pros, and cons of globalization in third world countries
Globalization is the process by which different cultural societies and regional economies integrate through a worldwide channel of political ideas (Macgregor, 2014). We cannot afford to ignore globalization, for the altitude and views in it are inevitable and its effect on social life. The issue is critically important as they affect day to day ways of living of people and economic growth of the entire world. In this regard, the ultimate purpose of this paper is to outline the key features, pros, and cons of globalization in third world countries.
The main key feature of globalization are; product standardization, world markets, sharing of ideas, and freedom standard. The world today has become a global village, where one can buy a product in the worldwide market using an ecommerce platform. (Moghadam, 2013). Due to technological advancement in production in global markets, there is a need to improve on the stands of goods and services. Competition has made goods to be available at a lower cost. Social interaction of people during trades has contributed to the sharing of ideas on various disciplines’ be it on social life, political or economic hence raising awareness of freedom.
The benefit of globalization covers many areas, such as political, cultural, and economics. It promotes economic development all over the world by providing an opportunity for employment hence raising the standard of living of people, and per capita income also increases. (Miguel & Al, 2015). It has promoted intermarriage and understanding between the different cultures of the nation, thus having peace and harmony among members. It bridges both time and place utility by allowing the exchange of goods for other goods, services, or money. globalization has enabled to eradicate the gap between the rich and the poor (Florian Metz, 2013). It has allowed the foreign investor to invest in the local market hence improving per capita income of the country. Globalization has promoted competition in the market, thus lowering the cost of products and services that are of high standards. It additional cross-cultural activities have felt its impact where they have incorporated other nation culture, for instance, gender equality, the realization of disadvantage groups and society. The African nation has borrowed this cultural management from developed oversea countries. The pros of globalization in the world are notable across political, environmental, technological, social, and cultural factors.
Disadvantages of globalization have considerable influence across several contemporary societies. The through backs are not limited to social, cultural, environmental, economic, and political issues. Apart from all pros it had from cultural exchange, it homogenized peoples’ ways of living. is has led to the decline of some cultural activities from some countries. (Florian Metz, 2013). Economically it has awakened criticism due to income inequalities, unequal wealth, and trades that benefit other parties differently. According to (Kunnie, 2015), globalization has the leading cause of global warming, destruction of ecosystems, and biodiversity, and they also contribute to the depletion of natural resources, deforestation hence affecting the environment. The political and corporate elite have used globalization as a tool to acquire wealth in corrupt ways; this has raised an imbalance of trade and debts. Globalization is good as evil as it also has adverse effects on demographic, economic, social, environmental, and political.
Globalization is a broad concept that flows many aspects of the world. The key features of globalization are standardization, generation of new ideas, market growth, and enhancement of cultural and social interaction. Despite the pros and cons that come with globalization, it is our responsibility to support and encourage positive effects while searching the best ways to minimizing its drawbacks.