Advantages And Disadvantages Of Globalization: Changing The World

Globalisation refers to a variety of events that are rapidly changing the world. In other word globalization is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology. This process has effects on the environment, on culture, on political systems, on economic development and prosperity and on human physical well-being in societies around the world. Globalization has been used since long time ago. For thousands of years, people and later corporations have been buying from and selling to each other in lands at great distances, such as through the famed Silk Road across Central Asia that connected China and Europe during the Middle Ages.

In fact, many of the features of the current wave of globalization are similar to those prevailing before the outbreak of the First World War in 1914. There are some advantage and disadvantage in globalization. The advantage of globalization are resources of different countries are used for producing goods and services they are able to do most efficiently, consumers to get much wider variety of products to choose from, consumers get the product they want at more competitive prices, and companies are able to procure input goods and services required at most competitive prices. And the disadvantage of globalization are developed countries can stifle development of undeveloped and under-developed countries, economic depression in one country can trigger adverse reaction across the globe and it can increase spread of communicable diseases. However, there are few barriers in globalization causing activity or process becomes