Pros and cons of globalization: Is it good or bad?

Pros and cons of globalization: Is it good or bad?

Globalization is not a new subject in today’s society. It refers to the ability of individuals and firms to communicate and also move around the world efficiently as they conduct business. Typically, upon reading the definition of this term, you will develop the notion that it is a good thing. However, after you evaluate this concept in-depth, you will gain insight that will leave you asking why globalization is bad and why it is good. In a nutshell, it will leave you evaluating the pros and cons of globalization.

Pros and cons of globalization

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Although globalization may mean different things to different people, the underlying factor is that the pros and cons of globalization that affect individuals, businesses, and countries are the same. Globalization pros and cons are dire and may lead to the growth or closure of a business.

Is globalization good or bad?

The debates regarding whether globalization is a good or a bad thing are numerous. These debates have been ongoing for years now, and people still do not have a stand on this issue. It is important to note that this subject is quite complicated. Therefore, before one draws any conclusions on this issue, one first must evaluate the pros and cons of globalization.

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Pros of globalization

These refer to the advantages of globalization. There are various positive effects of globalization. These include:

The widening of markets

Globalization has helped organizations to get access to broader markets. The access to these markets has helped firms to not only increase their revenue but also to increase their opportunities for specialization. As a result, this has promoted economic growth and the creation of job opportunities.

Increased access to labor

One of the highly appreciated benefits of globalization is increased access to labor. Today, organizations are not limited to acquiring labor from one specified city. Globalization has expanded the regions from where firms can search and acquire talent.

Cultural diversity

As firms hire employees from all parts of the globe, organizations are being filled with employees from different heritages. The diverse workforce has resulted in people intermingling, which has made people appreciate and even embrace the differences in traditions, ideas, and perspectives. Nonetheless, the diverse workforce has not come without its challenges. The different views, insights, and perspectives from a versatile workforce can be a bad thing. However, if people remain focused on the good side of it, they can benefit a lot.

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Increased collaborative efforts

Besides breaking the existing trade barriers in various markets, it has also helped in increasing collaborative efforts. Companies have come together and communicated more effectively, thanks to globalization, and even gone a step further to collaborate to dominate various markets.

Increased innovation and technology advancement

As firms collaborate and venture into new markets, they are learning and adopting creative ways of doing things. This has helped in increasing the innovative element across borders. Individuals are also learning how to use various technological devices, which they are later adopting in their home countries. As a result, this has led to faster transmission of both innovation and technology.

positive effects of globalization

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Increased competition

Although most people may rank increased competition among the disadvantages of globalization, it can, however, rank as a positive effect. Increased competition forces local industries to increase their productivity and also their quality. As a result, local industries focus on producing quality rather than cheap products.

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Increased standards of living

Globalization has helped in raising the standards of living. For instance, the standards of health and welfare have been increasing as people continue to integrate. Companies have begun paying attention to operational safety standards, an aspect that has made health statuses improve.

Why is globalization bad?

Globalization can be considered a bad thing when one decides to focus on the negative effects of globalization such as:

Unemployment

Globalization has been identified as one of the aspects that are contributing to the high unemployment rate in various countries. This is because as people learn to outsource labor from multiple parts of the world, they are replacing their country’s labor with cheap labor from other countries. Similarly, individuals and firms are adopting new technologies that are replacing human labor. As a result, most people are being left without jobs or with jobs that pay low wages.

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Changes in revenue

As companies continue to identify markets where they can acquire raw material at low prices, local companies producing such raw materials continue to suffer. Most companies have substituted their local producers for overseas producers. As a result, the local producers have been forced to produce the raw materials at very low prices, which in turn lead to slow economic growth.

Social injustice

Most multinational organizations have been blamed for social injustice. They have been blamed for their disregard of the environment due to pollution cases, their poor working environments, misuse of the natural resources, and the slave labor rates.

negative effects of globalization

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Exploitation of labor

As firms are searching for labor in various countries, they are exploiting the vulnerable in society. Some companies have employed children and prisoners, and in addition to that, they are paying them poorly. Companies have also highly ignored the safety standards required to produce quality goods and in good working conditions.

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Although the debate as to whether globalization is good or bad is not new, we can all agree to the fact that the pros and cons of globalization are so many. Some people believe that the pros outweigh the cons. Others think that the disadvantages are so many while compared to the advantages. The issue, however, is not what side outweighs which, but rather the impact each side has on an individual, a business, or a country.

Source: Legit.ng

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