It has been said that the world is becoming a global village in which there are no boundaries to trade and communication. Do the benefits of globalisation outweigh the drawbacks?
The growth of telecommunications has paved the way for people access to international world views, medical knowledge as well as foreign trade. This has become very favourable especially with regards to a country's economy. However, there has been a growing debate whether there are more negative aspects of globalisation rather than positive ones.
On a positive note, globalisation can greatly bolster one's economic growth through foreign trade and open doors to international business. As a result, this creates opportunities for employment, not just locally but internationally as well, along with encouraging multi-million dollar companies to invest in less developed countries. An American company such as McDonald's, for instance, are opening nearly everywhere in the globe consequently promoting local jobs. In addition, consumers also benefit from globalisation as merchandise are being traded quickly through the latest technology, wherein these goods are now sold at a cheaper price.
On the downside, as huge companies are now building their factories in developing countries primarily because of lesser wages, this may cause increase in unemployment rate in industrialized countries. Furthermore, this will amplify environmental problems of the less developed countries because of the factory waste of these companies and the usage of natural resources. Moreover, as goods become increasing easy to trade between countries, it has also become evident that animal and plant disease to spread more rapidly.
In conclusion, I believe that as there are advantages to the effects of globalisation these are being outweighed by the disadvantages. I suggest that there should be a meeting between leaders of industrialized companies and make sure that all countries should profit from globalisation.