Globalization is the process by which different economies, societies and cultures are becoming integrated through a network that includes more communication and trade. It is partly the outcome of theplanning of politicians after World War II to break down borders so that trade could cause prosperity and interdependence of nations to avoid future wars. Globalization has many positive andnegative effects in all aspects of an individual country.
Globalization has been very beneficial over the past few years. One of these pros includes the emergence of production markets that provide a lotof foreign products to consumers and companies. Another pro to consider is the emergence of worldwide financial markets, which has provided borrowers more access to external financing of theirprojects. Globalization also provides the benefit of easy information flow between distantly located regions with the use of technological devices such as the telephone, satellites and the Internet. Dueto the increased competition that arises due to globalization, companies have to upgrade their products and use technology efficiently in order to deal with the competition. This is a positive aspectbecause this means that products will become of better quality as time passes by. The economies of countries that provide many touristic attractions are benefiting greatly from globalization becausepeople can now travel easily from place to place and consume goods and services in their territory.
Globalization has many negative aspects as well. One of these cons is that it has increasedinequality; meaning that the rich are becoming richer and the poor are becoming poorer. The environment suffers greatly because there is an extreme use of natural resources that are limited and willeventually run out, as well as the increased pollution that is caused due to the constant movement of goods and people. Another con to consider is the way some employed people are losing their jobs as the...
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