Globalization-Advantages and disadvantages

Have you ever heard about the term “globalization”? I guess you have. Since Vietnam joined World Trade Organization in July,2007, we have conceived fully about the term “ globalization”. So, what is globalization? And what are the advantages and disadvantages globalization has brought to our world ? We will discuss this topic closely during my text.

Globalization is defined as “an ongoing process by which regional economies , societies , cultures have become integrated through a globe-spanning network of communication and execution” ( source : wikipedia ) . However , this is not a new phenomenon. Globalization began in the late nineteenth century but it has dramatically increased in the last 20 years . As we now know that technology has brought many effects to our lives . Technology advances make it possible and easier for people to travel , communicate and do business all over the world . Thus, technology has affected much to the pace of globalization .  Since globalization is considered as “a process by which regional economies , societies , cultures have become integrated through a globe-spanning network of communication and execution”, it has some facets that affect the world in several different ways such as : economic , financial, cultural, social, technological, language, etc.

Globalization has brought a lot of advantages to people around the world , especially businesspeople. People are now  more connected to each other than they have ever been before . It is easier for them to travel , communicate and do business all over the world  as I mentioned above . Money are more tradable in the world markets . Products produced in one country can be available to anywhere in the world . World trade or globalization has offered greater standards of living for people around the world . It also helps increase free trade between nations and enable investors in developed countries to invest in developing countries like China , Vietnam , India and so on . Therefore , these developing countries will have a chance to become richer . Pro-globalization groups , for example, theWorld Trade Organization and the World Economic Forum think that globalization help reduce poverty,  racial discrimination and encourage better understanding between different cultures . Also, thanks to globalization , social and environmental problems can be solved easier by international co-operation.

Besides bringing many advantages to people around the world , globalization has several disadvantages . As I mentioned before , globalization helps reduce poverty and brings more chances to developing countries to improve their economies  . However , this can lead to a significant disadvantage for employees in developed countries because many jobs have been lost to overseas competitors as firms and companies seek for cheaper labor . The most important limitation of globalization is the decreasing number of manpower . Due to the fast pace of technological advances , machines and tools are now replacing the position of human workers in factories . This also has an impact on the number of unemployment as many workers found it difficult to compete with “smart technological workers” like machines and equipment . Another major disadvantage of globalization is that traditional cultures are getting lost . The cultures of the powerful countries which have powerful economy are more influential than other countries . The products of the wealthier countries such as clothes , movies , music , books , digital products , etc. affect a lot to other countries .

In conclusion, globalization has brought a lot of advantages and disadvantages to us. We know there is nothing perfect in this world , things just have limited strong features and weak features . But the most important point is that people all over the world should try to balance the advantages and the disadvantages of globalization because we are the ones who stay here to make the world a better place .

Sources :

Thank you for reading my text 🙂

Nguyễn Đặng Minh Thùy-BAUN09255


One response to “Globalization-Advantages and disadvantages

  1. thank you this info has been very helpful!

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