People from different parts of the world have become more connected now than they were before. Now, it is easier for money and information to flow easily. Services and products produced in one part of the globe are becoming available in almost all parts of the globe. All this is because of globalization which has become a major tidal wave that cannot be stopped. The concept of globalization has some clear disadvantages and advantages.
- Employment opportunities-This is considered the major benefit of globalization. Companies are setting up shop in new countries creating opportunities for employment. What is more, people are able to migrate easily further creating opportunities for better jobs.
- Education-With educational institutions spread across the globe, it has become easier to move from home countries for better education opportunities. This has led to integration of cultures and people from different educational backgrounds. Countries that are labor intensive as well as developing nations have accrued the most benefits from this.
- Thanks to international trade, trade has become more competitive leading to production of high quality products. Products now have to be enhanced so they can capture the attention of consumers. Consumers today can make compromises when it comes to price but not quality.
- Price of commodities has also become cheaper especially because of the fierce competition noted in the market. There are different products for consumers to choose from making it a necessity for producers to price them competitively.
- Socially, people have become more tolerant and open towards one another. Additionally, globalization has also enhanced communication
Globalization is not all rosy. It also has some disadvantages pegged to it and these include the following:
- The most common complaint is that globalization has only served to make the rich even richer while making the poor poorer. It is the general feeling that for managers, it is a great benefit while for nature and workers, globalization is hell.
- Multinationals have been accused of unfair working conditions and social injustice. They have also been accused of not caring so much for the environment, ecological damage as well as natural resource mismanagement.
- Anti-globalists claim it has not worked in favor for a large section of the population. During 1968 through to 1998, they claim inequality has only gotten worse. The United Nations Development Program for instance reports 20% of the world’s rich population used 86% of the global resources while 80% of the poorest population only gets 14% of the global resources.
- Globalization has also led to incursion of diseases especially deadly ones like HIV/AIDS spread by travelers in some cases, to the most remote regions in the world.
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