globalization with explains merits and dime
Answers
1st one is merit and second one is demerit
Merits of Global Economy:
The economic globalisation has many good effects. At first, when the multi-national companies enter into a country they open factories for their production.
So, the local people get job. Thus, it helps in eradicating unemployment.
Secondly, by the investment of capital, the sick industries of a country become workable. Production increases and the market get many new products.
Thirdly, by globalising economy, new know-how enters into a country. That technique improves the existing system of a country and makes it self-sufficient in the economic field.
Fourthly, by the investment of foreign capital, a country improves in various fields. This is regarded as the sum total of the progress of a country. Global economy helps in every way for the progress of a country.
At last, when an individual becomes free from the clutches of a state or country, the responsibility of that state or country becomes nil.
Demerits of Global Economy:
Global Economy has many bad effects. At first, it is responsible for ‘Brain Drain’. A man, trained in much technical know-how, is taken from a country to other because of attractive salary. This hampers the progress of the first country.
Secondly, through this the developed countries show their mastery over the developing countries. This brings danger to the sovereignty of that country.
Thirdly, by bringing loan from IMF or Word Bank, a country loses its importance before them. The country is forced to obey their order. This brings ‘Economic Slavery’ to a country.
Fourthly, this trend towards global economy is detrimental to the progress of a country. The country cannot take independent decision in economic field. Besides, other important aspects like education and health are regulated by those financial organisations of the world which may not suit the people of that country.
Fifthly, by this trend, the culture of a country enters into another. As a result, the culture of that country loses its identity. This brings cultural decadence
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