Globalization and its impact

Globalization is the process of being global world into a global village. It is the interdependence of peoples all over the countries and cultures that makes them more connected than ever before. Globalization has become more widespread over the last few decades. We are in the world of globalization and its impact can be experienced in different aspects. 

What is globalization?

According to WHO, globalization can be defined as "the increased interconnectedness and interdependence of peoples and countries. It is generally understood to include two interrelated elements: the opening of international borders to increasingly fast flows of goods, services, finance, people and ideas; and the changes in institutions and policies at national and international levels that facilitate or promote such flows.”

Global connection.

Trade is the exchange of goods or services for money. Investment is the allocation of money. Both trade and investment have a profit motive. To make a better profit, it is necessary to cross the limited boundary. So, international trade and investment are the most important aspects of globalization. It is facilitated by science and technology making it easy to exchange goods and services. Globalization has both positive and negative impact on social,  culture, economic and political life of the people in every corner of the world.

Positive impact 

Some claims that globalization helps to increase the economic and life standard of poor people and countries. It can go beyond geographic limitations. It helps to connect all people in the world. It helps to access widely in information, science and technology. It helps to share ideas and knowledge from one part of the world to another. 

Negative impact

Since we are all interconnected, disaster in one country can affect another country in many ways. For example, the corona in china is prevailing all over the world. Climate change has its effect all over the world. Globalization makes dominance of one culture over another. It can lead to a decline in the value of other cultures. It distorts the diversity that is present in different societies. Ultimately, the problems result in economic inequality, political instability, environmental degradation etc.

Conclusion

Globalization is continuing more rapidly, it cannot be stopped. There are not only economic flows but also the flow of power and culture. To find a solution, it needs global consensus and cooperation on how to deal with these problems. It also demands a country specified solution.