Information sharing and bilateral or strategic ties among world nations have been the two major offshoots of globalization. The world today is rightly termed as a global village where no country can stand in isolation. However, all these positive impacts of globalization do not prevent one from assessing its negative impacts; globalization has also given rise to terrorist upheavals and organized crimes such as sex tourism, mafia and drug-trafficking networks all throughout the world. This paper seeks to explore whether the positive effects of globalization can outweigh its negative impacts.
One needs to have thorough understanding of the meaning of globalization before analyzing its positive and negative effects on world nations. Robert P. Clark’s postulates that globalization is “the process by which more and more people come to experience the world as a single place” and that this “transformation requires that we be able to think globally, that is, think about our world as a single, integrated entity” (Clark 2002, p. 1). As the author makes it clear it is high time that everyone assumed the responsibility of a global citizen; as global citizens each one should have the broad mindedness to think globally; no one should be moved by narrow nationalism.
Globalization has facilitated free trade, foreign investments and global capital markets and there are many who hold the view that globalization benefit only the industrialized developed nations. However, one needs to admit that the most striking impact of globalization is that the world has become an open market where open trade and industrial linkages have become so common and easy. This is very well observed by Prakash S. Sethi when he states that “globalization and the unrestricted flow of capital, goods, and services lead to the creation of wealth and prosperity among all participating nations” (Sethi 2002, p.3). Multinational companies have offered fresh horizons of