Globalization Advantages And Disadvantages

The term Globalization is being widely used in many different quarters and since the 1990’s it has become almost household name. However, there is no one single definition of it which is universally accepted.
Reduced to its simplest term globalization refers to the free movement of goods, services and people across the globe. It has transformed the whole world into a global village. Distance is no longer a problem and the world has become borderless and easily accessible to a wide range of people and business globally.
Globalization is a process which has led to more economic integration and has allowed domestic producers access to larger market. It has open up the world to each other and every country throughout the globe. This has also resulted

It also introduces rapid development of the capital market and financial markets
 Introduction of new technology- It helps a country to become more innovative and to take advantage of new technologies. Telecommunication, satellite, mobile, internet are the offspring of globalization. They help a country to become more productive and competitive.
 Job opportunities and increase Income- Globalization opens up wide the doors of job opportunities especially to the young generation. For instance, our young graduates can take up employment in the African continent which is called upon to become the continent of the future. Mauritius can use this to develop its brain

Some of the main ones are:
 Economic dominance- One of the major critic again globalization is that it creates a situation of dominance both on the economic and cultural front. The victims are often the less developed and developing countries. In some cases, the economic sovereignty and control over domestic economy are threatened. Culturally, globalization has negatively impacted on the developing countries. There is an invasion of western culture over the local one.
 Exploitation of resources- It is also argued that globalization is more concerned about market dominance and maximization of profits. Often this is done at the detriment of the environment and the local resources. Globalization is not synonymous to sustainable economic and social development as it may exploit local resources for immediate gains only.
 Direct threat to domestic industry- Globalization leads to ruthless competition and the concept of the ‘survival of the fittest’. In many cases this represent a direct blow to the local industry especially the SME. The MNC may be a direct threat to the