Is Globalization a Good Thing? - Paper Example

In simple terms, globalization refers to the process by which a business, culture, or any organization spreads across the globe or begins operating on an international scale. Through globalization, countries and continents' boundaries fade out, making the whole world an ordinary village, thereby fostering smooth business operations. As such, free interactions between different regions of the globe promote the economic, political, and social growth of all countries and the world.

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Undoubtedly, globalization resembles a coin with two sides, consisting of both positive and negative impacts. Despite clearing the way for worldwide growth and fast economic development, globalization contains its fair share of unpleasantries that are yet to be dealt with. Different countries have embraced this trend differently, creating disparities between the developed and the underdeveloped countries. Before this rift is settled, globalization cannot be fully declared as a success.

The four main pillars of globalization include; capital, technology, free flow of goods and services, and labor flow. For globalization to become successful, a global consensus and cooperation are critical. The cultural and social factors within the different cultures can create a stumbling block in fostering a successful adoption of this trend; therefore, the call for caution when approaching and promoting this cooperation. Therefore, mutual agreement, either political, cultural, or economic, is vital to facilitate a booming trend and process.

Economically, globalization has promoted the mutual integration of market frontiers such as sharing information and technologies, creating an increased interdependence between the different world economies. In turn, economic globalization has also provided solutions to other major social issues globally, such as; climate change, terrorism, poverty, and migration policies. Thanks to globalization, these challenges can now be addressed, and different solutions implemented accordingly, making the world a better place

Moreover, globalization impacts the economic aspect of respectful countries, but it also influences the socio-cultural and political facets. For instance, significant democracies within the world can mentor and foster less democratic countries to endorse practices conformant to the proper ways of leading their people. Similarly, the fight against barbaric cultural practices such as female genital mutilation is regulated, bringing to a stop such violation of human rights. Additionally, the sharing of modern technologies between countries helps advance better health care and a better lifestyle to the people.

However, there are still some negative impacts of globalization that need to be addressed. Despite the many advantages of globalization, many critics have pointed out the adverse effects that come along. For instance, the massive growth of industries and technologies are responsible for severe environmental problems such as global warming, air and water pollution. These impacts have caused many deaths and other adverse environmental consequences, such as deforestation and biodiversity loss.

Similarly, globalization's economic growth has not happened without creating income inequalities between the different parties. The benefits of globalization can only be enjoyed by a few actors, especially in less developed countries where most of the proceeds are lost to corruption and other related vices such as flawed legislation of resources. Free, unregulated trade and labor movement and goods may also facilitate the distribution of common standard goods from developed countries to less-developed such as electronic dumping. This deteriorates the lives of people even further rather than promoting growth and development. Therefore, the various pillars behind globalization need to be evaluated, and all countermeasures to ensure that all impacts are considered to design a sustainable economy.

References

Sophia. (2020, April 22). Globalization – Objectives, Advantages, Disadvantages. The Wisdom Post. https://www.thewisdompost.com/

Youmatter. (2019, January 21). What is globalization? Examples, definition, benefits, and effects. https://youmatter.world/en/definition/definitions-globalization-definition-benefits-effects-examples/