Question

Critically examine the impact of globalization

Answer 1

Impact of Globalization

Globalization can be broadly defined as social, political and economic changes that we all adapt do. The strong currency rates, constructions, trading etc are all consequences of globalization.

Positive Impact

~ A better economy – it introduces rapid development of the capital market

~ Introducing new technologies- the new technologies and progress in telecommunication, introduction of satellites, mobiles etc are all results of globalization.

~The new scientific research patterns are all results of globalization.

~Living standards are risen.

~Globalization introduces better trade. This is because more people are employed. This increases productivity.

~Apart from economical aspect, globalization has also brought an impact on political and cultural domain.

~Culturally speaking, globalization has brought in different ideologies, and thought process amongst people.

~Politically speaking, onset of western democratic system has an impact on politics.

Negative Impact

~Along with positive impact, there is negative too. Globalization brings fear as well. Because of too much flow of capital amongst countries, it introduces unfair and immoral distribution of income.

~Another fear is loosing national integrity. Because of too much exchange of trade, money etc independent domestic policies are lost.

~Mental pressure on companies that causes many people to loose their jobs.