Even though globalization affects the world’s economies in a positive way, its negative side should not be forgotten. Discuss.
Over a period of time, globalization has had a huge impact, on the way, people live. On one hand experts believe that globalization has helped boost economies. Whereas some of them are of the opposite view. In this essay we will shed light on the merits and demerits of globalization.
Firstly, it would not be wrong to say that, due to the affects of globalization, products made in one part of the world, are available in almost every country. Secondly, due to globalization countries have become competitive. The commodities and services have become cheaper due to foreign players entering the domestic markets. For instance, Maruti Suzuki, Ambassador and Bharat Motors were few companies manufacturing cars in India and not everyone owned a car. However, with the entrance of new players, things have changed prices have decreased and there are more bundled offers, making four wheelers affordable.
Nevertheless, every coin has two sides, Globalization has brought in many benefits, but the drawbacks are present too. of all, with new organizations, offerings in the host country are impacting the local vendors and producers. This is because some of these companies are enormous; they have higher availability of resources. In that case domestic players are being thrown out of the competition. Furthermore, the local craftsmen are suffering the brunt, since similar crafts are being bulk produced and sold at very low prices. For Example, Wal-Mart retail gives items at a give away sum, since they have purchased huge quantities. On the other hand, Local traders don’t have that much financial capability, so they lose their competitiveness.
In conclusion, it would not be wrong to say that the drawbacks of globalization outweigh the merits. However it is inevitable so the governments should take steps, so that the interests of the natives are taken care of.