Positive and Negative Outcomes of Globalization

Shortage of power and infrastructure has led to degradation into industrial expansion. The farmer has the exposure to global links of markets, technology & investments which is beneficial in terms of involving their yields, getting better prices and secured off-take. This has led to a major dissatisfaction among underdeveloped or developing countries which differs them from the rest of the world. This has increased the chances of inferiority complex among other nations. Globalization has led to a fundamental problem which has caused international tension and trade disputes. Indian Talent is attracted to global culture and fashion due to higher salary and emoluments. Due to heavy taxation and levies in India, the end products are sold costly as compared to imported brands. All the multinational companies MNCs such as Pepsi, Coca-Cola, IBM, General Electric, Vodafone, Volkswagen etc have their businesses all over the world making local companies to suffer.

There is no question that globalization has been a good thing for many developing countries who now have access to markets across the globe and can export goods at cheaper rates. Globalization has also been good for Multinational Companies. But, Globalization has not been good for working people. It is a complicated issue. It is necessary to consider the pros and cons before drawing any conclusions.

Supporters of globalization argue that it has the potential to make this world a better place to live in and solve some of the crucial problems like unemployment and poverty. Free trade is supposed to reduce barriers such as tariffs, VAT, subsidies and other barriers between nations. There are still abundant barriers to free trade. The defenders say globalization represents free trade which promotes global economic and socio-economic growth, provides opportunities, makes work more competitive and lowers prices for consumers. But, it is not always true. Competition between countries is supposed to decrease prices. But, this doesn't happen because countries manipulate their currency to get a price advantage. It also provides poor countries with foreign capital and technology with the chance to develop economically and by spreading prosperity. Globalization creates the conditions in which democracy and respect for human rights flourish. This is an empyreal goal which hasn’t been achieved in most countries yet. According to patrons globalization and democracy goes hand in hand. There is now a global market for companies and consumers who can have access to products from different countries. There is cultural intermingling within countries leading to more and more cultural knowledge and understandings. Since companies share financial interests, corporations so the governments try to sort out ecological problems for each other's sake. Socially countries become more open and tolerant towards each other and people who live in the other part of the world are not considered foreigners or aliens. Mass communications and the quick announcement of information through the Internet benefits globalization. Labour can move from country to country to showcase their skills. But this causes problems with the existing labour and reduction in their wages. Sharing technology with developing nations helps them to progress. Globalization has given countries the ability to agree to free trade agreements without any barriers.

The general complaint about globalization is that it has made the rich richer and non-rich poorer. It is wonderful for entrepreneurs, managers, owners but hell for workers and labours. Globalization is supposed to be about free trade without any barriers but there are still many barriers. Developed countries face this problem that their jobs are lost and transferred to lower-cost countries.

Workers in developed countries like the USA face pay-cut orders from corporations who threaten to export jobs. This has created a culture of despair for many middle-class workers who have little leverage in this global game. Large multinational companies have the ability to misuse tax havens in other countries to avoid paying taxes. Multinational companies are accused of social injustice, unfair working conditions, as well as lack of concern for the environment, mismanagement of natural resources, and environmental damage. Multinational companies which were previously restricted to commercial activities are influencing political decisions. Many people think there is a threat of corporations ruling the world because they are gaining power because of globalization. Building products overseas in other countries put our technologies at risk of being copied or stolen, which is happening rapidly. Some experts think that globalization is leading to the intrusion of communicable diseases. Deadly diseases like HIV/AIDS are being spread by travellers to the remote corners of the globe. Globalization has also led to the exploitation of labour. Prisoners and child workers are forced to work in inhumane conditions risking their lives. Safety standards are often ignored to produce cheap goods. There is an increase in human trafficking. Globalization can be considered as an economic tsunami that is sweeping the planet. And, it can't be stopped. I think the future of globalization will be bright. With the increase in innovation, development and transferability of technology the global economy will witness more integration and interconnection. Intensifying this will lead to the inherent high mobility of the current and upcoming generation. While national governments will continue to be relevant, national policies and decisions will greatly influence the external factors related to the impacts of globalization. Developing and rising markets will be affected due to their development needs and consistent demand for technology and development skills to address their development and growth against various challenges.

Globalization has been going on for thousands of years and it will continue to go a million years more. Globalization is inevitable. It can never stop but can only expand further with time. Humans are made to evolve and globalization is nothing but an evolution. Globalization must keep stop. It should be a source for education, to gain knowledge and learn something new. Homo Sapiens differs from different species. Humans are curious and anxious. They always try to seek new things and globalization makes it possible to happen. So, it will keep on expanding until everything comes to rest and stops.