Essay on Globalization

826 Words Apr 25th, 2016 4 Pages
What exactly is globalization? Simply put,
Globalization means the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and the spread of technology.
Globalization has largely been made possible by advances in technology, particularly the Internet. As the world grows more connected, people in all nations achieve a far greater level of interdependence in activities such as trade, communications, travel, and political policy.
It’s easy to assume that globalization is an entirely modern phenomenon driven by inventions like the telegraph or the Internet. In many ways, globalization has been taking place for centuries.
From the Silk Road, which spanned from
…show more content…
Local cultures and traditions change. People no longer wear national costumes because they all want to look like Hollywood stars and wear jeans, for example. People want to become "American" and consume everything American.
Also because of globalization, more and more people are learning and speaking English to the detriment of local languages. There are more international schools and the focus now is on the acquisition of this global language rather than their own L1 or mother tongue.

We are strictly concentrating on the demerits/disadvantages of Globalization.

DISADVANTAGES OF GLOBALISATION * Exploitation of Underdeveloped Countries: Multinational Corporations (MNCs), based in developed countries, purchase at lower rates the raw materials from backward countries, process them in their own countries and sell the manufactured goods with big profit in backward countries. * Increase in Unemployment: The MNCs employ machines to reduce the number of employees: they are capital intensive rather labor. Further, the governments of developing countries have started withdrawing investment from industries in the public sector. All this has led to huge unemployment in those countries. * Widening of Rich-poor Gap: Globalization brings benefits to the rich who are small in number and keeps the vast majority of people in poverty and misery. It is a game of winners and losers. Those who are already rich succeed in taking

Related Documents