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Essay Sample: What are the Positive and Negative Effects of Globalization?
Essay Sample: What are the Positive and Negative Effects of Globalization?
January 21, 2019
Julia Stewart
When we talk about globalization, many people don’t seem to realize is that it’s not actually a man-made phenomenon but rather we evolved into these conditions. We live in a globally interconnected world that is mutually complementing. Because countries have always been interdependent, we cannot reverse the process of globalization. To have a thorough understanding…
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When we talk about globalization, many people don’t seem to realize is that it’s not actually a man-made phenomenon but rather we evolved into these conditions. We live in a globally interconnected world that is mutually complementing. Because countries have always been interdependent, we cannot reverse the process of globalization. To have a thorough understanding of its effects, one must take a closer look at the different areas of society that are affected by this process.
What is globalization?
It is a process of interaction and integration where people, businesses, and governments of different countries come into increasing contact with one another. It is the growing interdependence of the world’s societies. This process is driven technology, international trade, and investment, and it has its impact on the environment, culture, economic development, political systems, and the general well-being of humans.
When did globalization start?
Globalization has affected people and communities across the globe and it has become a controversial issue that is widely debated in the public sphere. Depending on the interpretation of this phenomena, some historians argue that at least some form of globalization has been in existence since the trading between Sumer and the Indus Valley Civilization during the Bronze Age in the 3rd millennium BC. If we adopt a stricter definition of the concept, globalization started in the 15th century when Portugal and Castile sent the first exploratory voyages to the Cape of Good Hope and the Americas.
The history of globalization can thus be divided into three periods:
1.0 which spanned from 1492 to 1800 and involved the globalization of countries
2.0 from 1800 to 2000 which involved the globalization of companies
3.0 which started from 2000 until the present day and involves the globalization of individuals
Today, it has become a buzzword with mostly positive connotations such as the increase in the exchange of knowledge, trade, and capital around the globe that are driven by technological innovations such as shipping containers and more recently the internet. Globalization is considered to enrich the world both culturally and scientifically as well as benefit most people economically. The United Nations has gone as far as to predict that this process may have the power to eliminate poverty in the 21st century.
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Negative effects of globalization
But not everyone agrees with the positive impact of globalization. It has received harsh criticism, in particular from those who oppose the free market economy. The likes of Joseph Stiglitz and Ha-Joong Chan have claimed that globalization doesn’t reduce poverty but in fact preserves it. Even the International Monetary Fund (IMF) has stated that the introduction of new technology and investment of foreign capital in the developing countries may have increased the level of inequality. According to IMF, only a relatively small number of countries are enjoying the benefits of globalization. And the negative effects have been observed in developed countries as well. This mainly
Explanation:
Globalization has brought benefits in developed countries as well as negative effects. The positive effects include a number of factors which are education, trade, technology, competition, investments and capital flows, employment, culture and organization structure.
NEGTIVES
It has had a few adverse effects on developed countries. Some adverse consequences of globalization include terrorism, job insecurity, currency fluctuation, and price instability.