Globalization

Globalization

1. Pros

   • Globalization represents free trade which promotes global economic growth; creates jobs, makes companies more competitive, and lowers prices for consumers
   • It also provides poor countries, through infusions of foreign capital and technology, with the chance to develop economically and by spreading prosperity, creates the conditions in which democracy and respect for human rights may flourish.
   • There is cultural intermingling and each country is learning more about other cultures
   • Most people see speedy travel, mass communications and quick dissemination of information through the Internet as benefits of globalization.
   • Transnational companies investing in installing plants in other countries provide employment for the people in those countries often getting them out of poverty.

2. Cons

   • The general complaint about globalization is that it has made the rich richer while making the non-rich poorer.
   • Globalization is supposed to be about free trade where all barriers are eliminated but there are still many barriers. For instance161 countries have value added taxes on imports.
   • Multinational corporations are accused of social injustice, unfair working conditions (including slave labor wages, living and working conditions), as well as lack of concern for environment, mismanagement of natural resources, and ecological damage.
   • Multinational corporations, which were previously restricted to commercial activities, are increasingly influencing political decisions
   • • Some experts think that globalization is also leading to the incursion of communicable diseases. Deadly diseases like HIV/AIDS are being spread by travelers to the remotest corners of the globe.

3. Globalization in an economic, technological, political, social and cultural process on a world scale that consists in the growing communication and interdependence between the countries of the world