What is globalisation ? Explain teo merits and 3 demerits of globalisation ?
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What is globalisation ? Explain teo merits and 3 demerits of globalisation ?
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Answer:
Explanation:
Due to Globalization, it looks as if the entire world has grown up as one nation and every person on earth has become a global citizen. What is the meaning of Globalization? Globalization is the process of worldwide integration of economic, financial, cultural, environmental, and communication system.
Benefits of Globalisation accrue more to developed countries as they are able to expand their markets in other countries. It compromises the welfare of people belonging to developing countries. Market-driven Globalisation increases the economic disparities among nations and people.
The global economy is now inter-connected. The economic downfall of one major economic nation adversely affects the entire global community. Globalization has caused specialization of labor. On one hand, there is an increase in demand for skilled labors. However, it has caused enough disadvantages for the unskilled labor group.
Globalization has helped the global community to fight against poverty. Large non-profit and charitable organizations have launched massive campaigns to fight hunger and poverty. They have successfully done huge fund-raising in this regard. The benefits of science and technology have reached every corner of the world.