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The Pros and cons of globalization - Essay Example

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Globalization refers to the worldwide economical, political and cultural exchange of ideas among the states in the modern world. It is used to describe how world is becoming economically and politically one. The economic aspects of globalization include trade, investment and migration across the countries…
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The Pros and cons of globalization

Download file to see previous pages... The decentralization of economies and goods allowed trade, commerce and services to be transferred to other countries, regardless of distance. Globalization is not only confined to economic sectors, but it has also given rise to the adaptation of social, political and administrative aspects of other countries (Maharjan, 2006). For example the integration of EU made the region competitive by following the common EU foreign policy. EU remains an example where balance is maintained by social solidarity, allowing freedom of movement and establishment across different states (Steinmeier, 2006).
The anti-globlist view globalization as a negative phenomenon that has is making rich more richer and poor more poorer. They argue that globolisation has increased poverty and diluted responsibility to the capital owners, slashed down the jobs and increased threats to resources in poor countries with no solution in place. While others mention that positive impact of globalization has removed barriers across the states, accelerating the growth of reforms and allowed greater information access to all parts of the world. (Kennedy, 2001). Globalization has pros and cons and has different interpretations in different continents, which will be discussed further in this essay.
The arriv
Benefits of Globalization
The arrival of global market has allowed the aspiration of big players to expand their niche and derive maximum profit in the global market made possible through geo-economic expansion. Globalization guarantees this sustainable competitiveness through a steady leadership of technological networks, generating added value and production facilities with unlimited human capability. It contributes more to the global development producing greater scientific and technological resources. Even the countries that do not have such vast resources still play essential role in over all global development (Nikolayev, 2004). One of the most important roles of globalization is its economic role in international trade and economy.
According to Visto (2002) globalization is competition and reorganization, attracting countries that were in need of investment and such investment improved their economic condition. One such example is Mauritius, where per head income has increased from $500 to 1600 due to foreign investment. The foreign direct investment involves a long reflects a lasting interest in the host country. It implies that the investors have enormous control in another country's economy due to its own interest, which ultimately leads to economic development. Thus any increase in FDI flow is directly associated with increase in GDP. FDI is undertaken by large and technologically advanced firm, which accelerate the speed of economic pace on one sided and also helps in transfer of technology in the host country with heavy return for the firms and provides more jobs in the countries where jobs are scarce.

For example when Toyota setup car plants in countries outside Japan, it requires higher level of standard to maintain the quality of it products, which means training the local workers. Thus if Toyota gets the competitive advantage, the host countries gets the skills and jobs. The recent joint ventures of China with Japanese companies are also such move by the Chinese entrepreneurs to get skill directly ...Download file to see next pagesRead More
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