PROS AND CONS OF GLOBALIZATION

1. Positives:

Globalisation is an inevitable process which could bring a variety of benefits to our society. Firstly, the process will lead to a significant increase in competition among companies and corporations, which forces them to lower their prices and therefore benefits the end customers. Secondly, developing countries are able to reap the benefit of current advances in technology and science from developed nations. Last but not least, more money is poured into developing countries which could not only provide a greater chance for people to enhance the standard of living but also give rise to new industries and more jobs in those nations.

1. Negatives:

Despite all the advantages above, globalisation also has several drawbacks. One of the most common downsides of globalisation is that it is widening the gap between the rich and poor, where rich people are becoming richer and poor are becoming poorer. A second disadvantage of the process would be the loss of job opportunities in developed countries. As a result of outsourcing, globalisation may deprive an entire country of its jobs and resources. This is because the process takes jobs away from developed countries to developing ones where have a lower cost workforce. Finally, globalisation may also lead to detrimental effects on culture and custom. Undoubtedly, countries involving the process have greater access to various foreign cultures which could easily be melded. As a result, the process may cause the loss of their own culture and identity.