Globalization is defined as a means of worldwide integration between countries, economies and services ideas which are shared all over the world in business and government circles. This paper will discuss the advantages of globalization and its effect on the world economy and international understanding and tolerance.
Advantages of globalization
People all over the world are now connected than ever before and the flow of information and money flows much quicker than ever before. Products produced in one part of the country are readily made available in other parts of the world. Globalization has been encouraged by trade liberalization and the financial market liberation. Globalization has ensured integration of markets as they are now interlinked and has ensured the provision of cheaper products for consumers. Free movement of capital offers an opportunity to foregn direct investment to other countries as the world market becomes more accessible especially to developing countries (Advantages of globalization). Developing countries have greatly benefited with countries like India's outsourcing industry reaping billions from globalization. It has therefore helped developing nations by making trade easier than before.
Globalization has led to increased free trading between countries. In so doing, it has reduced cultural blockages and differences among nations by encouraging mutual compassion (Advantages of globalization). This is because countries now depend on each other for production and supply of certain goods and services that they do not produce. This has in increased trade and interdependence between countries such that it is rare for a country to start fighting for fear of retaliation in provision of certain goods and/or services. This has in turn made the world a safer place to be. But on the other hand, local cultures are being dumped to "superior cultures" from the west leading to erosion other cultures.