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Is globalization good or bad? – The effects of globalization on global economy

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Is globalization good or bad The effects of globalization on global economy

Over the years there have been so many arguments as to if globalization is good or bad, many are of the believe that the world is a much better place without globalization. Here is a post which is going to try to tell if globalization is really good or bad.

Before we go into details of the bad and good side of globalization, let’s first briefly look at what globalization really means.

According to Globalization101, this is the process by which businesses or other organizations develop international influence or start operating on an international scale. So has this been good for the developing nations, or just another tool to widen the gap between the rich and poor countries.

Just like every phenomenon, globalization is sure to have its own pros and cons. By looking at both the bad and good side of globalization, I believe we should be able to tell if it is good for the world.
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The pros of globalization

  1. Globalization has helped improve the global economy, as there is now a larger market for companies, and this amounts to more profit.
  2. Globalization has helped improved our knowledge about other countries.
  3. Globalization has brought about free movement of labour across the world.
  4. Free trade as brought about a happy economy. Having no restrictions or high taxes to purchase and sell goods all over the world helps to grow a struggling economy.
  5. With globalization political and economical decisions that are now made by countries are mostly good for a global benefit, instead of only focusing on local areas. This means globalization has help countries make decisions for the world and not just the country.

The cons of globalization

  1. Globalization makes the rich richer. Being a great opportunity for business owners, it leaves the poor as they are.
  2. Developing or under developed countries are not able to compete with the larger economies of the world, and so crumble under competition.
  3. Globalization drains the labour force of the poor nations, as most of their labour has flocked to the richer countries.
  4. Globalization leads to a loss of cultures, due to mass migration and western influences.

So from the above points, can it be said that globalization is good for the world? In truth globalization has helped make the world a better place, and brought the world closer, though some countries are not just seeing the positive effects like others.

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