Today’s world has become a global village with barriers of trade, economy, communication, technology and culture being broken and obliterated. Globalization is primarily referred to the unification of nations by the dissolution of barriers that allows the free flow of goods and services. Globalization can be seen in various arenas of the world.
The uninhibited trade exchange between countries has a great impact on the financial and economic status of those countries. Free trade exchange also eases tensions and improves relations between countries. Business organizations and commercial companies are now spread throughout the world. From availability of leading brands of clothing to accessibility to the latest gadgets, developing countries are no longer lagging behind their developed counterparts thanks to globalization.
Due to employment opportunities being created worldwide, globalization has created a multicultural atmosphere in several nations. The internet has played a major role in bringing the whole world closer. The media also plays a key role as people become more aware of catastrophe or disasters occurring in other nations, which eventually results in quicker and widespread humanitarian aid.
The flip side of globalization is the imbalance in job creation. In countries like the United States, unemployment in its citizens rose alarmingly as more and more jobs were offered to immigrants. On the other hand, as professionals from developing countries left their homeland for greener pastures, these countries began to suffer from ‘brain drain’, costing them millions in loss. The possibility of employing workers in third world countries for measly wages gave birth to sweatshops. Many corporate companies from industrialized nations set up their manufacturing units in poor countries, where often working conditions are found to be unacceptable. Outsourcing is also a byproduct of globalization which has led to unrest and discontent in the locals who believe that outsiders have taken away their jobs.
Once countries find the right balance in providing justice to one and all, globalization will become a cause to cheer for.