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The purpose of this paper is to describe the advantages and disadvantages of the globalization movement.
The globalization movement has brought had a positive impact on society. It has tremendously increased the trade to goods and services worldwide. One of the nations that has benefited the most from globalization is China. China is the biggest exporter of goods worldwide. China’s exports totaled $2.057 trillion in 2012 (Mapsofworld, 2014). The prices of goods have dropped down due to globalization. The globalization movement has forced countries to specialize in certain goods in which a nation holds a competitive advantage. For example Japan specializes in technological products, while other nations such as India and China specialize in labor intensive industries such as the textile industry in which companies take advantage of the low labor costs associated with doing business in these nations. Globalization has also had a positive effect on the humanitarian efforts of society. A lot more money is been invested in developing countries such as Africa in order to help these people increase their standard of living. Overall the standard of living of everyone around the world has increased as a direct consequence of globalization. National boundaries have been broken for international commerce due to the many trade agreements that exists around the world such as the NAFTA, European Union, and MERCOSUR. Countries that in the past did not have access to capital have benefited from foreign direct investment (FDI) and from the ability to raise capital through equity markets such as NYSE, NASDAQ, and the London Stock Exchange among others.
Despite the many benefits that globalization has had on our society it also has many cons. Globalization has not helped decrease the income disparity in the world. The top 5% richest members of society hold 70% of the global
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According to the research findings globalization is of great significance in contemporary societies. When looking at its impacts, it is apparent that globalization is transforming contemporary societies. This is because globalization has had positive impact in nearly everything ranging from, economies, cultures, information flow, governance, criminal investigation, among others.
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