Impact of Globalization

Globalization can be broadly defined as social, political and economic changes that we all adapt do. The strong currency rates, constructions, trading etc are all consequences of globalization.

Positive Impact

• A better economy – it introduces rapid development of the capital market
• Introducing new technologies- the new technologies and progress in telecommunication, introduction of satellites, mobiles etc are all results of globalization.
• The new scientific research patterns are all results of globalization.
• Living standards are risen.
• Globalization introduces better trade. This is because more people are employed. This increases productivity.
• Apart from economical aspect, globalization has also brought an impact on political and cultural domain.
• Culturally speaking, globalization has brought in different ideologies, and thought process amongst people.
• Politically speaking, onset of western democratic system has an impact on politics.

Negative Impact

• Along with positive impact, there is negative too. Globalization brings fear as well. Because of too much flow of capital amongst countries, it introduces unfair and immoral distribution of income.
• Another fear is loosing national integrity. Because of too much exchange of trade, money etc independent domestic policies are lost.
• Mental pressure on companies that causes many people to loose their jobs.

Impact Of Globalization

Globalization is a contentious process. We all live in a global world, i.e. growing in global or worldwide scale. Globalization brings the new era in the 21st century and we are interconnected through it. However globalization has become a very interesting part of debate among the students, and economists. Many of the people debate about the impacts of globalization and discuss the for and against conditions for it.

Globalization conveys us that something new is happening to the world. Globalization leads to the interconnection between the countries of different culture, caste and heritage. The process leads to the updating of information among the people. Advancement in transportation, telecommunication systems, infrastructures are the major factors of globalization. Advancement in technology from broadband telephone lines to wireless mobile phones, B&W bulky television to colored LED, all are examples of globalization. It helps in improving people’s lives by making new products and ideas universally available. One can communicate with the other from a large distance in a couple of minutes. Globalization leads to new innovative ideas of new technology that we use today as a gift to human race. With improvement in transportation and communication, international business grew rapidly after the beginning of the 20th century. Globalization does not lead only to the development of rapid industrial growth but it also recruits growth in tourism activities. Globalization has made tourism a popular global leisure activity. Sports Is another impact of global world.

Despite of such wonderful aspects of globalization, half of the people in the world criticize about the fact that globalization has brought a drastic change in the world. It is thought that globalization leads to cultural dominance and people start to get westernize in different culture lagging in their own heritage. The critics believe that globalization affects moving freely across borders in countries. Another belief is that globalization affects extracting natural resources leading to environmental damage. Critics assume that globalization causes unemployment. With a drastic increase in technology and development among the countries, globalization also leads to the spread of diseases in humans, animals and plants. Globalization also provides a chance to the evil society i.e. terrorists and criminals to attack. people are consuming more and more junk food to affect their health

Thus we conclude that globalization is legal in both positive as well as negative aspects. Every coins has two faces. Globalization is most important concept in the 21st century

There has been a huge impact of globalization.States role in policy matters has been reduced. Impact of globalization can be divided into-:

Cultural Impact- There has been lot of intermingling of cultures, people of different countries have led to the concept of the global citizenship. Yoga is being practiced in US and we have fast food setup like KFC and McD's in south Asian countries. 

Economic impact- Globalization has led to free trade and has removed all the deterrent that prevented harmonious trades between countries. However, it has also led to the world facing recession because of the negligence of a few super powers. Globalization means inter dependence of economics.

Political impact- Poor nations have gone poorer. People have less job opportunities.

Globalization has had both positive and negative impact however it remains to be seen whether nations can continue such policy measures, with a looming debt crisis.

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