How does globalisation effects in india. Write its positive and negative effects of globalisation?
Answers
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✔Positive effects of Globalization.
⚫Global market
The privatization of industries owned by the state has enabled the emerging markets to be successful.As a result, the positive effects of globalization are expressed by the rising transactions across the borders.
⚫Globalization has resulted in the formation of multinational corporations.
⚫Competition
Competition in the market is largely due to globalization. As a result, the positive effects are visible, since global competition leads to products of high quality. The enhanced quality of both products and services are based on production approaches of customer demands and customer services.
✔Negative Effects of Globalization
⚫Environmental Damage
Increased production means increased utilization of natural resources. Besides, increased trade results to increased transport, which uses fossil fuels. As a result, pollution has increased, leading to climate change.
⚫Fluctuation in prices
Globalization has led to increased market competition, hence leading to fluctuation in prices.
⚫Job insecurity
Due to globalization, most global economy jobs are insecure and temporary. The impact is mostly felt in developed countries since they can outsource cheaper white collar and manufacturing jobs.