The Good and the Bad of Globalization - Essay Example

?Introduction:- Globalization is the interconnection of global macroeconomic and financial linkages, social and cultural bonds and societal integration in general that makes the world a much more connected place. In the modern world, radically enhanced global economically and financially connected world, isolated analysis is not sufficient to draw conclusions(Aruoba, Diebold and Kose). It is for this reason that many countries that were previously considered disconnected or redundant have gained prominence. This process has been perennial and has been amplified by the continuous development in technology and communication. Today, with one click, one can connect to, transact, see and hear someone sitting thousands of miles away. While the process has led to enormous advancements and explored unbelievable possibilities, it has also impacted negatively on many nations that seek to develop and prosper in isolation(Friedman). The advent of the internet and other forms of electronic media has made this transformation even more rapid. This paper shall analyze the good and the bad of globalization and analyze the overall impact it has on the life of human beings. The Good:- An interconnected world leads to greater opportunities and the discovery of new ways to improve living standards. Globalization has led to the coming together of the economically advanced and powerful nations with the developing states. This coming together has led to economic, political and cultural exchanges that have increased the speed of development of these less developed countries. Through transformation of technology in the form of infrastructural inputs, investment machinery, economic assistance, social and cultural exchanges and tourism, many countries have been able to break out of the shell of self restriction and catalyze their development(Weinstein). Globalization has led to the expansion of businesses across borders, creating employment, generating economic growth and facilitating prosperity. It has also led to the transformation of ideas and individuals across borders resulting in a greater amount of intellectual exchange(Friedman). The tourism industry has benefited from the phenomenon as well. Furthermore, businesses are allowed to seek new markets and no economy is disconnected or isolated when it faces severe difficulties due to the functioning of global institutions that act responsibly towards members of the international community, such as the UN, IMF and World Bank. Furthermore, the interaction of cultures, religions, castes and creeds has facilitated a decrease in racial discrimination and a broader understanding of people from different regions. People have better access to education due to standardized tests, improving education methods and new sources of education via informal, online and formal trainings(Allen and Thomas) The Bad:- The interconnectedness of economies often fare well for the powerful and lead to exacerbation for the less privileged. According to western arguments, Globalization results in increased inequality among rich and poor nations whereas counter arguments from the south state that globalization provides good opportunities for their countries(Weinstein). It will be fair to analyze what are the cons that substantiate arguments that globalization is bad for the global community. Many developed countries are home to commercial giants that have operations across the world. The most pervasive exhibit of this situation is the functioning of Multinational corporations. MNCs often have most of their revenue stream and profits concentrated in the country of inception or ownership however, most of their production is outsourced to less developed countries. The main motive behind this is to extract cheap labor and make people work under unsafe and environmentally threatening conditions; often at below minimum wage. The poor law enforcement situations in less developed countries lead to embezzlements and violations of minimum wage acts. There are also cases of extreme exploitation and tyranny. The most prominent of environmentally deadly and ridiculously exploitative case is that of Shell in Nigeria. Shell was fined $1.5 billion after its operations in the country were considered a cause of health problems and economic hardships(Herald). Furthermore, political and military interventions are also gaining ground due to the increase in potential global impact as a result of local conflicts. What technology of weapons a country possesses is no longer a matter of internal or regional territorial integrity; rather it is a global issue. Such was the case with Iraq’s apparent possession of weapons of mass destruction which led to the Iraq war, resulting in deaths of hundreds of thousands of civilians and a catastrophic economic impact(CBS). It can be argued that had technology not developed enough to allow for the weapons to have a global impact, the war would have never taken place. Analysis and Conclusion:- While both sides of the coin present strong arguments, it can be concluded that globalization works in different ways for different communities. For the war struck, poverty ridden country in conflict, globalization acted as a catalyst to its destruction by amplifying the potential impact that could have been caused by the presence of weapons of a specific kind (Iraq), while for the poor developing country seeking economic assistance and investment in its homeland, globalized businesses may act as the panacea by the penetration of multinational corporations that provide employment opportunities and generate economic activity (Mexico). Similarly, the societal and cultural exchange of human beings may help broaden understanding and empathy for some, while it may be seen as a violation of privacy or intervention for others (such as the far flung African tribes). However, the impact it has on the quality of life, in general, cannot be neglected. Technological advancements spread more rapidly all across the globe today, more than ever before. And these advancements act as steps forward in terms of the quality of life and day to day dealings of human beings. Furthermore, advancements in medicine, personal care, logistics, education, and home use technology and consumer products have further enhanced the lifestyle of people all across the world. It can be argued that without a globalized world, such improvements may not have been possible for the residents of less developed countries. Hence, it is fair to state that globalization has had both positive and negative consequences for the global community. While one can argue for or against the notion of globalization, one cannot ignore its importance and continuous increase over the years. Works Cited Allen, T and A Thomas. "Poverty and Development in the 1990s." Oxford (1992). Aruoba, S. Boragan, et al. "Globalization, the Business Cycle, and Macroeconomic Monitoring." 2011. CBS. Ex-Inspector Blasts Faulty Intel. 5 12 2007. . Friedman, Thomas L. The Lexus and the Olive Tree: Understanding Globalization. Anchor Books, 2000. Herald, Sydney Morning. Nigeria slaps $2bn compensation claim on Shell. 24 8 2004. . Weinstein, Michael M. Globalization: What's new? Columbia University Press, 2005. Read More