Give five merits and five demerits of globalisation.
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Merits:
a) Improvement in the allocative efficiency of resources;
(b) Increase in labour productivity;
c) Reduction in capital-output ratio.
d)Globalisation paves the way for removing inefficiency in production system. Prolonged protective scenario in the absence of globalisation makes the production system careless about cost effectiveness which can be attained by following the policy of globalisation.
E)Globalisation attracts entry of foreign capital along with foreign updated technology which improves the quality of production.
Demerits:
i) Globalisation paves the way for redistribution of economic power at the world level leading to domination by economically powerful nations over the poor nations.
(ii) Globalisation usually results greater increase in imports than increase in exports leading to growing trade deficit and balance of payments problem.
(iii) Although globalisation promote the idea that technological change and increase in productivity would lead to more jobs and higher wages but during the last few years, such technological changes occurring in some developing countries have resulted more loss of jobs than they have created leading to fall in employment growth rates.
(iv) Globalisation has alerted the village and small scale industries and sounded death-knell to it as they cannot withstand the competition arising from well organized MNCs.
(v) Globalisation has been showing down the process to poverty reduction in some developing and underdeveloped countries of the world and thereby enhances the problem of inequality.
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a) Improvement in the allocative efficiency of resources;
(b) Increase in labour productivity;
c) Reduction in capital-output ratio.
d)Globalisation paves the way for removing inefficiency in production system. Prolonged protective scenario in the absence of globalisation makes the production system careless about cost effectiveness which can be attained by following the policy of globalisation.
E)Globalisation attracts entry of foreign capital along with foreign updated technology which improves the quality of production.
Demerits:
i) Globalisation paves the way for redistribution of economic power at the world level leading to domination by economically powerful nations over the poor nations.
(ii) Globalisation usually results greater increase in imports than increase in exports leading to growing trade deficit and balance of payments problem.
(iii) Although globalisation promote the idea that technological change and increase in productivity would lead to more jobs and higher wages but during the last few years, such technological changes occurring in some developing countries have resulted more loss of jobs than they have created leading to fall in employment growth rates.
(iv) Globalisation has alerted the village and small scale industries and sounded death-knell to it as they cannot withstand the competition arising from well organized MNCs.
(v) Globalisation has been showing down the process to poverty reduction in some developing and underdeveloped countries of the world and thereby enhances the problem of inequality.
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