Analyse the advantages and disadvantages of globalization for a country or countries
Introduction “Globalization” a word has only emerged in recent decades, but it spreads with the speed of light. And it is defined as “what happens when the movement of people, goods, or idea among countries and regions accelerates” (Marcelo, 2004). It can be traced before the European age of discovery and voyage to the New World. The scholars generally think it closely relates to the booming of transportation, telecommunication infrastructure and also includes the rise of the internet stimulation. Additionally, the influences of the international economic and culture activities are also essentially affected (Schwartz et al, 1999). Until now people have been unable to get rid of the influence of globalization in their daily life. For instance, a French visitor who spent a holiday in the UK binging a banana, exported by Thailand. And when he got home, he put the bananas into the refrigerator which perhaps made in Germany. Therefore, this essay will introduce a short origin of globalization and evaluate both the advantage and disadvantage of globalization form the aspects of politic, economy and culture.
Globalization defines our era. It is “what happens when the movement of people, goods, or idea among countries and regions accelerates”. In recent years, globalization has come into focus, generating considerable interest and controversy in the social sciences, humanities, and policy circles and among the informed public at larger.
It does, however, question the idea that there is an irresistible ‘power shift’ in the making and that the West and the United States are in steep decline. Specifically, it makes a number of critical arguments concerning the new narrative. With a combined population of over 500 million inhabitants, or 7.3% of the world population, the EU in 2012 generated a nominal gross domestic product (GDP) of 16.584 trillion US dollars, constituting approximately 23% of global nominal GDP and 20% when measured in terms of purchasing power parity. If it were a country, the EU would come first in nominal GDP and second in GDP (PPP) in the world. Additionally, 26 out of 28 EU countries have a very high Human Development Index, according to the UNDP. In 2012, the EU was awarded the Nobel Peace Prize.
Bhagwati and Srinivasan found that the trade helps reduce the poverty in the developing countries. Dollar (1992) also held the same view that high export and the sustainable import stimulate economic growth. This is because outward trade strategy will retain the marco-economic stability.
However, not all researchers hold positive opinions, Das (2013) found out that globalisation in terms of international trade and Foreign Direct Investment (FDI) can extensively force governments to change their policy, and take out local firms’ opportunities. Miller (2001) shown that ‘globalisation explains a significant increase in earnings inequality from declining relative wages of unskilled workers in the US since the late 1970s. Manasse and Turrini (2001) shared the same idea that trade integration has vital impacts on income inequality, and globalisation is more likely to raise inequality by improving welfare.
To summarize the main ideas concerning the topic, it shows that globalisation brings much benefits for both developed and developing countries. However, the main problems-the inequality in all aspects of society and the shifted national power are associated with the development of globalisation.
Methodology & Limitation
In this research, globalisation is divided to three aspects, namely economic globalisation, political globalisation, cultural globalisation, and analyse their impacts respectively. Most scholars have also tried the similar methodology to identify the main trend of globalisation. However, globalisation is a significant powerful diver for international development.