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Pte Essay on “Define globalization. What are its pros and cons?”

Define globalization. What are its pros and cons?

 

Globalization is viewed as a centuries’ long process. Globalization, in its literal sense, is the process of transformation of local or regional phenomena into global ones. It can be described as a process by which the people of the world are unified into a single society and function together.

Globalization is a widely-used term that can be defined in a number of different ways. This process is a combination of economic, technological, socio-cultural and political forces. Globalization is often used to refer to economic globalization, that is, integration of national economies through trade, foreign direct investment, capital flows, migration, and the spread of technology. Cultural globalization is driven by communication technology and the worldwide marketing of cultural industries. It is a process of homogenization decreasing the chance of future wars.

The positive aspects of globalization are apparent everywhere but there are also several negative occurrences. Globalization has also thrown up new challenges like growing inequality across and within nations, volatility in financial market and environmental deteriorations. Another negative aspect of globalisation is that a great majority of developing countries remain removed from the process. Also, some bemoan the consumerism resulting from globalization and loss of languages and cultural identity.

In total it can be said that globalisation has intensified interdependence and competition between economies in the world market and has changed the world permanently, for both better and worse.

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