Globalization Introduction Without any doubts, globalization and its effects are evident in all lifestyles. Before the start of the twentieth century, the public opinion about globalization was that it is something concerning only the elite in the society…
However, in this process, the world is losing many of its cultures (Thirlwall & Penelope, pp. 320-322, 2008). Quite understandably, countries with greater economic power are destroying and suppressing other cultures. Furthermore, with the development and progress, that globalization has given to the world; people are increasingly becoming ignorant of the social, moral, and ethical values, which once were the important part of our lives. After this brief introduction, the rest of the paper will try to explore the side effects, disadvantages, or harms of globalization. Discussion Proponents of globalization believe that globalization has given great development and progress to the world including the improvement in the quality of the lives of people and their incomes. However, the truth is that much of this development has been irregular, biased, or skewed. There are still many parts in the world, which are deprived of the basic needs and resources. More than 80 percent of the world’s resources rest with the 20 percent of people in the world. If globalization has done anything, that would be the unequal distribution of wealth and increasing the gap between rich and poor (Eriksen, pp. 27-28, 2007). Furthermore, also important here is to note the fact that the costs which the world has paid for this economic development are huge. More than 80 percent of the world’s forests are no longer there. We have lost billions of animals and plant species. The humans have destroyed the ozone, triggered global warming and all these continue. When we leave this planet for our children, it would be much worse than what we had received from our parents and globalization is to blame for this (Scholte, pp. 158-159, 2008). With globalization and increasing disparities of income, there are chances that these may lead to more and more military conflicts in the world. In fact, they have already led the world into many wars. With the rise of eastern and Asian countries such as China, Japan, Malaysia, India and others, the west is feeling the heat for the competition of the world’s resources. There are all the chances that this competition may lead to conflicts and tensions between countries (Steger, pp. 146, 2009). It is also important to note that globalization is quickly forcing us towards the end of individuality. With one global village and suppression of local cultures, we are moving towards the world where there would be only one color left in the world. Standardization has become the order of the day. Despite the fact that globalization started with creativity and innovation but it appears that now it leading us to stagnation of creativity and ideas (Thirlwall & Penelope, pp. 320-322, 2008). One of the biggest blows that the world received due to globalization was in the form of the recent financial crisis. This financial crisis started in the United States due to mishaps in the accounting practices of a few banks and financial institutions, bursting of the housing bubble, unrealistic credit policies, bankruptcy of Lehman Brothers, liquidity crisis and other reasons, but it affected almost every country in the world. This is because of the fact that with exports, imports, stock exchanges, foreign direct investments, bonds and ...
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