Globalisation

Globalisation

Definition – Different cultures and different economies of the world are coming closer. This is because of the IT revolution and faster means of travel

Advantages

1.       More jobs because of MNCs

2.       More efficient trade between different countries thereby improving the economies of developing countries

3.       More opportunities to travel

4.       More choices of products

5.       Awareness of other cultures

6.       Shared knowledge in a variety of fields including medicine thereby reducing disease and mortality in developing countries

Disadvantages

1.       Loss of local traditions in the form of

a.       globally uniform clothing

b.      globally similar eating patterns

c.       globally similar music

Individual national identities are being diluted by these factors

2.       Local businesses can’t compete

3.       Big MNCs have a lot of power

4.       They exploit local people by paying much less

5.       Generally speaking, the poor are still poor with little or no access to basics such as

-          electricity

-          clean drinking water

-          essential medical help

And the wealthy countries seem to be maintaining or increasing their wealth quite efficiently