What is globalization?
The term "globalization" describes the trend of nations coming together economically, socially, politically, and in terms of education, and seeing themselves as a part of the globe beyond their own national identities.
Advantages of Globalization
- Increased international free commerce.
- Increased capital liquidity, makes it possible for wealthy investors to make investments in developing countries.
- Businesses are more able to operate internationally.
- Global mass media connects all people on Earth.
- Vital information can now be transmitted globally between individuals and organizations thanks to an increase in communication flow.
- Increased convenience and speed of people's and products' transportation
- Decrease in the probability of war between affluent countries
- Improvements in industrialized countries' environmental protection.
Disadvantages of Globalization
- Increased migration of both skilled and unskilled workers from developed to developing countries as businesses look for the most affordable labor.
- Greater chance that economic shocks in one country will affect all other nations
- Financial issues are readily contagious.
- The loss of national identity can result from the blending of cultures.
- Small businesses are forced to close their doors because they are unable to compete with large, global corporations.
- The wealthiest and the poor are getting farther apart.
- Increased likelihood of illnesses inadvertently spreading between countries
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