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-Rajmeet Ghai
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
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A better economy – it introduces rapid development of the capital market
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Introducing new technologies- the new technologies and progress in
telecommunication, introduction of satellites, mobiles etc are all results of
globalization.
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The new scientific research patterns are all results of globalization.
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Living standards are risen.
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Globalization introduces better trade. This is because more people are
employed. This increases productivity.
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Apart from economical aspect, globalization has also brought an impact on
political and cultural domain.
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Culturally speaking, globalization has brought in different ideologies, and
thought process amongst people.
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Politically speaking, onset of western democratic system has an impact on
politics.
Negative Impact
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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.
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Another fear is loosing national integrity. Because of too much exchange of
trade, money etc independent domestic policies are lost.
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Mental pressure on companies that causes many people to loose their jobs.
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