Globalization has both advantages and disadvantages. Discuss both and give your opinion.
Individuals have varying perspectives on the consequences of globalisation. While some see globalisation as beneficial, others see it as a threat. This essay will discuss both points of view and will conclude with my own.
To begin, globalisation has resulted in easy access to anything an individual desires that are not available in his or her home country. For instance, Japan is a country that lacks natural resources such as iron and copper but possesses technical expertise. They import metals from other countries and incorporate them into their manufacturing processes. As a result, globalisation is assisting these countries in surviving and establishing themselves as developed nations.
The primary disadvantage of this trend is that many workers in developed countries have lost jobs, and those who have recently entered the labour force are finding it more difficult to find work due to competition from people from all over the world. This results in an increase in unemployment, which has a negative effect. People are finding it more difficult to maintain a stable source of income, which lowers their standard of living.
Additionally, imported goods usually compete in the domestic market. Consider India, which is flooded with Chinese goods at significantly lower prices than Indian-made goods. Due to the higher production costs, many local businesses have closed due to a lack of demand for their products. Globalisation has revolutionised the way people buy, sell, and consume goods. To protect the local economy, authorities must intervene.
To conclude, globalisation is beneficial to any economy and nation; however, it must be regulated by the government, with rules and regulations framed in a way that protects the interests of domestic merchants, sellers, and manufacturers.