Advantages And Disadvantages Of Globalisation

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Globalisation is the continuous process of developing interconnectedness and, to an extent, interdependence, among the people and organisations of different nations. It is primarily driven by trade and investment, and is aided both by technology and governmental policy. Globalisation itself is not a new phenomenon; examples of international trade can be seen as far back as the Middle Ages, when the Silk Road was constructed, connecting Europe with China and parts of Asia. However, advances in transport and information technologies within the last century have accelerated the process of globalisation to an extent that has not been seen before. The volume of international trade has increased twentyfold since the 1950s, although the increase has slowed in recent years.

Source: What Is Globalization? (n.d.). Retrieved September 9, 2017, from http://www.globalization101.org/what-is-globalization/

Is it good, bad or inevitable?

Globalisation is controversial, and comes with both benefits and adverse effects on the nations involved. On the one hand, globalisation increases the number of options and the range of choices for the consumer, leading to competition between businesses, which ultimately leads to an increased quality of produce. Globalisation can also be said to bring employment to poor and developing countries, where labour is often outsourced to due to cheaper labour costs. This allows the citizens of these countries to raise their standards of living.

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