupts peace and stability. Thus in my opinion globalization is a phenomenon that can benefit nations around the world, but its disadvantages should not be ignored and something should be done to overcome these discrepancies, and improve the flow of wealth between the developed and the developing nations.