Impacts:
Globalization seems to be the catchphrase of the current world economy. In "An Overview of Globalization and Its Positive and Negative Aspects" by Colin Stief on the About.com website, there is a dicussion about whether Globalization is a beneficial thing for the world and what are the true effects of all these changes.
If we look at the positives and negatives of globalization, you can decide for yourself whether or not it is the best thing for our world.
Positive Aspects of Globalization
- More money is being poured into some developing countries, and there is a greater chance for the people in those countries to improve their economic situation and improve their standard of living.
- Compeition across the Globe encourages creativity and innovation and keeps prices in check.
- Developing countries can take advantage of technology created elsewhere and progress at a faster rate.
- Governments co-operate together towards common goals as it's now to their advantage.
- Everyone can access foreign culture through movies, music, food, clothing, and more. The world has more choices.
Negative Aspects of Globalization
- Outsourcing, while it provides jobs to a population in one country, takes away those jobs from another country.
- Different cultures from around the world interact but also blend, blurring the previous clear definitions of their culture.
- Disease can more easily spread worldwide, as well as some species could devastate non-native ecosystems.
- There is little international regulation, an unfortunate fact that could have poor consequences for the safety of people and the environment.
Economic integration by 'globalization' enabled the cross country free flow of information, ideas, technologies, goods, services, capital, finance and people. This cross border integration had different dimensions:
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cultural,
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social,
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political and
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economic
More or less the economic integration happened through four channels -
Movement of capital
Flow of finance
Movement of people
