Globalization is the process of international integration arising from the interchange of world views, products, ideas, and other aspects of culture. Put in simple terms, globalization refers to processes that promote world-wide exchanges of national and cultural resources.
Globalization is a controversial issue mainly because different groups interpret it in different ways. And there are many advantages and disadvantages of globalization.
On the one hand, there is a worldwide market for the companies and for the customers there is a better access to products from different countries. The influx of information between two countries increases, especially those nations who don’t have anything in common between them. Cultural intermingling increases and every nation tries to know more about the other nations cultural preferences. Globalization helps to increase the demand of products. This in turn increases rate of production. Manufacturers thus, find this profitable and it helps to create more jobs. Globalization makes the economy of one country dependent on the economy of the other country. Any change in economy one country will affect the other. Thus, governments become more concerned about one another.
On the other hand there are some cons of globalization.
Many people from developed nations are losing jobs because the cost of labor in developing countries is much less. There is also a threat of corporates ruling the world because there is a lot of power and money invested by them due to globalization. Globalization as well may lead to loss of cultural identity. It is often said that poor countries are exploited by the richer countries and it’s difficult for domestic producers to compete with multinational corporations.
I think that the process of globalization can’t be stopped, and there always will be winners and losers.